Document:

revolvingcreditandguaran

Execution Version  Allegiant  Revolving Credit Agreement 2022      REVOLVING CREDIT AND GUARANTY AGREEMENT  dated as of August 17, 2022  among  ALLEGIANT TRAVEL COMPANY,  as Borrower,  THE SUBSIDIARIES OF THE BORROWER PARTY HERETO,  as Guarantors,  THE LENDERS PARTY HERETO,  BARCLAYS BANK PLC,  as Administrative Agent,  BARCLAYS BANK PLC,  as Lead Arranger      

 

  i  Allegiant  Revolving Credit Agreement 2022  Table of Contents  Page  SECTION 1. DEFINITIONS ...........................................................................................................1  Section 1.01. Defined Terms .......................................................................................1  Section 1.02. Terms Generally ...................................................................................46  Section 1.03. Accounting Terms; GAAP ...................................................................46  Section 1.04. Divisions ..............................................................................................47  Section 1.05. Rates .....................................................................................................47  SECTION 2. AMOUNT AND TERMS OF CREDIT ...................................................................47  Section 2.01. Commitments of the Lenders; Loans ...................................................47  Section 2.02. Requests for Loans ...............................................................................48  Section 2.03. Funding of Loans .................................................................................49  Section 2.04. Interest Elections ..................................................................................49  Section 2.05. Limitation on SOFR Tranches .............................................................50  Section 2.06. Interest on Loans ..................................................................................51  Section 2.07. Default Interest.....................................................................................51  Section 2.08. Alternate Rate of Interest .....................................................................52  Section 2.09. Repayment of Loans; Evidence of Debt ..............................................52  Section 2.10. Commitment Termination ....................................................................53  Section 2.11. Optional Prepayment of Loans; Optional Termination or  Reduction of Commitments .................................................................53  Section 2.12. Increased Costs ....................................................................................54  Section 2.13. Break Funding Payments .....................................................................56  Section 2.14. Taxes ....................................................................................................56  Section 2.15. Payments Generally; Pro Rata Treatment ............................................59  Section 2.16. Mitigation Obligations; Replacement of Lenders ................................60  Section 2.17. Certain Fees .........................................................................................61  Section 2.18. Commitment Fee ..................................................................................61  Section 2.19. Nature of Fees ......................................................................................61  Section 2.20. Right of Set-Off ...................................................................................61  Section 2.21. Payment of Obligations ........................................................................62  Section 2.22. Increase in Commitment ......................................................................62  Section 2.23. Extension of Loans ..............................................................................64  Section 2.24. Benchmark Replacement Setting .........................................................66  Section 2.25. Defaulting Lenders ...............................................................................67  SECTION 3. REPRESENTATIONS AND WARRANTIES ........................................................68  Section 3.01. Organization and Authority .................................................................68  Section 3.02. Air Carrier Status .................................................................................68  Section 3.03. Due Execution ......................................................................................69  Section 3.04. Statements Made ..................................................................................69  Section 3.05. Financial Statements; Material Adverse Change .................................70  Section 3.06. Ownership of Subsidiaries ...................................................................70  Section 3.07. Title to Properties .................................................................................70  

 

  ii  Allegiant  Revolving Credit Agreement 2022  Section 3.08. Use of Proceeds ....................................................................................70  Section 3.09. Litigation and Compliance with Laws .................................................70  Section 3.10. Margin Regulations; Investment Company Act ..................................71  Section 3.11. Perfected Security Interests ..................................................................71  Section 3.12. Payment of Taxes .................................................................................72  Section 3.13. Anti-Corruption Laws and Sanctions...................................................72  Section 3.14. Beneficial Ownership Certifications ....................................................72  Section 3.15. Solvency ...............................................................................................72  SECTION 4. CONDITIONS OF LENDING ................................................................................72  Section 4.01. Conditions Precedent to Closing ..........................................................72  Section 4.02. Conditions Precedent to Each Loan .....................................................75  Section 4.03. Conditions Subsequent to Closing .......................................................75  SECTION 5. AFFIRMATIVE COVENANTS..............................................................................76  Section 5.01. Financial Statements, Reports, etc. ......................................................76  Section 5.02. Taxes ....................................................................................................77  Section 5.03. Stay, Extension and Usury Laws .........................................................78  Section 5.04. Corporate Existence .............................................................................78  Section 5.05. Compliance with Laws ........................................................................78  Section 5.06. Designation of Restricted and Unrestricted Subsidiaries .....................78  Section 5.07. Regulatory Cooperation .......................................................................79  Section 5.08. Regulatory Matters; Citizenship; Utilization; Collateral  Requirements .......................................................................................79  Section 5.09. Insurance ..............................................................................................79  Section 5.10. Additional Guarantors; Grantors; Collateral ........................................80  Section 5.11. Access to Books and Records ..............................................................81  Section 5.12. Further Assurances...............................................................................82  Section 5.13. Ownership of Property .........................................................................84  SECTION 6. NEGATIVE COVENANTS ....................................................................................84  Section 6.01. Restricted Payments .............................................................................84  Section 6.02. Incurrence of Indebtedness and Issuance of Preferred Stock ..............89  Section 6.03. Fundamental Changes ..........................................................................93  Section 6.04. Dispositions..........................................................................................94  Section 6.05. Transactions with Affiliates .................................................................94  Section 6.06. Liens .....................................................................................................96  Section 6.07. Business Activities ...............................................................................96  Section 6.08. Consolidated Total Leverage Ratio; Liquidity ....................................96  Section 6.09. Use of Proceeds ....................................................................................97  SECTION 7. EVENTS OF DEFAULT .........................................................................................97  Section 7.01. Events of Default .................................................................................97  SECTION 8. THE AGENTS .......................................................................................................100  Section 8.01. Administration by Agents ..................................................................100  Section 8.02. Rights of Administrative Agent .........................................................100  

 

  iii  Allegiant  Revolving Credit Agreement 2022  Section 8.03. Liability of Agents .............................................................................101  Section 8.04. Reimbursement and Indemnification .................................................102  Section 8.05. Successor Agents ...............................................................................102  Section 8.06. Independent Lenders ..........................................................................103  Section 8.07. Advances and Payments ....................................................................103  Section 8.08. Sharing of Setoffs ..............................................................................103  Section 8.09. Withholding Taxes .............................................................................104  Section 8.10. Appointment by Secured Parties ........................................................104  Section 8.11. Erroneous Payments ...........................................................................104  SECTION 9. GUARANTY .........................................................................................................105  Section 9.01. Guaranty .............................................................................................106  Section 9.02. No Impairment of Guaranty ...............................................................107  Section 9.03. Continuation and Reinstatement, etc. ................................................107  Section 9.04. Subrogation ........................................................................................107  Section 9.05. Discharge of Guaranty .......................................................................107  SECTION 10. MISCELLANEOUS ............................................................................................108  Section 10.01. Notices ...............................................................................................108  Section 10.02. Successors and Assigns ..........................................................................1  Section 10.03. Confidentiality .......................................................................................5  Section 10.04. Expenses; Indemnity; Damage Waiver ..................................................6  Section 10.05. Governing Law; Jurisdiction; Consent to Service of Process ................7  Section 10.06. No Waiver ..............................................................................................8  Section 10.07. Extension of Maturity ............................................................................8  Section 10.08. Amendments, etc....................................................................................8  Section 10.09. Severability ..........................................................................................11  Section 10.10. Headings ..............................................................................................11  Section 10.11. Survival ................................................................................................11  Section 10.12. Execution in Counterparts; Integration; Effectiveness ........................11  Section 10.13. USA Patriot Act ...................................................................................11  Section 10.14. New Value ...........................................................................................11  Section 10.15. WAIVER OF JURY TRIAL ................................................................12  Section 10.16. No Fiduciary Duty ...............................................................................12  Section 10.17. Intercreditor Agreements .....................................................................12  Section 10.18. Acknowledgement and Consent to Bail-In of Affected  Financial Institutions ............................................................................13  Section 10.19. Certain ERISA Matters ........................................................................13  

 

  iv  Allegiant  Revolving Credit Agreement 2022  INDEX OF APPENDICES  ANNEX A – Lenders and Commitments  EXHIBIT A –  Initial Guarantors  EXHIBIT B – Form of Instrument of Assumption and Joinder  EXHIBIT C – Form of Assignment and Acceptance  EXHIBIT D  – Form of Loan Request/Interest Election Request  EXHIBIT E – Form of Prepayment Notice  SCHEDULE 3.06 – Subsidiaries  SCHEDULE 6.02 – Existing Indebtedness    

 

  Allegiant Revolving Credit Agreement 2022  REVOLVING CREDIT AND GUARANTY AGREEMENT, dated as of August  17, 2022, among ALLEGIANT TRAVEL COMPANY, a Nevada corporation (the “Borrower”),  the direct and indirect Subsidiaries of the Borrower from time to time party hereto, each of the  several banks and other financial institutions or entities from time to time party hereto as a lender  (the “Lenders”), BARCLAYS BANK PLC (“Barclays”), as administrative agent for the Lenders  (together with its permitted successors in such capacity, the “Administrative Agent”), and  Barclays, as lead arranger (in such capacity, the “Lead Arranger”).  INTRODUCTORY STATEMENT  The Borrower has applied to the Lenders for a revolving credit facility in an initial  aggregate principal amount not to exceed $75,000,000 as set forth herein (subject to any  Incremental Commitments).  The proceeds of the Loans will be used for general corporate purposes of the  Borrower and its Subsidiaries.  To provide guarantees and security for the repayment of the Loans and the  payment of the other obligations of the Borrower and the Guarantors hereunder and under the  other Loan Documents, the Borrower and the Guarantors will, among other things, provide to the  Administrative Agent and the Lenders the following (each as more fully described herein):  (a) a guaranty from each Guarantor of the due and punctual payment and  performance of the Obligations of the Borrower pursuant to Section 9 hereof; and  (b) a security interest in the Collateral from the Borrower and each other  Grantor (if any) pursuant to the Collateral Documents.  Accordingly, the parties hereto hereby agree as follows:  SECTION 1.    DEFINITIONS  Section 1.01. Defined Terms.  “ABR”, when used in reference to any Loan or Borrowing, refers to whether such  Loan, or the Loans comprising such Borrowing, is bearing interest at a rate determined by  reference to the Alternate Base Rate.  “Account” shall mean all “accounts” as defined in the UCC.  “Account Control Agreement” shall mean each three-party security and control  agreement entered into by any Grantor, the Administrative Agent and a financial institution  which maintains one or more deposit accounts or securities accounts that have been pledged to  the Administrative Agent as Collateral hereunder or under any other Loan Document, in each  case giving the Administrative Agent control over the applicable account and in form and  

 

  Allegiant Revolving Credit Agreement 2022  substance reasonably satisfactory to the Administrative Agent and as the same may be amended,  restated, modified, supplemented, extended or amended and restated from time to time.  “Acquired Debt” means, with respect to any specified Person:    (1) Indebtedness, Disqualified Stock or preferred stock of any other Person  existing at the time such other Person is merged, consolidated or amalgamated with or into such  specified Person, or became a Subsidiary of such specified Person, to the extent such  Indebtedness is incurred or such Disqualified Stock or preferred stock is issued in connection  with, or in contemplation of, such other Person merging, consolidating or amalgamating with or  into, or becoming a Subsidiary of, such specified Person; and  (2) Indebtedness secured by a Lien encumbering any asset acquired by such  specified Person.  “Adjusted Term SOFR” means, for purposes of any calculation, the rate per  annum equal to Term SOFR for such calculation; provided that if Adjusted Term SOFR as so  determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be  the Floor.  “Administrative Agent” shall have the meaning set forth in the first paragraph of  this Agreement.  “Affected Financial Institution” means (a) any EEA Financial Institution or (b)  any UK Financial Institution.  “Affiliate” shall mean, as to any Person, any other Person which, directly or  indirectly, is in control of, is controlled by, or is under common control with, such Person.  For  purposes of this definition, a Person (a “Controlled Person”) shall be deemed to be “controlled  by” another Person (a “Controlling Person”) if the Controlling Person possesses, directly or  indirectly, power to direct or cause the direction of the management and policies of the  Controlled Person whether by contract or otherwise.  “Affiliate Transaction” shall have the meaning given such term in Section 6.05(a).  “Aggregate Exposure” shall mean, with respect to any Lender at any time, an  amount equal to the sum of (a)  the aggregate amount of such Lender’s unused and outstanding  Commitments at such time and (b)  the aggregate then outstanding principal amount of such  Lender’s Loans.  “Aggregate Exposure Percentage” shall mean, with respect to any Lender at any  time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to  the Aggregate Exposure of all Lenders at such time.  “Agreement” shall mean this Revolving Credit and Guaranty Agreement, as the  same may be amended, restated, modified, supplemented, extended or amended and restated  from time to time.  

 

  Allegiant Revolving Credit Agreement 2022  “Aircraft Assets” shall mean (x) aircraft, airframes, engines, spare engines,  propellers, parts (other than Spare Parts) and other operating assets (including all substitutions,  replacements and renewals of the foregoing, and all property that becomes physically attached  thereto and including all related (a) technical data, manuals, records, logs, all inspection,  modification, repair and overhaul records and other materials, (b) warranties, service contracts and  product agreements of any manufacturer and all maintenance and overhaul agency agreements, (c)  bills of sale and agreements for acquisition, purchase, conditional sale, and lease (specifically  including but not limited to those certain agreements with The Boeing Company dated December  2021 and any amendments thereto), pre-delivery payments and related cash deposits, and (d)  insurance policies and proceeds under insurance carried by the Borrower or any Restricted  Subsidiary), and (y) leases or conditional sale agreements relating to any of the items in the  foregoing clause (x) owned or leased by, or subject to conditional sale or future sale to, the  Borrower or any Restricted Subsidiary.  “Aircraft Related Equipment” means aircraft (including engines, airframes,  propellers and appliances), engines, propellers, spare parts, aircraft parts, simulators and other  training devices, quick engine change kits, passenger loading bridges or other flight or ground  equipment and other operating assets, including any modifications and improvements with  respect to any such equipment.  “Aircraft Related Facilities” means (i) airport terminal facilities, including,  without limitation, baggage systems, loading bridges and related equipment, building,  infrastructure and maintenance facilities, tooling facilities, club rooms, apron, fueling systems or  facilities, signage/image systems, administrative offices, information technology systems and  security systems, (ii) airline support facilities, including, without limitation, cargo, catering, mail,  ground service equipment, ramp control, deicing, hangars, aircraft parts/storage, training, office  and reservations facilities and (iii) all equipment and tooling used in connection with the  foregoing.  “Airport Authority” shall mean any city or any public or private board or other  body or organization chartered or otherwise established for the purpose of administering,  operating or managing airports or related facilities, which in each case is an owner,  administrator, operator or manager of one or more airports or related facilities.  “Allegiant Air” means Allegiant Air, LLC, a Nevada limited liability company.  “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the  greatest of (a) the Prime Rate in effect on such day, (b) the sum of the Federal Funds Effective  Rate in effect on such day plus 1⁄2 of 1% and (c) the sum of the Adjusted Term SOFR (including  the Floor) for a one-month tenor in effect on such day plus 1.00%.  Any change in the Alternate  Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted  Term SOFR for a one-month tenor shall be effective from and including the effective date of  such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Term SOFR for  a one-month tenor, respectively.  

 

  Allegiant Revolving Credit Agreement 2022  “Anti-Corruption Laws” means all laws, rules and regulations of the United States  applicable to the Borrower or its Subsidiaries from time to time intended to prevent or restrict  bribery or corruption.  “Anti-Money Laundering Laws” means all applicable financial recordkeeping and  reporting requirements pertaining to money laundering, including those of the Bank Secrecy Act  (31 U.S.C. sections 5311 et seq.), as amended by the Patriot Act, and the applicable anti-money  laundering statutes of jurisdictions where the Borrower, any Guarantor and their respective  subsidiaries conduct business, the rules and regulations thereunder and any related or similar  rules, regulations or guidelines, issued, administered or enforced by any governmental agency.  “Applicable Margin” shall mean the rate per annum determined pursuant to the  following:  Applicable Margin  SOFR Loans  Applicable Margin  ABR Loans  3.00%  2.00%  “Approved Fund” means, with respect to any Lender, any Person (other than a  natural person) that is engaged in making, purchasing, holding or investing in bank loans and  similar extensions of credit in the ordinary course of its business and that is administered or  managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of an  entity that administers or manages such Lender.  “Assignment and Acceptance” shall mean an assignment and acceptance entered  into by a Lender and an assignee (with the consent of any party whose consent is required by  Section 10.02), and accepted by the Administrative Agent, substantially in the form of Error!  Reference source not found..  “Availability Period” shall mean the period from and including the Closing Date  to but excluding the earlier of the (i) Facility Termination Date and (ii) the Maturity Date.  “Available Tenor” means, as of any date of determination and with respect to the  then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such  Benchmark (or component thereof) that is or may be used for determining the length of an  interest period pursuant to this Agreement or (y) otherwise, any payment period for interest  calculated with reference to such Benchmark (or component thereof) that is or may be used for  determining any frequency of making payments of interest calculated with reference to such  Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the  avoidance of doubt, any tenor for such Benchmark that is then removed from the definition of  “Interest Period” pursuant to Section 2.24(d).  “Bail-In Action” means the exercise of any Write-Down and Conversion Powers  by the applicable Resolution Authority in respect of any liability of an Affected Financial  Institution.  “Bail-In Legislation” means (a) with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council  

 

  Allegiant Revolving Credit Agreement 2022  of the European Union, the implementing law, regulation, rule or requirement for such EEA  Member Country from time to time which is described in the EU Bail-In Legislation Schedule  and (b) with respect to the United Kingdom,  Part I of the United Kingdom Banking Act 2009 (as  amended from time to time) and any other law, regulation, rule or requirement applicable in the  United Kingdom relating to the resolution of unsound or failing banks, investment firms or other  financial institutions or their affiliates (other than through liquidation, administration or other  insolvency proceedings).  “Banking Product Obligations” means, as applied to any Person, any direct or  indirect liability, contingent or otherwise, of such Person in respect of any treasury, depository  and cash management services, netting services and automated clearing house transfers of funds  services, including obligations for the payment of fees, interest, charges, expenses, attorneys’  fees and disbursements in connection therewith.  “Bankruptcy Code” shall mean The Bankruptcy Reform Act of 1978, as  heretofore and hereafter amended, and codified as 11 U.S.C. Section 101 et seq.  “Bankruptcy Event” shall mean, with respect to any Person, such Person becomes  the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee,  administrator, custodian, assignee for the benefit of creditors or similar Person charged with the  reorganization or liquidation of its business appointed for it, or, in the good faith determination  of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to,  approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy  Event shall not result solely by virtue of any ownership interest, or the acquisition of any  ownership interest, in such Person by a Governmental Authority or instrumentality thereof,  provided, further, that such ownership interest does not result in or provide such Person with  immunity from the jurisdiction of courts within the United States or from the enforcement of  judgments or writs of attachment on its assets or permit such Person (or such Governmental  Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or  agreements made by such Person.  “Bankruptcy Law” means the Bankruptcy Code or any similar federal or state law  for the relief of debtors.  “Benchmark” means  initially, Term SOFR; provided that if a Benchmark  Transition Event has occurred with respect to Term SOFR or the then-current Benchmark, then  “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark  Replacement has replaced such prior benchmark rate pursuant to Section 2.24.  “Benchmark Replacement” means with respect to any Benchmark Transition  Event, the first alternative set forth in the order below that can be determined by the  Administrative Agent for the applicable Benchmark Replacement Date:    (a) with respect to SOFR Loans, Daily Simple SOFR; or   (b) the sum of: (i) the alternate benchmark rate that has been selected by the  Administrative Agent and the Borrower giving due consideration to (A) any selection or  

 

  Allegiant Revolving Credit Agreement 2022  recommendation of a replacement benchmark rate or the mechanism for determining such a rate  by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for  determining a benchmark rate as a replacement to the then-current Benchmark for syndicated  credit facilities and (ii) the related Benchmark Replacement Adjustment;     provided, that if the Benchmark Replacement would be less than the Floor, the Benchmark  Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan  Documents.   “Benchmark Replacement Adjustment” means with respect to any replacement of  the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment,  or method for calculating or determining such spread adjustment, (which may be a positive or  negative value or zero) that has been selected by the Administrative Agent and the Borrower giving  due consideration to (a) any selection or recommendation of a spread adjustment, or method for  calculating or determining such spread adjustment, for the replacement of such Benchmark with  the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b)  any evolving or then-prevailing market convention for determining a spread adjustment, or method  for calculating or determining such spread adjustment, for the replacement of such Benchmark  with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities.  “Benchmark Replacement Date” means the earliest to occur of the following  events with respect to the then-current Benchmark:  (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition  Event”, the later of (i) the date of the public statement or publication of information referenced  therein and (ii) the date on which the administrator of such Benchmark (or the published  component used in the calculation thereof) permanently or indefinitely ceases to provide all  Available Tenors of such Benchmark (or such component thereof); or  (b) in the case of clause (c) of the definition of “Benchmark Transition Event”,  the first date on which such Benchmark (or the published component used in the calculation  thereof) has been determined and announced by or on behalf of the administrator of such  Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such  Benchmark (or such component thereof) to be non-representative or non-compliant with or non- aligned with the International Organization of Securities Commissions (IOSCO) Principles for  Financial Benchmarks; provided that such non-representativeness, non-compliance or non- alignment will be determined by reference to the most recent statement or publication referenced  in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof)  continues to be provided on such date.  For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to  have occurred in the case of clause (a) or (b) above with respect to any Benchmark upon the  occurrence of the applicable event or events set forth therein with respect to all then-current  Available Tenors of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the  following events with respect to the then-current Benchmark:  

 

  Allegiant Revolving Credit Agreement 2022  (a) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that such administrator has ceased or will cease to provide all Available Tenors of  such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the  time of such statement or publication, there is no successor administrator that will continue to  provide any Available Tenor of such Benchmark (or such component thereof);  (b) a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component used in the  calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an  insolvency official with jurisdiction over the administrator for such Benchmark (or such  component), a resolution authority with jurisdiction over the administrator for such Benchmark  (or such component) or a court or an entity with similar insolvency or resolution authority over the  administrator for such Benchmark (or such component), which states that the administrator of such  Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such  Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of  such statement or publication, there is no successor administrator that will continue to provide any  Available Tenor of such Benchmark (or such component thereof); or  (c) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof) or  the regulatory supervisor for the administrator of such Benchmark (or such component thereof)  announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or  as of a specified future date will not be, representative or in compliance with or aligned with the  International Organization of Securities Commissions (IOSCO) Principles for Financial  Benchmarks.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to  have occurred with respect to any Benchmark if a public statement or publication of information  set forth above has occurred with respect to each then-current Available Tenor of such Benchmark  (or the published component used in the calculation thereof).  “Benchmark Unavailability Period” means the period (if any) (a) beginning at the  time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark  Replacement has replaced the then-current Benchmark for all purposes hereunder and under any  Loan Document in accordance with Section 2.24 and (b) ending at the time that a Benchmark  Replacement has replaced the then-current Benchmark for all purposes hereunder and under any  Loan Document in accordance with Section 2.24.  “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and  Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any  particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”  will be deemed to have beneficial ownership of all securities that such “person” has the right to  acquire by conversion or exercise of other securities, whether such right is currently exercisable  or is exercisable only after the passage of time.    

 

  Allegiant Revolving Credit Agreement 2022  “Beneficial Ownership Certification” means a certification regarding beneficial  ownership as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.  “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in  ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975  of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or  otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such  “employee benefit plan” or “plan.”  “Board” shall mean the Board of Governors of the Federal Reserve System of the  United States.  “Board of Directors” means:  (1) with respect to a corporation, the board of directors of the  corporation or any committee thereof duly authorized to act on behalf of such  board;  (2) with respect to a partnership, the Board of Directors of the general  partner of the partnership;  (3) with respect to a limited liability company, the managing member  or members, manager or managers or any controlling committee of managing  members or managers thereof; and  (4) with respect to any other Person, the board or committee of such  Person serving a similar function.  “Borrower” shall have the meaning set forth in the first paragraph of this  Agreement.  “Borrowing” shall mean the incurrence, conversion or continuation of Loans of a  single Type made from all the Lenders on a single date and having, in the case of SOFR Loans, a  single Interest Period.  “Brand IP” means the brand intellectual property assets of the Borrower and its  Restricted Subsidiaries, other than any such assets that are Excluded Property.  “Business Day” shall mean any day other than a Saturday, Sunday or other day on  which commercial banks in New York City or Las Vegas are required or authorized to remain  closed; provided, however, that when used in connection with the borrowing or repayment of a  SOFR Loan, the term “Business Day” shall also exclude any day that is not a U.S. Government  Securities Business Day.  “Capital Lease Obligation” means, at the time any determination is to be made,  the amount of the liability in respect of a capital lease that would at that time be required to be  

 

  Allegiant Revolving Credit Agreement 2022  capitalized and reflected as a liability on a balance sheet prepared in accordance with GAAP, and  the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due  under such lease prior to the first date upon which such lease may be prepaid by the lessee  without payment of a penalty.  For the avoidance of doubt, Capital Lease Obligations shall not  include operating leases that, prior to January 1, 2019, would not be accounted for as a Capital  Lease Obligation on the Borrower’s consolidated balance sheet.  “Capital Markets Offering” means any offering of “securities” (as defined under  the Securities Act) in (a) a public offering registered under the Securities Act, or (b) an offering  not required to be registered under the Securities Act (including, without limitation, a private  placement under Section 4(a)(2) of the Securities Act, an exempt offering pursuant to Rule 144A  and/or Regulation S of the Securities Act and an offering of exempt securities).  “Capital Stock” means:  (1) in the case of a corporation, corporate stock;  (2) in the case of an association or business entity, any and all shares,  interests, participations, rights or other equivalents (however designated) of  corporate stock;  (3) in the case of a partnership or limited liability company,  partnership interests (whether general or limited) or membership interests; and  (4) any other interest or participation that confers on a Person the right  to receive a share of the profits and losses of, or distributions of assets of, the  issuing Person,  but excluding from all of the foregoing any debt securities convertible into Capital Stock,  whether or not such debt securities include any right of participation with Capital Stock.  “Cash Equivalents” means:  (1) direct obligations of, or obligations the principal of and interest on  which are unconditionally guaranteed by, the United States (or by any agency  thereof to the extent such obligations are backed by the full faith and credit of the  United States), in each case maturing within one year from the date of acquisition  thereof;  (2) direct obligations of state and local government entities, in each  case maturing within one year from the date of acquisition thereof, which have a  rating of at least A- (or the equivalent thereof) from S&P or A3 (or the equivalent  thereof) from Moody’s;  (3) obligations of domestic or foreign companies and their subsidiaries  (including, without limitation, agencies, sponsored enterprises or instrumentalities  chartered by an Act of Congress, which are not backed by the full faith and credit  of the United States), including, without limitation, bills, notes, bonds,  

 

  Allegiant Revolving Credit Agreement 2022  debentures, and mortgage-backed securities, in each case maturing within one  year from the date of acquisition thereof;  (4) Investments in commercial paper maturing within 365 days from  the date of acquisition thereof and having, at such date of acquisition, a rating of  at least A-2 (or the equivalent thereof) from S&P or P-2 (or the equivalent  thereof) from Moody’s;  (5) Investments in certificates of deposit (including Investments made  through an intermediary, such as the certificated deposit account registry service),  banker’s acceptances, time deposits, eurodollar time deposits and overnight bank  deposits maturing within one year from the date of acquisition thereof issued or  guaranteed by or placed with, and money market deposit accounts issued or  offered by, any domestic office of any other commercial bank of recognized  standing organized under the laws of the United States or any State thereof that  has a combined capital and surplus and undivided profits of not less than  $100.0 million;  (6) fully collateralized repurchase agreements with a term of not more  than six months for underlying securities that would otherwise be eligible for  investment;  (7) Investments in an investment company registered under the  Investment Company Act of 1940, as amended, or in pooled accounts or funds  offered through mutual funds, investment advisors, banks and brokerage houses  which invest its assets in obligations of the type described in clauses (1) through  (6) above.  This could include, but not be limited to, money market funds or  short-term and intermediate bonds funds;  (8) money market funds that (A) comply with the criteria set forth in  SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (B) are  rated AAA (or the equivalent thereof) by S&P and Aaa (or the equivalent thereof)  by Moody’s and (C) have portfolio assets of at least $5.0 billion;  (9) deposits available for withdrawal on demand with commercial  banks organized in the United States, or any U.S. branch of a bank organized in  an OECD country, having capital and surplus in excess of $100.0 million;  (10) securities with maturities of one year or less from the date of  acquisition issued or fully guaranteed by any state, commonwealth or territory of  the United States, by any political subdivision or taxing authority of any such  state, commonwealth or territory or by any foreign government, the securities of  which state, commonwealth, territory, political subdivision, taxing authority or  foreign government (as the case may be) are rated at least A- by S&P or A3 by  Moody’s; and  (11) any other securities or pools of securities that are classified under  GAAP as cash equivalents or short-term investments on a balance sheet.  

 

  Allegiant Revolving Credit Agreement 2022  “Change in Law” shall mean, after the date hereof, (a) the adoption of any law,  rule or regulation after the date of this Agreement (including any request, rule, regulation,  guideline, requirement or directive promulgated by the Bank for International Settlements, the  Basel Committee on Banking Supervision (or any successor or similar authority) or the United  States or foreign regulatory authorities, in each case pursuant to Basel III) or (b) compliance by  any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender through  which Loans are made or maintained or by such Lender’s holding company, if any) with any  request, guideline or directive (whether or not having the force of law) of any Governmental  Authority made or issued after the date of this Agreement.  “Change of Control” means the occurrence of any of the following:  (1) the sale, lease, transfer, conveyance or other disposition (other than  by way of merger or consolidation), in one or a series of related transactions, of  all or substantially all of the properties or assets of the Borrower and its  Subsidiaries taken as a whole to any Person (including any “person” (as that term  is used in Section 13(d)(3) of the Exchange Act)); or  (2) the consummation of any transaction (including, without  limitation, any merger or consolidation), the result of which is that any Person  (including any “person” (as defined above)) becomes the Beneficial Owner,  directly or indirectly, of more than 50% of the Voting Stock of the Borrower  (measured by voting power rather than number of shares), other than (A) any such  transaction where the Voting Stock of the Borrower (measured by voting power  rather than number of shares) outstanding immediately prior to such transaction  constitutes or is converted into or exchanged for a majority of the outstanding  shares of the Voting Stock of such Beneficial Owner (measured by voting power  rather than number of shares), or (B) any sale, transfer, conveyance or other  disposition to, or any merger or consolidation of the Borrower with or into, any  Person (including any “person” (as defined above)) which owns or operates  (directly or indirectly through a contractual arrangement) a Permitted Business (a  “Permitted Person”) or a Subsidiary of a Permitted Person, in each case, if  immediately after such transaction no Person (including any “person” (as defined  above)) is the Beneficial Owner, directly or indirectly, of more than 50% of the  total Voting Stock of such Permitted Person (measured by voting power rather  than number of shares).  “Class”, when used in reference to any Loan or Borrowing, shall refer to whether  such Loan, or the Loans comprising such Borrowing, are Loans or Incremental Loans that are a  different class of Loans.  “Closing Date” shall mean the date on which this Agreement has been executed  and the conditions precedent set forth in Section 4.01 have been satisfied or waived.  “Closing Date Transactions” shall mean the Transactions.  

 

  Allegiant Revolving Credit Agreement 2022  “Code” shall mean the Internal Revenue Code of 1986, as amended from time to  time.  “Collateral” means all property and assets of the Borrower and its Restricted  Subsidiaries, now owned or hereafter acquired, upon or in respect of which a Lien is or is  purported to be granted (or otherwise created) by any Collateral Document, including, the  Capital Stock in the Borrower’s Subsidiaries (including Allegiant Air, Sunrise Asset  Management, LLC, Allegiant Vacations, LLC and Sunseeker Resorts, Inc.) to the extent such  Capital Stock is owned by the Borrower or a Guarantor; provided, however, that the Collateral  shall not include any Excluded Property.  “Collateral Documents” shall mean, collectively, the Security Agreement, the  Spare Parts Security Agreement, the Account Control Agreements and other agreements,  instruments or documents that create or purport to create a Lien in favor of the Administrative  Agent for the benefit of the Secured Parties, in each case so long as such agreement, instrument  or document shall not have been terminated in accordance with its terms.  “Commitment” shall mean, as to any Lender, the commitment of such Lender to  make Loans hereunder in an aggregate principal and/or face amount not to exceed the amount set  forth under the heading “Commitment” opposite its name in Annex A hereto.  The original  aggregate amount of the Total Commitments as of the Closing Date is $75,000,000.  “Commitment Fee” shall have the meaning given to such term in Section 2.18.  “Commitment Fee Rate” shall mean 0.25% per annum.   “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et  seq.), as amended from time to time, and any successor statute.    “Completion Guarantee” means any completion guarantee relating to the Sunseeker  Project furnished by the Borrower or any Restricted Subsidiary  “Conforming Changes” means, with respect to either the use or administration of  the then-applicable Benchmark for Loans, or the use, administration, adoption or implementation  of any Benchmark Replacement thereof, any technical, administrative or operational changes  (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,”  the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period”  or any similar or analogous definition (or the addition of a concept of “interest period”), timing  and frequency of determining rates and making payments of interest, timing of borrowing requests  or prepayment, conversion or continuation notices, the applicability and length of lookback periods,  the applicability of Section 2.13 and other technical, administrative or operational matters) that the  Administrative Agent decides may be appropriate to reflect the adoption and implementation of  any such rate or to permit the use and administration thereof by the Administrative Agent in a  manner substantially consistent with market practice (or, if the Administrative Agent decides that  adoption of any portion of such market practice is not administratively feasible or if the  Administrative Agent determines that no market practice for the administration of any such rate  

 

  Allegiant Revolving Credit Agreement 2022  exists, in such other manner of administration as the Administrative Agent decides is reasonably  necessary in connection with the administration of this Agreement and the other Loan Documents).  “Consolidated EBITDA” means, with respect to any specified Person for any  period, Consolidated EBITDAR of such Person for such period, less the aggregate amount of  aircraft rent expense described in clause (5) of the definition of “Fixed Charges” for such period.  “Consolidated EBITDAR” means, with respect to any specified Person for any  period, the Consolidated Net Income of such Person for such period plus, without duplication:  (1) an amount equal to any extraordinary loss plus any net loss realized by  such Person or any of its Restricted Subsidiaries in connection with any Disposition of assets, to  the extent such losses were deducted in computing such Consolidated Net Income; plus  (2) provision for taxes based on income or profits of such Person and its  Restricted Subsidiaries, to the extent that such provision for taxes was deducted in computing  such Consolidated Net Income; plus  (3) Fixed Charges, and expenses of subservice agreements contracted with  third parties to service scheduled flights of such Person and its Restricted Subsidiaries, to the  extent that such Fixed Charges and expenses were deducted in computing such Consolidated Net  Income; plus  (4) any foreign currency translation losses (including losses related to  currency remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for  such period, to the extent that such losses were deducted in computing such Consolidated Net  Income; plus  (5) depreciation, amortization (including amortization of intangibles but  excluding amortization of prepaid cash expenses that were paid in a prior period) and other  non-cash charges and expenses (excluding any such non-cash charge or expense to the extent  that it represents an accrual of or reserve for cash charges or expenses in any future period or  amortization of a prepaid cash charge or expense that was paid in a prior period) of such Person  and its Restricted Subsidiaries to the extent that such depreciation, amortization and other  non-cash charges or expenses were deducted in computing such Consolidated Net Income; plus  (6) the amortization of debt discount to the extent that such amortization was  deducted in computing such Consolidated Net Income; plus  (7) stock compensation expense for grants to any employee, director or  contractor of the Borrower or its Restricted Subsidiaries to the extent such loss was deducted in  computing such Consolidated Net Income; plus  (8) any net loss arising from the sale, exchange or other disposition of capital  assets by the Borrower or its Restricted Subsidiaries (including any fixed assets, whether tangible  or intangible, all inventory sold in conjunction with the disposition of fixed assets and all  securities) to the extent such loss was deducted in computing such Consolidated Net Income;  plus  

 

  Allegiant Revolving Credit Agreement 2022  (9) any losses arising under fuel hedging arrangements entered into prior to  February 5, 2019 and any losses actually realized under fuel hedging arrangements entered into  after February 5, 2019, in each case to the extent deducted in computing such Consolidated Net  Income; plus  (10) proceeds from business interruption insurance for such period, to the  extent not already included in computing such Consolidated Net Income; plus  (11) any expenses and charges that are covered by indemnification or  reimbursement provisions in connection with any permitted acquisition, merger, disposition,  incurrence of Indebtedness, issuance of Equity Interests or any investment to the extent  (a) actually indemnified or reimbursed and (b) deducted in computing such Consolidated Net  Income; minus  (12) non-cash items, other than the accrual of revenue in the ordinary course of  business, to the extent such amount increased such Consolidated Net Income; minus  (13) the sum of (i) income tax credits and (ii) Consolidated Interest Income  included in computing such Consolidated Net Income,  in each case of clauses (1) through (13), determined on a consolidated basis in accordance with  GAAP.  “Consolidated Interest Income” means, as of any day of determination, the sum of  the amounts that would appear on a consolidated income statement of the Borrower and its  consolidated Restricted Subsidiaries as the interest income of the Borrower and its Restricted  Subsidiaries, determined in accordance with GAAP  “Consolidated Net Income” means, with respect to any specified Person for any  period, the aggregate of the net income (or loss) of such Person and its Restricted Subsidiaries  for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted  Subsidiary of such Person), determined in accordance with GAAP and without any reduction in  respect of preferred stock dividends; provided that:  (1) all (a) extraordinary, non-recurring, special or unusual gains or  losses or income or expenses, including without limitation, any expenses related  to a facilities closing and any reconstruction, recommissioning or reconfiguration  of fixed assets for alternate uses; any severance or relocation expenses; executive  recruiting costs; restructuring or reorganization costs; curtailments or  modifications to pension and post-retirement employee benefit plans; (b) any  expenses (including, without limitation, transaction costs, integration or transition  costs, financial advisory fees, accounting fees, legal fees and other similar  advisory and consulting fees and related out-of-pocket expenses), cost-savings,  costs or charges incurred in connection with any issuance of securities, Permitted  Investments, acquisitions, dispositions, recapitalizations or incurrences of  repayments of Indebtedness permitted hereunder, including a refinancing thereof  (in each case whether or not successful); and (c) gains or losses realized in  connection with any Disposition of assets, the disposition of securities, or the  

 

  Allegiant Revolving Credit Agreement 2022  early extinguishment of Indebtedness or associated Hedging Obligations, together  with any related provision for taxes on any such gain, will be excluded;  (2) the net income (but not loss) of any Person that is not the specified  Person or a Restricted Subsidiary or that is accounted for by the equity method of  accounting will be included for such period only to the extent of the amount of  dividends or similar distributions paid in cash to the specified Person or Restricted  Subsidiary of the specified Person;  (3) the net income (but not loss) of any Restricted Subsidiary will be  excluded to the extent that the declaration or payment of dividends or similar  distributions by that Restricted Subsidiary of that net income is not at the date of  determination permitted without any prior governmental approval (that has not  been obtained) or, directly or indirectly, by operation of the terms of its charter or  any agreement, instrument, judgment, decree, order, statute, rule or governmental  regulation applicable to that Restricted Subsidiary or its stockholders;  (4) the cumulative effect of a change in accounting principles on such  Person will be excluded;  (5) the effect of non-cash gains and losses of such Person resulting  from Hedging Obligations, including attributable to movement in the  mark-to-market valuation of Hedging Obligations pursuant to Financial  Accounting Standards Board Accounting Standards Codification 815 –  Derivatives and Hedging will be excluded;  (6) any non-cash compensation expense recorded from grants by such  Person of stock appreciation or similar rights, restricted stock units, restricted  stock grants, stock options or other rights to officers, directors, employees or  contractors, will be excluded;  (7) the effect on such Person of any non-cash items resulting from any  write-up, write-down or write-off of assets (including intangible assets, goodwill  and deferred financing costs) in connection with any acquisition, disposition,  merger, consolidation or similar transaction or any other non-cash impairment  charges incurred subsequent to February 5, 2019  resulting from the application of  Financial Accounting Standards Board Accounting Standards Codifications 205 –  Presentation of Financial Statements, 350 – Intangibles – Goodwill and Other,  360 – Property, Plant and Equipment and 805 – Business Combinations  (excluding any such non-cash item to the extent that it represents an accrual of or  reserve for cash expenditures in any future period except to the extent such item is  subsequently reversed), will be excluded; and  (8) any provision for income tax reflected on such Person’s financial  statements for such period will be excluded to the extent such provision exceeds  the actual amount of taxes paid in cash during such period by such Person and its  consolidated Subsidiaries.  

 

  Allegiant Revolving Credit Agreement 2022  “Consolidated Total Leverage Ratio” means the ratio of (x) the outstanding  amount of the Loans together with any other Indebtedness of the Borrower or any of its  Restricted Subsidiaries to (y) Consolidated EBITDA of the Borrower and its Restricted  Subsidiaries for the most recent four consecutive fiscal quarters ending prior to the date of such  determination for which internal consolidated financial statements of the Borrower have been or  are required to be delivered; provided that any arrangements which could have been accounted  for by the Borrower or any of its Restricted Subsidiaries as operating leases prior to the adoption  by the Borrower of the new lease accounting rules (FASB Accounting Standards Update No.  2016-02, Leases (Topic 842)) shall not be considered Indebtedness for purposes of calculating  the Consolidated Total Leverage Ratio.  “Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum  equal to the greater of (a) SOFR for the day (such day “i”) that is five U.S. Government  Securities Business Days prior to (A) if such SOFR Rate Day is a U.S. Government Securities  Business Day, such SOFR Rate Day or (B) if such SOFR Rate Day is not a U.S. Government  Securities Business Day, the U.S. Government Securities Business Day immediately preceding  such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on  the SOFR Administrator’s Website and (b) the Floor.  If by 5:00 pm (New York City time) on  the second (2nd) U.S. Government Securities Business Day immediately following any day “i”,  the SOFR in respect of such day “i” has not been published on the SOFR Administrator’s  Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not  occurred, then the SOFR for such day “i” will be the SOFR as published in respect of the first  preceding U.S. Government Securities Business Day for which such SOFR was published on the  SOFR Administrator’s Website; provided that any SOFR determined pursuant to this sentence  shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3)  consecutive SOFR Rate Days.  Any change in Daily Simple SOFR due to a change in SOFR  shall be effective from and including the effective date of such change in SOFR without notice to  the Borrower.   “Default” means any event that, unless cured or waived, is, or with the passage of  time or the giving of notice or both would be, an Event of Default.  “Defaulting Lender” shall mean, at any time, any Lender that has become, or has  had its direct or indirect parent company become, the subject of a Bankruptcy Event or a Bail-In  Action.  If the Administrative Agent determines that a Lender is a Defaulting Lender, such  Lender will be deemed to be a Defaulting Lender upon notification of such determination by the  Administrative Agent to the Borrower and the Lenders.  “Designated Banking Product Agreement” means any agreement evidencing  Designated Banking Product Obligations entered into by the Borrower and any Person that, at  the time such Person entered into such agreement, was a Lender or the Administrative Agent or a  banking Affiliate of any such Person, in each case designated by the relevant Lender and the  Borrower, by written notice to the Administrative Agent, as a “Designated Banking Product  Agreement”.  “Designated Banking Product Obligations” means any Banking Product  Obligations, in each case as designated by any Lender or the Administrative Agent (or a banking  

 

  Allegiant Revolving Credit Agreement 2022  Affiliate thereof) and the Borrower from time to time and agreed to by the Administrative Agent  as constituting “Designated Banking Product Obligations,” which notice shall include (i) a copy  of an agreement providing an agreed-upon maximum amount of Designated Banking Product  Obligations that can be included as Obligations, and (ii) the acknowledgment of such Lender (or  such banking Affiliate) that its security interest in the Collateral securing such Designated  Banking Product Obligations shall be subject to the Loan Documents; provided that, after giving  effect to such designation, the aggregate agreed-upon maximum amount of all “Designated  Banking Product Obligations” included as Obligations, together with the aggregate agreed-upon  maximum amount of all “Designated Hedging Obligations” included as Obligations, shall not  exceed $15,000,000 in the aggregate.  “Designated Hedging Agreement” means any Hedging Agreement entered into by  the Borrower and any Person that, at the time such Person entered into such Hedging Agreement,  was a Lender, the Administrative Agent or an Affiliate thereof, as designated by the relevant  Lender or the Administrative Agent (or Affiliate thereof) and the Borrower, by written notice to  the Administrative Agent, as a “Designated Hedging Agreement,” which notice shall include a  copy of an agreement providing for (i) a methodology agreed to by the Borrower, such Lender or  Affiliate of a Lender, and the Administrative Agent for reporting the outstanding amount of  Designated Hedging Obligations under such Designated Hedging Agreement from time to time,  (ii) an agreed-upon maximum amount of Designated Hedging Obligations under such  Designated Hedging Agreement that can be included as Obligations, and (iii) the  acknowledgment of such Lender or Affiliate of a Lender that its security interest in the Collateral  securing such Designated Hedging Obligations shall be subject to the Loan Documents; provided  that, after giving effect to such designation, the aggregate agreed-upon maximum amount of all  “Designated Hedging Obligations” included as Obligations, together with the aggregate agreed- upon maximum amount of all “Designated Banking Product Obligations” included as  Obligations, shall not exceed $15,000,000 in the aggregate.  “Designated Hedging Obligations” means, as applied to any Person, all Hedging  Obligations of such Person under Designated Hedging Agreements after taking into account the  effect of any legally enforceable netting arrangements included in such Designated Hedging  Agreements; it being understood and agreed that, on any date of determination, the amount of  such Hedging Obligations under any Designated Hedging Agreement shall be determined based  upon the “settlement amount” (or similar term) as defined under such Designated Hedging  Agreement or, with respect to a Designated Hedging Agreement that has been terminated in  accordance with its terms, the amount then due and payable (exclusive of expenses and similar  payments but including any termination payments then due and payable) under such Designated  Hedging Agreement.  “Disposition” shall mean, with respect to any property, any sale, lease, sale and  leaseback, conveyance, transfer or other disposition thereof.  The terms “Dispose” and  “Disposed of” shall have correlative meanings.  “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms  of any security into which it is convertible, or for which it is exchangeable, in each case at the  option of the holder of the Capital Stock), or upon the happening of any event, matures or is  mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a  

 

  Allegiant Revolving Credit Agreement 2022  result of a change of control or asset sale), is convertible or exchangeable for Indebtedness or  Disqualified Stock, or is redeemable at the option of the holder of the Capital Stock, in whole or  in part (other than as a result of a change of control or asset sale), on or prior to the date that  is 91 days after the Latest Maturity Date then in effect.  Notwithstanding the preceding sentence,  any Capital Stock that would constitute Disqualified Stock solely because the holders of the  Capital Stock have the right to require the Borrower to repurchase such Capital Stock upon the  occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the  terms of such Capital Stock provide that the Borrower may not repurchase or redeem any such  Capital Stock pursuant to such provisions unless such repurchase or redemption complies with  Section 6.01 hereof.  The amount of Disqualified Stock deemed to be outstanding at any time for  purposes of this Agreement will be the maximum amount that the Borrower and its Restricted  Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory  redemption provisions of, such Disqualified Stock, exclusive of accrued dividends.  “Dollars” and “$” shall mean lawful money of the United States of America.  “DOT” shall mean the United States Department of Transportation and any  successor thereto.  “EEA Financial Institution” means (a) any institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any institution established in an  EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this  definition and is subject to consolidated supervision with its parent.  “EEA Member Country” means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.  “EEA Resolution Authority” means any public administrative authority or any  person entrusted with public administrative authority of any EEA Member Country (including  any delegee) having responsibility for the resolution of any EEA Financial Institution.  “Eligible Assignee” shall mean (a) any Lender or any Affiliate of any Lender,  (b) an Approved Fund of any Lender and (c) any other Person (other than a Defaulting Lender or  natural Person) reasonably satisfactory to the Administrative Agent and, so long as no Event of  Default is continuing, the Borrower (with failure by the Borrower to respond within five (5)  Business Days to a consent request shall be deemed to be a consent of the Borrower); provided  that, neither the Borrower nor any Guarantor shall constitute an Eligible Assignee.  “Environmental Laws” shall mean all applicable laws (including common law),  statutes, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or legally  binding agreements issued, promulgated or entered into by or with any Governmental Authority,  relating to the environment, preservation or reclamation of natural resources, the handling,  treatment, storage, disposal, Release or threatened Release of, or the exposure of any Person  (including employees) to, any Hazardous Materials.  

 

  Allegiant Revolving Credit Agreement 2022  “Environmental Liability” shall mean any liability (including any liability for  damages, natural resource damage, costs of environmental investigation, remediation or  monitoring or costs, fines or penalties) resulting from or based upon (a) violation of any  Environmental Law, (b) the generation, use, handling, transportation, storage, treatment, disposal  or the arrangement for disposal of any Hazardous Materials, (c) exposure to any Hazardous  Materials, (d) the Release or threatened Release of any Hazardous Materials into the  environment or (e) any contract, agreement, lease or other consensual arrangement pursuant to  which liability is assumed or imposed with respect to any of the foregoing.  “Equity Interests” shall mean Capital Stock and all warrants, options or other  rights to acquire Capital Stock (but excluding any debt security that is convertible into, or  exchangeable for, Capital Stock).  “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as  amended from time to time, and the regulations promulgated thereunder.  “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule  published by the Loan Market Association (or any successor person), as in effect from time to  time.  “Event of Default” shall have the meaning given such term in Section 7.01.  “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.  “Excluded Contributions” means net cash proceeds received by the Borrower  after the Closing Date from:  (1) contributions to its common equity capital (other than from any  Subsidiary); or  (2) the sale (other than to a Subsidiary or to any management equity  plan or stock option plan or any other management or employee benefit plan or  agreement of the Borrower or any Subsidiary) of Qualifying Equity Interests,  in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed  on or around the date such capital contributions are made or the date such Equity Interests are  sold, as the case may be.  Excluded Contributions will not be considered to be net proceeds of  Qualifying Equity Interests for purposes of clause (a)(3)(B) of Section 6.01 hereof.  “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap  Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the  grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee  thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or  order of the Commodity Futures Trading Commission (or the application or official  interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an  “eligible contract participant” as defined in the Commodity Exchange Act and the regulations  thereunder at the time the Guarantee of such Guarantor or the grant of such security interest  becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a  

 

  Allegiant Revolving Credit Agreement 2022  master agreement governing more than one swap, such exclusion shall apply only to the portion  of such Swap Obligation that is attributable to swaps for which such Guarantee or security  interest is or becomes illegal.  “Excluded Property” has the meaning given to such term in the Security  Agreement.  “Excluded Taxes” shall mean, with respect to the Administrative Agent, any  Lender or any other recipient of any payment to be made by or on account of any Obligation of  either the Borrower or any Guarantor hereunder or under any Loan Document, (a) any Taxes  based on (or measured by) its net income, profits or capital, or any franchise taxes, imposed  (i) by the United States of America or any political subdivision thereof or by the jurisdiction  under the laws of which such recipient is organized, in which it is a resident for tax purposes or  in which its principal office is located or, in the case of any Lender, in which its applicable  lending office is located or (ii) as a result of a present or former connection between such Person  and the jurisdiction imposing such Taxes (other than a connection arising from such Person’s  having executed, delivered, enforced, become a party to, performed its obligations under,  received payments under, received or perfected a security interest under, or engaged in any other  transaction pursuant to, or enforced, this Agreement or any Loan Document, or sold or assigned  an interest in this Agreement or any Loan Document), (b) any branch profits Tax imposed by the  United States of America or any similar Tax imposed by any other jurisdiction in which such  Person is located, (c) in the case of a Foreign Lender, any withholding Tax or gross income Tax  that is imposed on amounts payable to or on behalf of such Foreign Lender at the time such  Foreign Lender becomes a party to this Agreement (or, in the case of a Lender that is a Foreign  Lender, designates a new lending office), except, and then only to the extent that, such Foreign  Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or  assignment), to receive additional amounts from the Borrower with respect to such withholding  Tax pursuant to Section 2.14(a), (d) in the case of a Lender, any withholding Tax that is  attributable to such Lender’s failure to deliver the documentation described in Section 2.14(f)  or 2.14(g) and (e) any Tax that is imposed by reason of FATCA.  “Existing Credit Agreement” means the Credit and Guaranty Agreement, dated as  of February 5, 2019, among the Borrower, as borrower, the subsidiaries of the Borrower party  thereto, as guarantors, the lenders party thereto and Barclays, as administrative agent, as  amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced from time  to time  “Existing Indebtedness” means any Indebtedness outstanding on the Closing Date  that is listed on Schedule 6.02 hereof.  “Extended Commitment” shall have the meaning given to such term in  Section 2.23(a)(ii).  “Extended Loan” means any Loan made pursuant to Extended Commitments.  “Extension” shall have the meaning set forth in Section 2.23(a).  

 

  Allegiant Revolving Credit Agreement 2022  “Extension Amendment” shall have the meaning given to such term in  Section 2.23(c).  “Extension Offer” shall have the meaning set forth in Section 2.23(a).  “Extension Offer Date” shall have the meaning set forth in Section 2.23(a)(i).  “FAA” shall mean the Federal Aviation Administration of the United States of  America and any successor thereto.  “Facility” shall mean each Class of Commitments and the Loans made  thereunder.  “Facility Termination Date” shall mean the earlier to occur of the Maturity Date  and the acceleration of the Loans in accordance with the terms hereof.  “Fair Market Value” means the value that would be paid by a willing buyer to an  unaffiliated willing seller in a transaction not involving distress or necessity of either party,  determined in good faith by an officer of the Borrower (unless otherwise provided in this  Agreement); provided that any such officer of the Borrower shall be permitted to consider the  circumstances existing at such time (including, without limitation, economic or other conditions  affecting the United States airline industry generally and any relevant legal compulsion, judicial  proceeding or administrative order or the possibility thereof) in determining such Fair Market  Value in connection with such transaction.  “FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of  this Agreement, any amended or successor provisions that are similar thereto and not materially  more onerous to comply with, any regulations or official interpretations thereof and any  agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental  agreements entered into in connection with any of the foregoing and any law (including any  fiscal or regulatory legislation) or official interpretations adopted pursuant to any such  agreement.  “Federal Funds Effective Rate” shall mean, for any day, the rate calculated by the  Federal Reserve Bank of New York based on such day’s federal funds transactions by depository  institutions (as determined in such manner as the Federal Reserve Bank of New York shall set  forth on its public website from time to time) and published on the next succeeding Business Day  by the Federal Reserve Bank of New York as the federal funds effective rate; provided, that, if  the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for  purposes of this Agreement.  “Fee Letter” shall mean the fee letter between the Borrower and the  Administrative Agent dated the Closing Date.  “Fees” shall collectively mean the fees referred to in Section 2.16(b).  “First Lien Leverage Ratio” means the ratio of (x) the outstanding amount of the  Loans together with any other Indebtedness of the Borrower secured by the Collateral on a pari  

 

  Allegiant Revolving Credit Agreement 2022  passu basis to (y) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the  most recent four consecutive fiscal quarters ending prior to the date of such determination for  which internal consolidated financial statements of the Borrower have been or are required to be  delivered; provided that:  (1) if, since the beginning of such period, the Borrower or any of its  Restricted Subsidiaries shall have made any sales, transfers or other dispositions of any assets  (other than Aircraft Assets) where the Fair Market Value of such assets exceeded $10,000,000 (a  “Sale”), the Consolidated EBITDA for such period shall be reduced by an amount equal to the  Consolidated EBITDA (if positive) attributable to the assets that are the subject of such Sale for  such period or increased by an amount equal to the Consolidated EBITDA (if negative)  attributable thereto for such period;  (2) if, since the beginning of such period, the Borrower or any of its  Restricted Subsidiaries (by merger, consolidation or otherwise) shall have made any acquisition  or purchase of any assets (other than Aircraft Assets) where the Fair Market Value of any such  assets exceeds $10,000,000 (a “Purchase”) or any Permitted Investment (including any Permitted  Investment occurring in connection with a transaction causing a calculation to be made  hereunder), Consolidated EBITDA for such period shall be calculated after giving pro forma  effect thereto as if such Purchase or Permitted Investment occurred on the first day of such  period; and  (3) if, since the beginning of such period, any Person became a Restricted  Subsidiary of the Borrower or was merged or consolidated with or into the Borrower or any of its  Restricted Subsidiaries, and since the beginning of such period such Person shall have made any  Sale, Purchase or Permitted Investment that would have required an adjustment pursuant to  clause (1) or (2) above if made by the Borrower or a Restricted Subsidiary of the Borrower since  the beginning of such period, Consolidated EBITDA for such period shall be calculated after  giving pro forma effect thereto as if such Sale, Purchase or Permitted Investment occurred on the  first day of such period.  For purposes of this definition, whenever pro forma effect is to be given to any  Sale, Purchase, Permitted Investment or other transaction, or the amount of income or earnings  relating thereto, the pro forma calculations in respect thereof shall be as determined in good faith  by a responsible financial or accounting officer of the Borrower.  “Fixed Charge Coverage Ratio” means the ratio of (x) Consolidated EBITDAR of  the Borrower and its Restricted Subsidiaries plus the Consolidated Interest Income for the most  recent four consecutive fiscal quarters ending prior to the date of such determination for which  internal consolidated financial statements of the Borrower have been or are required to be  delivered to (y) the sum of all Fixed Charges for such period.  If the Borrower or any of its  Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or  otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or  issues, repurchases or redeems Disqualified Stock or preferred stock subsequent to the  commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and  on or prior to the date on which the event for which the calculation of the Fixed Charge  Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be  

 

  Allegiant Revolving Credit Agreement 2022  calculated giving pro forma effect (as determined in good faith by a responsible financial or  accounting officer of the Borrower) to such incurrence, assumption, guarantee, repayment,  repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance,  repurchase or redemption of Disqualified Stock or preferred stock, and the use of the proceeds  therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference  period.  In addition, for purposes of calculating the Fixed Charge Coverage Ratio:  (1) acquisitions that have been made by the Borrower or any of its Restricted  Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted  Subsidiaries acquired by the Borrower or any of its Restricted Subsidiaries, and including all  related financing transactions and including increases in ownership of Restricted Subsidiaries,  during the four-quarter reference period or subsequent to such reference period and on or prior to  the Calculation Date, or that are to be made on the Calculation Date, shall be given pro forma  effect (as determined in good faith by a responsible financial or accounting officer of the  Borrower and including any operating expense reductions for such period resulting from such  acquisition that have been realized or for which all of the material steps necessary for realization  have been taken) as if they had occurred on the first day of the four-quarter reference period;  (2) the Consolidated EBITDAR attributable to discontinued operations, as  determined in accordance with GAAP, and operations or businesses (and ownership interests  therein) disposed of prior to the Calculation Date, shall be excluded;  (3) the Fixed Charges attributable to discontinued operations, as determined in  accordance with GAAP, and operations or businesses (and ownership interests therein) disposed  of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations  giving rise to such Fixed Charges shall not be obligations of the Borrower or any of its Restricted  Subsidiaries following the Calculation Date;  (4) any Person that is a Restricted Subsidiary of the Borrower on the  Calculation Date shall be deemed to have been a Restricted Subsidiary of the Borrower at all  times during such four-quarter period;  (5) any Person that is not a Restricted Subsidiary of the Borrower on the  Calculation Date shall be deemed not to have been a Restricted Subsidiary of the Borrower at  any time during such four-quarter period; and  (6) if any Indebtedness bears a floating rate of interest, the interest expense on  such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the  applicable rate for the entire period (taking into account any Hedging Obligation applicable to  such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in  excess of 12 months).  “Fixed Charges” means, with respect to any specified Person for any period, the  sum, without duplication, of:  

 

  Allegiant Revolving Credit Agreement 2022  (1) the consolidated interest expense (net of consolidated interest  income) of such Person and its Restricted Subsidiaries for such period to the  extent that such interest expense is payable in cash (and such interest income is  receivable in cash); plus  (2) the interest component of Capital Lease Obligations of such Person  and its Restricted Subsidiaries for such period to the extent that such interest  component is related to lease payments payable in cash; plus  (3) any interest expense actually paid in cash for such period by such  specified Person on Indebtedness of another Person that is guaranteed by such  specified Person or one of its Restricted Subsidiaries or secured by a Lien on  assets of such specified Person or one of its Restricted Subsidiaries; plus  (4) the product of (A) all cash dividends accrued on any series of  preferred stock of such Person or any of its Restricted Subsidiaries for such  period, other than to the Borrower or a Restricted Subsidiary of the Borrower,  times (B) a fraction, the numerator of which is one and the denominator of which  is one minus the then current combined federal, state and local statutory tax rate  of such Person, expressed as a decimal, in each case, determined on a  consolidated basis in accordance with GAAP; plus  (5) the aircraft rent expense of such Person and its Restricted  Subsidiaries for such period to the extent that such aircraft rent expense is payable  in cash,  all as determined on a consolidated basis in accordance with GAAP.  “Floor” means, with respect to any SOFR Loans, 0%.  “Foreign Lender” shall mean any Lender that is organized under the laws of a  jurisdiction other than that in which the Borrower or any Guarantor is located.  For purposes of  this definition, the United States of America, each State thereof and the District of Columbia  shall be deemed to constitute a single jurisdiction.  “GAAP” shall mean generally accepted accounting principles in the United States  of America, which are in effect from time to time, including those set forth in the opinions and  pronouncements of the Accounting Principles Board of the American Institute of Certified Public  Accountants, statements and pronouncements of the Financial Accounting Standards Board, such  other statements by such other entity as have been approved by a significant segment of the  accounting profession and the rules and regulations of the SEC governing the inclusion of  financial statements in periodic reports required to be filed pursuant to Section 13 of the  Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar  written statements from the accounting staff of the SEC; provided that GAAP shall be construed  as not to give effect to changes to lease accounting rules taking effect on January 1, 2019.  “Governmental Authority” shall mean the government of the United States of  America, any other nation or any political subdivision thereof, whether state or local, and any  

 

  Allegiant Revolving Credit Agreement 2022  agency, authority, instrumentality, regulatory body, court, central bank organization, or other  entity exercising executive, legislative, judicial, taxing or regulatory powers or functions of or  pertaining to government.  Governmental Authority shall not include any Person in its capacity  as an Airport Authority.  “Grantor” shall mean the Borrower and any Guarantor that shall at any time  pledge Collateral under a Collateral Document.  “Guarantee” means a guarantee (other than (a) by endorsement of negotiable  instruments for collection or (b) customary contractual indemnities, in each case in the ordinary  course of business), direct or indirect, in any manner including, without limitation, by way of a  pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all  or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by  agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to  maintain financial statement conditions).  “Guaranteed Obligations” shall have the meaning given such term in Section  9.01(a).  “Guarantors” shall mean, collectively, each Subsidiary of the Borrower that  becomes pursuant to Section 5.10 a party to the Guarantee contained in Section 9.  As of the  Closing Date, the Guarantors are listed in Exhibit A.  “Hazardous Materials” shall mean all explosive or radioactive substances or  wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or  petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon  gas, infectious or medical wastes and all other substances or wastes of any nature that are  regulated pursuant to, or could reasonably be expected to give rise to liability under any  Environmental Law.  “Hedging Agreement” shall mean any agreement evidencing Hedging  Obligations.  “Hedging Obligations” means, with respect to any Person, all obligations and  liabilities of such Person under:  (1) interest rate swap agreements (whether from fixed to floating or  from floating to fixed) and interest rate collar agreements;  (2) other agreements or arrangements designed to manage interest  rates or interest rate risk; and  (3) other agreements or arrangements designed to protect such Person  against fluctuations in currency exchange rates, fuel prices or other commodity  prices, but excluding (x) clauses in purchase agreements and maintenance  agreements pertaining to future prices and (y) fuel purchase agreements and fuel  sales that are for physical delivery of the relevant commodity.  

 

  Allegiant Revolving Credit Agreement 2022  “Immaterial Subsidiaries” shall mean one or more Subsidiaries, for which (a) the  assets of all such Subsidiaries constitute, in the aggregate, no more than 2.5% of the total assets  of the Borrower and its Subsidiaries on a consolidated basis (determined as of the last day of the  most recent fiscal quarter of the Borrower for which financial statements are available to the  Administrative Agent pursuant to Section 5.01), and (b) the revenues of all such Subsidiaries  account for, in the aggregate, no more than 2.5% of the total revenues of the Borrower and its  Subsidiaries on a consolidated basis for the twelve-month period ending on the last day of the  most recent fiscal quarter of the Borrower for which financial statements are available to the  Administrative Agent pursuant to Section 5.01; provided that a Subsidiary will not be considered  to be an Immaterial Subsidiary if it directly or indirectly guarantees, or pledges any property or  assets to secure, any Obligations or Junior Secured Debt.  “Increase Effective Date” shall have the meaning given such term in Section  2.22(a).  “Increase Joinder” shall have the meaning given such term in Section 2.22(c).  “Incremental Commitment” shall have the meaning given such term in Section  2.22(a).  “Incremental Loans” shall have the meaning given such term in Section  2.22(c)(i).  “Indebtedness” means, with respect to any specified Person, any indebtedness of  such Person (excluding accrued expenses and trade payables), whether or not contingent:  (1) in respect of borrowed money;  (2) evidenced by bonds, notes, debentures or similar instruments or  letters of credit (or reimbursement agreements in respect thereof);  (3) in respect of banker’s acceptances;  (4) representing Capital Lease Obligations;  (5) representing the balance deferred and unpaid of the purchase price  of any property or services due more than six months after such property is  acquired or such services are completed, but excluding in any event trade  payables arising in the ordinary course of business; or  (6) representing any Hedging Obligations,  if and to the extent any of the preceding items (other than letters of credit) would  appear as a liability upon a balance sheet of the specified Person prepared in accordance with  GAAP.  In addition, the term “Indebtedness” includes all Indebtedness of others secured by a  Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the  specified Person) and, to the extent not otherwise included, the Guarantee by the specified  Person of any Indebtedness of any other Person to the extent of such Guarantee.  Indebtedness  

 

  Allegiant Revolving Credit Agreement 2022  shall be calculated without giving effect to the effects of Financial Accounting Standards Board  Accounting Standards Codification 815 – Derivatives and Hedging and related interpretations to  the extent such effects would otherwise increase or decrease an amount of Indebtedness for any  purpose under this Agreement as a result of accounting for any embedded derivatives created by  the terms of such Indebtedness.  Notwithstanding the foregoing, none of the following will constitute  Indebtedness: (a) Banking Product Obligations, (b) obligations in respect of the pre-purchase of  frequent flyer miles, (c) maintenance deferral agreements, (d) an amount recorded as  indebtedness in the Borrower’s financial statements solely by operation of Financial Accounting  Standards  Board Accounting Standards Codification 840-40-55 or any successor provision of  GAAP but which does not otherwise constitute Indebtedness as defined hereinabove, (e) a  deferral of pre-delivery payments relating to the purchases of Aircraft Assets, (f) obligations  under frequent flyer miles participation agreements and (g) air traffic liability.  “Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed  on or with respect to any payment made by or on account of any obligation of the Borrower  under any Loan Document and (b) to the extent not otherwise described in clause (a), Other  Taxes.  “Indemnitee” shall have the meaning given such term in Section 10.04(b).  “Installment” shall have the meaning given such term in Error! Reference  source not found..  “Intercreditor Agreement” shall have the meaning given such term in Section  10.17.  “Interest Election Request” means a request by the Borrower to convert or  continue a Borrowing in accordance with Section 2.04, which, when in writing, shall be  substantially in the form of Exhibit D (or such other form as the Administrative Agent may  approve).  “Interest Payment Date” shall mean (a) as to any SOFR Loan, the last day of such  Interest Period and (b) with respect to ABR Loans, the last Business Day of each April, July,  October and January.  “Interest Period” shall mean, as to any Borrowing of SOFR Loans, the period  commencing on the date of such Borrowing (including as a result of a conversion from ABR  Loans) or on the last day of the preceding Interest Period applicable to such Borrowing and  ending on (but excluding) the numerically corresponding day to the date of such Borrowing (or if  there is no corresponding day, the last day) in the calendar month that is, at the Borrower’s  election, one month, three months or six months thereafter; provided that (i) if any Interest  Period would end on a day which shall not be a Business Day, such Interest Period shall be  extended to the next succeeding Business Day unless such next succeeding Business Day would  fall in the next calendar month, in which case such Interest Period shall end on the next  preceding Business Day, and (ii) no Interest Period shall end later than the applicable Maturity  Date.  

 

  Allegiant Revolving Credit Agreement 2022  “Investments” means, with respect to any Person, all direct or indirect  investments made from and after the Closing Date by such Person in other Persons (including  Affiliates) in the forms of loans (including Guarantees), capital contributions or advances (but  excluding advance and pre-delivery payments and deposits for goods and services and advances  to officers, employees and consultants made in the ordinary course of business), purchases or  other acquisitions for consideration of Indebtedness, Equity Interests or other securities of other  Persons, together with all items that are or would be classified as investments on a balance sheet  prepared in accordance with GAAP; provided that the Completion Guarantee will not constitute  an “Investment”.  If the Borrower or any Restricted Subsidiary of the Borrower sells or otherwise  disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Borrower  after the Closing Date such that, after giving effect to any such sale or disposition, such Person is  no longer a Restricted Subsidiary of the Borrower, the Borrower will be deemed to have made an  Investment on the date of any such sale or disposition equal to the Fair Market Value of the  Borrower’s Investments in such Subsidiary that were not sold or disposed of in an amount  determined as provided in Section 6.01 hereof.  Notwithstanding the foregoing, any Equity  Interests retained by the Borrower or any of its Subsidiaries after a disposition or dividend of  assets or Capital Stock of any Person in connection with any partial “spin-off” of a Subsidiary or  similar transactions shall not be deemed to be an Investment.  The acquisition by the Borrower or  any Restricted Subsidiary of the Borrower after the Closing Date of a Person that holds an  Investment in a third Person will be deemed to be an Investment by the Borrower or such  Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the  Investments held by the acquired Person in such third Person in an amount determined as  provided in Section 6.01 hereof.  Except as otherwise provided in this Agreement, the amount of  an Investment will be determined at the time the Investment is made and without giving effect to  subsequent changes in value.  “Junior Secured Debt” shall mean Indebtedness referred to in clause Error!  Reference source not found.(C)(2) of the definition of “Permitted Debt”.  “Latest Maturity Date” shall mean, at any date of determination, the latest  maturity or expiration date applicable to any Loan or Commitment hereunder at such time.  “Lead Arranger” has the meaning set forth in the first paragraph of this  Agreement.  “Lenders” shall have the meaning set forth in the first paragraph of this  Agreement.  “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,  security interest or similar encumbrance of any kind in respect of such asset, whether or not filed,  recorded or otherwise perfected under applicable law (but excluding any lease, sublease, use or  license agreement or swap agreement or similar arrangement by any Grantor described in  clause (e) or (f) of the definition of “Permitted Disposition”), including any conditional sale or  other title retention agreement, any option or other agreement to sell or give a security interest  and any agreement to give any financing statement under the UCC (or equivalent statutes) of any  jurisdiction.  

 

  Allegiant Revolving Credit Agreement 2022  “Liquidity” shall mean the sum of (i) all unrestricted cash and Cash Equivalents  of the Borrower and its Restricted Subsidiaries (including, for the avoidance of doubt, any cash  or Cash Equivalents held in accounts subject to Account Control Agreements), (ii) the aggregate  principal amount committed and available to be drawn by the Borrower and its Restricted  Subsidiaries (taking into account all borrowing base limitations or other restrictions) under all  revolving credit facilities of the Borrower and its Restricted Subsidiaries and (iii) the scheduled  net proceeds (after giving effect to any expected repayment of existing Indebtedness using such  proceeds) of any Capital Markets Offering of the Borrower or any of its Restricted Subsidiaries  that has priced but has not yet closed (until the earliest of the closing thereof, the termination  thereof without closing or the date that falls five (5) Business Days after the initial scheduled  closing date thereof).  “Loan” means the Loans incurred pursuant to the Commitments hereunder.   “Loan Documents” shall mean this Agreement, the Collateral Documents, any  Intercreditor Agreement, the Fee Letter and any other instrument or agreement (which is  designated as a Loan Document therein) executed and delivered by the Borrower or a Guarantor  to the Administrative Agent or any Lender, in each case, as the same may be amended, restated,  modified, supplemented, extended or amended and restated from time to time in accordance with  the terms hereof.  “Loan Request” shall mean a request by the Borrower, executed by a Responsible  Officer of the Borrower, for a Loan in accordance with Section 2.02 in substantially the form of  Error! Reference source not found..  “Loyalty Program” means the assets of the Borrower’s non-card loyalty program  Allways RewardsTM and the Borrower’s co-branded credit card loyalty program, or any similar  program.   “Margin Stock” shall have the meaning given such term in Section 3.10(a).  “Material Adverse Change” shall mean any event, development or circumstance  that has had or would reasonably be expected to have a Material Adverse Effect.  “Material Adverse Effect” shall mean a material adverse effect on (a) the  consolidated business, operations or financial condition of the Borrower and its Restricted  Subsidiaries, taken as a whole, (b) the validity or enforceability of any of the Loan Documents or  the rights or remedies of the Administrative Agent and the Lenders thereunder or (c) the ability  of the Borrower and the Guarantors, collectively, to pay the Obligations.  “Material Indebtedness” shall mean Indebtedness of the Borrower and/or  Restricted Subsidiaries (other than the Loans) outstanding under the same agreement in a  principal amount exceeding $100,000,000.  “Maturity Date” shall mean, (a) with respect to Loans that have not been extended  pursuant to Section 2.23, May 17, 2027 and (b) with respect to Extended Loans, the final  maturity date therefor as specified in the applicable Extension Offer accepted by the respective  Lenders (as the same may be further extended pursuant to Section 2.23).  

 

  Allegiant Revolving Credit Agreement 2022  “Minimum Extension Condition” shall have the meaning given such term in  Section 2.23(a).  “Moody’s” shall mean Moody’s Investors Service, Inc.  “Non-Extending Lender” shall have the meaning given such term in Section  10.08(e).  “Non-Recourse Debt” shall mean Indebtedness:  (1) the portion as to which neither the Borrower nor any of its  Restricted Subsidiaries (A) provides credit support of any kind (including any  undertaking, agreement or instrument that would constitute Indebtedness) or  (B) is directly or indirectly liable as a guarantor or otherwise; and  (2) the portion as to which the holders of such Indebtedness do not  otherwise have recourse to the stock or assets of the Borrower or any of its  Restricted Subsidiaries (other than the Equity Interests of an Unrestricted  Subsidiary).  “Obligations” shall mean the unpaid principal of and interest on (including  interest accruing after the maturity of the Loans and interest accruing after the filing of any  petition of bankruptcy, or the commencement of any insolvency, reorganization or like  proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition  interest is allowed in such proceeding), the Loans, the Designated Hedging Obligations, the  Designated Banking Product Obligations, and all other obligations and liabilities of the Borrower  to the Administrative Agent or any Lender (or (i) in the case of Designated Hedging Obligations,  any obligee with respect to such designated Hedging Obligations who was a Lender or an  Affiliate of a Lender when the related Designated Hedging Agreement was entered into, or (ii) in  the case of Designated Banking Product Obligations, any obligee with respect to such  Designated Banking Product Obligations who was a Lender or a banking Affiliate of any Lender  at the time the related Designated Banking Product Agreement was entered into), whether direct  or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,  which arise under this Agreement or any other Loan Document, whether on account of principal,  interest, reimbursement obligations, fees, indemnities, out-of-pocket costs, and expenses  (including all fees, charges and disbursements of counsel to the Administrative Agent or any  Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided,  however, that the aggregate amount of all Designated Hedging Obligations and Designated  Banking Product Obligations (in each case valued in accordance with the definitions thereof) at  any time outstanding that shall be included as “Obligations” shall not exceed $15,0000,000;  provided, further, that in no event shall the Obligations include Excluded Swap Obligations.  “Officer” means, with respect to any Person, the Chief Executive Officer, the  Chief Operating Officer, the Chief Financial Officer or any Senior Vice-President of such  Person.  “Officer’s Certificate” shall mean a certificate signed on behalf of the Borrower  by an Officer of the Borrower.  

 

  Allegiant Revolving Credit Agreement 2022  “Other Taxes” shall mean any and all present or future stamp, court, mortgage,  recording, filing or documentary taxes or any other similar, charges or similar levies arising from  any payment made hereunder or from the execution, performance, delivery, registration of or  enforcement of, otherwise in respect to this Agreement or any other Loan Document.  “Pari Passu Debt” shall mean any Incremental Loans and any Pari Passu Notes.  “Pari Passu Notes” shall mean any securities secured by the Collateral on a pari  passu basis with the Obligations.  “Participant” shall have the meaning given such term in Section 10.02(d).  “Participant Register” shall have the meaning given such term in Section  10.02(d).  “Patriot Act” shall mean the USA PATRIOT Act Improvement and  Reauthorization Act, L.  109-177, signed into law on March 9, 2009 and any subsequent  legislation that amends or supplements such Act or any subsequent legislation that supersedes  such Act.  “Permitted Business” means any business that is the same as, or reasonably  related, ancillary, supportive or complementary to, the business in which the Borrower and its  Subsidiaries are engaged on the date of this Agreement.  “Permitted Debt” shall have the meaning given to such term in Section 6.02.   “Permitted Disposition” shall mean any of the following:  (a) the Disposition of obsolete or worn out property in the ordinary course of  business;  (b) the Disposition of spare parts, inventory and Permitted Investments in the  ordinary course of business;  (c) the Disposition of equipment or real property to the extent that (i) such  property is exchanged for credit against the purchase price of similar replacement property or  (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of  such replacement property;  (d) the Disposition of property by any Subsidiary to the Borrower or to any  Guarantor;  (e) Dispositions permitted by Section 6.03;  (f) leases, licenses, subleases or sublicenses granted in the ordinary course of  business and on ordinary commercial terms that do not interfere in any material respect with the  business of the Borrower and its Subsidiaries;  

 

  Allegiant Revolving Credit Agreement 2022  (g) Dispositions of intellectual property rights that are no longer used or  useful in the business of the Borrower and its Subsidiaries;  (h) the discount, write-off or Disposition of accounts receivables overdue by  more than 180 days, in each case in the ordinary course of business;  (i) Restricted Payments permitted by Section 6.01;  (j) Dispositions of Aircraft Assets;   (k) Dispositions of the Capital Stock of Sunseeker Resorts, Inc.; and  (l) Dispositions by the Borrower and its Subsidiaries not otherwise listed in  clauses (a) through (k) above; provided that the aggregate book value of all property Disposed of  pursuant to this clause (l) shall not exceed $100.0 million.  “Permitted Investments” shall mean:  (1) any Investment in the Borrower or in a Restricted Subsidiary of the  Borrower;  (2) any Investment in cash, Cash Equivalents and any foreign  equivalents;  (3) any Investment by the Borrower or any Restricted Subsidiary of  the Borrower in a Person, if as a result of such Investment:  (A) such Person becomes a Restricted Subsidiary of the  Borrower; or  (B) such Person, in one transaction or a series of related and  substantially concurrent transactions, is merged, consolidated or  amalgamated with or into, or transfers or conveys substantially all of its  assets to, or is liquidated into, the Borrower or a Restricted Subsidiary of  the Borrower;  (4) any Investment made as a result of the receipt of non-cash  consideration from a Disposition of assets;  (5) any acquisition of assets or Capital Stock in exchange for the  issuance of Qualifying Equity Interests;  (6) any Investments received in compromise or resolution of  (A) obligations of trade creditors or customers that were incurred in the ordinary  course of business of the Borrower or any of its Restricted Subsidiaries, including  pursuant to any plan of reorganization or similar arrangement upon the  bankruptcy or insolvency of any trade creditor or customer or (B) litigation,  arbitration or other disputes;  

 

  Allegiant Revolving Credit Agreement 2022  (7) Investments represented by Hedging Obligations;  (8) loans or advances to officers, directors or employees made in the  ordinary course of business of the Borrower or any Restricted Subsidiary of the  Borrower in an aggregate principal amount not to exceed $5.0 million at any one  time outstanding;  (9) prepayment of any Loans in accordance with the terms and  conditions of this Agreement;  (10) any guarantee of Indebtedness permitted to be incurred by Section  6.02 other than a guarantee of Indebtedness of an Affiliate of the Borrower that is  not a Restricted Subsidiary of the Borrower;  (11) any Investment of the Borrower and its Restricted Subsidiaries  existing on, or made pursuant to binding commitments existing on, the Closing  Date and any Investment consisting of an extension, modification or renewal of  any Investment existing on, or made pursuant to a binding commitment existing  on, the Closing Date; provided that the amount of any such Investment may be  increased (A) as required by the terms of such Investment as in existence on the  Closing Date or (B) as otherwise permitted under this Agreement;  (12) Investments or commitments to make Investments acquired after  the Closing Date as a result of the acquisition by the Borrower or any Restricted  Subsidiary of the Borrower of another Person, including by way of a merger,  amalgamation or consolidation with or into the Borrower or any of its Restricted  Subsidiaries in a transaction that is not prohibited by Section 6.03 hereof after the  Closing Date to the extent that such Investments were not made in contemplation  of such acquisition, merger, amalgamation or consolidation and were in existence  on the date of such acquisition, merger, amalgamation or consolidation;  (13) the acquisition by a Receivables Subsidiary in connection with a  Qualified Receivables Transaction of Equity Interests of a trust or other Person  established by such Receivables Subsidiary to effect such Qualified Receivables  Transaction; and any other Investment by the Borrower or a Subsidiary of the  Borrower in a Receivables Subsidiary or any Investment by a Receivables  Subsidiary in any other Person in connection with a Qualified Receivables  Transaction;  (14) accounts receivable arising in the ordinary course of business;  (15) Investments consisting of reimbursable extensions of credit;  provided that any such Investment made pursuant to this clause (15) shall not be  permitted if unreimbursed within 90 days of any such extension of credit;  (16) Investments in connection with making or financing any  pre-delivery, progress or other similar payments relating to the acquisition of  Aircraft Related Equipment;  

 

  Allegiant Revolving Credit Agreement 2022  (17) Investments consisting of payroll advances and advances for  business and travel expenses in the ordinary course of business;  (18)  Investments made by way of any endorsement of negotiable  instruments received in the ordinary course of business and presented to any bank  for collection or deposit;  (19) Investments consisting of stock, obligations or securities received  in settlement of amounts owing to the Borrower or any Restricted Subsidiary in  the ordinary course of business or in a distribution received in respect of an  Investment permitted hereunder;  (20) Investments in fuel and credit card consortia and in connection  with agreements with respect to fuel consortia, credit card consortia and fuel  supply, in each case, in the ordinary course of business;  (21) Investments in connection with outsourcing initiatives in the  ordinary course of business;   (22) Investments in the nature of security deposits or maintenance  reserves in connection with the financing of any Aircraft Asset; and   (23) guarantees incurred in the ordinary course of business of  obligations that do not constitute Indebtedness of any regional air carrier doing  business with the Borrower or any of its Restricted Subsidiaries in connection  with the regional air carrier’s business with the Borrower or such Restricted  Subsidiary; advances to airport operators of landing fees and other customary  airport charges for carriers on behalf of which the Borrower or any of its  Restricted Subsidiaries provides ground handling services.  “Permitted Liens” means:  (1) Liens existing on the Closing Date and any Liens created pursuant  to the Loan Documents;  (2) Liens securing Indebtedness permitted to be incurred pursuant to  clause (iii), clause (vi) and clause (xv) of Section 6.02(b) hereof; provided that in  the case of Liens securing Indebtedness permitted under 6.02(b)(iii), such Liens  attach only to the assets being financed thereby, in the case of Liens securing  Indebtedness permitted under 6.02(b)(vi), such Liens are junior to the Liens of the  Collateral Documents or in the case of Liens securing Indebtedness permitted  under 6.02(b)(xv) such Liens attach only to the assets being financed thereby or to  Excluded Property;  (3) Liens for taxes not yet due or which are being contested in good  faith by appropriate proceedings and the Borrower shall have set aside on its  books adequate reserves with respect thereto in accordance with GAAP;  

 

  Allegiant Revolving Credit Agreement 2022  (4) carriers’, warehousemen’s, mechanics’, materialmen’s,  repairmen’s or other like Liens arising in the ordinary course of business and  securing obligations that are not due and payable or which are being contested in  good faith by appropriate proceedings and the Borrower shall have set aside on its  books adequate reserves with respect thereto in accordance with GAAP and such  contest operates to suspend collection of the contested obligation, tax, assessment  or charge and enforcement of a Lien;  (5) pledges and deposits made in the ordinary course of business in  compliance with workmen’s compensation, unemployment insurance and other  social security laws or regulations;  (6) deposits to secure the performance of bids, trade contracts (other  than for Indebtedness), leases (other than Capital Lease Obligations), statutory  obligations, surety and appeal bonds, performance bonds and other obligations of  a like nature incurred in the ordinary course of business;  (7) Liens attaching solely to cash earnest money deposits in  connection with any letter of intent or purchase agreement in connection with an  acquisition permitted under the terms of this Agreement;  (8) any encumbrance or restriction (including, but not limited to, put  and call agreements) with respect to Capital Stock of any joint venture or similar  arrangement pursuant to any joint venture or similar agreement;  (9) Liens created by landlords over leasehold property and zoning  restrictions, easements, rights-of-way, restrictions on use of real property and  other similar encumbrances incurred in the ordinary course of business which do  not interfere with the intended use by the Borrower or any of its Restricted  Subsidiaries of such property;  (10) Liens securing reimbursement obligations with respect to  commercial letters of credit which encumber documents and other property  relating to such letters of credit and products and proceeds thereof;  (11) Liens on insurance proceeds or unearned premiums incurred in the  ordinary course of business in connection with the financing of insurance  premiums;  (12) judgment Liens so long as such Lien is adequately bonded and any  appropriate legal proceedings which may have been duly initiated for the review  of such judgment have not been finally terminated or the period within which  such proceedings may be initiated has not expired;  (13) Liens securing Pari Passu Debt permitted to be incurred pursuant  to the covenant described under Error! Reference source not found.(C)(1);   

 

  Allegiant Revolving Credit Agreement 2022  (14) Liens securing Junior Lien Debt permitted to be incurred pursuant  to the covenant described under Section 6.02(b)(v)(C)(2);   (15) Liens securing Indebtedness permitted to be incurred pursuant to  the covenant described under Section 6.02(b)(xvi), provided that such Liens  securing such Indebtedness are limited to assets that would constitute Excluded  Property;  (16) Liens on Aircraft Assets in favor of airport authorities; and  (17) any extension, renewal or replacement (or successive extensions,  renewals or replacements), in whole or in part, of any Permitted Lien referred to  in clauses (1) through (16) above, inclusive of any Lien existing at the date  hereof; provided, however, that the obligation secured by such new Lien shall not  extend beyond the property subject to the existing Lien and other than in respect  of Aircraft Assets is not greater in amount than the obligations secured by the  Lien extended, renewed or replaced (plus an amount in respect of any applicable  premium and reasonable financing fees and related transaction costs).  “Permitted Refinancing Indebtedness” shall mean any Indebtedness (or  commitments in respect thereof) of the Borrower or any of its Restricted Subsidiaries issued in  exchange for, or the net proceeds of which are used to renew, refund, extend, refinance, replace,  defease or discharge other Indebtedness of Borrower or any of its Restricted Subsidiaries (other  than intercompany Indebtedness); provided that:  (1) the principal amount (or accreted value, if applicable) of such  Permitted Refinancing Indebtedness does not exceed the original principal  amount (or accreted value, if applicable) when initially incurred of the  Indebtedness renewed, refunded, extended, refinanced, replaced, defeased or  discharged (plus all accrued interest on the Indebtedness and the amount of all  fees and expenses, including premiums, incurred in connection therewith);  provided that with respect to any such Permitted Refinancing Indebtedness that is  refinancing secured Indebtedness and is secured by the same collateral, the  principal amount (or accreted value, if applicable) of such Permitted Refinancing  Indebtedness shall not exceed the greater of the preceding amount and the Fair  Market Value of the assets securing such Permitted Refinancing Indebtedness;  (2) if such Permitted Refinancing Indebtedness has a maturity date  that is after the Latest Maturity Date then in effect (with any amortization  payment comprising such Permitted Refinancing Indebtedness being treated as  maturing on its amortization date), such Permitted Refinancing Indebtedness has a  Weighted Average Life to Maturity that is (A) equal to or greater than the  Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded,  extended, refinanced, replaced, defeased or discharged or (B) more than 60 days  after the Latest Maturity Date then in effect;  

 

  Allegiant Revolving Credit Agreement 2022  (3) if the Indebtedness being renewed, refunded, extended, refinanced,  replaced, defeased or discharged is subordinated in right of payment to the Loans,  such Permitted Refinancing Indebtedness is subordinated in right of payment to  the Loans on terms at least as favorable to the Lenders as those contained in the  documentation governing the Indebtedness being renewed, refunded, extended,  refinanced, replaced, defeased or discharged;  (4) no Restricted Subsidiary that is not the Borrower or a Guarantor  shall be an obligor with respect to such Permitted Refinancing Indebtedness  unless such Restricted Subsidiary was an obligor with respect to the Indebtedness  being renewed, refunded, extended, refinanced, replaced, defeased or discharged;  and  (5) notwithstanding that the Indebtedness being renewed, refunded,  refinanced, extended, replaced, defeased or discharged may have been repaid or  discharged by the Borrower or any of its Restricted Subsidiaries prior to the date  on which the new Indebtedness is incurred, Indebtedness that otherwise satisfies  the requirements of this definition may be designated as Permitted Refinancing  Indebtedness so long as such renewal, refunding, refinancing, extension,  replacement, defeasance or discharge occurred not more than 36 months prior to  the date of such payment or discharge of Permitted Refinancing Indebtedness.  “Person” shall mean any natural person, corporation, division of a corporation,  partnership, limited liability company, trust, joint venture, association, company, estate,  unincorporated organization, Airport Authority or Governmental Authority or any agency or  political subdivision thereof.  “Plan” shall mean a Single Employer Plan or a Multiple Employer Plan that is a  pension plan subject to the provisions of Title IV of ERISA, Sections 412 or 430 of the Code or  Section 302 of ERISA.  “Platform” means Debt Domain, Intralinks, SyndTrak, DebtX or a substantially  similar electronic transmission system.  “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as  the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest  per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical  Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no  longer quoted therein, any similar rate quoted therein (as determined by the Administrative  Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative  Agent).  “PTE” means a prohibited transaction class exemption issued by the  U.S. Department of Labor, as any such exemption may be amended from time to time.  “Qualified Receivables Transaction” means any transaction or series of  transactions entered into by the Borrower or any of its Subsidiaries pursuant to which the  Borrower or any of its Subsidiaries sells, conveys or otherwise transfers to (1) a Receivables  

 

  Allegiant Revolving Credit Agreement 2022  Subsidiary or any other Person (in the case of a transfer by the Borrower or any of its  Subsidiaries) and (2) any other Person (in the case of a transfer by a Receivables Subsidiary), or  grants a security interest in, any accounts receivable (whether now existing or arising in the  future) of the Borrower or any of its Subsidiaries, and any assets related thereto including,  without limitation, all Equity Interests and other investments in the Receivables Subsidiary, all  collateral securing such accounts receivable, all contracts and all Guarantees or other obligations  in respect of such accounts receivable, proceeds of such accounts receivable and other assets  which are customarily transferred or in respect of which security interests are customarily  granted in connection with asset securitization transactions involving accounts receivable;  provided that the financing terms, covenants, termination events and other provisions (including  collateralization levels) thereof shall be on customary market terms for securitization  transactions involving assets such as, or similar to, the assets subject thereto (as determined in  good faith by a responsible financial officer of the Borrower).  “Qualifying Equity Interests” means Equity Interests of the Borrower other than  Disqualified Stock.  “Receivables Subsidiary” means a Subsidiary of the Borrower which engages in  no activities other than in connection with the financing or securitization of accounts receivable  and which is designated by the Board of Directors of the Borrower (as provided below) as a  Receivables Subsidiary (a) no portion of the Indebtedness or any other obligations (contingent or  otherwise) of which (i) is guaranteed by the Borrower or any Restricted Subsidiary of the  Borrower (other than comprising a pledge of the Capital Stock or other interests in such  Receivables Subsidiary (an “incidental pledge”), and excluding any Guarantees of obligations  (other than the principal of, and interest on, Indebtedness) pursuant to representations,  warranties, covenants and indemnities entered into in the ordinary course of business in  connection with a Qualified Receivables Transaction), (ii) is recourse to or obligates the  Borrower or any Restricted Subsidiary of the Borrower in any way other than through an  incidental pledge or pursuant to representations, warranties, covenants and indemnities entered  into in the ordinary course of business in connection with a Qualified Receivables Transaction or  (iii) subjects any property or asset of the Borrower or any Subsidiary of the Borrower (other than  accounts receivable and related assets as provided in the definition of “Qualified Receivables  Transaction”), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other  than pursuant to representations, warranties, covenants and indemnities entered into in the  ordinary course of business in connection with a Qualified Receivables Transaction, (b) with  which neither the Borrower nor any Subsidiary of the Borrower has any material contract,  agreement, arrangement or understanding (other than pursuant to the Qualified Receivables  Transaction) other than (i) on terms no less favorable to the Borrower or such Subsidiary than  those that might be obtained at the time from Persons who are not Affiliates of the Borrower, and  (ii) fees payable in the ordinary course of business in connection with servicing accounts  receivable and (c) with which neither the Borrower nor any Subsidiary of the Borrower has any  obligation to maintain or preserve such Subsidiary’s financial condition, other than a minimum  capitalization in customary amounts, or to cause such Subsidiary to achieve certain levels of  operating results.  Any such designation by the Board of Directors of the Borrower will be  evidenced to the Administrative Agent by filing with the Administrative Agent a certified copy  of the resolution of the Board of Directors of the Borrower giving effect to such designation and  an Officer’s Certificate certifying that such designation complied with the foregoing conditions.  

 

  Allegiant Revolving Credit Agreement 2022  “Register” shall have the meaning set forth in Section 10.02(b)(iv).  “Related Parties” shall mean, with respect to any specified Person, such Person’s  Affiliates and the respective directors, officers, partners, members, employees, agents and  advisors of such Person and such Person’s Affiliates.  “Release” shall have the meaning specified in Section 101(22) of the  Comprehensive Environmental Response Compensation and Liability Act.  “Relevant Governmental Body” means the Board of Governors of the Federal  Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or  convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank  of New York, or any successor thereto.   “Required Lenders” shall mean Lenders holding more than 50% of the Total  Commitments then in effect or, if the Commitments have been terminated, the Loans then  outstanding.  The Loans and Commitments of any Defaulting Lender shall be disregarded in  determining the “Required Lenders” at any time.  “Resolution Authority” means an EEA Resolution Authority or, with respect to  any UK Financial Institution, a UK Resolution Authority.  “Responsible Officer” means an Officer.  “Restricted Investment” means an Investment other than a Permitted Investment.  “Restricted Payments” shall have the meaning set forth in Section 6.01(a).  “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person  that is not an Unrestricted Subsidiary.  “Sanctioned Country” means, at any time, a country, territory or region which is  itself the subject or target of any Sanctions.  “Sanctioned Person” means, at any time, (a) a Person which is subject or target of  any Sanctions or (b) any Person owned or controlled by any such Person or Persons.  “Sanctions” means economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by the U.S. government (including those  administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury),  the United Nations Security Council, the European Union or Her Majesty’s Treasury of the  United Kingdom.  “S&P” shall mean Standard & Poor’s Rating Services, a Standard & Poor’s  Financial Services LLC business.  “SEC” shall mean the United States Securities and Exchange Commission.  

 

  Allegiant Revolving Credit Agreement 2022  “Secured Leverage Ratio” means the ratio of (x) the outstanding amount of the  Loans together with any other Indebtedness of the Borrower secured by the Collateral on a pari  passu or a junior basis to (y) Consolidated EBITDA of the Borrower and its Restricted  Subsidiaries for the most recent four consecutive fiscal quarters ending prior to the date of such  determination for which consolidated financial statements of the Borrower have been or are  required to be delivered; provided that:  (1) if, since the beginning of such period, the Borrower or any of its  Restricted Subsidiaries shall have made any sales, transfers or other dispositions of any assets  (other than Aircraft Assets) where the Fair Market Value of such assets exceeded $10,000,000 (a  “Sale”), the Consolidated EBITDA for such period shall be reduced by an amount equal to the  Consolidated EBITDA (if positive) attributable to the assets that are the subject of such Sale for  such period or increased by an amount equal to the Consolidated EBITDA (if negative)  attributable thereto for such period;  (2) if, since the beginning of such period, the Borrower or any of its  Restricted Subsidiary (by merger, consolidation or otherwise) shall have made any acquisition or  purchase of any assets (other than Aircraft Assets) where the Fair Market Value of any such  assets exceeds $10,000,000 (a “Purchase”) or any Permitted Investment (including any Permitted  Investment occurring in connection with a transaction causing a calculation to be made  hereunder), Consolidated EBITDA for such period shall be calculated after giving pro forma  effect thereto as if such Purchase or Permitted Investment occurred on the first day of such  period; and  (3) if, since the beginning of such period, any Person became a Restricted  Subsidiary of the Borrower or was merged or consolidated with or into the Borrower or any of its  Restricted Subsidiaries, and since the beginning of such period such Person shall have made any  Sale, Purchase or Permitted Investment that would have required an adjustment pursuant to  clause (1) or (2) above if made by the Borrower or a Restricted Subsidiary of the Borrower since  the beginning of such period, Consolidated EBITDA for such period shall be calculated after  giving pro forma effect thereto as if such Sale, Purchase or Permitted Investment occurred on the  first day of such period.  For purposes of this definition, whenever pro forma effect is to be given to any  Sale, Purchase, Permitted Investment or other transaction, or the amount of income or earnings  relating thereto, the pro forma calculations in respect thereof shall be as determined in good faith  by a responsible financial or accounting officer of the Borrower.  “Secured Parties” shall mean the Administrative Agent, the Lenders and all other  holders of Obligations.  “Securities Act” shall mean the Securities Act of 1933, as amended.  “Security Agreement” shall mean the Security Agreement, dated as of the date  hereof, among the Borrower, the other Grantors party thereto and the Administrative Agent, as  the same may be amended, restated, modified, supplemented, extended or amended and restated  from time to time.  

 

  Allegiant Revolving Credit Agreement 2022  “Senior Notes” means the Borrower’s (i) $150.0 million 8.500% senior secured  notes due 2024 of the Borrower and (ii) $550.0 million  7.250% senior secured notes due 2027,  each outstanding on the Closing Date.  “Significant Guarantor” means Allegiant Air, Sunrise Asset Management, LLC  and Allegiant Vacations, LLC, and each of their successors and permitted assigns.  “Significant Subsidiary” means any Significant Guarantor and any Restricted  Subsidiary of the Borrower that would be a “significant subsidiary” as defined in Article 1,  Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is  in effect on the date of this Agreement.    “SOFR” means a rate equal to the secured overnight financing rate as  administered by the SOFR Administrator.   “SOFR Administrator” means the Federal Reserve Bank of New York (or a  successor administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank  of New York, currently at http://www.newyorkfed.org, or any successor source for the secured  overnight financing rate identified as such by the SOFR Administrator from time to time.  “SOFR Loan” means a Loan for which the applicable rate of interest is based  upon the Adjusted Term SOFR.   “SOFR Tranche” shall mean the collective reference to SOFR Loans under a  particular Facility the then current Interest Periods with respect to all of which begin on the same  date and end on the same later date (whether or not such Loans shall originally have been made  on the same day).  “Solvent” shall mean, with respect to any Person, that as of the date of  determination, (1) the sum of such Person’s consolidated debt and liabilities (including  contingent and subordinated liabilities) does not exceed the fair value of such Person’s present  consolidated assets; (2) such Person’s capital is not unreasonably small in relation to its business  as contemplated on the date of determination; (3) such Person is able to pay its debts and  liabilities as they become due (whether at maturity or otherwise) and (4) the present fair saleable  value of the property of such Person is greater than the amount that will be required to pay the  probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such  debts and other liabilities become absolute and matured. For purposes of this definition, the  amount of any contingent liability at any time shall be computed as the amount that, in light of  all the facts and circumstances existing at such time, represents the amount that can reasonably  be expected to become an actual or matured liability (irrespective of whether such contingent  liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5  or any other analogous criteria in any jurisdiction).  “Spare Parts Security Agreement” shall mean the Spare Parts Security  Agreement, dated as of the date hereof, between Allegiant Air and the Administrative Agent, as  

 

  Allegiant Revolving Credit Agreement 2022  the same may be amended, restated, modified, supplemented, extended or amended and restated  from time to time.  “Standard Securitization Undertakings” means all representations, warranties,  covenants, indemnities, performance Guarantees and servicing obligations entered into by the  Borrower or any Subsidiary (other than a Receivables Subsidiary), which are customary in  connection with any Qualified Receivables Transaction.  “Stated Maturity” means, with respect to any installment of interest or principal  on any series of Indebtedness, the date on which the payment of interest or principal was  scheduled to be paid in the documentation governing such Indebtedness as of the Closing Date,  and will not include any contingent obligations to repay, redeem or repurchase any such interest  or principal prior to the date originally scheduled for the payment thereof.  “Subordinated Debt” means any Indebtedness of the Borrower or the Guarantors  that is contractually subordinated in right of payment to the Senior Notes or the guarantees  thereof (excluding any intercompany Indebtedness between or among the Borrower and any of  its Restricted Subsidiaries)  “Subsidiary” shall mean, with respect to any Person  (1) any corporation, association or other business entity (other than a  partnership, joint venture or limited liability company) of which more than 50%  of the total voting power of shares of Capital Stock entitled (without regard to the  occurrence of any contingency and after giving effect to any voting agreement or  stockholders’ agreement that effectively transfers voting power) to vote in the  election of directors, managers or trustees of the corporation, association or other  business entity is at the time of determination owned or controlled, directly or  indirectly, by such Person or one or more of the other Subsidiaries of such Person  (or a combination thereof); and  (2) any partnership, joint venture or limited liability company of which  (A) more than 50% of the capital accounts, distribution rights, total equity and  voting interests or general and limited partnership interests, as applicable, are  owned or controlled, directly or indirectly, by such Person or one or more of the  other Subsidiaries of such Person or a combination thereof, whether in the form of  membership, general, special or limited partnership interests or otherwise and  (B) such Person or any Subsidiary of such Person is a controlling general partner  or otherwise controls such entity.  “Sunseeker Project” means the construction of a hotel and/or condominium-hotel  on the Borrower or one of its Subsidiaries’ owned real estate in Port Charlotte, Florida and  related amenities.  “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or  perform under any agreement, contract or transaction that constitutes a “swap” within the  meaning of Section 1a(47) of the Commodity Exchange Act.  

 

  Allegiant Revolving Credit Agreement 2022  “Taxes” shall mean any and all present or future taxes, levies, imposts, duties,  assessments, fees, deductions, charges or withholdings imposed by any Governmental Authority  including any interest, additions to tax or penalties applicable thereto.    “Term SOFR” means,   (a) for any calculation with respect to a SOFR Loan, the Term SOFR  Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the  “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business  Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR  Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic  Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not  been published by the Term SOFR Administrator and a Benchmark Replacement Date with  respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term  SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first  preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate  for such tenor was published by the Term SOFR Administrator so long as such first preceding  U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities  Business Days prior to such Periodic Term SOFR Determination Day, and  (b) for any calculation with respect to an ABR Loan on any day, the Term  SOFR Reference Rate for a tenor of one month on the day (such day, the “ABR Term SOFR  Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such  day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of  5:00 p.m. (New York City time) on any ABR Term SOFR Determination Day the Term SOFR  Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator  and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not  occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published  by the Term SOFR Administrator on the first preceding U.S. Government Securities Business  Day for which such Term SOFR Reference Rate for such tenor was published by the Term  SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is  not more than three (3) U.S. Government Securities Business Days prior to such ABR Term  SOFR Determination Day.  “Term SOFR Administrator” means CME Group Benchmark Administration  Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the  Administrative Agent in its reasonable discretion).  “Term SOFR Reference Rate” means the rate per annum determined by the  Administrative Agent as the forward-looking term rate based on SOFR.  “Title 14” means Title 14 of the U.S. Code of Federal Regulations, including  Part 93, Subparts K and S thereof, as amended from time to time or any successor or recodified  regulation.  “Title 49” shall mean Title 49 of the United States Code, which, among other  things, recodified and replaced the U.S. Federal Aviation Act of 1958, and the rules and  

 

  Allegiant Revolving Credit Agreement 2022  regulations promulgated pursuant thereto, and any subsequent legislation that amends,  supplements or supersedes such provisions.  “Title Company” shall mean any title insurance company as shall be retained by  the Borrower and reasonably acceptable to the Administrative Agent.  “Title Policy” shall have the meaning assigned to such term in Error! Reference  source not found..  “Total Commitment” shall mean, at any time, the sum of the Commitments of all  Lenders at such time.  “Transactions” shall mean the execution, delivery and performance by the  Borrower and Guarantors of this Agreement and the other Loan Documents to which they may  be a party, the creation of the Liens in the Collateral in favor of the Administrative Agent and/or  the Administrative Agent for the benefit of the Secured Parties, the borrowing of Loans from  time to time pursuant to the terms of this Agreement and the use of the proceeds thereof.  “Type”, when used in reference to any Loan or Borrowing, refers to whether the  rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by  reference to the Adjusted Term SOFR (a “SOFR Loan”) or the Alternate Base Rate (an “ABR  Loan”).  “UCC” shall mean the Uniform Commercial Code as in effect from time to time  in any applicable jurisdiction.  “UK Financial Institution” means any BRRD Undertaking (as such term is  defined under the PRA Rulebook (as amended form time to time) promulgated by the United  Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA  Handbook (as amended from time to time) promulgated by the United Kingdom Financial  Conduct Authority, which includes certain credit institutions and investment firms, and certain  affiliates of such credit institutions or investment firms.  “UK Resolution Authority” means the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement” means the applicable Benchmark  Replacement excluding the related Benchmark Replacement Adjustment.   “United States Citizen” shall have the meaning set forth in Section 3.02.  “U.S. Government Securities Business Day” means any day except for (i) a  Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets  Association recommends that the fixed income departments of its members be closed for the  entire day for purposes of trading in United States government securities.  “Unrestricted Subsidiary” means (i) Sunseeker Resorts, Inc. and each of its direct  and indirect Subsidiaries so long as such Person meets the requirements set forth in clauses (1)  

 

  Allegiant Revolving Credit Agreement 2022  through (4) below, or (ii) any other Subsidiary of the Borrower that is designated by the Board of  Directors of the Borrower as an Unrestricted Subsidiary in compliance with Section 5.06 hereof  pursuant to a resolution of the Board of Directors, but only if such Subsidiary:  (1) except as permitted by Section 6.05 hereof, is not party to any  agreement, contract, arrangement or understanding with the Borrower or any  Restricted Subsidiary of the Borrower unless the terms of any such agreement,  contract, arrangement or understanding are no less favorable to the Borrower or  such Restricted Subsidiary than those that might be obtained at the time from  Persons who are not Affiliates of the Borrower;  (2) is a Person with respect to which neither the Borrower nor any of  its Restricted Subsidiaries has any direct or indirect obligation (A) to subscribe for  additional Equity Interests or (B) to maintain or preserve such Person’s financial  condition or to cause such Person to achieve any specified levels of operating  results (other than the Completion Guarantee);  (3) has not guaranteed or otherwise directly or indirectly provided  credit support for any Indebtedness of the Borrower or any of its Restricted  Subsidiaries; and  (4) does not own any assets or properties that constitute Collateral.  “Unused Total Commitment” shall mean, at any time, (a) the Total Commitments  less (b) the aggregate principal amount of the Loans then outstanding.  “Voting Stock” of any specified Person as of any date means the Capital Stock of  such Person that is at the time entitled to vote in the election of the Board of Directors of such  Person.  “Weighted Average Life to Maturity” means, when applied to any Indebtedness at  any date, the number of years obtained by dividing:  (1) the sum of the products obtained by multiplying (A) the amount of  each then remaining installment, sinking fund, serial maturity or other required  payments of principal, including payment at final maturity, in respect of the  Indebtedness, by (B) the number of years (calculated to the nearest one-twelfth)  that will elapse between such date and the making of such payment; by  (2) the then outstanding principal amount of such Indebtedness.  “Withholding Agent” shall mean the Borrower, a Guarantor and the  Administrative Agent.  “Working Capital” shall mean, as of any date, (i) the current assets of the  Borrower minus (ii) the current liabilities of the Borrower (other than the current portion of long  term debt), in each case, determined on a consolidated basis and otherwise, in accordance with  GAAP as of such date.  

 

  Allegiant Revolving Credit Agreement 2022  “Write-Down and Conversion Powers” (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time  to time under the Bail-In Legislation for the applicable EEA Member Country, which write- down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with  respect to the United Kingdom,  any powers of the applicable Resolution Authority  under the  Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK  Financial Institution  or any contract or instrument under which that liability arises, to convert all  or part of that liability into shares, securities or obligations of that person or any other person, to  provide that any such contract or instrument is to have effect as if a right had been exercised  under it or to suspend any obligation in respect of that liability or any of the powers under that  Bail-In Legislation that are related to or ancillary to any of those powers.  Section 1.02. Terms Generally.  The definitions of terms herein shall apply equally to  the singular and plural forms of the terms defined.  Whenever the context may require, any  pronoun shall include the corresponding masculine, feminine and neuter forms.  The words  “include”, “includes” and “including” shall be deemed to be followed by the phrase “without  limitation”.  The word “will” shall be construed to have the same meaning and effect as the word  “shall”.  Unless the context requires otherwise (a) any definition of or reference to any  agreement, instrument or other document herein shall be construed as referring to such  agreement, instrument or other document as from time to time amended, restated, supplemented,  extended, amended and restated or otherwise modified (subject to any restrictions on such  amendments, supplements or modifications set forth herein), (b) any reference herein to any  Person shall be construed to include such Person’s permitted successors and assigns, (c) the  words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to  refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references  herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and  Sections of, and Exhibits and Schedules to, this Agreement, unless expressly provided otherwise,  (e) the words “asset” and “property” shall be construed to have the same meaning and effect and  to refer to any and all tangible and intangible assets and properties, including cash, securities,  accounts and contract rights and (f) “knowledge” or “aware” or words of similar import shall  mean, when used in reference to the Borrower or the Guarantors, the actual knowledge of any  Responsible Officer.  Section 1.03. Accounting Terms; GAAP.  Except as otherwise expressly provided  herein, all terms of an accounting or financial nature shall be construed in accordance with  GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative  Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect  of any change occurring after the date hereof in GAAP or in the application thereof on the  operation of such provision (or if the Administrative Agent notifies the Borrower that the  Required Lenders request an amendment to any provision hereof for such purpose), regardless of  whether any such notice is given before or after such change in GAAP or in the application  thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied  immediately before such change shall have become effective until such notice shall have been  withdrawn or such provision amended in accordance herewith.  Upon any such request for an  amendment, the Borrower, the Required Lenders and the Administrative Agent agree to consider  in good faith any such amendment in order to amend the provisions of this Agreement so as to  reflect equitably such accounting changes so that the criteria for evaluating the Borrower’s  

 

  Allegiant Revolving Credit Agreement 2022  consolidated financial condition shall be the same after such accounting changes as if such  accounting changes had not occurred.  Section 1.04. Divisions.  For all purposes under the Loan Documents, in connection  with any division or plan of division under Delaware law (or any comparable event under a  different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes  the asset, right, obligation or liability of a different Person, then it shall be deemed to have been  transferred from the original Person to the subsequent Person, and (b) if any new Person comes  into existence, such new Person shall be deemed to have been organized on the first date of its  existence by the holders of its Equity Interests at such time.  Section 1.05. Rates.  The Administrative Agent does not warrant or accept responsibility  for, and shall not have any liability with respect to (a) the continuation of, administration of,  submission of, calculation of or any other matter related to ABR, the Term SOFR Reference  Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred  to in the definition thereof, or any alternative, successor or replacement rate thereto (including  any Benchmark Replacement), including whether the composition or characteristics of any such  alternative, successor or replacement rate (including any Benchmark Replacement) will be  similar to, or produce the same value or economic equivalence of, or have the same volume or  liquidity as, ABR, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any  other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation  or composition of any Conforming Changes.  The Administrative Agent and its affiliates or other  related entities may engage in transactions that affect the calculation of ABR, the Term SOFR  Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement  rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case,  in a manner adverse to the Borrower.  The Administrative Agent may select information sources  or services in its reasonable discretion to ascertain ABR, the Term SOFR Reference Rate, Term  SOFR, Adjusted Term SOFR or any other Benchmark, in each case pursuant to the terms of this  Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity  for damages of any kind, including direct or indirect, special, punitive, incidental or  consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and  whether at law or in equity), for any error or calculation of any such rate (or component thereof)  provided by any such information source or service.  SECTION 2.    AMOUNT AND TERMS OF CREDIT  Section 2.01. Commitments of the Lenders; Loans.  (a) (i) Commitments.  Each Lender severally, and not jointly with the other  Lenders, agrees, upon the terms and subject to the conditions herein set forth, to make revolving  credit Loans denominated in Dollars  to the Borrower at any time and from time to time during  the Availability Period in an aggregate principal amount not to exceed the Commitment of such  Lender, which Loans may be repaid and reborrowed in accordance with the provisions of this  Agreement. At no time shall the sum of the then outstanding aggregate principal amount of the  Loans exceed the Total Commitment.   

 

  Allegiant Revolving Credit Agreement 2022  (ii) Each Borrowing of a Loan shall be made from the Lenders pro rata in  accordance with their respective Commitments; provided, however, that the failure of any  Lender to make any Loan shall not in itself relieve the other Lenders of their obligations  to lend.   (b) Type of Borrowing.  Each Borrowing shall be comprised entirely of ABR Loans  or SOFR Loans as the Borrower may request in accordance herewith.  Each Lender at its option  may make any SOFR Loan by causing any domestic or foreign branch or Affiliate of such  Lender to make such Loan; provided that any exercise of such option shall not affect the  obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.   There may be multiple Borrowings incurred, converted or continued on the same day.  (c) Amount of Borrowing.  At the commencement of each Interest Period for any  SOFR Borrowing, such Borrowing shall be in an aggregate amount that is in an integral multiple  of $1,000,000 and not less than $1,000,000.  At the time that each ABR Borrowing is made, such  Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less  than $1,000,000.  Borrowings of more than one Type may be outstanding at the same time.  (d) Limitation on Interest Period.  Notwithstanding any other provision of this  Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any  Borrowing of a Loan if the Interest Period requested with respect thereto would end after the  Maturity Date with respect to the applicable Commitments.  Section 2.02. Requests for Loans.  Unless otherwise agreed to by the Administrative  Agent in connection with making the initial Loans, to request a Loan, the Borrower shall notify  the Administrative Agent of such request (i) by telephone or (ii) by electronic mail or by  facsimile delivery of a written Loan Request (A) in the case of a SOFR Loan, not later than 2:00  p.m., New York City time, three (3) Business Days before the date of the proposed Loan and  (B) in the case of an ABR Loan, not later than 11:00 a.m., New York City time, on the date of  the proposed Loan.  Any such telephonic Loan request shall be irrevocable and shall be  confirmed promptly by electronic mail delivery or telecopy to the Administrative Agent of a  written Loan Request signed by the Borrower.  Each such telephonic Loan request and written  Loan Request shall specify the following information:  (i) the aggregate amount of the requested Loan (which shall comply with  Section 2.01(c));  (ii) the date of such Loan, which shall be a Business Day;  (iii) whether such Loan is to be an ABR Loan or a SOFR Loan; and  (iv) in the case of a SOFR Loan, the initial Interest Period to be applicable  thereto, which shall be a period contemplated by the definition of the term “Interest  Period”.  If no election as to the Type of Loan is specified, then the requested Loan shall be a SOFR Loan  with a one-month Interest Period.  If no Interest Period is specified with respect to any requested  SOFR Loan, then the Borrower shall be deemed to have selected an Interest Period of one  

 

  Allegiant Revolving Credit Agreement 2022  month’s duration.  Promptly following receipt of a Loan Request in accordance with this Section  2.02, the Administrative Agent shall advise each Lender of the details thereof and of the amount  of such Lender’s Loan to be made as part of the requested Loan  Section 2.03. Funding of Loans.  (a) Each Lender shall make each Loan to be made by it hereunder on the proposed  date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time,  or such earlier time as may be reasonably practicable, to the account of the Administrative Agent  most recently designated by it for such purpose by notice to the Lenders.  Upon satisfaction or  waiver of the conditions precedent specified herein, the Administrative Agent will make such  Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to  an account designated by the Borrower in the applicable Loan Request.  (b) Unless the Administrative Agent shall have received notice from a Lender prior to  the proposed date of any Loan (or, with respect to any ABR Loan made on same-day notice,  prior to 11:00 a.m., New York City time, on the date of such Loan) that such Lender will not  make available to the Administrative Agent such Lender’s share of such Loan, the  Administrative Agent may assume that such Lender has made such share available on such date  in accordance with paragraph (a) and/or (b) of this Section 2.03 and may, in reliance upon such  assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender  has not in fact made its share of the applicable Loan available to the Administrative Agent, then  the applicable Lender and the Borrower severally agree to pay to the Administrative Agent  forthwith upon written demand such corresponding amount with interest thereon, for each day  from and including the date such amount is made available to the Borrower to but excluding the  date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the  Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the  interest rate otherwise applicable to such Loan.  If such Lender pays such amount to the  Administrative Agent, then (x) such amount shall constitute such Lender’s Loan included in such  Loan and the Borrower shall not be obligated to repay such amount pursuant to the preceding  sentence if not previously repaid and (y) if such amount was previously repaid by the Borrower,  the Administrative Agent shall promptly make a corresponding amount available to the  Borrower.  Section 2.04. Interest Elections.  (a) The Borrower may elect from time to time to (A) convert ABR Loans to SOFR  Loans, (B) convert SOFR Loans to ABR Loans, provided that any such conversion of SOFR  Loans may be made only on the last day of an Interest Period with respect thereto or (C) continue  any SOFR Loan as such upon the expiration of the then current Interest Period with respect  thereto.  (b) To make an Interest Election Request pursuant to this Section 2.04, the Borrower  shall notify the Administrative Agent of such election by telephone or by hand or facsimile  delivery or by electronic mail of a written Interest Election Request by the time that a Loan  Request would be required under Section 2.02 if the Borrower were requesting a Loan of the  

 

  Allegiant Revolving Credit Agreement 2022  Type resulting from such election to be made on the effective date of such election.  Each  Interest Election Request shall be irrevocable and shall be given by hand delivery, electronic  mail or telecopy to the Administrative Agent of a written Interest Election Request in  substantially the same form as a Loan Request signed by the Borrower.  (c) Each written Interest Election Request shall specify the following information in  compliance with Section 2.01:  (i) the Borrowing to which such Interest Election Request applies and, if  different options are being elected with respect to different portions thereof, the portions  thereof to be allocated to each resulting Borrowing (in which case the information to be  specified pursuant to clause (iii) below shall be specified for each resulting Borrowing);  (ii) the effective date of the election made pursuant to such Interest Election  Request, which shall be a Business Day;   (iii) whether the resulting Borrowing is to be an ABR Borrowing or a SOFR  Borrowing; and  (iv) if the resulting Borrowing is a SOFR Loan, the Interest Period to be  applicable thereto after giving effect to such election, which shall be a period  contemplated by the definition of the term “Interest Period”.  If any such Interest Election Request specifies a SOFR Borrowing but does not specify an  Interest Period, the then Borrower shall be deemed to have selected an Interest Period of one  month’s duration.   (d) Promptly following receipt of an Interest Election Request, the Administrative  Agent shall advise each Lender of the details thereof and of such Lender’s portion of each  resulting Borrowing.  (e) Notwithstanding any contrary provision hereof, if an Event of Default has  occurred and is continuing, and upon the request of the Required Lenders, (i) no outstanding  Borrowing may be converted to or continued as a SOFR Borrowing and (ii) unless repaid, each  SOFR Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period  applicable thereto.  Section 2.05. Limitation on SOFR Tranches.  Notwithstanding anything to the contrary  in this Agreement, all borrowings, conversions and continuations of SOFR Loans and all  selections of Interest Periods shall be in such amounts and be made pursuant to such elections so  that, (a) after giving effect thereto, the aggregate principal amount of the SOFR Loans  comprising each SOFR Tranche shall be equal to $1,000,000 or a whole multiple of $1,000,000  in excess thereof and (b) no more than twenty SOFR Tranches shall be outstanding at any one  time.  

 

  Allegiant Revolving Credit Agreement 2022  Section 2.06. Interest on Loans.  (a) Subject to the provisions of Section 2.07, each ABR Loan shall bear interest  (computed on the basis of the actual number of days elapsed over a year of 365 days or 366 days  in a leap year) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.  (b) Subject to the provisions of Section 2.07, each SOFR Loan shall bear interest  (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate  per annum equal, during each Interest Period applicable thereto, to the Adjusted Term SOFR for  such Interest Period in effect for such Borrowing plus the Applicable Margin.  (c) Accrued interest on all Loans shall be payable in arrears on each Interest Payment  Date applicable thereto, on the Facility Termination Date with respect to such Loans and  thereafter on written demand and upon any repayment or prepayment thereof (on the amount  repaid or prepaid); provided that in the event of any conversion of any SOFR Loan to an ABR  Loan, accrued interest on such Loan shall be payable on the effective date of such conversion.  (d) Subject to Section 2.24, if the Administrative Agent determines (which  determination shall be conclusive and binding absent manifest error) that “Adjusted Term  SOFR” cannot be determined pursuant to the definition thereof on or prior to the first day of any  Interest Period, the Administrative Agent will promptly so notify the Borrower and each Lender.   Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the Lenders  to make or continue SOFR Loans or to convert ABR Loans to SOFR Loans shall be suspended  (to the extent of the affected SOFR Loans or, in the case of a SOFR Borrowing, the affected  Interest Periods) until the Administrative Agent revokes such notice.  Upon receipt of such  notice, (i) the Borrower may revoke any pending request for a borrowing of, conversion to or  continuation of SOFR Loans (to the extent of the affected SOFR Loans or, in the case of a SOFR  Borrowing, the affected Interest Periods) or, failing that, in the case of any request for an  affected SOFR Borrowing, then such request shall be ineffective and (ii) any outstanding  affected SOFR Loans will be deemed to have been converted into ABR Loans. Upon any such  conversion, the Borrower shall also pay any additional amounts required pursuant to Section  2.13. If the Administrative Agent determines (which determination shall be conclusive and  binding absent manifest error) that “Term SOFR” cannot be determined pursuant to the  definition thereof on any given day, the interest rate on ABR Loans shall be determined by the  Administrative Agent without reference to clause (c) of the definition of “Alternate Base Rate”  until the Administrative Agent revokes such determination  Section 2.07. Default Interest.  If the Borrower or any Guarantor, as the case may be,  shall default in the payment of the principal of or interest on any Loan or in the payment of any  other amount becoming due hereunder, whether at stated maturity, by acceleration or otherwise,  the Borrower or such Guarantor, as the case may be, shall on written demand of the  Administrative Agent from time to time pay interest, to the extent permitted by law, on all  overdue amounts up to (but not including) the date of actual payment (after as well as before  judgment) at a rate per annum (computed on the basis of the actual number of days elapsed over  a year of 360 days or, when the Alternate Base Rate is applicable, a year of 365 days or 366 days  in a leap year) equal to (a) with respect to the principal amount of any Loan, the rate then  

 

  Allegiant Revolving Credit Agreement 2022  applicable for such Borrowings plus 2.0%, and (b) in the case of all other amounts, the rate  applicable for ABR Loans plus 2.0%.  Section 2.08. Alternate Rate of Interest.  In the event, and on each occasion, that on the  date that is two (2) Business Days prior to the commencement of any Interest Period for a SOFR  Loan, the Administrative Agent shall have reasonably determined (which determination shall be  conclusive and binding upon the Borrower absent manifest error) that reasonable means do not  exist for ascertaining the applicable Adjusted Term SOFR, the Administrative Agent shall, as  soon as practicable thereafter, give written or facsimile notice of such determination to the  Borrower and the Lenders and, until the circumstances giving rise to such notice no longer exist,  any request by the Borrower for a Borrowing of SOFR Loans hereunder (including pursuant to a  refinancing with SOFR Loans and including any request to continue, or to convert to, SOFR  Loans) shall be deemed a request for a Borrowing of ABR Loans.  Notwithstanding any provision to the contrary set forth in this Agreement, in the event  the Administrative Agent determines, pursuant to and in accordance with this Section 2.08, that  reasonable means do not exist for ascertaining the applicable Adjusted Term SOFR and the  Administrative Agent and the Borrower mutually determine that the syndicated loan market has  broadly accepted a replacement standard for the Adjusted Term SOFR, then the Administrative  Agent and Borrower may, without the consent of any Lender, amend this Agreement to adopt  such new broadly accepted market standard and to make such other changes as shall be  necessary or appropriate in the good faith determination of the Administrative Agent and the  Borrower in order to implement such new market standard herein and in the other Loan  Documents so long as the Administrative Agent shall not have received, within five Business  Days of the date notice of such replacement standard is provided to the Lenders, a written notice  from the Required Lenders stating that such Required Lenders object to such amendment.  Section 2.09. Repayment of Loans; Evidence of Debt.  (a) Each Lender shall maintain in accordance with its usual practice an account or  accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan  made by such Lender, including the amounts of principal and interest payable and paid to such  Lender from time to time hereunder.  (b) The Administrative Agent shall maintain accounts in which it shall record (i) the  amount of each Loan made hereunder, the Type thereof and the Interest Period applicable  thereto, (ii) the amount of any principal or interest due and payable or to become due and  payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received  by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share  thereof.  The Borrower shall have the right, upon reasonable notice, to request information  regarding the accounts referred to in the preceding sentence.  (c) The entries made in the accounts maintained pursuant to paragraph (a) or (b) of  this 0 shall be prima facie evidence of the existence and amounts of the obligations recorded  therein; provided that the failure of any Lender or the Administrative Agent to maintain such  accounts or any error therein shall not in any manner affect the obligation of the Borrower to  repay the Loans in accordance with the terms of this Agreement.  

 

  Allegiant Revolving Credit Agreement 2022  (d) Any Lender may request that Loans made by it be evidenced by a promissory  note.  In such event, the Borrower shall promptly execute and deliver to such Lender a  promissory note payable to such Lender and its registered assigns in a form furnished by the  Administrative Agent and reasonably acceptable to the Borrower.  Thereafter, the Loans  evidenced by such promissory note and interest thereon shall at all times (including after  assignment pursuant to Section 10.02) be represented by one or more promissory notes in such  form payable to such payee and its registered assigns.  Section 2.10. Commitment Termination.  (a) On the Facility Termination Date applicable to any Commitment, such  Commitment shall be terminated and the Borrower shall repay the applicable Loans then  outstanding under such Commitment in full.  (b) All prepayments under this Section 2.10 shall be accompanied by accrued but  unpaid interest on the principal amount being prepaid to (but not including) the date of  prepayment, plus any accrued and unpaid Fees and any losses, costs and expenses, as more fully  described in Section 2.13 hereof.  Section 2.11. Optional Prepayment of Loans; Optional Termination or Reduction of  Commitments.  (a) The Borrower shall have the right, at any time and from time to time, to prepay  any Loans, in whole or in part, (i) with respect to SOFR Loans upon written or facsimile notice  (or notice by electronic mail) to the Administrative Agent, in any case received by 1:00 p.m.,  New York City time, three (3) Business Days prior to the proposed date of prepayment and  (ii) with respect to ABR Loans, upon written or facsimile notice (or notice by electronic mail) to  the Administrative Agent received by 1:00 p.m., New York City time, one Business Day prior to  the proposed date of prepayment; provided that (A) each such partial prepayment shall be in an  amount not less than $1,000,000 and in integral multiples of $1,000,000, (B) no prepayment of  SOFR Loans shall be permitted pursuant to this Section 2.11(a) other than on the last day of an  Interest Period applicable thereto unless such prepayment is accompanied by the payment of the  amounts described in Section 2.13, and (C) no partial prepayment of a SOFR Tranche shall result  in the aggregate principal amount of the SOFR Loans remaining outstanding pursuant to such  SOFR Tranche being less than $1,000,000.  (b) Any prepayments under Section 2.11(a) shall be applied, at the option of the  Borrower, to prepay the outstanding Loans of the Lenders (without any reduction in the Total  Commitment) until all Loans shall have been paid in full (plus any accrued but unpaid interest  and fees thereon).  (c) Each notice of prepayment shall be in the form of Exhibit E and shall specify the  prepayment date, the principal amount of the Loans to be prepaid and, the Borrowing or  Borrowings to be prepaid, shall be irrevocable and shall commit the Borrower to prepay such  Loan by the amount and on the date stated therein; provided that the Borrower may revoke any  notice of prepayment under this Section 2.11 if such prepayment would have resulted from a  refinancing of any or all of the Obligations hereunder, which refinancing shall not be  

 

  Allegiant Revolving Credit Agreement 2022  consummated or shall otherwise be delayed.  The Administrative Agent shall, promptly after  receiving notice from the Borrower hereunder, notify each Lender of the principal amount of the  Loans held by such Lender which are to be prepaid, the prepayment date and the manner of  application of the prepayment.  (d) Upon at least one (1) Business Day prior written notice to the Administrative  Agent, the Borrower may at any time in whole permanently terminate a Total Commitment  (subject to compliance with Section 2.10(b)), or from time to time in part permanently reduce the  Unused Total Commitment; provided that each such notice shall be revocable at any time prior  to such reduction or termination, as the case may be, or to the extent such termination or  reduction would have resulted from a refinancing of the Obligations, which refinancing shall not  be consummated or shall otherwise be delayed.  Each such reduction of the Unused Total  Commitment shall be in the principal amount not less than $1,000,000 and in an integral multiple  of $1,000,000.  Simultaneously with each reduction or termination of the Commitment, the  Borrower shall pay to the Administrative Agent for the account of each Lender the Commitment  Fee accrued and unpaid on the amount of the Commitment of such Lender so terminated or  reduced through the date thereof.  Any reduction of the Unused Total Commitment pursuant to  this Section 2.11 shall be applied to reduce the Commitment of each Lender on a pro rata basis.  Section 2.12. Increased Costs.  (a) If any Change in Law shall:  (i) impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of, deposits with  or for the account of, or credit extended by, any Lender (except any such reserve  requirement subject to Section 2.12(c)); or  (ii) impose on any Lender any other condition, cost or expense (other than  Taxes) affecting this Agreement or SOFR Loans made by such Lender or participation  therein;  and the result of any of the foregoing shall be to increase the cost to such Lender of making,  converting into, continuing or maintaining any SOFR Loan (or of maintaining its obligation to  make any such SOFR Loan) or to reduce the amount of any sum received or receivable by such  Lender hereunder with respect to any SOFR Loan (whether of principal, interest or otherwise),  then, upon the request of such Lender, the Borrower will pay to such Lender such additional  amount or amounts as will compensate such Lender for such additional costs incurred or  reduction suffered.  (b) If any Lender reasonably determines in good faith that any Change in Law  affecting such Lender or such Lender’s holding company regarding capital or liquidity  requirements has or would have the effect of reducing the rate of return on such Lender’s capital  or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement  or the SOFR Loans made by such Lender to a level below that which such Lender or such  Lender’s holding company could have achieved but for such Change in Law (taking into  consideration such Lender’s policies and the policies of such Lender’s holding company with  

 

  Allegiant Revolving Credit Agreement 2022  respect to capital adequacy), then from time to time the Borrower will pay to such Lender such  additional amount or amounts, in each case as documented by such Lender to the Borrower as  will compensate such Lender or such Lender’s holding company for any such reduction suffered;  it being understood that to the extent duplicative of the provisions in Section 2.14, this Section  2.12(b) shall not apply to Taxes.  (c) Solely to the extent arising from a Change in Law, the Borrower shall pay to each  Lender (i) as long as such Lender shall be required to maintain reserves with respect to liabilities  or assets consisting of or including SOFR funds or deposits, additional interest on the unpaid  principal amount of each SOFR Loan equal to the actual costs of such reserves allocated to such  Loan by such Lender (as determined by such Lender in good faith, which determination shall be  conclusive in the absence of manifest error) and (ii) as long as such Lender shall be required to  comply with any reserve ratio requirement or analogous requirement of any other central  banking or financial regulatory authority imposed in respect of the maintenance of the  Commitments or the funding of SOFR Loans, such additional costs (expressed as a percentage  per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the  actual costs allocated to such Commitment or Loan by such Lender (as determined by such  Lender in good faith, which determination shall be conclusive absent manifest error) which in  each case shall be due and payable on each date on which interest is payable on such Loan,  provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a  copy to the Administrative Agent, and which notice shall specify the statutory reserve rate, if  any, applicable to such Lender) of such additional interest or cost from such Lender; it being  understood that this Section 2.12(c) shall not apply to Taxes.  If a Lender fails to give written  notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest or  cost shall be due and payable fifteen (15) days from receipt of such notice.  (d) No Lender shall discriminate against the Borrower in making any claim for  compensation under this Section 2.12, and shall treat the Borrower no less favorably than such  Lender’s similarly situated borrowers in similarly affected commercial loans of a similar size.  A  certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender  or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section  2.12 and the basis for calculating such amount or amounts shall be delivered to the Borrower and  shall be prima facie evidence of the amount due.  The Borrower shall pay such Lender the  amount due within fifteen (15) days after receipt of such certificate.  (e) Failure or delay on the part of any Lender to demand compensation pursuant to  this Section 2.12 shall not constitute a waiver of such Lender’s right to demand such  compensation; provided that the Borrower shall not be required to compensate a Lender pursuant  to this Section 2.12 for any increased costs or reductions incurred more than 180 days prior to the  date that such Lender notifies the Borrower of the Change in Law giving rise to such increased  costs or reductions and of such Lender’s intention to claim compensation therefor; provided  further that, if the Change in Law giving rise to such increased costs or reductions is retroactive,  then the 180-day period referred to above shall be extended to include the period of retroactive  effect thereof.  The protection of this Section 2.12 shall be available to each Lender regardless of  any possible contention as to the invalidity or inapplicability of the law, rule, regulation,  guideline or other change or condition which shall have occurred or been imposed.  

 

  Allegiant Revolving Credit Agreement 2022  (f) Notwithstanding anything herein to the contrary, regulations, requests, rules,  guidelines or directives implemented pursuant to the Dodd-Frank Wall Street Reform and  Consumer Protection Act shall be deemed to be a Change in Law regardless of when  implemented.  Section 2.13. Break Funding Payments.  In the event of (a)  the payment of any  principal of any SOFR Loan other than on the last day of the Interest Period applicable thereto  (including as a result of an Event of Default), (b) the conversion of any SOFR Loan other than  on the last day of the Interest Period applicable thereto (including as a result of an Event of  Default), (c) the failure to borrow, convert, continue or prepay any SOFR Loan on the date  specified in any notice delivered pursuant hereto, or (d) the assignment of any SOFR Loan other  than on the last day of the Interest Period applicable thereto as a result of a request by the  Borrower pursuant to Section 2.16, then, in any such event, at the request of any affected Lender,  the Borrower shall compensate such affected Lender for any loss, cost and expense attributable  to such event, including any loss, cost or expense arising from the liquidation or redeployment of  funds.  A certificate of any Lender setting forth any amount or amounts that such Lender is  entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be  conclusive absent manifest error.  The Borrower shall pay such Lender the amount shown as due  on any such certificate within 15 days after receipt thereof.  Section 2.14. Taxes.  (a) Any and all payments by or on account of any Obligation of the Borrower or any  Guarantor hereunder or under any other Loan Document shall be made free and clear of and  without deduction for any Indemnified Taxes or Other Taxes; provided that if any Indemnified  Taxes or Other Taxes are required to be withheld from any amounts payable to the  Administrative Agent or any Lender, as determined in good faith by the Withholding Agent, then  (i) the sum payable by the Borrower or applicable Guarantor shall be increased as necessary so  that after making all required deductions for any Indemnified Taxes or Other Taxes (including  deductions for any Indemnified Taxes or Other Taxes applicable to additional sums payable  under this Section 2.14), the Administrative Agent and each Lender (as the case may be) receives  an amount equal to the sum it would have received had no such deductions been made, (ii) the  Withholding Agent shall make such deductions and (iii) the Withholding Agent shall timely pay  the full amount deducted to the relevant Governmental Authority in accordance with applicable  law.  (b) In addition, the Borrower or any Guarantor, as applicable, shall pay any Other  Taxes to the relevant Governmental Authority in accordance with applicable law.  (c) The Borrower shall indemnify the Administrative Agent and each Lender, within  ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes or  Other Taxes paid by or on behalf of or withheld or deducted from payments owing to the  Administrative Agent or such Lender on or with respect to any payment by or on account of any  obligation of the Borrower or any Guarantor hereunder or under any other Loan Document  (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts  payable under this Section 2.14) and any penalties, interest and reasonable expenses arising  therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were  

 

  Allegiant Revolving Credit Agreement 2022  correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as  to the amount of such payment or liability delivered to the Borrower by a Lender, or by the  Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent  manifest error.  (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by  the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative  Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment to the extent available, a copy of the return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.  (e) Each Lender shall, within ten (10) days after written demand therefor, indemnify  the Administrative Agent (to the extent the Administrative Agent has not been reimbursed by the  Borrower) for the full amount of any Taxes imposed by any Governmental Authority that are  attributable to such Lender and that are payable or paid by the Administrative Agent, together  with all interest, penalties, reasonable costs and expenses arising therefrom or with respect  thereto, as determined by the Administrative Agent in good faith.  A certificate as to the amount  of such payment or liability delivered to any Lender by the Administrative Agent shall be  conclusive absent manifest error.  (f) Any Lender that is not a “United States person” (as such term is defined in  Section 7701(a)(30) of the Code) that is entitled to an exemption from or reduction of  withholding tax under the law of the United States, or any treaty to which the United States is a  party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy  to the Administrative Agent), at the time or times prescribed by applicable law, including as  reasonably requested by the Borrower, such properly completed and executed documentation  prescribed by applicable law as will permit such payments to be made without withholding or at  a reduced rate; provided that such Lender shall not be required to deliver any documentation  pursuant to this Section 2.14(f) that such Lender is not legally able to deliver.  (g) (1) Without limiting the generality of the foregoing, each Lender that is not a  “United States person” (as such term is defined in Section 7701(a)(30) of the Code)  shall deliver  to the Borrower and the Administrative Agent on or prior to the date on which such Lender  becomes a Lender under this Agreement (and from time to time thereafter when the previously  delivered certificates and/or forms expire, or upon request of the Borrower or the Administrative  Agent) whichever of the following is applicable:  (i) two (2) duly executed originals of Internal Revenue Service Form  W- 8BEN-E, claiming eligibility for benefits of an income tax treaty to which the United  States of America is a party,  (ii) two (2) duly executed originals of Internal Revenue Service  Form W-8ECI,  (iii) two (2) duly executed originals of Internal Revenue Service  Form W-8IMY, together with applicable attachments,  

 

  Allegiant Revolving Credit Agreement 2022  (iv) in the case of such Lender claiming the benefits of exemption for portfolio  interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign  Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a  “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of  the Code, (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the  Code or (D) conducting a trade or business in the United States with which the relevant  interest payments are effectively connected and (y) two (2) duly executed originals of the  Internal Revenue Service Form W-8BEN-E, or  (v)  any other form prescribed by applicable law as a basis for claiming  exemption from or a reduction in United States federal withholding tax, including as  reasonably requested by the Borrower or the Administrative Agent to permit the  Borrower to determine the withholding or required deduction to be made.  No Lender shall be required to deliver any form or statement pursuant to this Section 2.14(g) that  such Lender is not legally able to deliver.  (2) Any Lender that is a “United States person” (as such term is defined in  Section 7701(a)(30) of the Code) shall deliver to the Administrative Agent and the Borrower,  on or prior to the date on which such Lender becomes a party to this Agreement (and from time  to time thereafter when the previously delivered certificates and/or forms expire, or upon  request of the Borrower or the Administrative Agent), two (2) copies of Internal Revenue  Service Form W-9 (or any successor form), properly completed and duly executed by such  Lender, certifying that such Lender is entitled to an exemption from United States backup  withholding tax.  (3) If a payment made to a Lender under this Agreement or any Loan  Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender  were to fail to comply with the applicable reporting requirements of FATCA (including those  contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver  to the Borrower and the Administrative Agent, at the time or times prescribed by law and at  such time or times reasonably requested by the Borrower or the Administrative Agent, such  documentation prescribed by applicable law (including as prescribed by  Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested  by the Borrower or the Administrative Agent as may be necessary for the Borrower or the  Administrative Agent to comply with its obligations under FATCA, to determine that such  Lender has or has not complied with such Lender’s obligations under FATCA or to determine  the amount to deduct and withhold from such payment.  (h) If the Administrative Agent or a Lender determines, in its sole discretion,  reasonably exercised, that it has received a refund of any Taxes or Other Taxes from the  Governmental Authority to which such Taxes or Other Taxes were paid and as to which it has  been indemnified by the Borrower or a Guarantor or with respect to which the Borrower or a  Guarantor has paid additional amounts pursuant to this Section 2.14, it shall promptly pay over  such refund to the Borrower or such Guarantor (but only to the extent of indemnity payments  made, or additional amounts paid, by the Borrower or such Guarantor under this Section 2.14  with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket  

 

  Allegiant Revolving Credit Agreement 2022  expenses of the Administrative Agent or such Lender incurred in obtaining such refund  (including Taxes imposed with respect to such refund) and without interest (other than any  interest paid to the relevant Governmental Authority with respect to such refund); provided that  the Borrower or such Guarantor, upon the request of the Administrative Agent or such Lender,  agrees to promptly repay the amount paid over to the Borrower or such Guarantor (plus any  penalties, interest or other additions to Tax imposed by the relevant Governmental Authority) to  the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is  required to repay such refund to such Governmental Authority.  Notwithstanding anything to the  contrary in this paragraph (h), in no event will the Administrative Agent or any Lender be  required to pay any amount to the Borrower or a Guarantor pursuant to this paragraph (h) if, and  then only to the extent, the payment of such amount would place the Administrative Agent or  such Lender in a less favorable net after-Tax position than the Administrative Agent or such  Lender would have been in if the indemnification payments or additional amounts giving rise to  such refund had never been paid.  This Section 2.14(h) shall not be construed to require the  Administrative Agent or any Lender to make available its tax returns (or any other information  relating to its taxes which it deems confidential) to the Borrower or any other Person.  Section 2.15. Payments Generally; Pro Rata Treatment.  (a) The Borrower shall make each payment or prepayment required to be made by it  hereunder (whether of principal, interest, fees or reimbursement of amounts payable under  Section 2.12 or 2.13, or otherwise) prior to 1:00 p.m., New York City time, on the date when  due, in immediately available funds, without set-off or counterclaim.  Any amounts received  after such time on any date may, in the reasonable discretion of the Administrative Agent, be  deemed to have been received on the next succeeding Business Day for purposes of calculating  interest thereon.  All such payments shall be made to the Administrative Agent at its offices  at 270 Park Avenue, New York, NY 10017, pursuant to wire instructions to be provided by the  Administrative Agent, except that payments pursuant to Sections 2.12, 2.13 and 10.04 shall be  made directly to the Persons entitled thereto.  The Administrative Agent shall distribute any such  payments received by it for the account of any other Person to the appropriate recipient promptly  following receipt thereof.  If any payment hereunder shall be due on a day that is not a Business  Day, the date for payment shall be extended to the next succeeding Business Day (and, in the  case of any payment accruing interest, interest thereon shall be payable for the period of such  extension), unless, in the case of scheduled payments of interest and principal, such next  succeeding Business Day would fall in the next calendar month, in which case the date for  payment shall be the next preceding Business Day.  All payments hereunder shall be made in  U.S. Dollars.  (b) If at any time insufficient funds are received by and available to the  Administrative Agent to pay fully all Obligations then due hereunder, such funds shall be applied  (i) first, towards payment of Fees and expenses then due under Sections 2.16(b) and 10.04  payable to the Administrative Agent, (ii) second, towards payment of Fees and expenses then  due under Section 2.16(b), and 10.04 payable to the Lenders and towards payment of interest  then due on account of the Loans, ratably among the parties entitled thereto in accordance with  the amounts of such Fees and expenses and interest then due to such parties and (iii) third,  towards payment of (A) principal of the Loans, (B) any Designated Banking Product Obligations  then due, to the extent such Designated Banking Product Obligations constitute “Obligations”  

 

  Allegiant Revolving Credit Agreement 2022  hereunder, and (C) any Designated Hedging Obligations then due, to the extent such Designated  Hedging Obligations constitute “Obligations” hereunder, ratably among the parties entitled  thereto in accordance with the amounts of principal, Designated Banking Product Obligations  constituting Obligations and Designated Hedging Obligations constituting Obligations then due  to such parties.  Excluded Swap Obligations with respect to any Guarantor shall not be paid with  amounts received from such Guarantor or its assets, but appropriate adjustment shall be made  with respect to payments from the Borrower or other Guarantors to preserve the allocations to  Obligations otherwise set forth above in this Section 2.15(b).  (c) Unless the Administrative Agent shall have received notice from the Borrower  prior to the date on which any payment is due to the Administrative Agent for the account of the  Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may  assume that the Borrower has made such payment on such date in accordance herewith and may,  in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if the  Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay  to the Administrative Agent forthwith on demand the amount so distributed to such Lender with  interest thereon, for each day from and including the date such amount is distributed to it to but  excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds  Effective Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation.  (d) If any Lender shall fail to make any payment required to be made by it pursuant to  Section 2.03(a), 8.04 or 10.04(c), then the Administrative Agent may, in its discretion  (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the  Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under  such Sections until all such unsatisfied obligations are fully paid.  (e) Pro Rata Treatment.    (i) Each payment by the Borrower in respect of the Loans shall be applied to  the amounts of such obligations owing to the Lenders pro rata according to the respective  amounts then due and owing to the Lenders.  (ii) Each payment (including each prepayment) by the Borrower on account of  principal of and interest on any Loans shall be made pro rata according to the respective  outstanding principal amounts of such Loans then held by the applicable Lenders.  Section 2.16. Mitigation Obligations; Replacement of Lenders.  (a) If the Borrower is required to pay any additional amount to any Lender under  Section 2.12 or to any Lender or any Governmental Authority for the account of any Lender  pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different  lending office for funding or booking its Loans hereunder, to assign its rights and obligations  hereunder to another of its offices, branches or affiliates, to file any certificate or document  reasonably requested by the Borrower or to take other reasonable measures, if, in the judgment  of such Lender, such designation, assignment, filing or other measures (i) would eliminate or  reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, and (ii) would not  

 

  Allegiant Revolving Credit Agreement 2022  subject such Lender to any unreimbursed cost or expense and would not otherwise be  disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and  expenses incurred by any Lender in connection with any such designation or assignment.   Nothing in this Section 2.16 shall affect or postpone any of the obligations of the Borrower or the  rights of any Lender pursuant to Section 2.12 or 2.14.  (b) If, after the date hereof, any Lender requests compensation under Section 2.12 or  if the Borrower is required to pay any additional amount to any Lender or any Governmental  Authority for the account of any Lender pursuant to Section 2.14, or if any Lender becomes a  Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such  Lender and the Administrative Agent, (i) terminate such Lender’s Commitment and prepay such  Lender’s outstanding Loans or (ii) require such Lender to assign, without recourse (in  accordance with and subject to the restrictions contained in Section 10.02), all its interests, rights  and obligations under this Agreement to an assignee that shall assume such obligations (which  assignee may be another Lender, if a Lender accepts such assignment), in any case as of a  Business Day specified in such notice from the Borrower; provided that (i) such terminated or  assigning Lender shall have received payment of an amount equal to the outstanding principal of  its Loans, accrued interest thereon, accrued fees and all other amounts due, owing and payable to  it hereunder at the time of such termination or assignment, from the assignee (to the extent of  such outstanding principal and accrued interest and fees in the case of an assignment) or the  Borrower (in the case of all other amounts) and (ii) in the case of an assignment due to payments  required to be made pursuant to Section 2.14, such assignment will result in a reduction in such  compensation or payments.  Section 2.17. Certain Fees.  The Borrower shall pay the fees set forth in the Fee Letter.   Section 2.18. Commitment Fee.  The Borrower shall pay to the Administrative Agent  for the accounts of the Lenders a commitment fee (the “Commitment Fee”) for the period  commencing on the Closing Date to the Facility Termination Date with respect to the applicable  Commitments or the earlier date of termination of the applicable Commitment, computed (on the  basis of the actual number of days elapsed over a year of 360 days) at the Commitment Fee Rate  on the average daily Unused Total Commitment.  Such Commitment Fee, to the extent then  accrued, shall be payable quarterly in arrears (a) on the last day of each December, March, June  and September, (b) on the Facility Termination Date with respect to the applicable  Commitments, and (c) as provided in Section 2.11 hereof, upon any reduction or termination in  whole or in part of the Total Commitment.  Section 2.19. Nature of Fees.  All Fees and the Commitment Fee shall be paid on the  dates due, in immediately available funds, to the Lenders, the Lead Arranger and the  Administrative Agent, as applicable, as provided herein and in the Fee Letter.  Once paid, none  of the Fees nor the Commitment Fee shall be refundable under any circumstances.  Section 2.20. Right of Set-Off.  Upon the occurrence and during the continuance of any  Event of Default, the Administrative Agent and each Lender (and their respective banking  Affiliates) are hereby authorized at any time and from time to time, to the fullest extent permitted  by law, to set off and apply any and all deposits (general or special, time or demand, provisional  or final accounts, in each case, held in trust for an identified beneficiary) at any time held and  

 

  Allegiant Revolving Credit Agreement 2022  other indebtedness at any time owing by the Administrative Agent and each such Lender (or any  of such banking Affiliates) to or for the credit or the account of the Borrower or any Guarantor  against any and all of any such overdue amounts owing under the Loan Documents, irrespective  of whether or not the Administrative Agent or such Lender shall have made any demand under  any Loan Document; provided that in the event that any Defaulting Lender exercises any such  right of setoff, the Defaulting Lender will provide promptly to the Administrative Agent a  statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to  which it exercised such right of setoff.  Each Lender and the Administrative Agent agree  promptly to notify the Borrower and Guarantors after any such set-off and application made by  such Lender or the Administrative Agent (or any of such banking Affiliates), as the case may be,  provided that the failure to give such notice shall not affect the validity of such set-off and  application.  The rights of each Lender and the Administrative Agent under this Section 2.20 are  in addition to other rights and remedies which such Lender and the Administrative Agent may  have upon the occurrence and during the continuance of any Event of Default.  Section 2.21. Payment of Obligations.  Subject to the provisions of Section 7.01, upon  the maturity (whether by acceleration or otherwise) of any of the Obligations under this  Agreement or any of the other Loan Documents of the Borrower and the Guarantors, the Lenders  shall be entitled to immediate payment of such Obligations.  Section 2.22. Increase in Commitment.  (a) Borrower Request.  The Borrower may by written notice to the Administrative  Agent request, at any time the establishment of one or more new Commitments (each, an  “Incremental Commitment”) by an amount not less than $25,000,000 individually.  Each such  notice shall specify (i) the date (each, an “Increase Effective Date”) on which the Borrower  proposes that the increased or new Commitments shall be effective, which shall be a date not less  than 10 Business Days after the date on which such notice is delivered to the Administrative  Agent and (ii) the identity of each Eligible Assignee to whom the Borrower proposes any portion  of such increased or new Commitments be allocated and the amounts of such allocations;  provided that any existing Lender approached to provide all or a portion of the increased or new  Commitments may elect or decline, in its sole discretion, to provide such increased or new  Commitment.  The parties waive the requirement for such notice in connection with the increases  effective on the Closing Date.  (b) Conditions.  The increased or new Commitments shall become effective, as of  such Increase Effective Date provided that:  (i) each of the conditions set forth in Section 4.01 shall be satisfied on or  prior to such Increase Effective Date;  (ii) no Event of Default shall have occurred and be continuing or would result  from giving effect to the increased or new Commitments on, or the making of any new  Loans on, such Increase Effective Date;  (iii) the amount of any increased or new Commitments does not exceed the  amount permitted to be incurred pursuant to Section 6.02(b)(v)(C)(1); and  

 

  Allegiant Revolving Credit Agreement 2022  (iv) the Borrower shall deliver or cause to be delivered any legal opinions or  other documents reasonably requested by the Administrative Agent in connection with  any such transaction.  (c) Terms of New Loans and Commitments.  The terms and provisions of Loans  made pursuant to the new Commitments shall be as follows:  (i) terms and provisions with respect to interest rates and maturity date of  Loans made pursuant to any Incremental Commitments (“Incremental Loans”) shall be as  agreed upon between the Borrower and the applicable Lenders providing such Loans (it  being understood that the Incremental Loans may be part of the Loans or any other Class  of Loans); provided that all other terms of the Incremental Loans shall be the same as the  Commitments and Loans then outstanding;  (ii) the final maturity date of any Loans made pursuant to Incremental  Commitments shall be no earlier than the final maturity date of the existing Loans; and  (iii) to the extent that the terms and provisions of Incremental Loans are not  identical to an outstanding Class of Loans (except to the extent permitted by clauses (i),  and (ii) above), such terms and conditions shall be reasonably satisfactory to the  Administrative Agent.  The increased or new Commitments shall be effected by a joinder agreement (the “Increase  Joinder”) executed by the Borrower, the Administrative Agent and each Lender making such  increased or new Commitment, in form and substance satisfactory to each of them.  The Increase  Joinder may, without the consent of any other Lenders, effect such amendments to this  Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of  the Administrative Agent, to effect the provisions of this Section 2.22.  In addition, unless  otherwise specifically provided herein, all references in the Loan Documents to Loans shall be  deemed, unless the context otherwise requires, to include references to any Incremental Loans  made pursuant to this Agreement.  (d) Adjustments to Outstanding Loans. On each Increase Effective Date, (i) if there  are Loans then outstanding, the Borrower shall prepay such Loans (and pay any additional  amounts required pursuant to Section 2.13 in connection therewith), and borrow Loans from the  Lender(s) providing such Incremental Commitments, as shall be necessary in order that, after  giving effect to such prepayments and borrowings, all Loans will be held ratably by all Lenders  in accordance with their respective Commitments after giving effect to the applicable  Incremental Commitment(s).  (e) Equal and Ratable Benefit.  The Loans and Commitments established pursuant to  this paragraph shall constitute Loans and Commitments under, and shall be entitled to all the  benefits afforded by, this Agreement and the other Loan Documents and shall, without limiting  the foregoing, benefit equally and ratably from the security interests created by the Collateral  Documents.  

 

  Allegiant Revolving Credit Agreement 2022  Section 2.23. Extension of Loans.  (a) Extension of Loans.  Notwithstanding anything to the contrary in this Agreement,  pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the  Borrower to all Lenders holding Commitments with a like maturity date, on a pro rata basis  (based on the aggregate Commitments with a like maturity date) and on the same terms to each  such Lender, the Borrower is hereby permitted to consummate from time to time transactions  with individual Lenders that accept the terms contained in such Extension Offers to extend the  maturity date of each such Lender’s Commitments and otherwise modify the terms of such  Commitments pursuant to the terms of the relevant Extension Offer (including, without  limitation, by changing the interest rate or fees payable in respect of such Commitments (and  related outstanding Loans)) (each, an “Extension”, and each group of Commitments, as so  extended, as well as the original Commitments not so extended, being a “tranche of Loans”, and  any Extended Commitments shall constitute a separate tranche of Commitments from the tranche  of Commitments from which they were converted), so long as the following terms are satisfied:   (i) no Default or Event of Default shall have occurred and be continuing at  the time the offering document in respect of an Extension Offer is delivered to the  applicable Lenders (the “Extension Offer Date”);   (ii) except as to interest rates, fees and final maturity (which shall be set forth  in the relevant Extension Offer), the Commitment of any Lender that agrees to an  Extension with respect to such Commitment extended pursuant to an Extension  Amendment (an “Extended Commitment”), and the related outstanding Loans, shall be a  Commitment (or related outstanding Loans, as the case may be) with the same terms as  the original Commitments (and related outstanding Loans); provided that (1) the  borrowing and repayment (except for (A) payments of interest and fees at different rates  on Extended Commitments (and related outstanding Loans), (B) repayments required  upon the maturity date of the non-extending Commitments and (C) repayment made in  connection with a permanent repayment and termination of commitments) of Loans with  respect to Extended Commitments after the applicable Extension date shall be made on a  pro rata basis with all other Commitments, (2) the permanent repayment of Loans with  respect to, and termination of, Extended Commitments after the applicable Extension  date shall be made on a pro rata basis with all other Commitments, except that the  Borrower shall be permitted to permanently repay and terminate commitments of any  such tranche of Loans on a better than a pro rata basis as compared to any other tranche  of Loans with a later maturity date than such tranche of Loans, (3) assignments and  participations of Extended Commitments and Extended Loans shall be governed by the  same assignment and participation provisions applicable to Commitments and Loans and  (4) at no time shall there be Commitments hereunder (including Extended Commitments  and any original Commitments) which have more than five different maturity dates;   (iii) if the aggregate principal amount of Commitments in respect of which  Lenders shall have accepted the relevant Extension Offer shall exceed the maximum  aggregate principal amount of Commitments, as the case may be, offered to be extended  by the Borrower pursuant to such Extension Offer, then the Loans of such Lenders shall  be extended ratably up to such maximum amount based on the respective principal  

 

  Allegiant Revolving Credit Agreement 2022  amounts (but not to exceed actual holdings of record) with respect to which such Lenders  have accepted such Extension Offer;   (iv) if the aggregate principal amount of Commitments in respect of which  Lenders shall have accepted the relevant Extension Offer shall be less than the maximum  aggregate principal amount of Commitments, as the case may be, offered to be extended  by the Borrower pursuant to such Extension Offer, then the Borrower may require each  Lender that does not accept such Extension Offer to assign pursuant to Section 10.02 no  later than forty-five (45) days after the Extension Offer Date its pro rata share of the  outstanding Commitments and/or Loans offered to be extended pursuant to such  Extension Offer to one or more assignees which have agreed to such assignment and to  extend the applicable Maturity Date; provided that (1) each Lender that does not respond  affirmatively within thirty (30) days of the Extension Offer Date shall be deemed not to  have accepted such Extension Offer, (2) the processing and recordation fee specified in  Section 10.02(b) shall be paid by the Borrower or such assignee and (3) the assigning  Lender shall continue to be entitled to the rights under Section 10.04 for any period prior  to the effectiveness of such assignment;   (v) all documentation in respect of such Extension shall be consistent with the  foregoing; and   (vi) any applicable Minimum Extension Condition shall be satisfied unless  waived by the Borrower.  For the avoidance of doubt, no Lender shall be obligated to  accept any Extension Offer.  (b) Minimum Extension Condition.  With respect to all Extensions consummated by  the Borrower pursuant to this Section 2.23, (i) such Extensions shall not constitute voluntary or  mandatory payments or prepayments for purposes of Section 2.10 or Section 2.11 and (ii) each  Extension Offer shall specify the minimum amount of Loans to be tendered, which shall be a  minimum amount approved by the Administrative Agent (a “Minimum Extension Condition”).   The Administrative Agent and the Lenders hereby consent to the transactions contemplated by  this Section 2.23 (including, for the avoidance of doubt, payment of any interest, fees or  premium in respect of any Extended Loans on such terms as may be set forth in the relevant  Extension Offer) and hereby waive the requirements of any provision of this Agreement  (including, without limitation, Sections 2.10, 2.15 and 8.08) or any other Loan Document that  may otherwise prohibit any such Extension or any other transaction contemplated by this Section  2.23.  (c) Extension Amendment.  The consent of the Administrative Agent shall be  required to effectuate any Extension, such consent not to be unreasonably withheld.  No consent  of any Lender shall be required to effectuate any Extension, other than the consent of each  Lender agreeing to such Extension with respect to one or more of its Loans (or a portion thereof),  as applicable.  All Extended Loans and all obligations in respect thereof shall be Obligations  under this Agreement and the other Loan Documents that are secured by the Collateral on a pari  passu basis with all other applicable Obligations under this Agreement and the other Loan  Documents.  The Lenders hereby irrevocably authorize the Administrative Agent to enter into  amendments to this Agreement and the other Loan Documents (each, an “Extension  

 

  Allegiant Revolving Credit Agreement 2022  Amendment”) with the Borrower as may be necessary in order to establish new tranches or  sub-tranches in respect of Loans so extended and such technical amendments as may be  necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower  in connection with the establishment of such new tranches or sub-tranches, in each case on terms  consistent with this Section 2.23.  (d) In connection with any Extension, the Borrower shall provide the Administrative  Agent at least five (5) Business Days (or such shorter period as may be agreed by the  Administrative Agent) prior written notice thereof, and shall agree to such procedures (including,  without limitation, regarding timing, rounding and other adjustments and to ensure reasonable  administrative management of the credit facilities hereunder after such Extension), if any, as may  be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to  accomplish the purposes of this Section 2.23.  Section 2.24. Benchmark Replacement Setting.  (a) Benchmark Replacement. Notwithstanding anything to the contrary herein or in  any other Loan Document, upon the occurrence of a Benchmark Transition Event, then (A) if a  Benchmark Replacement is determined in accordance with clause (a) of the definition of  “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark  Replacement will replace such Benchmark for all purposes hereunder and under any Loan  Document in respect of such Benchmark setting and subsequent Benchmark settings without any  amendment to, or further action or consent of any other party to, this Agreement or any other  Loan Document and (B) if a Benchmark Replacement is determined in accordance with clause  (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such  Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any  Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time)  on the fifth (5th) Business Day after the Administrative Agent has posted such proposed  amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not  received, by such time, written notice of objection to such amendment from Lenders comprising  the Required Lenders.    (b) Benchmark Replacement Conforming Changes. In connection with the use,  administration, adoption or implementation of a Benchmark Replacement, the Administrative  Agent will have the right to make Conforming Changes from time to time and, notwithstanding  anything to the contrary herein or in any other Loan Document, any amendments implementing  such Conforming Changes will become effective without any further action or consent of any  other party to this Agreement or any other Loan Document.  (c) Notices; Standards for Decisions and Determinations. The Administrative Agent  will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark  Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use,  administration, adoption or implementation of a Benchmark Replacement.  The Administrative  Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark  pursuant to Section 2.24(d) and (y) the commencement of any Benchmark Unavailability Period.   Any determination, decision or election that may be made by the Administrative Agent or, if  applicable, any Lender (or group of Lenders) pursuant to this Section 2.24, including any  

 

  Allegiant Revolving Credit Agreement 2022  determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence  of an event, circumstance or date and any decision to take or refrain from taking any action or  any selection, will be conclusive and binding absent manifest error and may be made in its or  their sole discretion and without consent from any other party to this Agreement or any other  Loan Document, except, in each case, as expressly required pursuant to this Section 2.24.  (d) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary  herein or in any other Loan Document, at any time (including in connection with the  implementation of a Benchmark Replacement), (i) if the then current Benchmark is a term rate  (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a  screen or other information service that publishes such rate from time to time as selected by the  Administrative Agent in its reasonable discretion or (B) the administrator of such Benchmark or  the regulatory supervisor for the administrator of such Benchmark has provided a public  statement or publication of information announcing that any tenor for such Benchmark is not or  will not be representative or in compliance with or aligned with the International Organization of  Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative  Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for  any Benchmark settings at or after such time to remove such unavailable, non-representative,  non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i)  above either (A) is subsequently displayed on a screen or information service for a Benchmark  (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement  that it is not or will not be representative or in compliance with or aligned with the International  Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a  Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify  the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark  settings at or after such time to reinstate such previously removed tenor.  (e) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the  commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending  request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made,  converted or continued during any Benchmark Unavailability Period and, failing that, the  Borrower will be deemed to have converted any such request into a request for a Borrowing of or  conversion to ABR Loans.  During any Benchmark Unavailability Period or at any time that any  tenor for the then-current Benchmark is not an Available Tenor, the component of Alternate  Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as  applicable, will not be used in any determination of Alternate Base Rate.  Section 2.25. Defaulting Lenders.  (a) If at any time any Lender becomes a Defaulting Lender, then the Borrower may,  on ten (10) Business Days’ prior written notice to the Administrative Agent and such Lender,  replace such Lender by causing such Lender to (and such Lender shall be obligated to) assign  pursuant to Section 10.02(b) (with the assignment fee to be waived in such instance and subject  to any consents required by such Section) all of its rights and obligations under this Agreement  to one or more assignees; provided that neither the Administrative Agent nor any Lender shall  have any obligation to the Borrower to find a replacement Lender or other such Person.  

 

  Allegiant Revolving Credit Agreement 2022  (b) Any Lender being replaced pursuant to Section 2.25(a) shall (i) execute and  deliver an Assignment and Acceptance with respect to such Lender’s outstanding Commitments,  Loans, and (ii) deliver any documentation evidencing such Loans to the Borrower or the  Administrative Agent.  Pursuant to such Assignment and Acceptance, (A) the assignee Lender  shall acquire all or a portion, as specified by the Borrower and such assignee, of the assigning  Lender’s outstanding Commitments and Loans, (B) all obligations of the Borrower owing to the  assigning Lender relating to the Commitments and Loans so assigned shall be paid in full by the  assignee Lender to such assigning Lender concurrently with such Assignment and Acceptance  (including, without limitation, any amounts owed under Section 2.13 due to such replacement  occurring on a day other than the last day of an Interest Period), and (C) upon such payment and,  if so requested by the assignee Lender, delivery to the assignee Lender of the appropriate  documentation executed by the Borrower in connection with previous Borrowings, the assignee  Lender shall become a Lender hereunder and the assigning Lender shall cease to constitute a  Lender hereunder with respect to such assigned Commitments and Loans, except with respect to  indemnification provisions under this Agreement, which shall survive as to such assigning  Lender; provided that an assignment contemplated by this Section 2.25(b) shall become effective  notwithstanding the failure by the Lender being replaced to deliver the Assignment and  Acceptance contemplated by this Section 2.26(b), so long as the other actions specified in this  Section 2.25(b) shall have been taken.  (c) Anything herein to the contrary notwithstanding, if a Lender becomes, and during  the period it remains, a Defaulting Lender, during such period, such Defaulting Lender shall not  be entitled to any fees accruing during such period pursuant to Section 2.17 and 2.18 (without  prejudice to the rights of the non-Defaulting Lenders in respect of such fees).  SECTION 3.    REPRESENTATIONS AND WARRANTIES  In order to induce the Lenders to make Loans hereunder, the Borrower and each  of the Guarantors jointly and severally represent and warrant as follows:  Section 3.01. Organization and Authority.  The Borrower and each of the Borrower’s  Subsidiaries (a) is duly organized, validly existing and in good standing (to the extent such  concept is applicable in the applicable jurisdiction) under the laws of the jurisdiction of its  organization and is duly qualified and in good standing in each other jurisdiction in which the  failure to so qualify would have a Material Adverse Effect and (b) has the requisite corporate or  limited liability company power and authority to effect the Transactions, to own or lease and  operate its properties and to conduct its business as now or currently proposed to be conducted.  Section 3.02. Air Carrier Status.  Allegiant Air is an “air carrier” within the meaning of  Section 40102 of Title 49, U.S.C., and holds a certificate under Section 41102 of Title 49.   Allegiant Air holds an air carrier operating certificate issued pursuant to Chapter 447 of Title 49.   Allegiant Air is a “citizen of the United States” as defined in Section 40102(a)(15)(C) of Title 49  and as that statutory provision has been interpreted by the DOT pursuant to its policies (a  “United States Citizen”).  Allegiant Air possesses all necessary certificates, franchises, licenses,  permits, rights, designations, authorizations, exemptions, concessions, frequencies and consents  

 

  Allegiant Revolving Credit Agreement 2022  which relate to the operation of the routes flown by it and the conduct of its business and  operations as currently conducted except where failure to so possess would not, in the aggregate,  have a Material Adverse Effect.  Section 3.03. Due Execution.  The execution, delivery and performance by each of the  Borrower and the Guarantors of each of the Loan Documents to which it is a party (a) are within  the respective corporate or limited liability company powers of the Borrower and the Guarantors,  have been duly authorized by all necessary corporate or limited liability company action,  including the consent of shareholders or members where required, and do not (i) contravene the  charter, by-laws or limited liability company agreement (or equivalent documentation) of the  Borrower or the Guarantors, (ii) violate any applicable law (including, without limitation, the  Securities Exchange Act of 1934) or regulation (including, without limitation, Regulations T, U  or X of the Board), or any order or decree of any court or Governmental Authority, other than  violations by the Borrower or the Guarantors which would not reasonably be expected to have a  Material Adverse Effect, (iii) conflict with or result in a breach of, or constitute a default under,  any material indenture, mortgage or deed of trust or any material lease, agreement or other  instrument binding on the Borrower or the Guarantors or any of their properties, which, in the  aggregate, would reasonably be expected to have a Material Adverse Effect, or (iv) result in or  require the creation or imposition of any Lien upon any of the property of the Borrower or the  other Grantors other than the Liens granted pursuant to this Agreement or the other Loan  Documents; and (b) do not require the consent, authorization by or approval of or notice to or  filing or registration with any Governmental Authority or any other Person, other than (i) the  filing of financing statements under the UCC, (ii) the filings and consents contemplated by the  Collateral Documents, (iii) approvals, consents and exemptions that have been obtained on or  prior to the Closing Date and remain in full force and effect, (iv) consents, approvals and  exemptions that the failure to obtain in the aggregate would not be reasonably expected to result  in a Material Adverse Effect and (v) routine reporting obligations.  Each Loan Document to  which a Borrower or a Guarantor is a party has been duly executed and delivered by the  Borrower and the Guarantors party thereto.  This Agreement and the other Loan Documents to  which the Borrower or any of the Guarantors is a party, each is a legal, valid and binding  obligation of the Borrower and each Guarantor party thereto, enforceable against the Borrower  and the Guarantors, as the case may be, in accordance with its terms, subject to applicable  bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’  rights generally and subject to general principles of equity, regardless of whether considered in a  proceeding in equity or at law.  Section 3.04. Statements Made.  (a) The written information furnished by or on behalf of the Borrower or any of the  Borrower’s Subsidiaries to the Administrative Agent or any Lender in connection with the  transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder  or under any other Loan Document (as modified or supplemented by other information so  furnished), together with all Annual Reports on Form 10-K, all Quarterly Reports on Form 10-Q  or Current Reports on Form 8-K that have been filed after December 31, 2021, by the Borrower,  with the SEC (as amended), taken as a whole, do not contain any untrue statement of a material  of fact or omit to state a material fact necessary to make the statements therein not misleading in  light of the circumstances in which such information was provided; provided that, with respect to  

 

  Allegiant Revolving Credit Agreement 2022  projections, estimates or other forward-looking information the Borrower and the Borrower’s  Subsidiaries represent only that such information was prepared in good faith based upon  assumptions believed to be reasonable at the time.  (b) The Annual Report on Form 10-K of the Borrower most recently filed with the  SEC, and each Quarterly Report on Form 10-Q and Current Report on Form 8-K of the Borrower  filed with the SEC subsequently and prior to the date that this representation and warranty is  being made, did not as of the date filed with the SEC (giving effect to any amendments thereof  made prior to the date that this representation and warranty is being made) contain any untrue  statement of a material fact or omit to state a material fact necessary in order to make the  statements made therein, in light of the circumstances under which they were made, not  misleading.  Section 3.05. Financial Statements; Material Adverse Change.  (a) The audited consolidated financial statements of the Borrower and its Subsidiaries  as of and for the fiscal year ended December 31, 2021, included in the Borrower’s Annual  Report on Form 10-K for 2021 filed with the SEC, as amended, present fairly, in all material  respects, in accordance with GAAP, the financial condition, results of operations and cash flows  of the Borrower and its Subsidiaries on a consolidated basis as of such date and for such period.  (b) Except as disclosed in the Borrower’s Annual Report on Form 10-K for 2021 or  any subsequent report on Form 10-K, Form 10-Q or Form 8-K filed by the Borrower with the  SEC, since December 31, 2021, there has been no Material Adverse Change.  Section 3.06. Ownership of Subsidiaries.  As of the Closing Date, other than as set forth  on Schedule 3.06, (a) each of the Persons listed on Schedule 3.06 is a wholly-owned, direct or  indirect Subsidiary of the Borrower, and (b) the Borrower owns no other Subsidiaries (other than  Immaterial Subsidiaries), whether directly or indirectly.  Section 3.07. Title to Properties.  The Borrower and each of the Borrower’s Restricted  Subsidiaries has good and indefeasible title in fee simple to, or valid leasehold interests in, all its  material properties and assets other than (i)  minor defects in title that do not materially interfere  with its ability to conduct its business or to utilize such assets for their intended purposes,  (ii) except where the failure to have such title or other property interests described above could  not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,  and (iii) all such material properties and assets are free and clear of Liens, other than Permitted  Liens.  Section 3.08. Use of Proceeds.  The proceeds of the Loans shall be used to prepay or  purchase existing indebtedness of the Borrower and for working capital or other general  corporate purposes of the Borrower, the Guarantors and their respective Subsidiaries (including  the refinancing of existing indebtedness and the payment of transaction costs, fees and expenses  as contemplated hereby and as referred to in Section 2.16(b)).  Section 3.09. Litigation and Compliance with Laws.  

 

  Allegiant Revolving Credit Agreement 2022  (a) Except as disclosed in the Borrower’s Annual Report on Form 10-K for 2021 or  any report filed by the Borrower on Form 10-Q or Form 8-K with the SEC after December 31,  2021, there are no actions, suits, proceedings or investigations pending or, to the knowledge of  the Borrower or the Guarantors, threatened against the Borrower or the Borrower’s Subsidiaries  or any of their respective properties (including any properties or assets that constitute Collateral  under the terms of the Loan Documents), before any court or governmental department,  commission, board, bureau, agency or instrumentality, domestic or foreign, that (i) are likely to  have a Material Adverse Effect or (ii) could reasonably be expected to affect the legality,  validity, binding effect or enforceability of the Loan Documents or, in any material respect, the  rights and remedies of the Administrative Agent or the Lenders thereunder or in connection with  the Transactions.  (b) Except with respect to any matters that, individually or in the aggregate, would  not reasonably be expected to result in a Material Adverse Effect, the Borrower and each of the  Borrower’s Subsidiaries to its knowledge is currently in compliance with all applicable statutes,  regulations and orders of, and all applicable restrictions imposed by, all Governmental  Authorities, in respect of the conduct of its business and ownership of its property.  Section 3.10. Margin Regulations; Investment Company Act.  (a) Neither the Borrower nor any of the Borrower’s Subsidiaries is engaged,  principally or as one of its important activities, in the business of purchasing or carrying margin  stock (within the meaning of Regulation U issued by the Board, “Margin Stock”), or extending  credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Loans will  be used to purchase or carry any Margin Stock or to extend credit to others for the purpose of  purchasing or carrying any Margin Stock in violation of Regulation U.  (b) Neither the Borrower nor any the Borrower’s Subsidiaries is, or after the making  of the Loans will be, or is required to be, registered as an “investment company” under the  Investment Company Act of 1940, as amended.  Neither the making of any Loan nor the  application of the proceeds of any Loan or repayment of any Loan by the Borrower, nor the  consummation of the other transactions contemplated by the Loan Documents, will violate any  provision of such Act or any rule, regulation or order of the SEC thereunder.  Section 3.11. Perfected Security Interests.  The Collateral Documents, taken as a whole,  are effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties,  a legal, valid and enforceable security interest in all of the Collateral to the extent purported to be  created thereby, subject as to enforceability to applicable bankruptcy, insolvency, reorganization,  moratorium or other similar laws affecting creditors’ rights generally and subject to general  principles of equity, regardless of whether considered in a proceeding in equity or at law.  With  respect to the Collateral as of the Closing Date, at such time as (a) financing statements in  appropriate form are filed in the appropriate offices (and the appropriate fees are paid) and  (b) the Account Control Agreements are executed, the Administrative Agent, for the benefit of  the Secured Parties, shall have a first priority perfected security interest (or comparable Lien) in  all of such Collateral to the extent that the Liens on such Collateral may be perfected upon the  filings or recordations or upon the taking of the actions described in clauses (a) and (b) above,  subject in each case only to Permitted Liens, and such security interest is entitled to the benefits,  

 

  Allegiant Revolving Credit Agreement 2022  rights and protections afforded under the Collateral Documents applicable thereto (subject to the  qualification set forth in the first sentence of this Section 3.11).  Section 3.12. Payment of Taxes.  Each of the Borrower and its Restricted Subsidiaries  has timely filed or caused to be filed all Tax returns and reports required to have been filed by it  prior to the date hereof and has paid or caused to be paid when due all Taxes required to have  been paid by it, except and solely to the extent that, in each case (a) such Taxes are being  contested in good faith by appropriate proceedings or (b) the failure to do so could not  reasonably be expected to result in a Material Adverse Effect.  Section 3.13. Anti-Corruption Laws and Sanctions.  The Borrower has implemented and  maintains in effect policies and procedures intended to ensure compliance by the Borrower, its  Subsidiaries and, when acting in such capacity, their respective directors, officers, employees  and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its  Subsidiaries are in compliance with Anti-Corruption Laws, Anti-Money Laundering Laws and  applicable Sanctions in all material respects.  None of the Borrower, any of its Subsidiaries or to  the knowledge of the Borrower any of their respective directors or officers is a Sanctioned  Person.  Section 3.14. Beneficial Ownership Certifications.  As of the Closing Date, the  information included in the Beneficial Ownership Certification is true and correct in all respects.  Section 3.15. Solvency.  As of the Closing Date, after giving effect to the Closing Date  Transactions and the payment of all costs and expenses in connection therewith, the Borrower  and the Guarantors, taken as a whole, are Solvent.  SECTION 4.    CONDITIONS OF LENDING  Section 4.01. Conditions Precedent to Closing.  This Agreement shall become effective,  subject to, the satisfaction (or waiver by the Lenders in accordance with Section 10.08 and by the  Administrative Agent) of the following conditions precedent:  (a) Notice.  The Administrative Agent shall have received a Loan Request pursuant  to Section 2.02.  (b) Supporting Documents.  The Administrative Agent shall have received with  respect to the Borrower and the Guarantors in form and substance reasonably satisfactory to the  Administrative Agent:  (i) a certificate of the Secretary of State of the state of such entity’s  incorporation or formation, dated as of a recent date, as to the good standing of that entity  (to the extent available in the applicable jurisdiction) and as to the charter documents on  file in the office of such Secretary of State;  (ii) a certificate of the Secretary or an Assistant Secretary (or similar officer),  of such entity dated the Closing Date and certifying (A) that attached thereto is a true and  

 

  Allegiant Revolving Credit Agreement 2022  complete copy of the certificate of incorporation or formation and the by-laws or limited  liability company or other operating agreement (as the case may be) of that entity as in  effect on the date of such certification, (B) that attached thereto is a true and complete  copy of resolutions adopted by the board of directors, board of managers or members of  that entity authorizing the Borrowings hereunder, the execution, delivery and  performance in accordance with their respective terms of this Agreement, the other Loan  Documents and any other documents required or contemplated hereunder or thereunder,  and the granting of the Liens contemplated hereby or the other Loan Documents (in each  case to the extent applicable to such entity), (C) that the certificate of incorporation or  formation of that entity has not been amended since the date of the last amendment  thereto indicated on the certificate of the Secretary of State furnished pursuant to clause  (i) above, and (D) as to the incumbency and specimen signature of each officer of that  entity executing this Agreement and the Loan Documents or any other document  delivered by it in connection herewith or therewith (such certificate to contain a  certification by another officer of that entity as to the incumbency and signature of the  officer signing the certificate referred to in this clause (ii));  (iii) an Officer’s Certificate from the Borrower certifying (A) as to the truth in  all material respects of the representations and warranties made by it contained in the  Loan Documents as though made on the Closing Date, except to the extent that any such  representation or warranty relates to a specified date, in which case as of such date  (provided that any representation or warranty that is qualified by materiality, “Material  Adverse Change” or “Material Adverse Effect” shall be true and correct in all respects as  of the applicable date, before and after giving effect to the Closing Date Transactions)  and (B) as to the absence of any event occurring and continuing, or resulting from the  Closing Date Transactions, that constitutes an Event of Default; and  (iv) an Officer’s Certificate from the Borrower’s chief financial officer  certifying that the Borrower and the Guarantors, taken as a whole, are Solvent on the  Closing Date, before and after giving effect to the Closing Date Transactions.  (c) Representations and Warranties.  All representations and warranties of the  Borrower and the Guarantors contained in this Agreement and the other Loan Documents  executed and delivered on the Closing Date shall be true and correct in all material respects on  and as of the Closing Date, before and after giving effect to the Closing Date Transactions, as  though made on and as of such date (except to the extent any such representation or warranty by  its terms is made as of a different specified date, in which case as of such specified date);  provided that any representation or warranty that is qualified by materiality, “Material Adverse  Change” or “Material Adverse Effect” shall be true and correct in all respects, as though made  on and as of the applicable date, before and after giving effect to the Closing Date Transactions.  (d) No Default.  On the Closing Date, no Default or Event of Default shall have  occurred and be continuing nor shall any such Event of Default or Default, as the case may be,  occur by reason of the making of the requested Borrowing and the application of proceeds  thereof.  

 

  Allegiant Revolving Credit Agreement 2022  (e) Loan Agreements.  Each party hereto shall have duly executed and delivered to  the Administrative Agent this Agreement and the other Loan Documents to which it is a party.  (f) Collateral.  To the extent required to be effected by the Closing Date, all actions  necessary to establish that the Administrative Agent will have a perfected security interest in the  Collateral (subject to any Permitted Liens) shall have been taken, including without limitation  that the Borrower or applicable Restricted Subsidiary shall have duly executed and delivered to  the Administrative Agent the Security Agreement and the Spare Parts Security Agreement, each  in form and substance reasonably acceptable to the Administrative Agent and all financing  statements in form and substance reasonably acceptable to the Administrative Agent, as may be  required to grant, continue and maintain an enforceable security interest in the applicable  Collateral (subject to the terms hereof and of the other Loan Documents) in accordance with the  UCC as enacted in all relevant jurisdictions.  (g) Opinions of Counsel.  The Administrative Agent and the Lenders shall have  received:  (i) a written opinion of Vedder Price P.C., special New York counsel to the  Borrower and the Guarantors, dated the Closing Date, in form and substance reasonably  satisfactory to the Administrative Agent and the Lenders;   (ii) a written opinion of Greenberg Traurig, LLP, special counsel to Borrower  and the Guarantors, dated the Closing Date, in form and substance reasonably satisfactory  to the Administrative Agent and the Lenders; and  (iii) a written opinion of McAfee & Taft, special FAA counsel to Borrower  and the Guarantors, dated the Closing Date, in form and substance reasonably satisfactory  to the Administrative Agent and the Lenders.  (h) Patriot Act.  The Lenders shall have received at least three (3) Business Days  prior to the Closing Date (i) all documentation and other information required by bank regulatory  authorities under applicable “know-your-customer” and anti-money laundering rules and  regulations, including the Patriot Act, that such Lenders shall have requested from the Borrower  or Guarantor prior to such date and (ii) to the extent the Borrower qualifies as a “legal entity  customer” under the Beneficial Ownership Regulation, if any Lender has requested, in a written  notice to the Borrower at least two (2) days prior to the Closing Date, a Beneficial Ownership  Certification in relation to the Borrower, such Beneficial Ownership Certification (provided that,  upon the execution and delivery by such Lender of its signature page to this Agreement, the  condition set forth in this clause (ii) shall be deemed to be satisfied).  (i) Payment of Fees and Expenses.  The Borrower shall have paid to the  Administrative Agent, the Lead Arranger and the Lenders the then unpaid balance of all accrued  and unpaid Fees due, owing and payable under and pursuant to this Agreement, as referred to in  Section 2.16(b), and all reasonable and documented out-of-pocket expenses of the  Administrative Agent (including reasonable attorneys’ fees of Milbank LLP) for which invoices  have been presented at least two Business Days prior to the Closing Date.  

 

  Allegiant Revolving Credit Agreement 2022  (j) Financial Statements.  The Borrower shall have delivered to the Administrative  Agent or filed with the SEC its Annual Report on Form 10-K for the period ending on December  31, 2021 and its Quarterly Reports on Form 10-Q for the periods ending on March 31, 2022 and  June 30, 2022.  (k) Payoff and Release.  The Administrative Agent shall have received evidence, in  form and substance reasonably satisfactory to it, that all obligations under the Existing Credit  Agreement shall have, as of the Closing Date, been paid in full (other than customary survival of  contingent indemnification and expenses reimbursement obligations) and all Liens and  guarantees granted by the Borrower or any of its Subsidiaries thereunder or in connection  therewith shall have been released.  Section 4.02. Conditions Precedent to Each Loan.  The obligation of the Lenders to  make each Loan is subject to the satisfaction (or waiver in accordance with Section 10.08) of the  following conditions precedent (provided, that any condition precedent to drawing of a Loan  may be waived by the Required Lenders):  (a) Notice.  The Administrative Agent shall have received a Loan Request pursuant  to Section 2.02.  (b) Representations and Warranties.  All representations and warranties of the  Borrower and the Guarantors contained in this Agreement and the other Loan Documents on the  date of such Loan shall be true and correct in all material respects on and as of the date of such  Loan (both before and after giving effect thereto and, in the case of each Loan, the application of  proceeds therefrom) with the same effect as if made on and as of such date except to the extent  any such representation or warranty by its terms is made as of a different specified date, in which  case as of such specified date); provided that any representation or warranty that is qualified by  materiality, “Material Adverse Change” or “Material Adverse Effect” shall be true and correct in  all respects, as though made on and as of the applicable date, before and after giving effect to  such Loan.  (c) No Default.  On the date of such Loan, no Default or Event of Default shall have  occurred and be continuing nor shall any such Event of Default or Default, as the case may be,  occur by reason of the making of the requested Borrowing and the application of proceeds  thereof.  The acceptance by the Borrower of each extension of credit hereunder shall be deemed to be a  representation and warranty by the Borrower that the conditions specified in this Section 4.02  have been satisfied.   Section 4.03. Conditions Subsequent to Closing.  The Borrower covenants and agrees to  provide to the Administrative Agent, by no later than September 30, 2022 or such later date as  may be agreed by the Administrative Agent, fully-executed Account Control Agreements (or  amendments to existing Account Control Agreements) in respect of any Pledged Bank Accounts  (as defined under the Security Agreement, but excluding the Pledged Bank Account with account  number 702977554 held with Fidelity Money Market), as reasonably requested by the  Administrative Agent.  

 

  Allegiant Revolving Credit Agreement 2022  SECTION 5.    AFFIRMATIVE COVENANTS  From the date hereof and for so long as the principal of or interest on any Loan is  owing (or any other amount that is due and unpaid on the first date that none of the foregoing is  in effect, outstanding or owing, respectively, is owing) to any Lender or the Administrative  Agent hereunder:  Section 5.01. Financial Statements, Reports, etc.  The Borrower shall deliver to the  Administrative Agent on behalf of the Lenders:  (a) Within ninety (90) days after the end of each fiscal year, the Borrower’s  consolidated balance sheet and related statement of income and cash flows, showing the financial  condition of the Borrower and its Subsidiaries on a consolidated basis as of the close of such  fiscal year and the results of their respective operations during such year, the consolidated  statement of the Borrower to be audited for the Borrower by independent public accountants of  recognized national standing and to be accompanied by an opinion of such accountants (without  any qualification or exception as to the scope of such audit and without a “going concern”  qualification under GAAP as in effect on the date of this Agreement or, if there is a change in  GAAP thereafter, any like qualification or exception under GAAP after giving effect to such  change) to the effect that such consolidated financial statements fairly present in all material  respects the financial condition and results of operations of the Borrower and its Subsidiaries on  a consolidated basis in accordance with GAAP; provided that the foregoing delivery requirement  shall be satisfied if the Borrower shall have filed with the SEC its Annual Report on Form 10-K  for such fiscal year, which is available to the public via EDGAR or any similar successor system;  (b) Within forty-five (45) days after the end of each of the first three fiscal quarters of  each fiscal year, the Borrower’s consolidated balance sheets and related statements of income  and cash flows, showing the financial condition of the Borrower and its Subsidiaries on a  consolidated basis as of the close of such fiscal quarter and the results of their operations during  such fiscal quarter and the then elapsed portion of the fiscal year, each certified by a Responsible  Officer of the Borrower as fairly presenting in all material respects the financial condition and  results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance  with GAAP, subject to normal year end audit adjustments and the absence of footnotes; provided  that the foregoing delivery requirement shall be satisfied if the Borrower shall have filed with the  SEC its Quarterly Report on Form 10-Q for such fiscal quarter, which is available to the public  via EDGAR or any similar successor system;  (c) Within the time period under Section 5.01(a) above, a certificate of a Responsible  Officer of the Borrower certifying that, to the knowledge of such Responsible Officer, no Event  of Default has occurred and is continuing, or, if, to the knowledge of such Responsible Officer,  such an Event of Default has occurred and is continuing, specifying the nature and extent thereof  and any corrective action taken or proposed to be taken with respect thereto;  

 

  Allegiant Revolving Credit Agreement 2022  (d) Within the time period under (a) or (b) of this Section 5.01 (as applicable), a  certificate of a Responsible Officer demonstrating in reasonable detail compliance with Section  6.08 as of the end of the preceding fiscal quarter;  (e) Promptly after the occurrence thereof, written notice of the termination of a Plan  of the Borrower pursuant to Section 4042 of ERISA to the extent such termination would  constitute an Event of Default;  (f) So long as any Commitment or Loan is outstanding, promptly after the Chief  Financial Officer or the Treasurer of the Borrower becoming aware of the occurrence of an  Event of Default that is continuing, an Officer’s Certificate specifying such Event of Default and  what action the Borrower and its Subsidiaries are taking or propose to take with respect thereto;   (g) Promptly, from time to time, such other information regarding the Collateral and  nonconfidential information regarding the operations, business affairs and financial condition of  the Borrower or any Guarantor, in each case as the Administrative Agent, at the request of any  Lender, may reasonably request; and  (h) Prompt written notice of any change in the information provided in the Beneficial  Ownership Certification that would result in a change to the list of beneficial owners identified in  parts (c) or (d) of such certification.  Subject to the next succeeding sentence, information delivered pursuant to this  Section 5.01 to the Administrative Agent may be made available by the Administrative Agent to  the Lenders by posting such information on the Syndtrak website on the Internet at  http://www.syndtrak.com.  Information required to be delivered pursuant to this Section 5.01 by  the Borrower shall be delivered pursuant to Section 10.01 hereto.  Information required to be  delivered pursuant to this Section 5.01 (to the extent not made available as set forth above) shall  be deemed to have been delivered to the Administrative Agent on the date on which the  Borrower provides written notice to the Administrative Agent that such information has been  posted on the Borrower’s general commercial website on the Internet (to the extent such  information has been posted or is available as described in such notice), as such website may be  specified by the Borrower to the Administrative Agent from time to time.  Information required  to be delivered pursuant to this Section 5.01 shall be in a format which is suitable for  transmission.  Any notice or other communication delivered pursuant to this Section 5.01, or  otherwise pursuant to this Agreement, shall be deemed to contain material non-public  information unless (i) expressly marked by the Borrower or a Guarantor as “PUBLIC”, (ii) such  notice or communication consists of copies of the Borrower’s public filings with the SEC or  (iii) such notice or communication has been posted on the Borrower’s general commercial  website on the Internet, as such website may be specified by the Borrower to the Administrative  Agent from time to time.  Section 5.02. Taxes.  The Borrower shall timely pay, and cause each of its Subsidiaries  to pay, all material Taxes, assessments, and governmental levies, other than Taxes, assessments  and levies (i) being contested in good faith by appropriate proceedings and (ii) the failure to  

 

  Allegiant Revolving Credit Agreement 2022  effect such payment of which are not reasonably be expected to have a Material Adverse Effect  on the Borrower.  Section 5.03. Stay, Extension and Usury Laws.  The Borrower and each of the  Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist  upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,  extension or usury law wherever enacted, now or at any time hereafter in force, that may affect  the covenants or the performance of this Agreement; and the Borrower and each of the  Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or  advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay  or impede the execution of any power herein granted to the Administrative Agent, but will suffer  and permit the execution of every such power as though no such law has been enacted.  Section 5.04. Corporate Existence.  The Borrower shall do or cause to be done all things  reasonably necessary to preserve and keep in full force and effect:  (i) its corporate existence, and the corporate, partnership or other existence of  each of its Subsidiaries, in accordance with the respective organizational documents (as  the same may be amended from time to time) of the Borrower or any such Subsidiary;  and  (ii) the rights (charter and statutory) and material franchises of the Borrower  and its Subsidiaries; provided, however, that the Borrower shall not be required to  preserve any such right or franchise, or the corporate, partnership or other existence of it  or any of its Subsidiaries that is not an Immaterial Subsidiary, if its Board of Directors  shall determine that the preservation thereof is no longer desirable in the conduct of the  business of the Borrower and its Subsidiaries, taken as a whole, and that the loss thereof  would not, individually or in the aggregate, have a Material Adverse Effect.  For the avoidance of doubt, this Section 5.04 shall not prohibit any actions permitted by Section  6.03 hereof.  Section 5.05. Compliance with Laws.  The Borrower shall comply, and cause each of its  Subsidiaries to comply, with all applicable laws, rules, regulations and orders of any  Governmental Authority applicable to it or its property, except where such noncompliance,  individually or in the aggregate, could not reasonably be expected to result in a Material Adverse  Effect.  The Borrower will maintain in effect policies and procedures intended to ensure  compliance by the Borrower, its Subsidiaries and, when acting in such capacity, their respective  directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.  Section 5.06. Designation of Restricted and Unrestricted Subsidiaries.  (a) The Board of Directors of the Borrower may designate any Restricted Subsidiary  of it (other than any Significant Guarantor) to be an Unrestricted Subsidiary; provided that such  designation will be permitted only if no Default or Event of Default would be in existence  following such designation.  If a Restricted Subsidiary is designated as an Unrestricted  Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the  Borrower and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted  

 

  Allegiant Revolving Credit Agreement 2022  Subsidiary will be deemed to be an Investment made as of the time of the designation.  That  designation will be permitted only if the Investment would be permitted at that time under  Section 6.01 and if the Restricted Subsidiary otherwise meets the definition of an “Unrestricted  Subsidiary.”  (b) The Board of Directors of the Borrower may at any time designate any  Unrestricted Subsidiary to be a Restricted Subsidiary of the Borrower; provided that such  designation will be permitted only if no Default or Event of Default would be in existence  following such designation.  Section 5.07. Regulatory Cooperation.  In connection with any foreclosure, collection,  sale or other enforcement of Liens granted to the Administrative Agent in the Collateral  Documents, the Borrower will, and will cause its Restricted Subsidiaries to, reasonably  cooperate in good faith with the Administrative Agent or its designee in obtaining all regulatory  licenses, consents and other governmental approvals necessary or (in the reasonable opinion of  the Administrative Agent or its designee) reasonably advisable to conduct all aviation operations  with respect to the Collateral and will, at the reasonable request of the Administrative Agent and  in good faith, continue to operate and manage the Collateral and maintain all applicable  regulatory licenses with respect to the Collateral until such time as the Administrative Agent or  its designee obtain such licenses, consents and approvals, and at such time the Borrower will,  and will cause its Restricted Subsidiaries to, cooperate in good faith with the transition of the  aviation operations with respect to the Collateral to any new aviation operator (including,  without limitation, the Administrative Agent or its designee).  Section 5.08. Regulatory Matters; Citizenship; Utilization; Collateral Requirements.   Allegiant Air will, and the Borrower shall cause Allegiant Air to:  (a) maintain at all times its status as an “air carrier” within the meaning of  Section 40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49;  (b) be a United States Citizen;  (c) maintain at all times its status at the FAA as an “air carrier” and hold an air carrier  operating certificate under Section 44705 of Title 49 and operations specifications issued by the  FAA pursuant to Parts 119 and 121 of Title 14, C.F.R., as currently in effect or as may be  amended or recodified from time to time; and  (d) possess and maintain all necessary certificates, exemptions, franchises, licenses,  permits, designations, rights, concessions, authorizations, frequencies and consents that are  material to the conduct of its business and operations as currently conducted, except to the extent  that any failure to possess or maintain would not reasonably be expected to result in a Material  Adverse Effect.  Section 5.09. Insurance.  The Borrower shall, and shall cause each of its Restricted  Subsidiaries to:  (a) Keep its material insurable properties adequately insured in all material respects  at all times by financially sound and reputable insurers to such extent and against such risks,  

 

  Allegiant Revolving Credit Agreement 2022  including fire and other risks insured against by extended coverage, as is customary with  companies in the same or similar businesses operating in the same or similar locations.  (b) Cause all such policies covering any Collateral to be endorsed or otherwise  amended to include a customary lender’s loss payable endorsement and, to the extent available  on commercially reasonable terms, cause each such policy to provide that it shall not be  canceled, modified or not renewed (i) by reason of nonpayment of premium unless not less  than 10 days’ prior written notice thereof is given by the insurer to the Administrative Agent  (giving the Administrative Agent the right to cure defaults in the payment of premiums) or  (ii) for any other reason unless not less than 30 days’ prior written notice thereof is given by the  insurer to the Administrative Agent.  Section 5.10. Additional Guarantors; Grantors; Collateral.  (a) If the Borrower or any of its Restricted Subsidiaries acquires or creates another  Restricted Subsidiary after the Closing Date, then the Borrower will promptly cause such  Subsidiary to become a party to the Guarantee contained in Section 9 hereof by executing an  Instrument of Assumption and Joinder substantially in the form attached hereto as Error!  Reference source not found.; provided, that any Subsidiary that constitutes an Immaterial  Subsidiary need not become a Guarantor unless and until 30 Business Days after such time as it  ceases to be an Immaterial Subsidiary or such time as it guarantees, or pledges any property or  assets to secure, any other Obligations.  (b) If the Borrower or any Restricted Subsidiary of the Borrower acquires any  property or assets after the Closing Date (other than Excluded Property), the Borrower shall, in  each case at its own expense, (A) cause any such Restricted Subsidiary to become a party to the  Guarantee contained in Section 9 hereof (to the extent such Restricted Subsidiary is not already a  party thereto) and cause any such Grantor to become a party to each applicable Collateral  Document and all other agreements, instruments or documents that create or purport to create  and perfect a first priority Lien (subject to Permitted Liens) in favor of the Administrative Agent  for the benefit of the Secured Parties applicable to such property or assets, by executing and  delivering to the Administrative Agent an Instrument of Assumption and Joinder substantially in  the form attached hereto as Error! Reference source not found. and/or joinders to all  applicable Collateral Documents or pursuant to new Collateral Documents, as the case may be,  in form and substance reasonably satisfactory to the Administrative Agent and the Borrower or  applicable Restricted Subsidiary (it being understood, that in the case of such additional  Collateral of a type that has not been theretofore included in the Collateral, such additional  Collateral may be subject to such additional terms and conditions as may be customarily required  by lenders in similar financings of a similar size for similarly situated borrowers secured by the  same type of Collateral, as agreed by the Borrower and the Administrative Agent in their  reasonable discretion), (B) promptly execute and deliver (or cause such Restricted Subsidiary to  execute and deliver) to the Administrative Agent such documents and take such actions to create,  grant, establish, preserve and perfect the first priority Liens (subject to Permitted Liens) in favor  of the Administrative Agent for the benefit of the Secured Parties on such assets of the Borrower  or such Restricted Subsidiary, as applicable, to secure the Obligations to the extent required  under the applicable Collateral Documents or reasonably requested by the Administrative Agent,  and to ensure that such Collateral shall be subject to no other Liens other than Permitted Liens  

 

  Allegiant Revolving Credit Agreement 2022  and (C) if reasonably requested by the Administrative Agent, deliver to the Administrative  Agent, for the benefit of the Secured Parties, a written opinion of counsel (which counsel shall be  reasonably satisfactory to the Administrative Agent) to the Borrower or such Restricted  Subsidiary, as applicable, with respect to the matters described in clauses (A) and (B) hereof, in  each case within twenty (20) Business Days after the addition of such Collateral and in form and  substance reasonably satisfactory to the Administrative Agent.  Section 5.11. Access to Books and Records.  (a) The Borrower and the Guarantors will make and keep books, records and  accounts in which full, true and correct entries in conformity with GAAP are made of all  financial dealings and transactions in relation to its business and activities, including, without  limitation, an accurate and fair reflection of the transactions and dispositions of the assets of the  Borrower and the Guarantors.  (b) The Borrower and the Guarantors will permit, to the extent not prohibited by  applicable law or contractual obligations, any representatives designated by the Administrative  Agent or any Governmental Authority that is authorized to supervise or regulate the operations  of a Lender, as designated by such Lender, upon reasonable prior written notice and, so long as  no Event of Default has occurred and is continuing, at no out-of-pocket cost to the Borrower and  the Guarantors, to (x) visit and inspect the assets and the properties of the Borrower and the  Guarantors, subject to safety and regulatory restrictions, (y) examine its books and records, and  (z) discuss its nonconfidential affairs, finances and condition with its officers and independent  accountants, all at such reasonable times during normal business hours and as often as  reasonably requested (it being understood that a representative of the Borrower will be present)  subject to any restrictions in any applicable Collateral Document; provided that if an Event of  Default has occurred and is continuing (but not otherwise), the Borrower and the Guarantors  shall be responsible for the reasonable costs and expenses of any visits of the Administrative  Agent and the Lenders, acting together (but not separately);  provided, further, that with respect  to the property of the Borrower and the Guarantors and matters relating thereto, the rights of  Administrative Agent and the Lenders under this Section 5.11 shall, subject to the inspection  provisions of the applicable Collateral Documents, be limited to the following:  upon the request  of the Administrative Agent, the applicable Grantor will permit the Administrative Agent or any  of its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to  (x) visit during normal business hours its offices, sites and properties and (y) inspect any  documents relating to (i) the existence of such property, (ii) the condition of such property, and  (iii) the validity, perfection and priority of any Liens on such property, and to discuss such  matters with its officers, except to the extent the disclosure of any such document or any such  discussion would result in the applicable Grantor’s violation of its contractual or legal  obligations.  All confidential or proprietary information obtained in connection with any such  visit, inspection or discussion shall be held confidential by the Administrative Agent and each  agent or representative thereof and shall not be furnished or disclosed by any of them to anyone  other than their respective bank examiners, auditors, accountants, agents and legal counsel, and  except as may be required by any court or administrative agency or by any statute, rule,  regulation or order of any Governmental Authority.  

 

  Allegiant Revolving Credit Agreement 2022  Section 5.12. Further Assurances.  The Borrower covenants and agrees with each  Lender that until the Facility Termination Date the Borrower will, and will cause each Restricted  Subsidiary to:  (a) From time to time duly authorize, execute and deliver, or cause to be duly  authorized, executed and delivered, such additional instruments, certificates, financing  statements, agreements or documents, and take all reasonable actions (including filing UCC and  other financing statements but subject to the limitations set forth in the Collateral Documents), as  the Administrative Agent may reasonably request, for the purposes of perfecting the rights of the  Administrative Agent and the Secured Parties with respect to the Collateral (or with respect to  any additions thereto or replacements or proceeds or products thereof or with respect to any other  property or assets hereafter acquired by the Borrower or any of its Restricted Subsidiaries which  may be deemed to be part of the Collateral) pursuant hereto or thereto.  Notwithstanding  anything to the contrary contained in this Agreement or any other Loan Document, nothing in  this Agreement or any other Loan Document shall require the Borrower or any Restricted  Subsidiary to make any filings or take any actions to record or to perfect any security interest in  (i) (A) any intellectual property other than in the United States Copyright Office or United States  Patent and Trademark Office or (B) any non-United States intellectual property or (ii) any  property subject to a certificate of title, in each case other than any UCC financing statements.  (b) With respect to any assets acquired by the Borrower or any Restricted Subsidiary  after the Closing Date of the type constituting Collateral and as to which the Administrative  Agent, for the benefit of the Secured Parties, does not have a perfected first priority (subject only  to Permitted Liens) security interest, within 30 days following such acquisition (or such longer  period as to which the Administrative Agent may consent), (x) execute and deliver to the  Administrative Agent such amendments to the applicable Collateral Document as the  Administrative Agent reasonably deems necessary to grant to the Administrative Agent, for the  benefit of the Secured Parties, a security interest in such assets and (y) take all commercially  reasonable actions necessary and reasonably requested by the Administrative Agent to grant to,  or continue on behalf of, the Administrative Agent, for the benefit of the Secured Parties, a  perfected first priority security interest in such assets (subject only to Permitted Liens), including  the filing of UCC financing statements in such jurisdictions as may be required by the applicable  Collateral Document or as may be reasonably requested by the Administrative Agent.  (c) With respect to any wholly owned Restricted Subsidiary (other than a Subsidiary  that is a disregarded entity for U.S. federal income tax purposes owned by a regarded non-U.S.  entity or that is owned by another disregarded entity or entities that is or are owned by such a  regarded non-U.S. entity) created or acquired after the Closing Date, within 30 days following  the date of such creation or acquisition (or such longer period as to which the Administrative  Agent may consent), (x) execute and deliver to the Administrative Agent such amendments to  the applicable Collateral Documents as the Administrative Agent deems necessary to grant to the  Administrative Agent, for the benefit of the relevant Secured Parties, a valid, perfected first  priority (subject only to Permitted Liens) security interest in the Equity Interests in such new  Subsidiary that are owned by the Borrower or any Restricted Subsidiary to the extent the same  constitute Collateral under any Collateral Document, (y) deliver to the Administrative Agent the  certificates, if any, representing any of such Equity Interests that constitute certificated securities,  together with undated stock powers, in blank, executed and delivered by a duly authorized  

 

  Allegiant Revolving Credit Agreement 2022  officer of the pledgor and (z) cause such Restricted Subsidiary (A) to become a party to the  applicable Collateral Document and (B) to take such actions necessary and reasonably requested  by the Administrative Agent to grant to the Administrative Agent, for the benefit of the Secured  Parties, a perfected first priority (subject only to Permitted Liens) security interest in any assets  required to be Collateral pursuant to the Collateral Documents with respect to such Restricted  Subsidiary, including, if applicable, the recording of instruments in the United States Patent and  Trademark Office and the United States Copyright Office and the filing of UCC financing  statements in such jurisdictions as may be required by the Collateral Documents or as may be  reasonably requested by the Administrative Agent, but excluding the endorsement to the  Administrative Agent of any certificate of title to any property.  (d) If, at any time and from time to time after the Closing Date, any wholly-owned  Subsidiary that is not a disregarded entity for U.S. federal income tax purposes owned by a  regarded non-U.S. entity ceases to constitute an Immaterial Subsidiary in accordance with the  definition of “Immaterial Subsidiary”, then the Borrower shall cause such subsidiary to become a  Restricted Subsidiary if it is not an Unrestricted Subsidiary and take all the actions contemplated  by clause (c) above as if such Subsidiary were a newly-formed wholly-owned Subsidiary of the  Borrower.  (e) Neither the Borrower nor any Restricted Subsidiary shall open a deposit account  in which more than $250,000 will be on account at any time after the Closing Date unless, prior  to the date on which such account is opened, the Borrower or such Restricted Subsidiary, as the  case may be, the bank with which such account is to be maintained and the Administrative Agent  enter into a deposit account control agreement reasonably satisfactory to the Administrative  Agent, pursuant to which the Administrative Agent shall have a perfected, first priority (subject,  as to priority, only to Permitted Liens) security interest in such deposit account (and all funds  deposited therein or credited thereto), in each case perfected by control.  Except as aforesaid,  neither the Borrower nor any Restricted Subsidiary has granted or shall grant control of any  deposit account (including any deposit account of the type referenced in the preceding sentence)  to any Person other than the Administrative Agent to secure the Obligations.  The Administrative  Agent shall not give any instructions directing the disposition of funds from time to time  deposited in or credited to any deposit account, or withhold any withdrawal rights from the  Borrower or such Restricted Subsidiary, as the case may be, in whose name the deposit account  is maintained, unless an Event of Default has occurred and is continuing, or after giving effect to  any withdrawal, would occur and subject to any Intercreditor Agreement.  Notwithstanding anything to the contrary in this Section 5.12 (other than Section 5.12(e))  or any other Collateral Document, but subject in all respects to Section 5.12(e), (1) the  Administrative Agent shall not require the taking of a Lien on, or require the perfection of any  Lien granted in, those assets as to which the cost of obtaining or perfecting such Lien (including  any mortgage, stamp, intangibles or other tax or expenses relating to such Lien) is excessive in  relation to the benefit to the Lenders of the security afforded thereby as reasonably determined  by the Borrower and the Administrative Agent and (2) Liens required to be granted pursuant to  this Section 5.12 shall be subject to exceptions and limitations consistent with those set forth in  the Collateral Documents as in effect on the Closing Date (to the extent appropriate in the  applicable jurisdiction).  

 

  Allegiant Revolving Credit Agreement 2022  Section 5.13. Ownership of Property.  The Borrower will, and will cause each of its  Restricted Subsidiaries to, (a) use commercially reasonable efforts to maintain, preserve and  protect all of its properties and equipment necessary in the operation of its business in good  working order and condition (ordinary wear and tear excepted) and (b) make all necessary  repairs thereto and renewals and replacements thereof, except to the extent that the failure to do  so could not reasonably be expected to have a Material Adverse Effect.  SECTION 6.    NEGATIVE COVENANTS  From the date hereof and for so long as the principal of or interest on any Loan is  owing (or any other amount that is due and unpaid on the first date that none of the foregoing is  in effect, outstanding or owing, respectively, is owing) to any Lender or the Administrative  Agent hereunder:  Section 6.01. Restricted Payments.  (a) The Borrower will not, and will not permit any of its Restricted Subsidiaries to,  directly or indirectly:  (i) declare or pay any dividend or make any other payment or distribution on  account of the Borrower’s or any of its Restricted Subsidiaries’ Equity Interests  (including, without limitation, any payment in connection with any merger or  consolidation involving the Borrower or any of its Restricted Subsidiaries) or to the direct  or indirect holders of the Borrower’s or any of its Restricted Subsidiaries’ Equity  Interests in their capacity as such (other than (A) dividends, distributions or payments  payable in Qualifying Equity Interests or in the case of preferred stock of the Borrower,  an increase in the liquidation value thereof and (B) dividends, distributions or payments  payable to the Borrower or a Restricted Subsidiary of the Borrower);  (ii) purchase, redeem or otherwise acquire or retire for value any Equity  Interests of the Borrower;  (iii) make any payment on or with respect to, or purchase, redeem, defease or  otherwise acquire or retire for value (collectively for purposes of this clause (iii), a  “purchase”) any Indebtedness of the Borrower or any Guarantor that is contractually  subordinated to the Obligations (excluding any intercompany Indebtedness between or  among the Borrower and any of its Restricted Subsidiaries); or  (iv) make any Restricted Investment (including any Guarantee of any  Indebtedness of any Unrestricted Subsidiary of the Borrower),  (all such payments and other actions set forth in these clauses (i) through (iv) above being  collectively referred to as “Restricted Payments”),  unless, at the time of and after giving effect to such Restricted Payment:  

 

  Allegiant Revolving Credit Agreement 2022  (1) no Default or Event of Default has occurred and is continuing as of such  time;  (2) at the time of such Restricted Payment and after giving pro forma effect  thereto as if such Restricted Payment had been made at the beginning of the  applicable four-quarter periods, the Fixed Charge Coverage Ratio of the Borrower  would not be less than 2.00:1.00; and  (3) such Restricted Payment, together with the aggregate amount of all other  Restricted Payments made by the Borrower and its Restricted Subsidiaries since  February 5, 2019 and together with Restricted Investments outstanding at the time  of giving effect to such Restricted Payment (excluding, in each case, Restricted  Payments permitted by clauses (ii) through (xvi) of Section 6.01(b) hereof), is less  than the sum, without duplication, of:  (A) 50% of the Consolidated Net Income of the Borrower for the  period (taken as one accounting period) from October 1, 2018 to the end of  the Borrower’s most recently ended fiscal quarter for which financial  statements are available at the time of such Restricted Payment; plus  (B) 100% of the aggregate net cash proceeds and the Fair Market  Value of non-cash consideration received by the Borrower since February  5, 2019 as a contribution to its common equity capital or from the issue or  sale of Qualifying Equity Interests (other than Qualifying Equity Interests  sold to a Subsidiary of the Borrower and excluding Excluded  Contributions); plus  (C) 100% of the aggregate net cash proceeds and the Fair Market  Value of non-cash consideration received by the Borrower or a Restricted  Subsidiary of the Borrower from the issue or sale of convertible or  exchangeable Disqualified Stock of the Borrower or a Restricted  Subsidiary of the Borrower or convertible or exchangeable debt securities  of the Borrower or a Restricted Subsidiary of the Borrower (regardless of  when issued or sold) or in connection with the conversion or exchange  thereof, in each case that have been converted into or exchanged since  February 5, 2019 for Qualifying Equity Interests (other than Qualifying  Equity Interests and convertible or exchangeable Disqualified Stock or debt  securities sold to a Subsidiary of the Borrower); plus  (D) to the extent that any Restricted Investment that was made after  February 5, 2019 is (i) sold for cash or otherwise cancelled, liquidated or  repaid for cash or (ii) made in an entity that subsequently becomes a  Restricted Subsidiary of the Borrower, the initial amount of such Restricted  Investment (or, if less, the amount of cash received upon repayment or  sale); plus  

 

  Allegiant Revolving Credit Agreement 2022  (E) to the extent that any Unrestricted Subsidiary of the Borrower  designated as such after February 5, 2019 is redesignated as a Restricted  Subsidiary after February 5, 2019, the greater of (i) the Fair Market Value  of the Borrower’s Restricted Investment in such Subsidiary as of the date  of such redesignation or (ii) such Fair Market Value as of the date on which  such Subsidiary was originally designated as an Unrestricted Subsidiary  after February 5, 2019; plus  (F) 100% of any dividends received in cash by the Borrower or a  Restricted Subsidiary of the Borrower after February 5, 2019 from an  Unrestricted Subsidiary (other than any Unrestricted Subsidiary to the  extent the Investment in such Unrestricted Subsidiary constituted a  Permitted Investment) of the Borrower, to the extent that such dividends  were not otherwise included in the Consolidated Net Income of the  Borrower for such period.  (b) The provisions of Section 6.01(a) hereof will not prohibit:  (i) so long as no Event of Default has occurred and is continuing as of such  time, the declaration and payment of any regularly scheduled dividend (including any  regularly scheduled dividend that was temporarily suspended prior to or after the Closing  Date, such as the Borrower’s regularly scheduled dividend that was suspended by the  Borrower in accordance with the Coronavirus Aid, Relief, and Economic Security  (CARES) Act)  payable to the holders of the Borrower’s common stock, provided that the  aggregate amount of such dividends for any four consecutive fiscal quarters shall not  exceed the greater of (A) $75.0 million and (B) 15% of the Borrower’s Consolidated  EBITDA for the most recent four consecutive fiscal quarters ending prior to the date of  such determination for which internal consolidated financial statements of the Borrower  have been or are required to be delivered;  (ii) the payment of any dividend or distribution or the consummation of any  irrevocable redemption within 60 days after the date of declaration of the dividend or  distribution or giving of the redemption notice, as the case may be, if at the date of  declaration or notice, the dividend or distribution or redemption payment would have  complied with the provisions of this Agreement;  (iii) the making of any Restricted Payment in exchange for, or out of or with  the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of  the Borrower) of, Qualifying Equity Interests or from the substantially concurrent  contribution of common equity capital to the Borrower; provided that the amount of any  such net cash proceeds that are utilized for any such Restricted Payment will not be  considered to be net proceeds of Qualifying Equity Interests for purposes of  clause (a)(3)(B) of Section 6.01 hereof and will not be considered to be Excluded  Contributions;  

 

  Allegiant Revolving Credit Agreement 2022  (iv) the payment of any dividend (or, in the case of any partnership or limited  liability company, any similar distribution), distribution or payment by a Restricted  Subsidiary of the Borrower to the holders of its Equity Interests on a pro rata basis;  (v) the repurchase, redemption, defeasance or other acquisition or retirement  for value of any Junior Secured Debt, Pari Passu Debt or Subordinated Debt with the net  cash proceeds from an incurrence of Permitted Refinancing Indebtedness;  (vi) the repurchase, redemption, acquisition or retirement for value of any  Equity Interests of the Borrower or any Restricted Subsidiary of the Borrower held by  any current or former officer, director, consultant or employee (or their estates or  beneficiaries of their estates) of the Borrower or any of its Restricted Subsidiaries  pursuant to any management equity plan or equity subscription agreement, stock option  agreement, shareholders’ agreement or similar agreement; provided that the aggregate  price paid for all such repurchased, redeemed, acquired or retired Equity Interests may  not exceed $20.0 million in any 12-month period; provided further that the Borrower or  any of its Restricted Subsidiaries may carry over and make in subsequent 12-month  periods, in addition to the amounts permitted for such 12-month period, up to $5.0  million of unutilized capacity under this clause (vi) attributable to the immediately  preceding twelve-month period;  (vii) the repurchase of Equity Interests or other securities deemed to occur upon  (A) the exercise of stock options, warrants or other securities convertible or exchangeable  into Equity Interests or any other securities, to the extent such Equity Interests or other  securities represent a portion of the exercise price of those stock options, warrants or  other securities convertible or exchangeable into Equity Interests or any other securities  or (B) the withholding of a portion of Equity Interests issued to employees and other  participants under an equity compensation program of the Borrower or its Subsidiaries to  cover withholding tax obligations of such persons in respect of such issuance or upon the  vesting of such Equity Interests;  (viii) so long as no Event of Default has occurred and is continuing, the  declaration and payment of regularly scheduled or accrued dividends, distributions or  payments to holders of any class or series of Disqualified Stock or subordinated debt of  the Borrower or any preferred stock of any Restricted Subsidiary of the Borrower, in each  case either outstanding on the Closing Date or issued on or after the Closing Date in  accordance with Section 6.02 hereof and not to exceed the greater of (A) $75,000,000  and (B) 15% of the Borrower’s Consolidated EBITDAR for the preceding four fiscal  quarters of the Borrower in the aggregate;  (ix) payments of cash, dividends, distributions, advances, common stock or  other Restricted Payments by the Borrower or any of its Restricted Subsidiaries to allow  the payment of cash in lieu of the issuance of fractional shares upon (A) the exercise of  options or warrants, (B) the conversion or exchange of Capital Stock of any such Person,  (C) a distribution of split or (D) the conversion or exchange of Indebtedness or hybrid  securities into Capital Stock of any such Person;  

 

  Allegiant Revolving Credit Agreement 2022  (x) the declaration and payment of dividends to holders of any class or series  of Disqualified Stock of the Borrower or any Disqualified Stock or preferred stock of any  Restricted Subsidiary of the Borrower to the extent such dividends are included in the  definition of “Fixed Charges” for such Person;  (xi) in the event of a Change of Control, and if no Default or Event of Default  shall have occurred and be continuing, the payment, purchase, redemption, defeasance or  other acquisition or retirement of any Junior Secured Debt, Pari Passu Debt and  Subordinated Debt, in each case, at a purchase price not greater than 101% of the  principal amount of such Indebtedness, plus any accrued and unpaid interest thereon;  provided that the amount paid in excess of 101% of such principal amount is otherwise  permitted under this Section 6.01;  (xii) Restricted Payments made with Excluded Contributions;  (xiii) the distribution, as a dividend or otherwise, of shares of Capital Stock of,  or Indebtedness owed to the Borrower or any of its Restricted Subsidiaries by, any  Unrestricted Subsidiary;  (xiv) so long as no Event of Default has occurred and is continuing, other  Restricted Payments in an aggregate amount not to exceed $150,000,000, such aggregate  amount to be calculated from and after the Closing Date;  (xv) any Restricted Payment if, after giving pro forma effect thereto and to the  incurrence of any Indebtedness the net proceeds of which are used to finance such  Restricted Payment, the Consolidated Total Leverage Ratio would be no greater  than 2.50:1.00;  (xvi) the payment of any amounts in respect of any restricted stock units or  other instruments or rights whose value is based in whole or in part on the value of any  Equity Interests issued to any directors, officers or employees of the Borrower or any  Restricted Subsidiary of the Borrower;   (xvii) so long as no Event of Default has occurred and is continuing, Restricted  Payments (A) made to purchase or redeem Equity Interests of the Borrower or (B)  consisting of payments in respect of any Indebtedness (whether for purchase or  prepayment thereof or otherwise); and  (xviii) Restricted Investments in an aggregate amount that does not exceed the  greater of (A) $250.0 million and (B) 50% of the Borrower’s Consolidated EBITDAR for  the preceding four fiscal quarters of the Borrower.  In the case of any Restricted Payment that is not cash, the amount of such non-cash  Restricted Payment will be the Fair Market Value on the date of the Restricted Payment of the  asset(s) or securities proposed to be transferred or issued by the Borrower or such Restricted  Subsidiary of the Borrower, as the case may be, pursuant to the Restricted Payment.  The Fair  Market Value of any assets or securities that are required to be valued pursuant to this Section  

 

  Allegiant Revolving Credit Agreement 2022  6.01 shall be determined by an Officer of the Borrower and, if greater than $10,000,000, set forth  in an Officer’s Certificate delivered to the Administrative Agent.  Section 6.02. Incurrence of Indebtedness and Issuance of Preferred Stock.  (a) The Borrower shall not, and shall not permit any of its Restricted Subsidiaries to,  directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or  indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any  Indebtedness, and the Borrower shall not issue any Disqualified Stock and shall not permit any  of its Restricted Subsidiaries to issue any shares of preferred stock.  (b) The provisions of Section 6.02(a) hereof shall not prohibit the incurrence of any  of the following items of Indebtedness (collectively, “Permitted Debt”):  (i) the incurrence by the Borrower and the Guarantors of the (A) Loans and  Guarantees in the aggregate principal amount available on the Closing Date , (B) the  Senior Notes in an aggregate amount not to exceed the amount outstanding on the  Closing Date and (C) any Permitted Refinancing Indebtedness that is incurred to renew,  refund, refinance, replace, defease, extend or discharge any Indebtedness incurred  pursuant to this clause (i);  (ii) the incurrence by the Borrower or any of its Restricted Subsidiaries of the  Existing Indebtedness;  (iii) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Capital Lease Obligations, mortgage financings or purchase money obligations incurred  to finance (or to reimburse the Borrower or any of its Restricted Subsidiaries for) all or  any part of the purchase price or installation or improvement of any Aircraft Asset used  in the business of the Borrower or any of its Restricted Subsidiaries or leased by third  parties;  (iv) the incurrence by the Borrower of any Incremental Commitment pursuant  to Section 2.22;  (v) the incurrence by the Borrower or any of its Restricted Subsidiaries of  additional Indebtedness in an aggregate consolidated (i.e. without duplication) principal  amount (or accreted value, as applicable), including all Permitted Refinancing  Indebtedness incurred to renew, refund, refinance, replace, extend, defease or discharge  any Indebtedness incurred pursuant to this clause Error! Reference source not found.,  not to exceed the sum of  (A) the greater of (x) $500,000,000 and (y) 100% of Consolidated  EBITDAR of the Borrower for the most recent four consecutive fiscal  quarters ending prior to the date of such determination (as calculated on a  pro forma basis); plus  

 

  Allegiant Revolving Credit Agreement 2022  (B) any permanent reduction in the Total Commitments (other than  with the proceeds of Permitted Refinancing Indebtedness of the  Commitments and/or Loans); plus  (C) an additional amount such that, after giving effect to the incurrence  of such additional amount (but without giving effect to any amount  incurred simultaneously under subclauses (1) and (2) above), and after  giving pro forma effect to any acquisition or investment consummated in  connection therewith or any other appropriate pro forma adjustments:  (1) in the case of Pari Passu Debt, the First Lien Leverage Ratio would  not exceed 3.00:1.00; and  (2) in the case of Indebtedness that is secured by a junior Lien on the  Collateral and expressly contractually subordinated to the prior payment in full in  cash of all Obligations, the Secured Leverage Ratio would not exceed 4.00:1.00;   (vi) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness in an aggregate principal amount (or accreted value, as applicable), not to  exceed $250,000,000 at any time outstanding  (vii) the incurrence by the Borrower or any of its Restricted Subsidiaries of  additional Indebtedness that is unsecured (or issue Disqualified Stock or preferred stock),  so long as the Fixed Charge Coverage Ratio would be no less than 2.00:1.00 after such  additional Indebtedness is incurred;  (viii) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are  used to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness  (other than intercompany Indebtedness) that was permitted to be incurred under this  Section 6.02(b);  (ix) the incurrence by the Borrower or any of its Restricted Subsidiaries of  intercompany Indebtedness between or among the Borrower and/or any of its Restricted  Subsidiaries; provided that any such intercompany Indebtedness owed to a Restricted  Subsidiary shall be subordinated to the Obligations;  (x) the issuance by any Restricted Subsidiaries of the Borrower to the  Borrower or to any of its Restricted Subsidiaries of shares of preferred stock;  (xi) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Hedging Obligations in the ordinary course of business and not for speculative purposes;  (xii) the Guarantee (including by way of co-obligation or assumption) by the  Borrower or any Restricted Subsidiary of the Borrower of Indebtedness of the Borrower  or a Restricted Subsidiary of the Borrower to the extent that the guaranteed Indebtedness  was permitted to be incurred by another provision of this Section 6.02; provided that if  the Indebtedness being guaranteed is subordinated to or pari passu with the Loan, then  

 

  Allegiant Revolving Credit Agreement 2022  the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the  Indebtedness guaranteed or assumed;  (xiii) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness or reimbursement obligations in respect of workers’ compensation claims,  self-insurance obligations (including reinsurance), bankers’ acceptances, performance  bonds and surety bonds in the ordinary course of business (including without limitation in  respect of customs obligations, landing fees, taxes, airport charges, overfly rights and any  other obligations to airport and governmental authorities);  (xiv) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness in respect of any overdrafts and related liabilities arising from treasury,  depository and cash management services or in connection with any automated clearing  house transfers of funds;  (xv) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness (A) constituting credit support or financing from aircraft or engine  manufacturers or their affiliates or (B) incurred to finance or refinance Aircraft Assets  (including, without limitation, to reimburse the Borrower or any of its Restricted  Subsidiaries for the acquisition cost of any of the foregoing, to finance any pre-delivery,  progress or similar payment or pursuant to a sale and lease-back) (whether in advance of  or at any time following any acquisition of items being financed, and whether such  indebtedness is unsecured in whole or in part or is secured by such items or by other  Excluded Property or by any combination); provided that the principal amount of such  Indebtedness incurred in reliance on subsection (B) of this clause (xv), at the time of  incurrence of such Indebtedness, may exceed the aggregate incurred and anticipated costs  to finance acquisition of the item or items being financed by such Indebtedness  (calculated at the time of incurrence of such Indebtedness and determined in good faith  by an officer of the Borrower or Restricted Subsidiary, as applicable, (including  reasonable estimates of anticipated costs) and calculated to include, without limitation,  purchase price, fees, expenses, repayment of any pre-delivery financing and related  interest expense (whether or not capitalized) and premium (if any), delivery and late  charges and other costs associated with such acquisition (as so calculated, for purposes of  this proviso, the “financing costs”)) but, if such principal amount exceeds such financing  costs, it may not exceed the aggregate Fair Market Value of the item or items securing  such Indebtedness (which Fair Market Value may, at the time of an advance  commitment, be determined to be the Fair Market Value at the time of such commitment  or (at the option of the Borrower or such Restricted Subsidiary) the Fair Market Value  projected for the time of incurrence of such Indebtedness) or (C) constituting letters of  credit in lieu of security deposits and maintenance reserves in connection with any  Indebtedness or operating lease associated with an Aircraft Asset;  (xvi) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness, Disqualified Stock or preferred stock (including Acquired Debt) (A) as part  of, or to finance, the acquisition (including by way of merger) of any Permitted Business,  (B) incurred in connection with, or as a result of, the merger, consolidation or  amalgamation of any Person (including the Borrower or any of its Restricted  

 

  Allegiant Revolving Credit Agreement 2022  Subsidiaries) that owns a Permitted Business with or into the Borrower or any of its  Restricted Subsidiaries, or into which the Borrower or any of its Restricted Subsidiaries is  merged, consolidated or amalgamated, or (C) that is an outstanding obligation or  commitment to enter into an obligation of a Person that owns a Permitted Business at the  time that such Person is acquired by the Borrower or any of its Restricted Subsidiaries  and becomes a Restricted Subsidiary of the Borrower; provided that, in each case, after  giving pro forma effect to such acquisition, merger, consolidation or amalgamation,  either (x) the Borrower would have been permitted to incur at least $1.00 of additional  Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section  6.02(b)(vii) or (y) the Fixed Charge Coverage Ratio would be no less than the Fixed  Charge Coverage Ratio immediately prior to giving effect to such incurrence of  Indebtedness or issuance of Disqualified Stock or preferred stock;  (xvii) Indebtedness issued to current or former directors, consultants, managers,  officers and employees and their spouses or estates (a) to purchase or redeem Capital  Stock of the Borrower issued to such director, consultant, manager, officer or employee  in an aggregate principal amount not to exceed $2,500,000 in any twelve-month period or  (b) pursuant to any deferred compensation plan approved by the Board of Directors of the  Borrower;  (xviii) reimbursement obligations in respect of standby or documentary letters of  credit or banker’s acceptances;  (xix) surety and appeal bonds that do not secure judgments that constitute an  Event of Default;  (xx) Indebtedness of the Borrower or any of its Restricted Subsidiaries to credit  card, travel charge or clearing house processors in connection with credit card processing,  travel charge or clearing house services incurred in the ordinary course of business,  whether in the form of hold-backs or otherwise;  (xxi) the incurrence of Indebtedness of the Borrower or any of its Restricted  Subsidiaries owed to one or more Persons in connection with the financing of insurance  premiums in the ordinary course of business;  (xxii) credit card purchases of fuel;  (xxiii) Indebtedness arising from agreements of the Borrower or any of its  Restricted Subsidiaries providing for indemnification, adjustment of purchase price or  similar obligations, in each case, incurred or assumed in connection with the acquisition  or disposition of any business, assets or a Subsidiary; provided that, in the case of a  disposition, the maximum assumable liability in respect of all such Indebtedness shall at  no time exceed the gross proceeds, including non-cash proceeds (the Fair Market Value  of such non-cash proceeds being measured at the time received and without giving effect  to any subsequent changes in value) actually received by the Borrower or any of its  Restricted Subsidiaries in connection with such disposition;   

 

  Allegiant Revolving Credit Agreement 2022  (xxiv) Indebtedness of the Borrower or any of its Restricted Subsidiaries  consisting of take-or-pay or like obligations contained in supply, maintenance, repair,  power-by-the-hour, overhaul or like agreements entered into in the ordinary course of  business;   (xxv) the incurrence by a Receivables Subsidiary of Indebtedness in a Qualified  Receivables Transaction that is without recourse to the Borrower or to any other  Restricted Subsidiary of the Borrower or their assets (other than such Receivables  Subsidiary and its assets and, as to the Borrower or any other Restricted Subsidiary of the  Borrower, other than Standard Securitization Undertakings) and is not guaranteed by any  such Person; and  (xxvi) the incurrence by the Borrower or any of its Restricted Subsidiaries of  Indebtedness in respect of or in connection with tax-exempt or tax-advantaged municipal  bond and similar financings related to Aircraft Related Facilities.  Section 6.03. Fundamental Changes.  (a) Neither the Borrower nor any Restricted Subsidiary (whichever is applicable, the  “Subject Company”) shall directly or indirectly:  (i) consolidate or merge with or into another  Person (whether or not such Subject Company is the surviving corporation) or (ii) sell, assign,  transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the  Subject Company and its Restricted Subsidiaries taken as a whole, in one or more related  transactions, to another Person, unless:  (1) either:  (A) the Subject Company is the surviving corporation; or   (B) the Person formed by or surviving any such consolidation or  merger (if other than the Subject Company) or to which such sale,  assignment, transfer, conveyance or other disposition has been made is an  entity organized or existing under the laws of the United States, any state of  the United States or the District of Columbia; and, if such entity is not a  corporation, a co-obligor of the Loans is a corporation organized or  existing under any such laws;  (2) the Person formed by or surviving any such consolidation or merger (if  other than the Subject Company) or the Person to which such sale, assignment,  transfer, conveyance or other disposition has been made assumes all the  obligations of the Subject Company under the Loan Documents by operation of  law (if the surviving Person is the Borrower) or pursuant to agreements  reasonably satisfactory to the Administrative Agent;   (3) immediately after such transaction, no Event of Default exists; and  

 

  Allegiant Revolving Credit Agreement 2022  (4) the Subject Company shall have delivered to the Administrative Agent an  Officer’s Certificate stating that such consolidation, merger or transfer complies  with this Agreement.  In addition, a Subject Company will not, directly or indirectly, lease all or  substantially all of the properties and assets of such Subject Company and its Restricted  Subsidiaries taken as a whole, in one or more related transactions, to any other Person.    (b) Section 6.03(a) will not apply to any sale, assignment, transfer, conveyance, lease  or other disposition of assets between or among Borrower and/or the Guarantors.    (c) Upon any consolidation or merger, or any sale, assignment, transfer, lease,  conveyance or other disposition of all or substantially all of the properties or assets of any  Subject Company in a transaction that is subject to, and that complies with the provisions of,  Section 6.03(a), the successor Person formed by such consolidation or into or with which such  Subject Company is merged or to which such sale, assignment, transfer, lease, conveyance or  other disposition is made shall succeed to, and be substituted for (so that from and after the date  of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition,  the provisions of this Agreement referring to such Subject Company shall refer instead to the  successor Person and not to such Subject Company), and may exercise every right and power of  such Subject Company under this Agreement with the same effect as if such successor Person  had been named as such Subject Company herein; provided, however, that the predecessor  Subject Company, if applicable, shall not be relieved from the obligation to pay the principal of,  and interest, if any, on the Loan except in the case of a sale of all of such Subject Company’s  assets in a transaction that is subject to, and that complies with the provisions of, Section 6.03(a)  hereof.  Section 6.04. Dispositions.  The Borrower will not, and will not permit any of its  Restricted Subsidiaries to, directly or indirectly, make any Disposition other than any Permitted  Disposition, provided that the Borrower shall not, and shall not permit any of its Restricted  Subsidiaries to, directly or indirectly, dispose of any part of or all of the Borrower and its  Affiliates’ Loyalty Program or their respective Brand IP (including by way of spin-off or  Investment in an entity that is not a Guarantor), other than to the Borrower or a Guarantor.  Section 6.05. Transactions with Affiliates.  (a) The Borrower will not, and will not permit any of its Restricted Subsidiaries to,  make any payment to or sell, lease, transfer or otherwise dispose of any of its properties or assets  to, or purchase any property or assets from, or enter into or make or amend any transaction,  contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any  Affiliate of the Borrower (each an “Affiliate Transaction”) involving aggregate payments or  consideration in excess of $7.5 million, unless:  (i) the Affiliate Transaction is on terms that are not materially less favorable  to the Borrower or the relevant Restricted Subsidiary (taking into account all effects the  Borrower or such Restricted Subsidiary expects to result from such transaction whether  

 

  Allegiant Revolving Credit Agreement 2022  tangible or intangible) than those that would have been obtained in a comparable  transaction by the Borrower or such Restricted Subsidiary with an unrelated Person; and  (ii) The Borrower delivers to the Administrative Agent:  (A) with respect to any Affiliate Transaction or series of related  Affiliate Transactions involving aggregate consideration in excess of $15.0  million, an Officer’s Certificate certifying that such Affiliate Transaction  complies with clause (i) of this Section 6.05(a); and  (B) with respect to any Affiliate Transaction or series of related  Affiliate Transactions involving aggregate consideration in excess of $30.0  million, an opinion as to the fairness to the Borrower or such Restricted  Subsidiary of such Affiliate Transaction from a financial point of view  issued by an accounting, appraisal or investment banking firm of national  standing.  (b) The following items will not be deemed to be Affiliate Transactions and,  therefore, will not be subject to the provisions of Section 6.05(a) hereof:  (1) any employment agreement, confidentiality agreement, non-competition  agreement, incentive plan, employee stock option agreement, long-term incentive  plan, profit sharing plan, employee benefit plan, officer or director  indemnification agreement or any similar arrangement entered into by the  Borrower or any of its Restricted Subsidiaries in the ordinary course of business  and payments pursuant thereto;  (2) transactions between or among the Borrower and/or its Restricted  Subsidiaries (including without limitation in connection with any full or partial  “spin-off” or similar transactions);  (3) transactions with a Person (other than an Unrestricted Subsidiary of the  Borrower) that is an Affiliate of the Borrower solely because the Borrower owns,  directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such  Person;  (4) payment of fees, compensation, reimbursements of expenses (pursuant to  indemnity arrangements or otherwise) and reasonable and customary indemnities  provided to or on behalf of officers, directors, employees or consultants of the  Borrower or any of its Restricted Subsidiaries;  (5) any issuance of Qualifying Equity Interests to Affiliates of the Borrower  or any increase in the liquidation preference of preferred stock of the Borrower;  (6) transactions with customers, clients, suppliers or purchasers or sellers of  goods or services in the ordinary course of business or transactions with joint  ventures, alliances, alliance members or Unrestricted Subsidiaries entered into in  the ordinary course of business;  

 

  Allegiant Revolving Credit Agreement 2022  (7) loans or advances to employees, directors and contractors in the ordinary  course of business not to exceed $3.0 million in the aggregate at any one time  outstanding;  (8) transactions pursuant to agreements or arrangements in effect on the  Closing Date or any amendment, modification or supplement thereto or  replacement thereof and any payments made or performance under any agreement  as in effect on the Closing Date or any amendment, replacement, extension or  renewal thereof (so long as such agreement as so amended, replaced, extended or  renewed is not materially less advantageous, taken as a whole, to the Lenders than  the original agreement as in effect on the Closing Date);  (9) transactions between or among the Borrower and/or its Subsidiaries;  (10) any purchase by the Borrower’s Affiliates of Indebtedness of the Borrower  or any of its Restricted Subsidiaries, the majority of which Indebtedness is offered  to Persons who are not Affiliates of the Borrower;  (11) transactions between the Borrower or any of its Restricted Subsidiaries  and any employee labor union or other employee group of the Borrower or such  Restricted Subsidiary provided such transactions are not otherwise prohibited by  this Agreement;   (12) transactions with captive insurance companies of the Borrower or any of  its Restricted Subsidiaries; and   (13) the Completion Guarantee.  Section 6.06. Liens.  The Borrower will not, directly or indirectly, create, incur, assume  or suffer to exist any Lien (except Permitted Liens) on any asset or property of the Borrower or  any Restricted Subsidiary, or any income or profits therefrom, or assign or convey any right to  receive income therefrom.  Section 6.07. Business Activities.  The Borrower will not, and will not permit any of its  Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to  such extent as would not be material to the Borrower and its Restricted Subsidiaries taken as a  whole.  Section 6.08. Consolidated Total Leverage Ratio; Liquidity.    (a) If an amount equal to 35% of the Commitments or more has been funded in Loans  and is outstanding, the Borrower will not permit the Consolidated Total Leverage Ratio at the  close of business on the last day of each March, June, September and December to exceed (x) for  each quarter from the Closing Date through and including March 31, 2023, 5.50:1.00 and (y) for  each quarter thereafter, 5.00:1.00.  

 

  Allegiant Revolving Credit Agreement 2022  (b) The Borrower will not permit the aggregate amount of Liquidity at the close of  business on the last day of each March, June, September and December to be less than  $300,000,000.  Section 6.09. Use of Proceeds.  The Borrower will not use, and will not permit any of its  Subsidiaries to use, lend, make payments of, contribute or otherwise make available, all or any  part of the proceeds of any Borrowing (A) in violation of any Anti-Corruption Laws, (B) for the  purpose of funding, financing or facilitating any activities, business or transaction of or with any  Sanctioned Person, or in any Sanctioned Country (except to the extent permitted by applicable  law), or (C) in any manner that would result in the violation of any Sanctions applicable to the  Borrower or any of its Subsidiaries.  SECTION 7.    EVENTS OF DEFAULT  Section 7.01. Events of Default.  In the case of the happening of any of the following  events and the continuance thereof beyond the applicable grace period if any (each, an “Event of  Default”):  (a) any representation or warranty made by the Borrower or any Guarantor in this  Agreement or in any other Loan Document shall prove to have been false or incorrect in any  material respect when made, and such representation or warranty, to the extent capable of being  corrected, is not corrected within ten (10) Business Days after the earlier of (A) a Responsible  Officer of the Borrower obtaining knowledge of such default or (B) receipt by the Borrower of  notice from the Administrative Agent of such default; or  (b) default shall be made in the payment of (i) any principal of the Loans when due;  or (ii) any interest on the Loans or any Fees and such default shall continue unremedied for more  than five (5) Business Days; or (iii) any other amount payable hereunder when due and such  default shall continue unremedied for more than ten (10) Business Days after receipt of written  notice by the Borrower from the Administrative Agent of the default in making such payment  when due; or  (c) default shall be made by the Borrower in the due observance of any covenant in  Section 5.01(e), Section 5.01(f), Section 5.04 or Section 6; or  (d) default shall be made by the Borrower in the due observance or performance of  any other covenant, condition or agreement to be observed or performed by it pursuant to the  terms of this Agreement or any of the other Loan Documents and such default shall continue  unremedied for more than thirty (30) days after the earlier of (y) receipt of written notice by the  Borrower from the Administrative Agent of such default and (z) the day on which the Borrower  or any Guarantor obtains actual knowledge of such default; or  (e) (A) any material provision of any Loan Document to which the Borrower or a  Guarantor is a party ceases to be a valid and binding obligation of the Borrower or Guarantor for  a period of fifteen (15) consecutive days after the Borrower receives written notice thereof from  the Administrative Agent, or (B) the Lien on any material portion of the Collateral intended to be  

 

  Allegiant Revolving Credit Agreement 2022  created by the Loan Documents shall cease to be or shall not be a valid and perfected Lien  having the priorities contemplated hereby or thereby (subject to Permitted Liens and except as  permitted by the terms of this Agreement or the Collateral Documents or other than as a result of  the action, delay or inaction of the Administrative Agent) for a period of fifteen (15) consecutive  days after the Borrower receives written notice thereof from the Administrative Agent; or  (f) the Borrower, any Significant Subsidiary or any group of Restricted Subsidiaries  of the Borrower that, taken together, would constitute a Significant Subsidiary pursuant to or  within the meaning of Bankruptcy Law:  (1) commences a voluntary case,  (2) consents to the entry of an order for relief against it in an  involuntary case,  (3) consents to the appointment of a custodian of it or for all or  substantially all of its property,  (4) makes a general assignment for the benefit of its creditors, or  (5) admits in writing its inability generally to pay its debts; or  (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy  Law that:  (1) is for relief against the Borrower, any Significant Subsidiary or any  group of Restricted Subsidiaries of the Borrower that, taken together, would  constitute a Significant Subsidiary in an involuntary case;  (2) appoints a custodian of the Borrower, any Significant Subsidiary or  any group of Restricted Subsidiaries of the Borrower that, taken together, would  constitute a Significant Subsidiary or for all or substantially all of the property of  the Borrower, any Significant Subsidiary or such group of Restricted Subsidiaries  of the Borrower that, taken together, would constitute a Significant Subsidiary; or  (3) orders the liquidation of the Borrower, any Significant Subsidiary  or any group of Restricted Subsidiaries of the Borrower that, taken together,  would constitute a Significant Subsidiary;  and in each case the order or decree remains unstayed and in effect for sixty  (60) consecutive days; or  (h) failure by the Borrower or any Restricted Subsidiary to pay final judgments  entered by a court or courts of competent jurisdiction aggregating in excess of $100,000,000  (determined net of amounts covered by insurance policies issued by creditworthy insurance  companies or by third party indemnities or a combination thereof), which judgments are not paid,  discharged, bonded, satisfied or stayed for a period of sixty (60) days; or  

 

  Allegiant Revolving Credit Agreement 2022  (i) (1) the Borrower or any Restricted Subsidiary shall default in the performance of  any obligation relating to Material Indebtedness and any applicable grace periods shall have  expired and any applicable notice requirements shall have been complied with, and as a result of  such default the holder or holders of such Material Indebtedness or any trustee or agent on behalf  of such holder or holders shall have caused such Material Indebtedness to become due prior to its  scheduled final maturity date or (2) the Borrower or any Restricted Subsidiary shall default in the  payment of the outstanding principal amount due on the scheduled final maturity date of any  Indebtedness outstanding under one or more agreements of the Borrower or a Restricted  Subsidiary, any applicable grace periods shall have expired and any applicable notice  requirements shall have been complied with and such failure to make payment when due shall be  continuing for a period of more than five (5) consecutive Business Days following the applicable  scheduled final maturity date thereunder, in an aggregate principal amount at any single time  unpaid exceeding $100,000,000; or  (j) a termination of a Plan of the Borrower pursuant to Section 4042 of ERISA that  would reasonably be expected to result in a Material Adverse Effect; or  (k) a Change of Control has occurred;  then, and in every such event and at any time thereafter during the continuance of such event, the  Administrative Agent may, and at the request of the Required Lenders, the Administrative Agent  shall, by written notice to the Borrower, take one or more of the following actions, at the same or  different times:  (i) terminate forthwith the Commitments;  (ii) declare the Loans or any portion thereof then outstanding to be forthwith  due and payable, whereupon the principal of such Loans and other Obligations (other  than Designated Hedging Obligations) together with accrued interest thereon and any  unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under  any other Loan Document, shall become forthwith due and payable, without presentment,  demand, protest or any other notice of any kind, all of which are hereby expressly waived  by the Borrower and the Guarantors, anything contained herein or in any other Loan  Document to the contrary notwithstanding;   (iii) set-off amounts in any accounts (other than accounts held in trust for an  identified beneficiary) maintained with the Administrative Agent (or any of its affiliates)  and apply such amounts to the obligations of the Borrower and the Guarantors hereunder  and in the other Loan Documents; and  (iv) exercise any and all remedies under the Loan Documents and under  applicable law available to the Administrative Agent and the Lenders.  In case of any event with respect to the Borrower, any Significant Subsidiary or any group of  Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary described  in clause (f) or (g) of this Section 7.01, the actions and events described in clauses (i), (ii) and  (iii) above shall be required or taken automatically, without presentment, demand, protest or  other notice of any kind, all of which are hereby waived by the Borrower.  Any payment  

 

  Allegiant Revolving Credit Agreement 2022  received as a result of the exercise of remedies hereunder shall be applied in accordance with  Section 2.15(b).  SECTION 8.    THE AGENTS  Section 8.01. Administration by Agents.  (a) Each of the Lenders hereby irrevocably appoints the Administrative Agent as its  agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise  such powers as are delegated to the Administrative Agent by the terms hereof, together with such  actions and powers as are reasonably incidental thereto.  (b) Each of the Lenders hereby authorizes the Administrative Agent, in its sole  discretion:  (i) in connection with the sale or other disposition of any asset that is part of  the Collateral of the Borrower or any other Grantor, as the case may be, to the extent  permitted by the terms of this Agreement, to release a Lien granted to the Administrative  Agent, for the benefit of the Secured Parties, on such asset;  (ii) to determine that the cost to the Borrower or any other Grantor, as the case  may be, is disproportionate to the benefit to be realized by the Secured Parties by  perfecting a Lien in a given asset or group of assets included in the Collateral and that the  Borrower or such other Grantor, as the case may be, should not be required to perfect  such Lien in favor of the Administrative Agent, for the benefit of the Secured Parties;  (iii) to enter into the other Loan Documents on terms acceptable to the  Administrative Agent and to perform its respective obligations thereunder;  (iv) to execute any documents or instruments necessary to release any  Guarantor from the guarantees provided herein pursuant to Section 9.05;  (v) to enter into any intercreditor and/or subordination agreements in  accordance with Sections 6.06 and 10.17 on terms reasonably acceptable to the  Administrative Agent, and in each case to perform its obligations thereunder and to take  such action and to exercise the powers, rights and remedies granted to it thereunder and  with respect thereto; and  (vi) to enter into any other agreements reasonably satisfactory to the  Administrative Agent granting Liens to the Administrative Agent, for the benefit of the  Secured Parties, on any assets of the Borrower or any other Grantor to secure the  Obligations.  Section 8.02. Rights of Administrative Agent.  Any institution serving as the  Administrative Agent hereunder shall have the same rights and powers in its capacity as a  Lender as any other Lender and may exercise the same as though it were not an Administrative  

 

  Allegiant Revolving Credit Agreement 2022  Agent, and such bank and its respective Affiliates may accept deposits from, lend money to and  generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate  of the Borrower as if it were not an Administrative Agent hereunder.  Section 8.03. Liability of Agents.  (a) The Administrative Agent shall not have any duties or obligations except those  expressly set forth herein.  Without limiting the generality of the foregoing, (i) the  Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of  whether an Event of Default has occurred and is continuing, (ii) the Administrative Agent shall  not have any duty to take any discretionary action or exercise any discretionary powers, except  discretionary rights and powers expressly contemplated hereby that the Administrative Agent is  required to exercise in writing as directed by the Required Lenders (or such other number or  percentage of the Lenders as shall be necessary under the circumstances as provided in Section  10.08), (iii) except as expressly set forth herein, the Administrative Agent shall not have any  duty to disclose, and shall not be liable for the failure to disclose, any information relating to the  Borrower or any of the Borrower’s Subsidiaries that is communicated to or obtained by the  institution serving as an Administrative Agent or any of its Affiliates in any capacity and (iv) the  Administrative Agent will not be required to take any action that, in its opinion or the opinion of  its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan  Document or applicable law, including for the avoidance of doubt, any action that may be in  violation of the automatic stay under any Federal, state or foreign bankruptcy, insolvency,  receivership or similar law now or hereafter in effect or that may effect a forfeiture, modification  or termination of property of a Defaulting Lender in violation of any Federal, state or foreign  bankruptcy, insolvency, receivership or similar law now or hereafter in effect.  The  Administrative Agent shall not be liable for any action taken or not taken by it with the consent  or at the request of the Required Lenders (or such other number or percentage of the Lenders as  shall be necessary under the circumstances as provided in Section 10.08) or in the absence of its  own gross negligence, bad faith or willful misconduct.  The Administrative Agent shall be  deemed not to have knowledge of any Event of Default unless and until written notice thereof is  given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent  shall not be responsible for, or have any duty to ascertain or inquire into, (A) any statement,  warranty or representation made in or in connection with this Agreement, (B) the contents of any  certificate, report or other document delivered hereunder or in connection herewith, (C) the  performance or observance of any of the covenants, agreements or other terms or conditions set  forth herein, (D) the validity, enforceability, effectiveness or genuineness of this Agreement or  any other agreement, instrument or document, or (E) the satisfaction of any condition set forth in  Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be  delivered to the Administrative Agent.  (b) The Administrative Agent shall be entitled to rely upon, and shall not incur any  liability for relying upon, any notice, request, certificate, consent, statement, instrument,  document or other writing believed by it to be genuine and to have been signed or sent by the  proper Person.  The Administrative Agent also may rely upon any statement made to it orally or  by telephone and believed by it to be made by the proper Person, and shall not incur any liability  for relying thereon.  The Administrative Agent may consult with legal counsel (who may be  counsel for the Borrower), independent accountants and other experts selected by it, and shall not  

 

  Allegiant Revolving Credit Agreement 2022  be liable for any action taken or not taken by it in accordance with the advice of any such  counsel, accountants or experts.  (c) The Administrative Agent may perform any and all of its duties and exercise its  rights and powers by or through any one or more sub-agents appointed by it.  The Administrative  Agent and any such sub-agent may perform any and all of its duties and exercise its rights and  powers through its Related Parties.  The exculpatory provisions of the preceding paragraphs shall  apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such  sub-agent.  (d) Anything herein to the contrary notwithstanding, the Lead Arranger listed on the  cover page hereof shall have no powers, duties or responsibilities under this Agreement or any of  the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a  Lender.  Section 8.04. Reimbursement and Indemnification.  Each Lender agrees (a) to reimburse  on demand the Administrative Agent for such Lender’s Aggregate Exposure Percentage of any  expenses and fees incurred for the benefit of the Lenders under this Agreement and any of the  Loan Documents, including, without limitation, counsel fees and compensation of agents and  employees paid for services rendered on behalf of the Lenders, and any other expense incurred in  connection with the operations or enforcement thereof, not reimbursed by the Borrower or the  Guarantors and (b) to indemnify and hold harmless the Administrative Agent and any of its  Related Parties, on demand, in the amount equal to such Lender’s Aggregate Exposure  Percentage, from and against any and all liabilities, obligations, losses, damages, penalties,  actions, judgments, suits, costs, expenses, or disbursements of any kind or nature whatsoever  which may be imposed on, incurred by, or asserted against it or any of them in any way relating  to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted  by it or any of them under this Agreement or any of the Loan Documents to the extent not  reimbursed by the Borrower or the Guarantors (except such as shall result from its gross  negligence or willful misconduct).  Section 8.05. Successor Agents.  Subject to the appointment and acceptance of a  successor agent as provided in this paragraph, the Administrative Agent may resign at any time  by notifying the Lenders and the Borrower.  Upon any such resignation by the Administrative  Agent, the Required Lenders shall have the right, with the consent (provided no Event of Default  or Default has occurred and is continuing) of the Borrower (such consent not to be unreasonably  withheld or delayed), to appoint a successor.  If no successor shall have been so appointed by the  Required Lenders and shall have accepted such appointment within thirty (30) days after the  retiring Administrative Agent gives notice of its resignation, then the retiring Administrative  Agent may, with the consent (provided no Event of Default or Default has occurred or is  continuing) of the Borrower (such consent not to be unreasonably withheld or delayed), appoint  a successor Administrative Agent which shall be a bank institution with an office in New York,  New York, or an Affiliate of any such bank.  Upon the acceptance of its appointment as  Administrative Agent hereunder by a successor, such successor shall succeed to and become  vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and  the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.   The fees payable by the Borrower to a successor Administrative Agent shall be the same as those  

 

  Allegiant Revolving Credit Agreement 2022  payable to its predecessor unless otherwise agreed between the Borrower and such successor.   After the retiring Administrative Agent’s resignation hereunder, the provisions of this Section 8  and Section 10.04 shall continue in effect for the benefit of such retiring Administrative Agent,  its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be  taken by any of them while it was acting as an Administrative Agent.  Section 8.06. Independent Lenders.  Each Lender acknowledges that it has,  independently and without reliance upon the Administrative Agent or any other Lender and  based on such documents and information as it has deemed appropriate, made its own credit  analysis and decision to enter into this Agreement.  Each Lender also acknowledges that it will,  independently and without reliance upon the Administrative Agent or any other Lender and  based on such documents and information as it shall from time to time deem appropriate,  continue to make its own decisions in taking or not taking action under or based upon this  Agreement, any related agreement or any document furnished hereunder or thereunder.  Section 8.07. Advances and Payments.  (a) On the date of each Loan, the Administrative Agent shall be authorized (but not  obligated) to advance, for the account of each of the Lenders, the amount of the Loan to be made  by it in accordance with its Commitment hereunder.  Should the Administrative Agent do so,  each of the Lenders agrees forthwith to reimburse the Administrative Agent in immediately  available funds for the amount so advanced on its behalf by the Administrative Agent, together  with interest at the Federal Funds Effective Rate if not so reimbursed on the date due from and  including such date but not including the date of reimbursement.  (b) Any amounts received by the Administrative Agent in connection with this  Agreement (other than amounts to which the Administrative Agent is entitled pursuant to  Sections 2.16(b), 8.04 and 10.04), the application of which is not otherwise provided for in this  Agreement, shall be applied in accordance with Section 2.15(b).  All amounts to be paid to a  Lender by the Administrative Agent shall be credited to that Lender, after collection by the  Administrative Agent, in immediately available funds either by wire transfer or deposit in that  Lender’s correspondent account with the Administrative Agent, as such Lender and the  Administrative Agent shall from time to time agree.  Section 8.08. Sharing of Setoffs.  Each Lender agrees that, except to the extent this  Agreement expressly provides for payments to be allocated to a particular Lender, if it shall,  through the exercise either by it or any of its banking Affiliates of a right of banker’s lien, setoff  or counterclaim against the Borrower or a Guarantor, including, but not limited to, a secured  claim under Section 506 of the Bankruptcy Code or other security or interest arising from, or in  lieu of, such secured claim and received by such Lender (or any of its banking Affiliates) under  any applicable bankruptcy, insolvency or other similar law, or otherwise, obtain payment in  respect of its Loans as a result of which the unpaid portion of its Loans is proportionately less  than the unpaid portion of the Loans of any other Lender (a) it shall promptly purchase at par  (and shall be deemed to have thereupon purchased) from such other Lender a participation in the  Loans of such other Lender, so that the aggregate unpaid principal amount of each Lender’s  Loans and its participation in Loans of the other Lenders shall be in the same proportion to the  aggregate unpaid principal amount of all Loans then outstanding as the principal amount of its  

 

  Allegiant Revolving Credit Agreement 2022  Loans prior to the obtaining of such payment was to the principal amount of all Loans  outstanding prior to the obtaining of such payment and (b) such other adjustments shall be made  from time to time as shall be equitable to ensure that the Lenders share such payment pro-rata,  provided that if any such non-pro-rata payment is thereafter recovered or otherwise set aside,  such purchase of participations shall be rescinded (without interest).  The Borrower expressly  consents to the foregoing arrangements and agrees, to the fullest extent permitted by law, that  any Lender holding (or deemed to be holding) a participation in a Loan acquired pursuant to this  Section or any of its banking Affiliates may exercise any and all rights of banker’s lien, setoff or  counterclaim with respect to any and all moneys owing by the Borrower to such Lender as fully  as if such Lender was the original obligee thereon, in the amount of such participation.  The  provisions of this Section 8.08 shall not be construed to apply to (a) any payment made by the  Borrower or a Guarantor pursuant to and in accordance with the express terms of this Agreement  or (b) any payment obtained by any Lender as consideration for the assignment or sale of a  participation in any of its Loans or other Obligations owed to it.  Section 8.09. Withholding Taxes.  To the extent required by any applicable law, the  Administrative Agent may withhold from any payment to any Lender an amount equivalent to  any withholding tax applicable to such payment.  If the Internal Revenue Service or any other  Governmental Authority asserts a claim that the Administrative Agent did not properly withhold  tax from amounts paid to or for the account of any Lender for any reason, or the Administrative  Agent has paid over to the Internal Revenue Service applicable withholding tax relating to a  payment to a Lender but no deduction has been made from such payment, without duplication of  any indemnification obligations set forth in Section 8.04, such Lender shall indemnify the  Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative  Agent as tax or otherwise, including any penalties or interest and together with any expenses  incurred.  Section 8.10. Appointment by Secured Parties.  Each Secured Party that is not a party to  this Agreement shall be deemed to have appointed the Administrative Agent as its agent under  the Loan Documents in accordance with the terms of this Section 8 and to have acknowledged  that the provisions of this Section 8 apply to such Secured Party mutatis mutandis as though it  were a party hereto (and any acceptance by such Secured Party of the benefits of this Agreement  or any other Loan Document shall be deemed an acknowledgment of the foregoing).  Section 8.11. Erroneous Payments.   (a) Each Lender (and each Participant of any of the foregoing, by its acceptance of a  participation) hereby acknowledges and agrees that if the Administrative Agent notifies such  Lender that the Administrative Agent has determined in its sole discretion that any funds (or any  portion thereof) received by such Lender (any of the foregoing, a “Recipient”) from the  Administrative Agent (or any of its Affiliates) were erroneously transmitted to, or otherwise  erroneously or mistakenly received by, such Recipient (whether or not known to such Recipient)  (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise;  individually and collectively, a “Payment”) and demands the return of such Payment, such  Recipient shall promptly, but in no event later than one Business Day thereafter, return to the  Administrative Agent the amount of any such Payment as to which such a demand was made. A  

 

  Allegiant Revolving Credit Agreement 2022  notice of the Administrative Agent to any Recipient under this Section shall be conclusive,  absent manifest error.  (b) Without limitation of clause (a) above, each Recipient further acknowledges and  agrees that if such Recipient receives a Payment from the Administrative Agent (or any of its  Affiliates) (x) that is in an amount, or on a date different from the amount and/or date specified  in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to  such Payment (a “Payment Notice”), (y) that was not preceded or accompanied by a Payment  Notice, or (z) that such Recipient otherwise becomes aware was transmitted, or received, in error  or by mistake (in whole or in part), in each case, it understands and agrees at the time of receipt  of such Payment that an error has been made (and that it is deemed to have knowledge of such  error) with respect to such Payment. Each Recipient agrees that, in each such case, it shall  promptly notify the Administrative Agent of such occurrence and, upon demand from the  Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter,  return to the Administrative Agent the amount of any such Payment (or portion thereof) as to  which such a demand was made.   (c) Any Payment required to be returned by a Recipient under this Section shall be  made in same day funds in the currency so received, together with interest thereon in respect of  each day from and including the date such Payment (or portion thereof) was received by such  Recipient to the date such amount is repaid to the Administrative Agent at the greater of the  Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance  with banking industry rules on interbank compensation from time to time in effect. Each  Recipient hereby agrees that it shall not assert and, to the fullest extent permitted by applicable  law, hereby waives, any right to retain such Payment, and any claim, counterclaim, defense or  right of set-off or recoupment or similar right to any demand by the Administrative Agent for the  return of any Payment received, including without limitation any defense based on “discharge for  value” or any similar doctrine.  (d) The Borrower and each Guarantor hereby agrees that (x) in the event an erroneous  Payment (or portion thereof) is not recovered from any Lender that has received such Payment  (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights  of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay,  repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other  Guarantor except, in each case, to the extent such erroneous Payment is, and with respect to the  amount of such erroneous Payment that is, comprised of funds of the Borrower or any other  Guarantor.  (e) Each party’s obligations, agreements and waivers under this Section 8.11 shall  survive the resignation or replacement of the Administrative Agent, any transfer of rights or  obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the  repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan  Document.  SECTION 9.    GUARANTY  

 

  Allegiant Revolving Credit Agreement 2022  Section 9.01. Guaranty.  (a) Each of the Guarantors unconditionally and irrevocably guarantees the due and  punctual payment by the Borrower of the Obligations (including interest accruing on and after  the filing of any petition in bankruptcy or of reorganization of the obligor whether or not post  filing interest is allowed in such proceeding) (collectively, the “Guaranteed Obligations”).  Each  of the Guarantors further agrees that, to the extent permitted by applicable law, the Obligations  may be extended or renewed, in whole or in part, without notice to or further assent from it, and  it will remain bound upon this guaranty notwithstanding any extension or renewal of any of the  Obligations.  The Obligations of the Guarantors shall be joint and several.  Each of the  Guarantors further agrees that its guaranty hereunder is a primary obligation of such Guarantor  and not merely a contract of surety.  (b) To the extent permitted by applicable law, each of the Guarantors waives  presentation to, demand for payment from and protest to the Borrower or any other Guarantor,  and also waives notice of protest for nonpayment.  The obligations of the Guarantors hereunder  shall not, to the extent permitted by applicable law, be affected by (i) the failure of the  Administrative Agent or a Lender to assert any claim or demand or to enforce any right or  remedy against the Borrower or any other Guarantor under the provisions of this Agreement or  any other Loan Document or otherwise; (ii) any extension or renewal of any provision hereof or  thereof; (iii) any rescission, waiver, compromise, acceleration, amendment or modification of  any of the terms or provisions of any of the Loan Documents; (iv) the release, exchange, waiver  or foreclosure of any security held by the Administrative Agent for the Obligations or any of  them; (v) the failure of the Administrative Agent or a Lender to exercise any right or remedy  against any other Guarantor; or (vi) the release or substitution of any Collateral or any other  Guarantor.  (c) To the extent permitted by applicable law, each of the Guarantors further agrees  that this guaranty constitutes a guaranty of payment when due and not just of collection, and  waives any right to require that any resort be had by the Administrative Agent or a Lender to any  security held for payment of the Obligations or to any balance of any deposit, account or credit  on the books of the Administrative Agent or a Lender in favor of the Borrower or any other  Guarantor, or to any other Person.  (d) To the extent permitted by applicable law, each of the Guarantors hereby waives  any defense that it might have based on a failure to remain informed of the financial condition of  the Borrower and of any other Guarantor and any circumstances affecting the ability of the  Borrower to perform under this Agreement.  (e) To the extent permitted by applicable law, each Guarantor’s guaranty shall not be  affected by the genuineness, validity, regularity or enforceability of the Obligations or any other  instrument evidencing any Obligations, or by the existence, validity, enforceability, perfection,  or extent of any collateral therefor or by any other circumstance relating to the Obligations which  might otherwise constitute a defense to this guaranty (other than payment in full in cash of the  Obligations in accordance with the terms of this Agreement (other than those that constitute  unasserted contingent indemnification obligations)).  Neither the Administrative Agent nor any  of the Lenders makes any representation or warranty in respect to any such circumstances or  

 

  Allegiant Revolving Credit Agreement 2022  shall have any duty or responsibility whatsoever to any Guarantor in respect of the management  and maintenance of the Obligations.  (f) Upon the occurrence of the Obligations becoming due and payable (by  acceleration or otherwise), the Lenders shall be entitled to immediate payment of such  Obligations by the Guarantors upon written demand by the Administrative Agent.  Section 9.02. No Impairment of Guaranty.  To the extent permitted by applicable law,  the obligations of the Guarantors hereunder shall not be subject to any reduction, limitation or  impairment for any reason, including, without limitation, any claim of waiver, release, surrender,  alteration or compromise, other than pursuant to a written agreement in compliance with Section  10.08 and shall not be subject to any defense or set-off, counterclaim, recoupment or termination  whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations.  To the  extent permitted by applicable law, without limiting the generality of the foregoing, the  obligations of the Guarantors hereunder shall not be discharged or impaired or otherwise affected  by the failure of the Administrative Agent or a Lender to assert any claim or demand or to  enforce any remedy under this Agreement or any other agreement, by any waiver or modification  of any provision hereof or thereof, by any default, failure or delay, willful or otherwise, in the  performance of the Obligations, or by any other act or thing or omission or delay to do any other  act or thing which may or might in any manner or to any extent vary the risk of the Guarantors or  would otherwise operate as a discharge of the Guarantors as a matter of law.  Section 9.03. Continuation and Reinstatement, etc.  Each Guarantor further agrees that  its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any  time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored  by the Administrative Agent, any Lender or any other Secured Party upon the bankruptcy or  reorganization of the Borrower or a Guarantor, or otherwise.  Section 9.04. Subrogation.  Upon payment by any Guarantor of any sums to the  Administrative Agent or a Lender hereunder, all rights of such Guarantor against the Borrower  arising as a result thereof by way of right of subrogation or otherwise, shall in all respects be  subordinate and junior in right of payment to the prior payment in full of all the Obligations  (including interest accruing on and after the filing of any petition in bankruptcy or of  reorganization of an obligor whether or not post filing interest is allowed in such proceeding).  If  any amount shall be paid to such Guarantor for the account of the Borrower relating to the  Obligations prior to payment in full of the Obligations, such amount shall be held in trust for the  benefit of the Administrative Agent and the Lenders and shall forthwith be paid to the  Administrative Agent and the Lenders to be credited and applied to the Obligations, whether  matured or unmatured.  Section 9.05. Discharge of Guaranty.  (a) In the event of any sale or other disposition of all or substantially all of the assets  of any Guarantor (other than Allegiant Air), by way of merger, consolidation or otherwise, or a  sale or other disposition of all Capital Stock of any Guarantor (other than Allegiant Air), in each  case to a Person that is not (either before or after giving effect to such transactions) the Borrower  or a Restricted Subsidiary of the Borrower or the merger or consolidation of a Guarantor with or  

 

  Allegiant Revolving Credit Agreement 2022  into the Borrower or another Guarantor, in each case, in a transaction permitted under this  Agreement, then such Guarantor (in the event of a sale or other disposition, by way of merger,  consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation  acquiring the property (in the event of a sale or other disposition of all or substantially all of the  assets of such Guarantor) will be automatically released and relieved of any obligations under its  Guarantee of the Guaranteed Obligations.  (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance  with the terms of this Agreement, such Guarantor will be automatically released and relieved of  any obligations under its Guarantee of the Guaranteed Obligations.  In addition, upon the request  of the Borrower, the guarantee of any Guarantor that is an Immaterial Subsidiary shall be  promptly released; provided that (i) no Event of Default shall have occurred and be continuing or  shall result therefrom and (ii) the Borrower shall have delivered a certificate of a Responsible  Officer certifying that such Subsidiary is an Immaterial Subsidiary; provided further that a  Subsidiary that is considered not to be an Immaterial Subsidiary solely pursuant to clause (1) of  the proviso of the definition thereof shall, solely for purposes of this clause (b), be considered an  Immaterial Subsidiary so long as any applicable guarantee, pledge or other obligation of such  Subsidiary with respect to any Junior Secured Debt shall be irrevocably released and discharged  substantially simultaneously with the release of such guarantee hereunder.  (c) The Administrative Agent shall use commercially reasonable efforts to execute  and deliver, at the Borrower’s expense, such documents as the Borrower or any such Guarantor  may reasonably request to evidence the release of the guarantee of such Guarantor provided  herein.  SECTION 10.    MISCELLANEOUS  Section 10.01. Notices.  (a) Except in the case of notices and other communications expressly permitted to be  given by telephone (and subject to paragraph (b) below), all notices and other communications  provided for herein or under any other Loan Document shall be in writing, and shall be delivered  by email, by hand or overnight courier service or mailed by certified or registered mail, as  follows:  (i) if to the Borrower or any Guarantor, to it at Allegiant Travel Company,  1201 North Town Center, Las Vegas, Nevada 89144, Telephone No.:  (702) 851-7300; in  each case Attention:  Gregory Anderson; with a copy to:  Ellis Funk, P.C., 5555  Glenridge Connector, Suite 675, Atlanta, Georgia 30342, Attention:  Rob Goldberg,  Telephone:  (404) 233-2800;  (ii) if to Barclays as Administrative Agent, to it at Barclays Bank PLC, 745  7th Avenue, New York, NY 10019, email: brian.chu@barclays.com; Attention:  Brian  Chu; and  

 

  Allegiant Revolving Credit Agreement 2022  (iii) if to any other Lender, to it at its address (or telecopy number) set forth in  IN WITNESS WHEREOF, The Parties Hereto Have Caused This Agreement To Be Duly  Executed As Of The Day And The Year First Written.  ALLEGIANT TRAVEL COMPANY,   As The Borrower  (iv) By:    Name:  Title:  ALLEGIANT AIR LLC,  As A Guarantor  By:   Name:  Title:  SUNRISE ASSET MANAGEMENT, LLC,  As A Guarantor  By:   Name:  Title:  ALLEGIANT VACATIONS, LLC,  As A Guarantor  By:   Name:  Title:  ALLEGIANT COMMERCIAL PROPERTIES,  LLC,  As A Guarantor  By:   Name:  Title:  AFH, INC.,  As A Guarantor  

 

  Allegiant Revolving Credit Agreement 2022  By:   Name:  Title:  G4 PROPERTIES, LLC,  As A Guarantor  By:   Name:  Title:  G4 WORKS LLC,  As A Guarantor  By:   Name:  Title:  

 

  Allegiant Revolving Credit Agreement 2022  BARCLAYS BANK PLC, As Administrative  Agent And A Lender  By:   Name:  Title:  

 

  Allegiant Credit Agreement 2019  (v) ANNEX A hereto or, if subsequently delivered, an Assignment and  Acceptance.  (b) Notices and other communications to the Lenders hereunder (collectively, the  “Borrower Materials”) may be delivered or furnished by electronic communications pursuant to  procedures approved by the Administrative Agent; provided that certain of the Lenders (each, a  “Public Lender”) may have personnel who do not wish to receive material non-public  information with respect to the Borrower or its Affiliates, or the respective securities of any of  the foregoing, and who may be engaged in investment and other market-related activities with  respect to such Persons’ securities; provided, further, that the foregoing shall not apply to notices  pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable  Lender.  The Borrower hereby agrees that it will use commercially reasonable efforts to identify  that portion of the Borrower Materials that may be distributed to the Public Lenders and that (1)  all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a  minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page  thereof; (2) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have  authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not  containing any material non-public information with respect to the Borrower or its securities for  purposes of U.S. Federal and state securities laws (provided, however, that to the extent that such  Borrower Materials constitute Information, they shall be subject to Section 10.03); (3) all  Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of  the Platform designated “Public Side Information;” and (4) the Administrative Agent shall be  entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for  posting on a portion of the Platform not designated “Public Side Information”.  The  Administrative Agent or the Borrower may, in its reasonable discretion, agree to accept notices  and other communications to it hereunder by electronic communications pursuant to procedures  approved by it; provided that approval of such procedures may be limited to particular notices or  communications; provided, further, that no such approval shall be required for any notice  delivered to the Administrative Agent by electronic mail pursuant to Section 2.04(b) or Section  2.11(a).  For purposes of this Section, “Information” means all information received from the  Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of  their respective businesses, other than any such information that is available to the  Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the  Borrower or any of its Subsidiaries.   (c) Any party hereto may change its address or telecopy number for notices and other  communications hereunder by notice to the other parties hereto.  All notices and other  communications given to any party hereto in accordance with the provisions of this Agreement  shall be deemed to have been given on the date of receipt.  Section 10.02. Successors and Assigns.  (a) The provisions of this Agreement shall be binding upon and inure to the benefit of  the parties hereto and their respective successors and assigns permitted hereby, except that (i) the  Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without  the prior written consent of each Lender (and any attempted assignment or transfer by the  

 

  2  Allegiant Revolving Credit Agreement 2022  Borrower without such consent shall be null and void), provided that the foregoing shall not  restrict any transaction permitted by Section 6.03, and (ii) no Lender may assign or otherwise  transfer its rights or obligations hereunder except in accordance with this Section 10.02.  Nothing  in this Agreement, expressed or implied, shall be construed to confer upon any Person (other  than the parties hereto, their respective successors and assigns permitted hereby, Participants (to  the extent provided in paragraph (d) of this Section 10.02) and, to the extent expressly  contemplated hereby, the Related Parties of the Administrative Agent and the Lenders) any legal  or equitable right, remedy or claim under or by reason of this Agreement.  (b) (i)  Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may  assign to one or more assignees all or a portion of its rights and obligations under this Agreement  (including all or a portion of the Loans at the time owing to it) with the prior written consent  (such consent not to be unreasonably withheld) of the Administrative Agent; provided that no  consent of the Administrative Agent shall be required for an assignment if the assignee is a  Lender, an Affiliate of a Lender or an Approved Fund of a Lender, in each case so long as such  assignee is an Eligible Assignee;  (ii) Assignments shall be subject to the following additional conditions:  (1) any assignment of any Loans shall be made to an Eligible  Assignee;  (2) except in the case of an assignment to a Lender, an Affiliate of a  Lender or an Approved Fund of a Lender or an assignment of the entire remaining  amount of the assigning Lender’s Loans, the amount of such Commitment or  Loans of the assigning Lender subject to each such assignment (determined as of  the date the Assignment and Acceptance with respect to such assignment is  delivered to the Administrative Agent) shall not be less than $1,000,000, and after  giving effect to such assignment, the portion of the Loan or Commitment held by  the assigning Lender of the same tranche as the assigned portion of the Loan or  Commitment shall not be less than $1,000,000, in each case unless the Borrower  and the Administrative Agent otherwise consent (with failure by the Borrower to  respond within five (5) Business Days to a consent request shall be deemed to be  a consent of the Borrower); provided that no consent of the Borrower shall be  required with respect to such assignment if an Event of Default has occurred and  is continuing; provided, further, that any such assignment shall be in increments  of $500,000 in excess of the minimum amount described above;  (3) each partial assignment shall be made as an assignment of a  proportionate part of all the assigning Lender’s rights and obligations under this  Agreement;  (4) the parties to each assignment shall execute and deliver to the  Administrative Agent an Assignment and Acceptance, together with a processing  and recordation fee of $3,500 for the account of the Administrative Agent; and  

 

  3  Allegiant Revolving Credit Agreement 2022  (5) the assignee, if it was not a Lender immediately prior to such  assignment, shall deliver to the Administrative Agent an administrative  questionnaire in a form as the Administrative Agent may require.  (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv)  below of this Section 10.02, from and after the effective date specified in each  Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the  extent of the interest assigned by such Assignment and Acceptance, have the rights and  obligations of a Lender under this Agreement, and the assigning Lender thereunder shall,  to the extent of the interest assigned by such Assignment and Acceptance, be released  from its obligations under this Agreement (and, in the case of an Assignment and  Acceptance covering all of the assigning Lender’s rights and obligations under this  Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled  to the benefits of Sections 2.12, 2.14 and 10.04).  Any assignment or transfer by a Lender  of rights or obligations under this Agreement that does not comply with this Section  10.02 shall be treated for purposes of this Agreement as a sale by such Lender of a  participation in such rights and obligations in accordance with paragraph (d) of this  Section 10.02.  (iv) The Administrative Agent, acting solely for such purpose as a non- fiduciary agent of the Borrower, shall maintain at its offices a copy of each Assignment  and Acceptance delivered to it and a register for the recordation of the names and  addresses of the Lenders and principal amount (and stated interest) of the Loans owing to  each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries  in the Register shall be conclusive absent manifest error, and the Borrower, the  Guarantors, the Administrative Agent and the Lenders shall treat each Person whose  name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for  all purposes of this Agreement, notwithstanding notice to the contrary.  The Register  shall be available for inspection by the Borrower and any Lender, at any reasonable time  and from time to time upon reasonable prior notice.  (v) Notwithstanding anything to the contrary contained herein, no assignment  may be made hereunder to any Defaulting Lender or any of its subsidiaries, or any Person  who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons  described in this clause (v).  (c) Upon its receipt of a duly completed Assignment and Acceptance executed by an  assigning Lender and an assignee, the assignee’s completed administrative questionnaire in a  form as the Administrative Agent may require (unless the assignee shall already be a Lender  hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and  any written consent to such assignment required by paragraph (b) of this Section, the  Administrative Agent shall accept such Assignment and Acceptance and record the information  contained therein in the Register; provided that if either the assigning Lender or the assignee  shall have failed to make any payment required to be made by it pursuant to Section 2.03(b),  8.04 or 10.04(c), the Administrative Agent shall have no obligation to accept such Assignment  and Acceptance and record the information therein in the Register unless and until such payment  shall have been made in full, together with all accrued interest thereon.  No assignment shall be  

 

  4  Allegiant Revolving Credit Agreement 2022  effective for purposes of this Agreement unless it has been recorded in the Register as provided  in this paragraph.  (d) (i)  Any Lender may, without the consent of the Borrower or the Administrative  Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a  portion of such Lender’s rights and obligations under this Agreement (including all or a portion  of its Commitment and the Loans); provided that (A) such Lender’s obligations under this  Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other  parties hereto for the performance of such obligations and (C) the Borrower, the Administrative  Agent and the other Lenders shall continue to deal solely and directly with such Lender in  connection with such Lender’s rights and obligations under this Agreement.  Any agreement or  instrument pursuant to which a Lender sells such a participation shall provide that such Lender  shall retain the sole right to enforce this Agreement and to approve any amendment, modification  or waiver of any provision of this Agreement; provided that such agreement or instrument may  provide that such Lender will not, without the consent of the Participant, agree to any  amendment, modification or waiver described in the first proviso to Section 10.08(a) that affects  such Participant.  Subject to Section 10.02(d)(ii), the Borrower agrees that each Participant shall  be entitled to the benefits of Sections 2.12, and 2.14 to the same extent as if it were a Lender and  had acquired its interest by assignment pursuant to Section 10.02(b).  To the extent permitted by  law, each Participant also shall be entitled to the benefits of Section 8.08 as though it were a  Lender, provided such Participant agrees to be subject to the requirements of Section 8.08 as  though it were a Lender.  Each Lender that sells a participation, acting solely for this purpose as  a non-fiduciary agent of the Borrower, shall maintain a register on which it enters the name and  address of each Participant and the principal amounts (and stated interest) of each Participant’s  interest in the Loans or other obligations under this Agreement (the “Participant Register”);  provided that no Lender shall have any obligation to disclose all or any portion of the Participant  Register to any Person (including the identity of any Participant or any information relating to a  Participant’s interest in any Commitments, Loans or its other obligations under this Agreement  or any Loan Document) except to the extent that such disclosure is necessary to establish that  such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of  the United States Treasury Regulations.  The entries in the Participant Register shall be  conclusive absent manifest error, and such Lender, the Borrower, a Guarantor and the  Administrative Agent shall treat each person whose name is recorded in the Participant Register  pursuant to the terms hereof as the owner of such participation for all purposes of this  Agreement, notwithstanding notice to the contrary.  (ii) A Participant shall not be entitled to receive any greater payment under  Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with  respect to the participation sold to such Participant and shall be subject to the terms of  Section 2.16(a).  The Lender selling the participation to such Participant shall be subject  to the terms of Section 2.16(b) if such Participant requests compensation or additional  amounts pursuant to Section 2.12 or 2.14.  A Participant that would be a Foreign Lender  if it were a Lender shall not be entitled to the benefits of Section 2.14 unless such  Participant agrees, for the benefit of the Borrower, to comply with Sections 2.14(f),  2.14(g) and 2.14(h) as though it were a Lender.  

 

  5  Allegiant Revolving Credit Agreement 2022  (e) Any Lender may at any time pledge or assign a security interest in all or any  portion of its rights under this Agreement to secure obligations of such Lender, including without  limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any  central bank having jurisdiction over such Lender, and this Section 10.02 shall not apply to any  such pledge or assignment of a security interest; provided that no such pledge or assignment of a  security interest shall release a Lender from any of its obligations hereunder or substitute any  such pledgee or assignee for such Lender as a party hereto.  (f) Any Lender may, in connection with any assignment or participation or proposed  assignment or participation pursuant to this Section 10.02, disclose to the assignee or participant  or proposed assignee or participant, any information relating to the Borrower or any of the  Guarantors furnished to such Lender by or on behalf of the Borrower or any of the Guarantors;  provided that prior to any such disclosure, each such assignee or participant or proposed assignee  or participant provides to the Administrative Agent its agreement in writing to be bound for the  benefit of the Borrower by either the provisions of Section 10.03 or other provisions at least as  restrictive as Section 10.03.  Section 10.03. Confidentiality.  Each Lender agrees to keep any information delivered or  made available by the Borrower or any of the Guarantors to it confidential, in accordance with its  customary procedures, from anyone other than persons employed or retained by such Lender or  its Affiliates who are or are expected to become engaged in evaluating, approving, structuring,  insuring or administering the Loans, and who are advised by such Lender of the confidential  nature of such information; provided that nothing herein shall prevent any Lender from  disclosing such information (a) to any of its Affiliates and their respective agents and advisors (it  being understood that the Persons to whom such disclosure is made will be informed of the  confidential nature of such information and instructed to keep such information confidential) or  to any other Lender, (b) to the extent required by Law or regulations or upon the order of any  court or administrative agency, (c) upon the request or demand of any regulatory agency or  authority (including any self-regulatory authority), (d) which has been publicly disclosed other  than as a result of a disclosure by the Administrative Agent or any Lender which is not permitted  by this Agreement, (e) in connection with any litigation to which the Administrative Agent, any  Lender, or their respective Affiliates may be a party to the extent reasonably required under  applicable rules of discovery, (f) to the extent reasonably required in connection with the  exercise of any remedy hereunder or under any other Loan Document, (g) to such Lender’s legal  counsel and independent auditors, (h) on a confidential basis to (I) any rating agency in  connection with rating the Borrower and its Subsidiaries or the Loans or (II) any direct or  indirect provider of credit protection to such Lender or its Affiliates (or its brokers), (i) with the  consent of the Borrower, (j) to any actual or proposed participant or assignee of all or part of its  rights hereunder or to any direct or indirect contractual counterparty (or the professional advisors  thereto) to any swap or derivative transaction relating to the Borrower and its obligations, in each  case, subject to the proviso in Section 10.02(f) (with any reference to any assignee or participant  set forth in such proviso being deemed to include a reference to such contractual counterparty for  purposes of this Section 10.03(j)), (k) to the extent that such information is received by such  Lender from a third party that is not, to such Lender’s knowledge, subject to confidentiality  obligations to the Borrower, (l) to the extent that such information is independently developed by  such Lender and (m) to any other party hereto.  If any Lender is in any manner requested or  required to disclose any of the information delivered or made available to it by the Borrower or  

 

  6  Allegiant Revolving Credit Agreement 2022  any of the Guarantors under clauses (b) or (e) of this Section, such Lender will, to the extent  permitted by law, provide the Borrower or Guarantor with prompt notice, to the extent  reasonable, so that the Borrower or Guarantor may seek, at its sole expense, a protective order or  other appropriate remedy or may waive compliance with this Section 10.03.  Section 10.04. Expenses; Indemnity; Damage Waiver.  (a) (i) The Borrower agrees to pay or reimburse (i) all reasonable out-of-pocket costs  and expenses incurred by the Administrative Agent in connection with the preparation,  negotiation, execution, delivery and administration of this Agreement and the other Loan  Documents, or any amendments, modifications or waivers of the provisions hereof or thereof  (whether or not the transactions contemplated hereby or thereby shall be consummated),  including the reasonable fees, charges and disbursements of counsel (but limited to one primary  counsel for the Administrative Agent and, if necessary, one local counsel in each relevant  jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and  special counsel for each relevant specialty (and, in the case of an actual or perceived conflict of  interest, where the party affected by such conflict, informs the Borrower of such conflict and  thereafter retains its own counsel, of another firm of counsel for each such affected person)) and  (ii) all out-of-pocket costs and expenses incurred by the Administrative Agent and each Lender  following and during the continuance of any Event of Default in connection with the  enforcement or protection of any rights and remedies under this Agreement and the other Loan  Documents, including all such costs and expenses incurred during any legal proceeding,  including any proceeding under applicable bankruptcy, insolvency, reorganization, moratorium  or other similar laws, and including in connection with any workout, restructuring or  negotiations in respect of the Loans and the Loan Documents, including the reasonable fees,  charges and disbursements of counsel (but limited to one counsel for the Administrative Agent  and the Lenders taken as a whole and, if necessary, one local counsel in each relevant  jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and  special counsel for each relevant specialty (and, in the case of an actual or perceived conflict of  interest, where the party affected by such conflict, informs the Borrower of such conflict and  thereafter retains its own counsel, of another firm of counsel for each such affected person)).  (ii) All payments or reimbursements pursuant to the foregoing clause (a)(i)  shall be paid within thirty (30) days of written demand together with back-up  documentation supporting such reimbursement request.  (b) The Borrower shall indemnify the Administrative Agent (and any sub-agent  thereof) and each Lender, and each Related Party of any of the foregoing Persons (each such  Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and  all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits,  costs (including settlement costs), disbursements and out-of-pocket fees and expenses (including  the fees, charges and disbursements of any counsel for any Indemnitee) of any kind or nature  whatsoever which may at any time be imposed on, incurred by or asserted or awarded against  any Indemnitee in any way relating to or arising out of or in connection with or by reason of (i)  any actual or prospective claim, litigation, investigation or proceeding in any way relating to,  arising out of, in connection with or by reason of any of the following, whether based on  contract, tort or any other theory (including any investigation of, preparation for, or defense of  

 

  7  Allegiant Revolving Credit Agreement 2022  any pending or threatened claim, litigation or proceeding): (x) the execution, delivery,  enforcement, performance or administration of any Loan Document or any other document  delivered in connection with the transactions contemplated thereby or the consummation of the  transactions contemplated thereby or (y) any Commitment, any Loan or the use or proposed use  thereof or of the proceeds thereof; provided that such indemnity shall not, as to any Indemnitee,  be available to the extent that such liabilities, obligations, losses, damages, penalties, claims,  demands, actions, judgments, suits, costs, fees and expenses are determined by a court of  competent jurisdiction by final and nonappealable judgment to have resulted from the gross  negligence or willful misconduct of such Indemnitee; or (ii) any actual or alleged presence or  release of Hazardous Materials on or from any property currently or formerly owned or operated  by the Borrower or any of its Subsidiaries or any other location, or any Environmental Liability  related in any way to the Borrower or any of its Subsidiaries, in all cases, whether or not caused  by or arising, in whole or in part, out of the negligence of such Indemnitee and regardless of  whether such Indemnitee is a party thereto, and whether or not any such claim, litigation,  investigation or proceeding is brought by the Borrower, its equity holders, its affiliates, its  creditors or any other Person.  Paragraph (b) of this Section shall not apply with respect to Taxes  other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.  (c) To the extent that the Borrower fails to pay any amount required to be paid by it  to the Administrative Agent under paragraph (a) or (b) of this Section 10.04, each Lender  severally agrees to pay to the Administrative Agent such portion of the unpaid amount equal to  such Lender’s Aggregate Exposure Percentage (determined as of the time that the applicable  unreimbursed expense or indemnity payment is sought); provided that the unreimbursed expense  or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred  by or asserted against the Administrative Agent in its capacity as such.  (d) To the extent permitted by applicable law, each party hereto shall not assert, and  hereby waives, any claim against any other party hereto, on any theory of liability, for special,  indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out  of, in connection with, or as a result of, this Agreement or any agreement or instrument  contemplated hereby, the Transactions or the use of the proceeds thereof; provided that, nothing  in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify an  Indemnitee against special, indirect, consequential or punitive damages asserted against such  Indemnitee by a third party.  Section 10.05. Governing Law; Jurisdiction; Consent to Service of Process.  (a) This Agreement shall be construed in accordance with and governed by the law of  the State of New York.  (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and  its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting  in New York County and of the United States District Court of the Southern District of New  York, and any appellate court from any thereof, in any action or proceeding arising out of or  relating to this Agreement, and each of the parties hereto hereby irrevocably and unconditionally  agrees that all claims in respect of any such action or proceeding may be heard and determined in  such New York State court or, to the extent permitted by law, in such Federal court.  Each of the  

 

  8  Allegiant Revolving Credit Agreement 2022  parties hereto agrees that a final judgment in any such action or proceeding shall, to the extent  permitted by law, be conclusive and may be enforced in other jurisdictions by suit on the  judgment or in any other manner provided by law.  (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest  extent it may legally and effectively do so, any objection which it may now or hereafter have to  the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement  in any court referred to in Section 10.05(b).  Each of the parties hereto hereby irrevocably  waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the  maintenance of such action or proceeding in any such court.  (d) Each party to this Agreement irrevocably consents to service of process in the  manner provided for notices in Section 10.01 (but only if sent by hand or courier).  Nothing in  this Agreement will affect the right of any party to this Agreement to serve process in any other  manner permitted by law.  Section 10.06. No Waiver.  No failure on the part of the Administrative Agent or any of  the Lenders to exercise, and no delay in exercising, any right, power or remedy hereunder or any  of the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial  exercise of any such right, power or remedy preclude any other or further exercise thereof or the  exercise of any other right, power or remedy.  All remedies hereunder are cumulative and are not  exclusive of any other remedies provided by law.  Section 10.07. Extension of Maturity.  Should any payment of principal of or interest or  any other amount due hereunder become due and payable on a day other than a Business Day,  the maturity thereof shall be extended to the next succeeding Business Day and, in the case of  principal, interest shall be payable thereon at the rate herein specified during such extension.  Section 10.08. Amendments, etc.  (a) No modification, amendment or waiver of any provision of this Agreement or any  Collateral Document (other than the Account Control Agreements), and no consent to any  departure by the Borrower or any Guarantor therefrom, shall in any event be effective unless the  same shall be in writing and signed by the Required Lenders (or signed by the Administrative  Agent with the consent of the Required Lenders), and then such waiver or consent shall be  effective only in the specific instance and for the purpose for which given; provided, however,  that no such modification or amendment shall without the prior written consent of:  (i) each Lender directly and adversely affected thereby (A) increase the  Commitment of any Lender or extend the termination date of the Commitment of any  Lender (it being understood that a waiver of an Event of Default shall not constitute an  increase in or extension of the termination date of the Commitment of a Lender), or  (B) reduce the principal amount of any Loan, the rate of interest payable thereon or any  Fees (provided that only the consent of the Required Lenders shall be necessary for a  waiver of default interest referred to in Section 2.07), or extend any date for the payment  of principal, interest or Fees hereunder or reduce any Fees payable hereunder or extend  

 

  9  Allegiant Revolving Credit Agreement 2022  the final maturity of the Borrower’s obligations hereunder or (C) amend, modify or waive  any provision of Section 2.15(b);  (ii) all of the Lenders (A) amend or modify any provision of this Agreement  which provides for the unanimous consent or approval of the Lenders, (B) amend this  Section 10.08 that has the effect of changing the number or percentage of Lenders that  must approve any modification, amendment, waiver or consent or modify the percentage  of the Lenders required in the definition of Required Lenders, (C) release all or  substantially all of the Liens granted to the Administrative Agent hereunder or under any  other Loan Document, or release all or substantially all of the Guarantors (except to the  extent contemplated by Section 9.05 or upon discharge in full of all Obligations) or (D)  amend or modify Section 2.15;  (iii) all Lenders, change the definition of the term Required Lenders or the  percentage of Lenders which shall be required for Lenders to take any action hereunder;  (iv) each Lender that is being allocated a lesser repayment or prepayment as a  result thereof (relating to the amount of repayment or prepayment being allocated to  another Class) or that is otherwise adversely affected by such modification or  amendment, change the application of prepayments as among or between Classes or  Lenders under Section 2.10 (it being understood that if additional Classes of Loans or  additional Loans under this Agreement consented to by the Required Lenders or  additional Loans pursuant to Section 2.22 are made, such new Loans may be included on  a pro rata basis in the various prepayments required pursuant to Section 2.10); and  (v) all Lenders, reduce the percentage specified in the definition of “Required  Lenders”.  provided further, that any Collateral Document may be amended, supplemented or otherwise  modified with the consent of the applicable Grantor and the Administrative Agent to (i) add  assets (or categories of assets) to the Collateral covered by such Collateral Document or (ii)  release Collateral in respect of any Disposition thereof in compliance with the terms of this  Agreement or as provided in any Collateral Document.  (b) No such amendment or modification shall adversely affect the rights and  obligations of the Administrative Agent hereunder without its prior written consent.  (c) No notice to or demand on the Borrower or any Guarantor shall entitle the  Borrower or any Guarantor to any other or further notice or demand in the same, similar or other  circumstances.  Each assignee under Section 10.02(b) shall be bound by any amendment,  modification, waiver, or consent authorized as provided herein, and any consent by a Lender  shall bind any Person subsequently acquiring an interest on the Loans held by such Lender.  No  amendment to this Agreement shall be effective against the Borrower or any Guarantor unless  signed by the Borrower or such Guarantor, as the case may be.  (d) Notwithstanding anything to the contrary contained in Section 10.08(a), (i) in the  event that the Borrower requests that this Agreement be modified or amended in a manner which  would require the unanimous consent of all of the Lenders or the consent of all Lenders directly  

 

  10  Allegiant Revolving Credit Agreement 2022  and adversely affected thereby and, in each case, such modification or amendment is agreed to  by the Required Lenders, then the Borrower may replace any non-consenting Lender in  accordance with an assignment pursuant to Section 10.02 (and such non-consenting Lender shall  reasonably cooperate in effecting such assignment); provided that (x) such amendment or  modification can be effected as a result of the assignment contemplated by such  Section (together with all other such assignments required by the Borrower to be made pursuant  to this clause (i)) and (y) such non-consenting Lender shall have received payment of an amount  equal to the outstanding principal amount of its Loans, accrued interest thereon, accrued Fees  and all other amounts due and payable to it under this Agreement from the applicable assignee or  the Borrower; (ii) no Defaulting Lender shall have any right to approve or disapprove any  amendment, waiver or consent hereunder, except that the Commitment of such Lender may not  be increased or extended without the consent of such Lender (it being understood that the  Commitment and the outstanding Loans or other extensions of credit held or deemed held by any  Defaulting Lender shall be excluded for a vote of the Lenders hereunder requiring any consent of  the Lenders), (iii) notwithstanding anything to the contrary herein, any modifications or  amendments under any Extension Amendment entered in accordance with Section 2.23 may be  made without the consent of the Required Lenders and (iii) if the Administrative Agent and the  Borrower shall have jointly identified an obvious error or any error or omission of a technical or  immaterial nature in any provision of the Loan Documents, then the Administrative Agent and  the Borrower shall be permitted to amend such provision and such amendment shall become  effective without any further action or consent of any other party to any Loan Document if the  same is not objected to in writing by the Required Lenders within five (5) Business Days after  written notice thereof to the Lenders.  (e) In addition, notwithstanding anything to the contrary contained in Section  10.08(a), this Agreement and, as appropriate, the other Loan Documents, may be amended (or  amended and restated) with the written consent of the Required Lenders, the Administrative  Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement  (whether pursuant to Section 2.22 or otherwise) and to permit the extensions of credit from time  to time outstanding thereunder and the accrued interest and fees in respect thereof to share  ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the  accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding  such credit facilities in any determination of the Required Lenders.  (f) In addition, notwithstanding anything to the contrary contained in Section 7.01 or  Section 10.08(a), following the consummation of any Extension pursuant to Section 2.23, no  modification, amendment or waiver (including, for the avoidance of doubt, any forbearance  agreement entered into with respect to this Agreement) shall limit the right of any non-extending  Lender (each, a “Non-Extending Lender”) to enforce its right to receive payment of amounts due  and owing to such Non-Extending Lender on the applicable Maturity Date applicable to the  Loans of such Non-Extending Lenders without the prior written consent of any affected Non- Extending Lenders.  (g) It is understood that the amendment provisions of this Section 10.08 shall not  apply to extensions of the Maturity Date or the maturity date of any tranche of Commitments, in  each case, made in accordance with Section 2.23.  

 

  11  Allegiant Revolving Credit Agreement 2022  Section 10.09. Severability.  Any provision of this Agreement held to be invalid, illegal  or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of  such invalidity, illegality or unenforceability without affecting the validity, legality and  enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a  particular jurisdiction shall not invalidate such provision in any other jurisdiction.  Section 10.10. Headings.  Section headings used herein are for convenience only and are  not to affect the construction of or be taken into consideration in interpreting this Agreement.  Section 10.11. Survival.  All covenants, agreements, representations and warranties made  by the Borrower herein and in the certificates or other instruments delivered in connection with  or pursuant to this Agreement shall be considered to have been relied upon by the other parties  hereto and shall survive the execution and delivery of this Agreement and the making of any  Loans, regardless of any investigation made by any such other party or on its behalf and  notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge  of any Event of Default or incorrect representation or warranty at the time any credit is extended  hereunder.  The provisions of Sections 2.12, 2.13, 2.14, Section 8, Section 10.03 and 10.04 and  shall survive and remain in full force and effect regardless of the consummation of the  transactions contemplated hereby, the repayment of the Loans, the expiration or termination of  the Commitments, or the termination of this Agreement or any provision hereof.  Section 10.12. Execution in Counterparts; Integration; Effectiveness.  This Agreement  may be executed in counterparts (and by different parties hereto on different counterparts), each  of which shall constitute an original, but all of which when taken together shall constitute a  single contract.  This Agreement constitutes the entire agreement among the parties relating to  the subject matter hereof and supersedes any and all previous agreements and understandings,  oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this  Agreement shall become effective when it shall have been executed by the Administrative Agent  and when the Administrative Agent shall have received counterparts hereof which, when taken  together, bear the signatures of each of the other parties hereto, and thereafter shall be binding  upon and inure to the benefit of the parties hereto and their respective successors and assigns.   Delivery of an executed counterpart of a signature page of this Agreement by telecopy or  electronic .pdf copy shall be effective as delivery of a manually executed counterpart of this  Agreement.  Section 10.13. USA Patriot Act.  Each Lender that is subject to the requirements of the  Patriot Act hereby notifies the Borrower and each Guarantor that pursuant to the requirements of  the Act, it is required to obtain, verify and record information that identifies the Borrower and  each Guarantor, which information includes the name and address of the Borrower and each  Guarantor and other information that will allow such Lender to identify the Borrower and each  Guarantor in accordance with the Patriot Act.  Section 10.14. New Value.  It is the intention of the parties hereto that any provision of  Collateral by a Grantor as a condition to, or in connection with, the making of any Loan, shall be  made as a contemporaneous exchange for new value given by the Lenders to the Borrower.  

 

  12  Allegiant Revolving Credit Agreement 2022  Section 10.15. WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT  IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR  INDIRECTLY ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS  OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES  THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS  REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD  NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER  AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE  BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,  THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 10.15.  Section 10.16. No Fiduciary Duty.  The Administrative Agent, each Lender and their  Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have  economic interests that conflict with those of the Borrower, its stockholders and/or its affiliates.   The Borrower agrees that nothing in the Loan Documents or otherwise related to the  Transactions will be deemed to create an advisory, fiduciary or agency relationship or fiduciary  or other implied duty between any Lender, on the one hand, and the Borrower, its stockholders  or its affiliates, on the other hand.  The parties hereto acknowledge and agree that (i) the  transactions contemplated by the Loan Documents (including the exercise of rights and remedies  hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the  one hand, and the Borrower and the Guarantors, on the other hand, and (ii) in connection  therewith and with the process leading thereto, (x) no Lender has assumed an advisory or  fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect to  the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto)  or the process leading thereto (irrespective of whether any Lender has advised, is currently  advising or will advise the Borrower, its stockholders or its affiliates on other matters) or any  other obligation to the Borrower except the obligations expressly set forth in the Loan  Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of  the Borrower, its management, stockholders, affiliates, creditors or any other Person.  The  Borrower acknowledges and agrees that the Borrower has consulted its own legal and financial  advisors to the extent it deemed appropriate and that it is responsible for making its own  independent judgment with respect to such transactions and the process leading thereto.  The  Borrower agrees that it will not claim that any Lender has rendered advisory services of any  nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such  transaction or the process leading thereto.  Section 10.17. Intercreditor Agreements.  Notwithstanding anything to the contrary  contained in this Agreement, if at any time the Administrative Agent shall enter into (or shall  have entered into) any intercreditor agreement pursuant to and as permitted by the terms of this  Agreement (any such intercreditor agreement an “Intercreditor Agreement”) and such  Intercreditor Agreement shall remain outstanding, the rights granted to the Secured Parties  hereunder and under the other Loan Documents, the lien and security interest granted to the  Administrative Agent pursuant to this Agreement or any other Loan Document and the exercise  of any right or remedy by the Administrative Agent hereunder or under any other Loan  Document shall be subject to the terms and conditions of such Intercreditor Agreement.  In the  

 

  13  Allegiant Revolving Credit Agreement 2022  event of any conflict between the terms of this Agreement, any other Loan Document and such  Intercreditor Agreement, the terms of such Intercreditor Agreement shall govern and control with  respect to any right or remedy, and no right, power or remedy granted to the Administrative  Agent hereunder or under any other Loan Document shall be exercised by the Administrative  Agent, and no direction shall be given by the Administrative Agent, in contravention of such  Intercreditor Agreement.  Section 10.18. Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other  agreement, arrangement or understanding among any such parties, each party hereto  acknowledges that any liability of any Affected Financial Institution arising under any Loan  Document, to the extent such liability is unsecured, may be subject to the write-down and  conversion powers of the applicable Resolution Authority and agrees and consents to, and  acknowledges and agrees to be bound by:  (a) the application of any Write-Down and Conversion Powers by the applicable  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any  party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-in Action on any such liability, including, if applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected  Financial Institution, its parent undertaking,  or a bridge institution that may be issued to it or otherwise conferred on it, and that such  shares or other instruments of ownership will be accepted by it in lieu of any rights with  respect to any such liability under this Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise  of the write-down and conversion powers of the applicable Resolution Authority.  Section 10.19. Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became a  Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party  hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or  any of its Subsidiaries, that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of Section  3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the  Commitments or this Agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain transactions determined by independent qualified  professional asset managers), PTE 95-60 (a class exemption for certain transactions  

 

  14  Allegiant Revolving Credit Agreement 2022  involving insurance company general accounts), PTE 90-1 (a class exemption for certain  transactions involving insurance company pooled separate accounts), PTE 91-38 (a class  exemption for certain transactions involving bank collective investment funds) or PTE  96-23 (a class exemption for certain transactions determined by in-house asset managers),  is applicable with respect to such Lender’s entrance into, participation in, administration  of and performance of the Loans, the Commitments and this Agreement,  (iii) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such  Qualified Professional Asset Manager made the investment decision on behalf of such  Lender to enter into, participate in, administer and perform the Loans, the Commitments  and this Agreement, (C) the entrance into, participation in, administration of and  performance of the Loans, the Commitments and this Agreement satisfies the  requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best  knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are  satisfied with respect to such Lender’s entrance into, participation in, administration of  and performance of the Loans, the Commitments and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed in  writing between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause  (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty  and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such  Lender further (x) represents and warrants, as of the date such Person became a Lender party  hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and  not, for the avoidance of doubt, to or for the benefit of the Borrower or any of its Subsidiaries,  that the Administrative Agent is not a fiduciary with respect to the assets of such Lender  involved in such Lender’s entrance into, participation in, administration of and performance of  the Loans, the Commitments and this Agreement (including in connection with the reservation or  exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or  any documents related hereto or thereto). 

 

 

 

 

 

Allegiant Revolving Credit Agreement 2022  BARCLAYS BANK PLC, as a Lender  By:  Name: Charlene Saldanha Title: Vice President 

 

Allegiant Revolving Credit Agreement 2022  BARCLAYS BANK PLC, as a Lender  By:  Name: Charlene Saldanha Title: Vice President 

 

  Allegiant Revolving Credit Agreement 2022  ANNEX A  to Credit and Guaranty Agreement  LENDERS AND COMMITMENTS  A. Commitments  Lender Commitment  Barclays Bank PLC $75,000,000     TOTAL:  $75,000,000    B. Lender Notices  Barclays Bank PLC  745 Seventh Avenue  New York, New York 10019     

 

  Allegiant Revolving Credit Agreement 2022  EXHIBIT A  to Credit and Guaranty Agreement  INITIAL GUARANTORS  AFH, Inc.  Allegiant Air, LLC  Allegiant Commercial Properties, Inc.   Allegiant Vacations, LLC  G4 Properties, LLC  G4 Works, LLC  Sunrise Asset Management, LLC    

 

EXHIBIT B  76968487_2  #4836-3429-2099v4    FORM OF INSTRUMENT OF ASSUMPTION AND JOINDER  TO CREDIT AND GUARANTY AGREEMENT  ASSUMPTION AND JOINDER AGREEMENT dated as of [____] (the “Assumption  Agreement”) made by [______] a [Insert State of Organization] [corporation, limited  partnership or limited liability company] (the “Company”) for the benefit of the Secured Parties  (as such term is defined in that certain Revolving Credit and Guaranty Agreement, dated as of [●],  2022 (as amended, restated, amended and restated, supplemented, modified or extended from time  to time in accordance with its terms, the “Credit Agreement”), among Allegiant Travel Company,  as Borrower, its subsidiaries party thereto from time to time, the Lenders party thereto, and  Barclays Bank plc, as Administrative Agent.  Capitalized terms used but not defined herein shall  have the meanings given to such terms in the Credit Agreement.   W I T N E S S E T H:  The Company is a [Insert State of Organization] [corporation, limited partnership or  limited liability company], and is a Subsidiary of Borrower.  Pursuant to Section 5.11 of the  Credit Agreement, the Company is required to execute this document.   NOW, THEREFORE, in consideration of the premises and other good and valuable  consideration, the receipt of which is hereby acknowledged, the Company hereby agrees as  follows:   SECTION 1.  Assumption and Joinder.  The Company hereby agrees to perform and  observe each and every one of the covenants and agreements and hereby assumes the obligations  and liabilities of [(i)] a Guarantor under the Credit Agreement applicable to the Company as a  Guarantor thereunder[, and (ii) a Grantor under the Collateral Documents, to which it is a  party] (any such document, a “Company Security Document”), in each case applicable to the  Company as a Grantor thereunder].1  By virtue of the foregoing, the Company hereby accepts  and assumes any liability of [(x)] a Guarantor related to each representation or warranty, covenant  or obligation made by a Guarantor in the Credit Agreement, and hereby expressly affirms in all  material respects, as of the date hereof, each of such representations, warranties, covenants and  obligations as they apply to the Company, [and (y) a Grantor related to each representation or  warranty, covenant or obligation made by a Grantor in each Company Security Document,  and hereby expressly affirms in all material respects, as of the date hereof, each of such  representations, warranties, covenants and obligations as they apply to the Company].2   (a) Guarantee.  (i) All references to the term “Guarantor” in the Credit Agreement, or  in any document or instrument executed and delivered or furnished, or to be executed and delivered    1. Include reference to applicable Collateral Documents to the extent that the Company intends  to pledge collateral contemporaneous with the delivery of this Assumption Agreement.  2. Include to the extent that the Company intends to pledge collateral contemporaneous with the  delivery of this Assumption Agreement.  

 

  2  #4836-3429-2099v4  or furnished, in connection therewith shall be deemed to be references to, and shall include, the  Company, in each case as of and after the date hereof.   (ii) The Company, as Guarantor, hereby joins in and agrees to be bound by each  and all of the provisions of the Credit Agreement, as of the date hereof, as a Guarantor thereunder,  including without limitation, Section 9 thereof with the same force and effect as if originally  referred to therein as a Guarantor.   [(b) Collateral Documents.  (i) All references to the term “Grantor” in each  Company Security Document, or in any document or instrument executed and delivered or  furnished, or to be executed and delivered or furnished, in connection therewith shall be  deemed to be references to, and shall include, the Company as of and after the date hereof.   (ii) The Company, as Grantor, hereby joins in and agrees to be bound by each and  all of the provisions of each Company Security Document, as of the date hereof, with the  same force and effect as if originally referred to therein as a Grantor.]3   SECTION 2.  Representations and Warranties.  The Company hereby represents and  warrants to the Administrative Agent, the Issuing Lender and the Secured Parties as follows:   (a) The Company has the requisite [corporate, partnership or limited liability  company] power and authority to enter into this Assumption Agreement and to perform its  obligations hereunder and under the Loan Documents to which it is a party.  The execution,  delivery and performance of this Assumption Agreement by the Company and the performance of  its obligations hereunder and under the Loan Documents to which it is a party, have been duly  authorized by all necessary [corporate, partnership or limited liability company] action,  including the consent of shareholders, partners or members where required.  This Assumption  Agreement has been duly executed and delivered by the Company.  This Assumption Agreement  and the Loan Documents to which it is a party each constitutes a legal, valid and binding obligation  of the Company enforceable against the Company in accordance with its respective terms, subject  to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting  creditors’ rights generally and subject to general principles of equity, regardless of whether  considered in a proceeding in equity or at law.   (b) [The Company has delivered or has caused to be delivered to the Administrative  Agent any and all schedules and documents required under each Company Security  Document].4   SECTION 3.  Binding Effect.  This Assumption Agreement shall be binding upon the  Company and shall inure to the benefit of the Secured Parties and their respective successors and  assigns.     3. Include to the extent that the Company intends to pledge collateral contemporaneous with the  delivery of this Assumption Agreement.  4. Include to the extent that the Company intends to pledge collateral contemporaneous with the  delivery of this Assumption Agreement.  

 

  3  #4836-3429-2099v4  SECTION 4.  GOVERNING LAW.  THIS ASSUMPTION AGREEMENT SHALL BE  CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE  OF NEW YORK.   SECTION 5.  Counterparts.  This Assumption Agreement may be executed in any number  of counterparts, each of which when so executed and delivered shall constitute an original for all  purposes, but all such counterparts taken together shall constitute but one and the same instrument.  Any signature delivered by a party by facsimile or .pdf electronic transmission shall be deemed to  be an original signature thereto.   [Signature Pages Follow]  

 

  Signature Page to Assumption Agreement  #4836-3429-2099v4  IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be  duly executed and delivered by its duly authorized officer as of the date first above written.   [NAME OF COMPANY]  By:   Name:        Title:          

 

  Signature Page to Assumption Agreement  5  #4836-3429-2099v4  ACKNOWLEDGED AND AGREED:   BARCLAYS BANK PLC  as Administrative Agent   By:   Name:   Title:       

 

  EXHIBIT C  #4836-3429-2099v4  FORM OF  ASSIGNMENT AND ACCEPTANCE  This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the  Effective Date set forth below and is entered into between the Assignor named below (the  “Assignor”) and the Assignee named below (the “Assignee”).  Capitalized terms used but not  defined herein shall have the meanings given to them in the Credit and Guaranty Agreement  identified below (as amended, restated, amended and restated, supplemented, modified or extended  from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged  by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are  hereby agreed to and incorporated herein by reference and made a part of this Assignment and  Acceptance as if set forth herein in full.   For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject  to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the  Effective Date inserted by the Administrative Agent below (i) all of the Assignor’s rights and  obligations in its capacity as a Lender under the Credit Agreement and any other documents or  instruments delivered pursuant thereto to the extent related to the amount and percentage interest  identified below of all of such outstanding rights and obligations of the Assignor under each of the  Facility identified below (including any letters of credit and guarantees included in such Facility)  and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of  action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether  known or unknown, arising under or in connection with the Credit Agreement, any other  documents or instruments delivered pursuant thereto or the loan transactions governed thereby or  in any way based on or related to any of the foregoing, including contract claims, tort claims,  malpractice claims, statutory claims and all other claims at law or in equity related to the rights  and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and  assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned  Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly  provided in this Assignment and Acceptance, without representation or warranty by the Assignor.   1. Assignor: ______________________________   2. Assignee: ______________________________    [and is an Affiliate/Approved Fund of [identify Lender]5]   3. Borrower: Allegiant Travel Company   4. Administrative Agent: Barclays Bank PLC, as administrative agent under the Credit  Agreement   5. Credit Agreement: The Credit and Guaranty Agreement dated as of [●], 2022, among  Allegiant Travel Company, as Borrower, its subsidiaries party    5. Select as applicable.  

 

7  #4836-3429-2099v4  thereto from time to time, the Lenders party thereto, and Barclays  Bank plc, as Administrative Agent.  6. Assigned Interest:      Facility  Assigned  Aggregate Amount of  Commitment/Loans  for all Lenders  Amount of  Commitment/Loans  Assigned  Percentage Assigned  of  Commitment/Loans6  CUSIP  Number   (if any)   $ $ %     Effective Date: ______________, 20__ [TO BE INSERTED BY ADMINISTRATIVE AGENT  AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN  THE REGISTER THEREFOR.]   The Assignee agrees to deliver to the Administrative Agent a completed administrative  questionnaire in which the Assignee designates one or more credit contacts to whom all  syndicate-level information (which may contain material non-public information about the  Borrower, the Guarantors and their Affiliates or their respective securities) will be made  available and who may receive such information in accordance with the Assignee’s compliance  procedures and applicable laws, including Federal and state securities laws.    The terms set forth in this Assignment and Acceptance are hereby agreed to:   ASSIGNOR      NAME OF ASSIGNOR   By:   Name:   Title:   ASSIGNEE  NAME OF ASSIGNOR   By:   Name:   Title:     6. Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders.  

 

8  #4836-3429-2099v4  Consented to and Accepted:   BARCLAYS BANK PLC., as Administrative Agent   By:   Name:   Title:   Consented to:7  [ALLEGIANT TRAVEL COMPANY, as Borrower]   By:   Name:   Title:        7. If such consent is required under the Credit Agreement.  

 

  #4836-3429-2099v4  ANNEX 1   The Credit and Guaranty Agreement dated as of [●], 2019 (as amended, restated,  amended and restated, supplemented, modified or extended from time to time, the  “Credit Agreement”), among Allegiant Travel Company, as Borrower, its  subsidiaries party thereto from time to time, the Lenders party thereto, and Barclays  Bank plc, as Administrative Agent..   STANDARD TERMS AND CONDITIONS FOR  ASSIGNMENT AND ACCEPTANCE  1.  Representations and Warranties.   1.1  Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and  beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,  encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all  action necessary, to execute and deliver this Assignment and Acceptance and to consummate the  transactions contemplated hereby and (b) assumes no responsibility with respect to (i) any  statements, warranties or representations made in or in connection with the Credit Agreement or  any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,  sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial  condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in  respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its  Subsidiaries or Affiliates or any other Person of any of their respective obligations under any  Loan Document.   1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power  and authority, and has taken all action necessary, to execute and deliver this Assignment and  Acceptance and to consummate the transactions contemplated hereby and to become a Lender  under the Credit Agreement, (ii) it is an Eligible Assignee and otherwise satisfies the  requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in  order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective  Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to  the extent of the Assigned Interest, shall have the obligations of a Lender thereunder and (iv) it  has received a copy of the Credit Agreement, together with copies of the most recent financial  statements delivered pursuant to Sections 5.01 (a) and (b) thereof, and such other documents and  information as it has deemed appropriate to make its own credit analysis and decision to enter  into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which  it has made such analysis and decision independently and without reliance on the Administrative  Agent or any other Lender and (b) agrees that (i) it will, independently and without reliance on  the Administrative Agent, the Assignor or any other Lender, and based on such documents and  information as it shall deem appropriate at the time, continue to make its own credit decisions in  taking or not taking action under the Loan Documents and (ii) it will perform in accordance with  their terms all of the obligations which by the terms of the Loan Documents are required to be  performed by it as a Lender.   

 

10  #4836-3429-2099v4  2.  Payments.  From and after the Effective Date, the Administrative Agent shall  make all payments in respect of the Assigned Interest (including payments of principal, interest,  fees and other amounts) to the Assignor for amounts which have accrued to but excluding the  Effective Date and to the Assignee for amounts which have accrued from and after the Effective  Date.   3.  General Provisions.  This Assignment and Acceptance shall be binding upon,  and inure to the benefit of, the parties hereto and their respective successors and assigns.  The  Borrower and the Guarantors are express third-party beneficiaries of this Assignment and  Acceptance.  This Assignment and Acceptance may be executed in any number of counterparts,  which together shall constitute one instrument.  Delivery of an executed counterpart of a  signature page of this Assignment and Acceptance by email or telecopy shall be effective as  delivery of a manually executed counterpart of this Assignment and Acceptance.  This  Assignment and Acceptance shall be governed by and construed in accordance with the law of  the State of New York.     

 

EXHIBIT D  #4836-3429-2099v4  Form of Loan Request and Interest Election Request    Barclays Bank plc  as Administrative Agent  [_____]  Attention: [_____]  Via facsimile: [_____]  Via email: [_____]    Re: Credit and Guaranty Agreement  Ladies and Gentlemen:  We refer to the Revolving Credit and Guaranty Agreement, to be dated on or about [__],  2022 (as amended, restated, amended and restated, supplemented, modified or extended from  time to time, the “Credit Agreement”), among Allegiant Travel Company, as Borrower, its  subsidiaries party thereto from time to time, the Lenders party thereto, and Barclays Bank plc, as  Administrative Agent.  Capitalized terms used but not defined herein shall have the respective  meanings set forth in the Credit Agreement.  [We hereby give you notice requesting a Loan  pursuant to Section 2.02 of the Credit Agreement, and in that connection we set forth below the  required information relating to such Loan (the “Requested Loan”)][We hereby give you notice  that we wish to make an Interest Election Request [to convert [ABR][SOFR] Loans to  [SOFR][ABR]] (the “Converting Loans”) [and] [to elect an Interest Period of [____] for SOFR  Loans] pursuant to Section 2.04 of the Credit Agreement]:  (1) The aggregate principal amount of the [Requested Loan][Converting  Loans][SOFR Loans] is $[__].  (2) [The Business Day the Requested Loan shall be made is [__] (“Expected Funding  Date”)][The Business Day this Interest Election Request shall become effective is  [___]].  (3) The [Requested Loan][Converting Loans] shall be a [ABR/SOFR] Loan.  (4) [The [initial] Interest Period applicable to the [requested] [SOFR  Loans][Converting Loans] shall be [___]]8.  (5) The Requested Loan shall be paid to the following account:  [Account information to come.]       8 To be included in the case of a SOFR Loan.  

 

12  [Signature Page to Loan Request]  #4836-3429-2099v4   Very truly yours,    ALLEGIANT TRAVEL COMPANY, as  Borrower        By:    Name:   Title:   

 

EXHIBIT E  #4836-3429-2099v4      Form of Prepayment Notice    [DATE]    To: Barclays Bank plc  as Administrative Agent       [_____]  Attention: [_____]  Via facsimile: [_____]  Via email: [_____]      Ladies and Gentlemen:    Reference is made to Credit and Guaranty Agreement, to be dated on or about [__], 2022  (as amended, restated, amended and restated, supplemented, modified or extended from time to  time, the “Credit Agreement”), among Allegiant Travel Company, as Borrower, its subsidiaries  party thereto from time to time, the Lenders party thereto, and Barclays Bank plc, as  Administrative Agent.  Capitalized terms used but not defined herein shall have the respective  meanings set forth in the Credit Agreement.     The Borrower hereby notifies the Administrative Agent, the that the Borrower shall prepay  [in part/in whole] the Loans outstanding under the Loan Agreement pursuant to Section  [2.10([__])][2.11] of the Loan Agreement in an amount equal to $[__________] (the “Prepayment  Amount”) on [___], 20[__] (the “Prepayment Date”).  The Prepayment Amount shall be applied  in accordance with Section 2.15(b) Credit Agreement.  The Prepayment Amount shall be paid in  Dollars in immediately available funds.    [The Borrower hereby acknowledges that (i) this request for prepayment is irrevocable,  subject to Section 2.11(c) of the Credit Agreement, and commits the Borrower to prepay the Loans  as indicated above, and (ii) that all prepayments requested pursuant to this notice shall comply  with the Credit Agreement.]9            9 To be included for optional prepayments pursuant to Section 2.11.  

 

  [Signature Page to Prepayment Notice]  #4836-3429-2099v4          ALLEGIANT TRAVEL COMPANY, as Borrower      By:     Name:   Title:  :Exhibit 10.1

 

COMMON STOCK PURCHASE AGREEMENT 

 

This COMMON STOCK PURCHASE AGREEMENT is made and entered into
as of August 16, 2022 (this “Agreement”), by and between CF Principal Investments LLC, a Delaware limited liability
company (the “Investor”), and SoundHound AI, Inc., a Delaware corporation (the “Company”).

 

RECITALS 

 

WHEREAS, the parties desire that, upon the terms and subject
to the conditions and limitations set forth herein, the Company may issue and sell to the Investor, from time to time as provided herein,
and the Investor shall purchase from the Company, up to the lesser of (i) 25,000,000 of newly issued shares of the Company’s Class
A common stock, par value $0.0001 per share (the “Common Stock”), and (ii) the Exchange Cap (to the extent applicable
under Section 3.3);

 

WHEREAS, such sales of Common Stock by the Company to the Investor
will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act (“Section 4(a)(2)”) and/or
Rule 506(b) of Regulation D promulgated by the Commission under the Securities Act (“Regulation D”), and upon
such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the issuances
and sales of Common Stock by the Company to the Investor to be made hereunder;

 

WHEREAS, the parties hereto are concurrently entering into a
Registration Rights Agreement in the form attached as Exhibit A hereto (the “Registration Rights Agreement”),
pursuant to which the Company shall register the resale of the Registrable Securities (as defined in the Registration Rights Agreement),
upon the terms and subject to the conditions set forth therein;

 

WHEREAS, in consideration for the Investor’s execution
and delivery of this Agreement, the Company shall issue the Upfront Commitment Fee to the Investor, by transfer of the Commitment Shares,
on the Commencement Date, pursuant to and in accordance with Section 10.1(ii); and

 

WHEREAS, the Company acknowledges that the Investor is an Affiliate
of the Cantor Fitzgerald group of entities, and its Affiliate, Cantor Fitzgerald & Co. (“CF&CO”), is
acting as Investor’s representative in connection with the transactions contemplated hereby.

 

NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Capitalized terms used in this Agreement shall have the meanings ascribed
to such terms in Annex I hereto, and hereby made a part hereof, or as otherwise set forth in this Agreement.

 

     

     

    

 

ARTICLE II

PURCHASE AND SALE OF COMMON STOCK

 

Section
2.1. Purchase and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, during the Investment
Period, the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the
Investor shall purchase from the Company, up to the lesser of (i) 25,000,000 (the “Total Commitment”) of duly
authorized, validly issued, fully paid and non-assessable shares of Common Stock (as appropriately adjusted to reflect any stock split,
stock dividend or other change in the shares of Common Stock which may be made by the Company after the date of this Agreement) and (ii)
the Exchange Cap, to the extent applicable under Section 3.3 (such lesser amount of shares of Common Stock, the “Aggregate
Limit”), by the delivery to the Investor of VWAP Purchase Notices as provided in Article III.

 

Section
2.2. Closing Date; Settlement Dates. This Agreement shall become effective and binding (the “Closing”)
upon the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties
hereto and thereto. In consideration of and in express reliance upon the representations, warranties and covenants contained in, and upon
the terms and subject to the conditions of, this Agreement, during the Investment Period, the Company, at its sole option and discretion,
may issue and sell to the Investor, and, if the Company elects to so issue and sell, the Investor shall purchase from the Company, the
Shares in respect of each VWAP Purchase (as defined below). The delivery of Shares in respect of each VWAP Purchase, and the payment for
such Shares, shall occur in accordance with Section 3.2, provided that all of the conditions precedent in Article VII shall have
been fulfilled at the applicable times set forth in Article VII.

 

Section
2.3. Initial Public Announcements and Required Filings. The Company shall, within the time period required by
the Exchange Act, file with the Commission a Current Report on Form 8-K disclosing the execution of this Agreement and the Registration
Rights Agreement by the Company and the Investor and describing the material terms thereof, including, without limitation, terms and conditions
for delivery of the Commitment Shares deliverable by the Company to the Investor in accordance with Section 10.1(ii), and attaching as
exhibits thereto copies of each of this Agreement and the Registration Rights Agreement (including all exhibits thereto, the “Current
Report”). The Company shall provide the Investor and its legal counsel a reasonable opportunity to comment on a draft of the Current
Report prior to filing the Current Report with the Commission and shall give due consideration to all such comments. From and after the
filing of the Current Report with the Commission, the Company shall have publicly disclosed all material, nonpublic information delivered
to the Investor (or the Investor’s representatives or agents) by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees, agents or representatives (if any) in connection with the transactions contemplated by the Transaction
Documents. The Company shall use its reasonable best efforts to prepare and, as soon as practicable, file with the Commission the Initial
Registration Statement and any New Registration Statement covering only the resale by the Investor of the Registrable Securities in accordance
with the Securities Act and the Registration Rights Agreement. At or before 8:30 a.m. (New York City time) on the second (2nd) Trading
Day immediately following the Effective Date of the Initial Registration Statement and any New Registration Statement (or any post-effective
amendment thereto), the Company shall use its reasonable best efforts to file with the Commission in accordance with Rule 424(b) under
the Securities Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement (or post-effective
amendment thereto).

 

    2

     

    

 

ARTICLE III

PURCHASE TERMS

 

Subject to the satisfaction of the conditions set forth in Article
VII, the parties agree as follows:

 

Section
3.1. VWAP Purchases. Upon the initial satisfaction of all of the conditions set forth in Section 7.2 (the “Commencement”
and the date of initial satisfaction of all of such conditions, the “Commencement Date”) and from time to time
thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the
obligation, to direct the Investor, by its timely delivery to the Investor of a VWAP Purchase Notice, in substantially the form attached
hereto as Exhibit D, after 6:00 a.m., New York City time, but prior to 9:00 a.m., New York City time, on a VWAP Purchase Date,
to purchase a number of Shares equal to the applicable VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum
Amount, at the applicable VWAP Purchase Price therefor on such VWAP Purchase Date in accordance with this Agreement (each such purchase,
a “VWAP Purchase”). In addition, the Investor may, in its sole discretion, accept a VWAP Purchase Notice after
9:00 a.m., New York City time, on a VWAP Purchase Date, provided that such acceptance, once provided, shall be irrevocable and binding
and the Company’s obligation to deliver the Shares that are the subject of such VWAP Purchase Notice shall be binding; provided
that, if the Investor does not accept a VWAP Purchase Notice that is delivered after 9:00 a.m., New York City time, such VWAP Purchase
Notice shall be deemed to be null and void. The Investor may also, in its sole discretion, accept additional VWAP Purchase Notices within
a Trading Day, in which case any prior VWAP Purchase Notice accepted by the Investor in such Trading Day shall be null, void, superseded
and replaced in its entirety by such subsequent VWAP Purchase Notice. The Company may timely deliver a VWAP Purchase Notice to the Investor
as often as every Trading Day (and may deliver multiple VWAP Purchase Notices in any given day, it being understood that a subsequent
VWAP Purchase Notice will supersede and replace all earlier VWAP Purchase Notices delivered within the same Trading Day in their entirety),
so long as (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding such Trading Day is not less than the
Threshold Price, and (ii) all Shares subject to all prior VWAP Purchases theretofore required to have been received by the Investor as
DWAC Shares under this Agreement have been delivered to the Investor as DWAC Shares in accordance with this Agreement. The Investor is
obligated to accept each VWAP Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the
satisfaction of the conditions contained in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor to
purchase a number of Shares that is in excess of the applicable VWAP Purchase Maximum Amount, such VWAP Purchase Notice shall be void
ab initio to the extent of the amount by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds such
applicable VWAP Purchase Maximum Amount, and the Investor shall have no obligation to purchase such Excess Shares in respect of such VWAP
Purchase Notice; provided, however, that the Investor shall remain obligated to purchase the applicable VWAP Purchase Maximum
Amount in such VWAP Purchase. Notwithstanding anything in this paragraph to the contrary, in the case where the Sale Price falls below
the Threshold Price during a Trading Day, the VWAP Purchase Amount shall be calculated using (i) the VWAP Purchase Share Percentage of
the aggregate shares traded on the Principal Market for such portion of the VWAP Purchase Date the Sale Price is not below the Threshold
Price and (ii) a VWAP Purchase Price calculated using the volume weighted average price of Common Stock sold during such portion of the
VWAP Purchase Date the Sale Price is not below the Threshold Price. Each VWAP Purchase Notice must include a VWAP Purchase Share Estimate.
Each VWAP Purchase Notice must be accompanied by irrevocable instructions to the Company’s Transfer Agent to immediately issue and
deliver to the Investor an amount of Common Stock equal to the VWAP Purchase Share Estimate. In no event shall the Investor purchase (or
be deemed to have purchased), pursuant to any VWAP Purchase, a number of Shares constituting the applicable VWAP Purchase Share Amount
that exceeds the VWAP Purchase Share Estimate issued on the VWAP Purchase Date in connection with such VWAP Purchase Notice; however,
the Investor will promptly instruct the Transfer Agent to return to the Company any Shares issued pursuant to the VWAP Purchase Share
Estimate that exceeds the number of Shares constituting the applicable VWAP Purchase Share Amount the Investor actually purchases in connection
with such VWAP Purchase (such amount, the “Excess Shares”). Alternatively, if the Transfer Agent does not return
the Excess Shares to the Company on the VWAP Purchase Date in accordance with the Investor’s instructions, or if otherwise instructed
in writing by the Company, Investor may retain such Excess Shares (provided Investor will not be deemed to have purchased such Excess
Shares), and such Excess Shares will be deemed pre-delivered Shares that will reduce the number of Shares required to be delivered by
the Company in accordance with this section on the next VWAP Purchase Date in connection with the next VWAP Purchase Notice. At or prior
to 5:30 p.m., New York City time, on the VWAP Purchase Date for each VWAP Purchase, the Investor shall provide to the Company a written
confirmation for such VWAP Purchase setting forth the applicable VWAP Purchase Price per Share to be paid by the Investor in such VWAP
Purchase, and the total aggregate VWAP Purchase Price to be paid by the Investor for the total VWAP Purchase Share Amount purchased by
the Investor in such VWAP Purchase. Notwithstanding the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor
during the Post-Effective Amendment Period.

 

    3

     

    

 

Section
3.2. Settlement. For each VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to the
product of (i) the total number of Shares purchased by the Investor in such VWAP Purchase and (ii) the applicable VWAP Purchase Price
for such Shares (the “VWAP Purchase Amount”), as full payment for such Shares purchased by the Investor in such
VWAP Purchase, via wire transfer of immediately available funds, not later than 5:00 p.m., New York City time, on the second (2nd) Trading
Day following the applicable VWAP Purchase Share Delivery Date for such VWAP Purchase, provided the Investor shall have timely received,
as DWAC Shares, all of such Shares purchased by the Investor in such VWAP Purchase on such VWAP Purchase Share Delivery Date in accordance
with the first sentence of this Section 3.2. If the Investor fails to pay the VWAP Purchase Amount when due, the Investor will return
the DWAC Shares to the Company. If the Company or the Transfer Agent shall fail for any reason to deliver to the Investor, as DWAC Shares,
any Shares purchased by the Investor in a VWAP Purchase prior to 10:30 a.m., New York City time, on the Trading Day immediately following
the date of the applicable VWAP Purchase Share Notice (the “Share Delivery Deadline”) for such VWAP Purchase,
and if on or after such Trading Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver
in satisfaction of a sale by the Investor of such Shares that the Investor anticipated receiving from the Company on such VWAP Purchase
Share Delivery Date in respect of such VWAP Purchase, then the Company shall, within one (1) Trading Day after the Investor’s request,
either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased (the “Cover Price”), at which point the Company’s
obligation to deliver such Shares as DWAC Shares (and the Investor’s obligation to purchase such Shares from the Company) shall
terminate, or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in
an amount equal to the excess (if any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement
for all of the Shares purchased by the Investor in such VWAP Purchase; provided, however, that the Investor agrees to use its commercially
reasonable efforts to purchase shares of Common Stock in respect of the Cover Price only in normal brokerage transactions at the prevailing
price per share of Common Stock then available. The Company shall not issue any fraction of a share of Common Stock to the Investor in
connection with any VWAP Purchase effected pursuant to this Agreement. If the issuance would result in the issuance of a fraction of a
share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All payments
to be made by the Investor pursuant to this Agreement shall be made by wire transfer of immediately available funds to such account as
the Company may from time to time designate by written notice to the Investor in accordance with the provisions of this Agreement.

 

Section
3.3. Compliance with Rules of Principal Market.

 

(i) Exchange Cap. The Company
shall not issue or sell any shares of Common Stock pursuant to this Agreement, and the Investor shall not purchase or acquire any shares
of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock
that would be issued pursuant to this Agreement and the transactions contemplated hereby would exceed 39,365,804 shares of Common Stock
(representing 19.99% of the voting power or number of shares of Common Stock, issued and outstanding immediately prior to the execution
of this Agreement), which number of shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued
or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by this Agreement
under applicable rules of the Principal Market (such maximum number of shares, the “Exchange Cap”), unless the
Company’s stockholders have approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance
with the applicable rules of the Principal Market. For the avoidance of doubt, the Company may, but shall be under no obligation to, request
its stockholders to approve the issuance of Common Stock pursuant to this Agreement; provided, that if such stockholder approval
is not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated hereby at all
times during the term of this Agreement.

 

(ii) General. The Company
shall not issue or sell any shares of Common Stock pursuant to this Agreement if such issuance or sale would reasonably be expected to
result in (a) a violation of the Securities Act or (b) a breach of the rules of the Principal Market. The provisions of this Section 3.3
shall not be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3 unless necessary to ensure
compliance with the Securities Act and the applicable rules of the Principal Market.

 

Section
3.4. Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the
Company shall not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which,
when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its Affiliates (as calculated pursuant
to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor
and its Affiliates (on an aggregated basis) of more than 4.99% of the outstanding voting power or shares of Common Stock (the “Beneficial
Ownership Limitation”). Upon the written or oral request of the Investor, the Company shall promptly (but not later than
the next business day on which the Transfer Agent is open for business) confirm orally or in writing to the Investor the number of shares
of Common Stock then outstanding. The Investor and the Company shall each cooperate in good faith in the determinations required under
this Section 3.4 and the application of this Section 3.4. The Investor’s written certification to the Company of the applicability
of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive with respect to the
applicability thereof and such result absent manifest error. The provisions of this Section 3.4 shall not be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 3.4 unless necessary to properly give effect to the limitations
contained in this Section 3.4.

 

    4

     

    

 

ARTICLE IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

 

The Investor hereby makes the following representations, warranties
and covenants to the Company:

 

Section
4.1. Organization and Standing of the Investor. The Investor is a limited liability company duly formed, validly
existing and in good standing under the laws of the State of Delaware.

 

Section
4.2. Authorization and Power. The Investor has the requisite corporate power and authority to enter into and
perform its obligations under this Agreement and the Registration Rights Agreement and to purchase or acquire the Shares in accordance
with the terms hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action, and
no further consent or authorization of the Investor or its sole member is required. Each of this Agreement and the Registration Rights
Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor enforceable
against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation, conservatorship, receivership, or similar laws relating to, or affecting generally the enforcement of, creditor’s
rights and remedies or by other equitable principles of general application (including any limitation of equitable remedies).

 

Section
4.3. No Conflicts. The execution, delivery and performance by the Investor of this Agreement and the Registration
Rights Agreement and the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result
in a violation of such Investor’s applicable organizational instruments, (ii) conflict with, constitute a default (or an event which,
with notice or lapse of time or both, would become a default) under, or give rise to any rights of termination, amendment, acceleration
or cancellation of, any material agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation
to which the Investor is a party or is bound, or (iii) result in a violation of any federal, state, local or foreign statute, rule, or
regulation, or any order, judgment or decree of any court or governmental agency applicable to the Investor or by which any of its properties
or assets are bound or affected, except, in the case of clauses (ii) and (iii), for such conflicts, defaults, terminations, amendments,
acceleration, cancellations and violations as would not, individually or in the aggregate, prohibit or otherwise interfere with, in any
material respect, the ability of the Investor to enter into and perform its obligations under this Agreement and the Registration Rights
Agreement. The Investor is not required under any applicable federal, state or local law, rule or regulation to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform
any of its obligations under this Agreement and the Registration Rights Agreement or to purchase or acquire the Shares in accordance with
the terms hereof, other than as may be required by the Financial Industry Regulatory Authority Inc. (“FINRA”);
provided, however, that for purposes of the representation made in this sentence, the Investor is assuming and relying upon
the accuracy of the relevant representations and warranties and the compliance with the relevant covenants and agreements of the Company
in the Transaction Documents to which it is a party.

 

Section
4.4. Investment Purpose. The Investor is acquiring the Shares for its own account, for investment purposes and
not with a view towards, or for resale in connection with, the public sale or distribution thereof, in violation of the Securities Act
or any applicable state securities laws; provided, however, that by making the representations herein, the Investor does
not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right
to dispose of the Shares at any time in accordance with, or pursuant to, a registration statement filed pursuant to the Registration Rights
Agreement or an applicable exemption under the Securities Act. The Investor is acquiring the Shares hereunder in the ordinary course of
its business.

 

Section
4.5. Accredited Investor Status. The Investor is an “accredited investor” as that term is defined
in Rule 501(a) of Regulation D.

 

Section
4.6. Reliance on Exemptions. The Investor understands that the Shares are being offered and sold to it in reliance
on specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Company is relying in
part upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the
Investor to acquire the Shares.

 

    5

     

    

 

Section
4.7. Information. All materials relating to the business, financial condition, management and operations
of the Company and materials relating to the offer and sale of the Shares which have been requested by the Investor have been furnished
or otherwise made available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands
that its investment in the Shares involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the
Shares, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of a proposed investment in the Shares. The Investor and its advisors have been afforded the opportunity to ask questions of and receive
answers from representatives of the Company concerning the financial condition and business of the Company and other matters relating
to an investment in the Shares. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its advisors,
if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations
and warranties contained in this Agreement or in any other Transaction Document to which the Company is a party or the Investor’s
right to rely on any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the
transaction contemplated hereby (including without limitation the opinions of the Company’s counsel delivered pursuant to this Agreement
and the Registration Rights Agreement). The Investor has sought such accounting, legal and tax advice as it has considered necessary to
make an informed investment decision with respect to its acquisition of the Shares. The Investor understands that it (and not the Company)
shall be responsible for its own tax liabilities that may arise as a result of this investment or the transactions contemplated by this
Agreement.

 

Section
4.8. No Governmental Review. The Investor understands that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability
of the investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

Section
4.9. No General Solicitation. The Investor is not purchasing or acquiring the Shares as a result of any form
of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares.

 

Section
4.10. Not an Affiliate. The Investor is not an officer, director or an Affiliate of the Company. During the Investment
Period, the Investor will not acquire for its own account any shares of Common Stock or securities exercisable for or convertible into
shares of Common Stock, other than pursuant to this Agreement; provided, however, that nothing in this Agreement shall prohibit
or be deemed to prohibit the Investor from purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to
make delivery by the Investor in satisfaction of a sale by the Investor of Shares that the Investor anticipated receiving from the Company
in connection with the settlement of a VWAP Purchase if the Company or its Transfer Agent shall have failed for any reason (other than
a failure of Investor or its Broker-Dealer (as defined below) to set up a DWAC and required instructions) to electronically transfer all
of the Shares subject to such VWAP Purchase to the Investor prior to the applicable Share Delivery Deadline by crediting the Investor’s
or its designated Broker-Dealer’s account at DTC through its DWAC delivery system in compliance with Section 3.2 of this Agreement.
For the avoidance of doubt, the foregoing restriction does not apply to any Affiliate of the Investor, provided that any such purchases
do not cause the Investor to violate any applicable Exchange Act requirement, including Regulation M.

 

Section
4.11. No Prior Short Sales. At no time prior to the date of this Agreement has the Investor or any entity managed
or controlled by the Investor, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account,
any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii)
hedging transaction in either case, which establishes a net short position with respect to the Common Stock that remains in effect as
of the date of this Agreement.

 

Section
4.12. Statutory Underwriter Status. The Investor acknowledges that it will be disclosed as an “underwriter”
and a “selling stockholder” in each Registration Statement and in any Prospectus contained therein to the extent required
by applicable law and to the extent the Prospectus is related to the resale of Registrable Securities.

 

Section
4.13. Resales of Shares. The Investor will resell such Shares only pursuant to the Registration Statement in
which the resale of such Shares is registered under the Securities Act, in a manner described under the caption “Plan of Distribution”
in such Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities laws, rules and regulations.

 

Section
4.14. Residency. The Investor is a resident of the State of Delaware.

 

    6

     

    

 

ARTICLE V

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

 

The Company hereby makes the following representations, warranties
and covenants to the Investor:

 

Section
5.1. Organization, Good Standing and Power. The Company and each of its Subsidiaries are duly organized, validly
existing and in good standing under the laws of their respective jurisdictions of organization. The Company and each of its Subsidiaries
are duly licensed or qualified as a foreign corporation (or other entity, if applicable) for transaction of business and in good standing
under the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such license or qualification, and have all entity power and authority necessary to own or hold their respective properties
and to conduct their respective businesses as described in the Commission Documents, except where the failure to be so qualified or in
good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably
be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial
or otherwise), stockholders’ equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent or
materially interfere with consummation of the transactions contemplated hereby (a “Material Adverse Effect”).

 

Section
5.2. Subsidiaries. The subsidiaries set forth on Schedule 1 (collectively, the “Subsidiaries”),
are the Company’s only significant subsidiaries (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission).
Except as set forth in the Commission Documents, the Company owns, directly or indirectly, all of the equity interests of the Subsidiaries
free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests
of the Subsidiaries are validly issued and are fully paid, non-assessable and free of preemptive and similar rights. No Subsidiary is
currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s
capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such
Subsidiary’s property or assets to the Company or any other Subsidiary of the Company.

 

Section
5.3. Authorization, Enforcement. The Company has the requisite corporate power and authority to enter into and
perform its obligations under each of the Transaction Documents to which it is a party and to issue the Shares in accordance with the
terms hereof and thereof. Except for approvals of the Company’s Board of Directors or a committee thereof as may be required in
connection with any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained prior to the delivery of
any VWAP Purchase Notice), the execution, delivery and performance by the Company of each of the Transaction Documents to which it is
a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary
corporate action, and no further consent or authorization of the Company, its Board of Directors or its stockholders is required. Each
of the Transaction Documents to which the Company is a party has been duly executed and delivered by the Company and constitutes a valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws
relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general
application (including any limitation of equitable remedies).

 

Section
5.4. Capitalization. The authorized capital stock of the Company and the shares thereof issued and outstanding
were as set forth in the Commission Documents as of the dates reflected therein. All of the outstanding shares of Common Stock have been
duly authorized and validly issued and are fully paid and non-assessable. Except as set forth in the Commission Documents, this Agreement
and the Registration Rights Agreement, there are no agreements or arrangements under which the Company is obligated to register the sale
of any securities under the Securities Act. Except as set forth in the Commission Documents, no shares of Common Stock are entitled to
preemptive rights and there are no outstanding debt securities and no contracts, commitments, understandings, or arrangements by which
the Company is or may become bound to issue additional shares of the capital stock of the Company or options, warrants, scrip, rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for, any shares of capital stock of the Company other than those issued or granted in the ordinary course of business pursuant to the
Company’s equity incentive and/or compensatory plans or arrangements. Except for customary transfer restrictions contained in agreements
entered into by the Company to sell restricted securities or as set forth in the Commission Documents, the Company is not a party to,
and it has no Knowledge of, any agreement restricting the voting or transfer of any shares of the capital stock of the Company. Except
as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that will
be triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein or therein.
The Company has filed with the Commission true and correct copies of the Company’s Amended and Restated Certificate of Incorporation
as in effect on the Closing Date (the “Charter”), and the Company’s Amended and Restated Bylaws as in effect on the
Closing Date (the “Bylaws”).

 

    7

     

    

 

Section
5.5. Issuance of Shares. The Commitment Shares have been and the Shares to be issued under this Agreement have
been, or with respect to Shares to be purchased by the Investor pursuant to a particular VWAP Purchase Notice, will be, prior to the delivery
to the Investor hereunder of such VWAP Purchase Notice, duly and validly authorized by all necessary corporate action on the part of the
Company. The Commitment Shares, when issued to the Investor in accordance with this Agreement, and the Shares, if and when issued and
sold against payment therefor in accordance with this Agreement, shall be validly issued and outstanding, fully paid and non-assessable
and free from all liens, charges, taxes, security interests, encumbrances, rights of first refusal, preemptive or similar rights and other
encumbrances with respect to the issue thereof, and the Investor shall be entitled to all rights accorded to a holder of Common Stock.
At or prior to Commencement, the Company shall have duly authorized and reserved a number of shares of Common Stock equal to the Exchange
Cap for issuance and sale as Shares to the Investor pursuant to VWAP Purchases that may be effected by the Company, in its sole discretion,
from time to time from and after the Commencement Date, pursuant to this Agreement.

 

Section
5.6. No Conflicts. The execution, delivery and performance by the Company of each of the Transaction Documents
to which it is a party and the consummation by the Company of the transactions contemplated hereby and thereby do not and shall not (i)
result in a violation of any provision of the Company’s Charter or Bylaws, (ii) conflict with or constitute a material default (or
an event which, with notice or lapse of time or both, would become a material default) under, or give rise to any rights of termination,
amendment, acceleration or cancellation of, any Material Contract to which the Company or any of its Subsidiaries is a party or is bound,
(iii) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree applicable to
the Company or any of its Subsidiaries (including federal and state securities laws and regulations and the rules and regulations of the
Principal Market), except, in the case of clauses (ii) and (iii), for such conflicts, defaults, terminations, amendments, acceleration,
cancellations, liens, charges, encumbrances and violations as would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect or that have been waived. Except as specifically contemplated by this Agreement or the Registration Rights
Agreement and as required under the Securities Act, any applicable state securities laws and applicable rules of the Principal Market,
the Company is not required under any federal, state or local rule or regulation to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations
under the Transaction Documents to which it is a party, or to issue the Shares to the Investor in accordance with the terms hereof and
thereof (other than such consents, authorizations, orders, filings or registrations as have been obtained or made prior to the Closing
Date); except where the failure to obtain or make such consents or to make such filings or notifications, would not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect or that have been waived, provided, however,
that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the representations
and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained in this Agreement
and the Registration Rights Agreement.

 

Section
5.7. Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial
Reporting; Accountants.

 

(i) Since March 15, 2021, the Company
has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all filings required
to be filed with or furnished to the Commission by the Company under the Securities Act or the Exchange Act, including those required
to be filed with or furnished to the Commission under Section 13(a) or Section 15(d) of the Exchange Act. As of the date of this Agreement,
no Subsidiary of the Company is required to file or furnish any report, schedule, registration, form, statement, information or other
document with the Commission. As of its filing date (or, if amended or superseded by a filing prior to the Closing Date, on the date of
such amended or superseded filing), each Commission Document filed with or furnished to the Commission prior to the Closing Date complied
in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and
local laws, rules and regulations applicable to it, and, as of its filing date. Each Registration Statement, on the date it becomes effective
and on each VWAP Purchase Date shall comply in all material respects with the requirements of the Securities Act (including, without limitation,
Rule 415 under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein not misleading, except that this representation and warranty
shall not apply to statements in or omissions from such Registration Statement made in reliance upon and in conformity with information
relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The Prospectus
and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after the Closing
Date, when taken together, on its date and on each VWAP Purchase Date shall comply in all material respects with the requirements of the
Securities Act (including, without limitation, Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, except that this representation and warranty shall not apply to statements
in or omissions from the Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to
the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The statistical, demographic
and market-related data included in the Registration Statement and Prospectus are based on or derived from sources that the Company believes
to be reliable and accurate or represent the Company’s good faith estimates that are made on the basis of data derived from such
sources. Each Commission Document (other than the Initial Registration Statement or any New Registration Statement, or the Prospectus
included therein or any Prospectus Supplement thereto) to be filed with or furnished to the Commission after the Closing Date and incorporated
by reference in the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus
Supplement thereto required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without limitation,
the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such document becomes effective,
as the case may be, shall comply in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable,
and other federal, state and local laws, rules and regulations applicable to it. The Company has delivered or made available to the Investor
via EDGAR or otherwise true and complete copies of all comment letters and substantive correspondence received by the Company from the
Commission relating to the Commission Documents filed with or furnished to the Commission as of the Closing Date, together with all written
responses of the Company thereto in the form such responses were filed via EDGAR. There are no outstanding or unresolved comments or undertakings
in such comment letters received by the Company from the Commission. The Commission has not issued any stop order or other order suspending
the effectiveness of any registration statement filed by the Company under the Securities Act or the Exchange Act.

 

    8

     

    

 

(ii) The consolidated financial statements
of the Company included or incorporated by reference in the Commission Documents, together with the related notes and schedules, present
fairly, in all material respects, the consolidated financial position of the Company and its then consolidated subsidiaries as of the
dates indicated, and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company and its
then consolidated subsidiaries for the periods specified (subject, in the case of unaudited statements, to normal year end audit adjustments
which will not be material, either individually or in the aggregate) and have been prepared in compliance with the published requirements
of the Securities Act and the Exchange Act, as applicable, and in conformity with generally accepted accounting principles in the United
States (“GAAP”) applied on a consistent basis. The summary consolidated financial data included or incorporated
by reference in the Commission Documents present fairly the information shown therein and have been compiled on a basis consistent with
that of the financial statements included or incorporated by reference in the Commission Documents, as of and at the dates indicated.
The pro forma condensed combined financial statements and the pro forma combined financial statements and any other pro forma financial
statements or data included or incorporated by reference in the Commission Documents comply with the requirements of Regulation S-X of
the Securities Act, including, without limitation, Article 11 thereof, and the assumptions used in the preparation of such pro forma financial
statements and data are reasonable, the pro forma adjustments used therein are appropriate to give effect to the circumstances referred
to therein and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and
data. There are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the
Commission Documents that are not included or incorporated by reference as required. The Company and the Subsidiaries do not have any
material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any “variable interest
entities” as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not described in Commission Documents
which are required to be described in the Commission Documents. All disclosures contained or incorporated by reference in the Commission
Documents, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission)
comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent
applicable. The interactive data in eXtensible Business Reporting Language included in the Commission Documents fairly presents the information
called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

(iii) Armanino LLP (such firm, or a successor
independent registered public accounting firm for the Company, the “Accountant”), whose report on the consolidated
financial statements of the Company as of and for the years ended December 31, 2021 and 2020 included in the Company’s S-4 registration
statement filed with the Commission on March 25, 2022, are and, during the periods covered by their report, were an independent public
accounting firm within the meaning of the Securities Act and the rules and regulations of the Public Company Accounting Oversight Board
(United States). To the Company’s Knowledge, the Accountant is not in violation of the auditor independence requirements of the
Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect to the Company.

 

(iv) There is and has been no failure
on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material
respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal
executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each
former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley
Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the
Commission. For purposes of the preceding sentence, “principal executive officer” and “principal financial officer”
shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

Section
5.8. No Material Adverse Effect; Absence of Certain Changes. Subsequent to the respective dates as of which information
is given in the Commission Documents (including any document deemed incorporated by reference therein), there has not been (i) any Material
Adverse Effect or the occurrence of any development that the Company reasonably expects will result in a Material Adverse Effect, (ii)
any transaction which is material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent
(including any off-balance sheet obligations), incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries
taken as a whole, (iv) any material change in the capital stock or outstanding long-term indebtedness of the Company or any of its Subsidiaries
or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other than
in each case above in the ordinary course of business or as otherwise disclosed in the Commission Documents (including any document deemed
incorporated by reference therein). The Company and its Subsidiaries have conducted their respective businesses in the ordinary course
of business consistent with past practice in all material respects.

 

Section
5.9. No Material Defaults. Neither the Company nor any of its Subsidiaries has defaulted on any installment on
indebtedness for borrowed money, which defaults would, individually or in the aggregate, have a Material Adverse Effect. The Company has
not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act indicating that it (i) has failed to pay any dividend or sinking
fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money, which defaults would,
individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is (i) in violation
of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse
of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in
any Contract to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or
to which any of the property or assets of the Company or any of its Subsidiaries are subject; or (iii) in violation of any law or
statute or any judgment, order, rule or regulation of any Governmental Authority, except, in the case of each of clauses (ii) and (iii)
above, for any such violation or default that would not, individually or in the aggregate, have a Material Adverse Effect.

 

    9

     

    

 

Section
5.10. No Preferential Rights. Except as set forth in the Commission Documents, (i) no Person, has the right,
contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or
other securities of the Company, (ii) no Person has any preemptive rights, resale rights, rights of first refusal, rights of co-sale,
or any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase any Common Stock or shares of
any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or as a financial
advisor to the Company in connection with the offer and sale of the Common Stock, and (iv) no Person has the right, contractual or
otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital stock or other
securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated
thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated thereby
or otherwise.

 

Section
5.11. Material Contracts. Neither the Company nor any of its Subsidiaries is in material breach of or
default in any respect under the terms of any Material Contract and, to the Knowledge of the Company, no other party to any Material Contract
is in material breach of or default under the terms of any Company Material Contract. Each Material Contract is a valid and binding obligation
of the Company or the Subsidiary of the Company that is party thereto and, to the Knowledge of the Company, is a valid and binding obligation
of each other party thereto. The Company has not received any written notice of the intention of any other party to a Material Contract
to terminate for default, convenience or otherwise, or not renew, any Material Contract.

 

Section
5.12. Solvency. The Company has not taken any steps, and does not currently expect to take any steps, to seek
protection pursuant to Title 11 of the United States Code or any similar federal or state bankruptcy law or law for the relief of debtors,
nor does the Company have any Knowledge that its creditors intend to initiate involuntary bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for relief under Title 11 of the United States Code or any other federal or state bankruptcy law or any
law for the relief of debtors. The Company is financially solvent and is generally able to pay its debts as they become due.

 

Section
5.13. Real Property; Intellectual Property.

 

(i) Except as set forth in the Commission
Documents, the Company and its Subsidiaries have good and marketable title in fee simple to all items of real property owned by them and
good and valid title to all personal property described in the Commission Documents as being owned by them, in each case free and clear
of all liens, encumbrances and claims, except those matters that (a) do not materially interfere with the use made and proposed to be
made of such property by the Company and any of its Subsidiaries or (b) would not, individually or in the aggregate, have a Material Adverse
Effect. Any real or personal property described in the Commission Documents as being leased by the Company and any of its Subsidiaries
is held by them under valid, existing and enforceable leases, except those that (1) do not materially interfere with the use made or proposed
to be made of such property by the Company or any of its Subsidiaries or (2) would not be reasonably expected, individually or in the
aggregate, to have a Material Adverse Effect.

 

(ii) Except as disclosed in the Commission
Documents, the Company and its Subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent
applications, trade and service marks, trade and service mark registrations, trade names, copyrights, inventions, trade secrets, technology,
Internet domain names, know-how and other intellectual property (collectively, the “Intellectual Property”),
necessary for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license
or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse
Effect. ¶(ii)Except as disclosed in the Commission Documents (a) to the Company’s Knowledge, there are no rights of third parties
to any such Intellectual Property owned by the Company and its Subsidiaries(except under agreements entered into in the ordinary course
of business); (b) to the Company’s Knowledge, there is no infringement by third parties of any such Intellectual Property; (c) there
is no pending action, suitor proceeding by others against the Company and its Subsidiaries before any governmental authority challenging
the Company’s and its Subsidiaries’ rights in or to any such Intellectual Property(other than relating to prosecution of Intellectual
Property), action, suitor proceeding; (d) there is no pending action, suitor proceeding by others against the Company and its Subsidiaries
before any governmental authority challenging the validity of any such Intellectual Property(other than relating to prosecution of Intellectual
Property); (e) there is no pending action, suitor proceeding by others against the Company and its Subsidiaries before any governmental
authority that the Company and its Subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other
proprietary rights of others; and(f) to the Company’s Knowledge, there is no third-party U.S. patent or published U.S. patent application
which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. § 135) is pending against any patent or patent
application described in the Commission Documents as being owned by to the Company, except, in the case of any of clauses (a)-(f) above,
as would not, individually or in the aggregate, result in a Material Adverse Effect. ¶(iii)The Company and its Subsidiaries takes
commercially reasonable efforts to maintain the confidentiality of all material trade secrets and other material confidential information
owned by Company and its Subsidiaries and any confidential information owned by any Person to whom the Company or any of its Subsidiaries
has a written confidentiality obligation, except for as would not, individually or in the aggregate, result in a Material Adverse Effect.

 

    10

     

    

 

Section
5.14. Actions Pending. Except as set forth in the Commission Documents, there are no actions, suits or proceedings
by or before any Governmental Authority pending, nor, to the Company’s Knowledge, any audits or investigations by or before any
Governmental Authority to which the Company or a Subsidiary is a party or to which any property of the Company or any of its Subsidiaries
is the subject that would, individually or in the aggregate, have a Material Adverse Effect; and (i) there are no current or pending
audits or investigations, actions, suits or proceedings by or before any Governmental Authority that are required under the Securities
Act to be described in the Commission Documents that are not so described; and (ii) there are no contracts or other documents that
are required under the Securities Act to be filed as exhibits to the Commission Documents that are not so filed.

 

Section
5.15. Compliance with Law. The Company and each of its Subsidiaries are in compliance with all applicable laws,
regulations and statutes; the Company has not received a notice of non-compliance with any such laws, regulations and statutes by which
it or any of its properties, assets, employees, business or operations are or were bound or to which they were subject, except for any
non-compliance, default or violation would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect or that have been waived.

 

Section
5.16. Certain Fees. Neither the Company nor any of its Subsidiaries has incurred any liability for any finder’s
fees, brokerage commissions or similar payments in connection with the transactions herein contemplated.

 

Section
5.17. Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided
the Investor or any of its agents, advisors or counsel with any information that constitutes or could reasonably be expected to constitute
material, nonpublic information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated
by the Transaction Documents. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting
resales of Shares under the Registration Statement.

 

Section
5.18. Market Capitalization. As of the date hereof, the aggregate market value of the outstanding voting
and non-voting common equity (as defined in Securities Act Rule 405) of the Company held by persons other than Affiliates of the Company
(pursuant to Securities Act Rule 144, those that directly, or indirectly through one or more intermediaries, control, or are controlled
by, or are under common control with, the Company) (the “Non-Affiliate Shares”), was equal to $592.79 million
(calculated by multiplying (i) the highest price at which the common equity of the Company closed on the Principal Market within 60 days
of the date of this Agreement times (ii) the number of Non-Affiliate Shares).

 

Section
5.19. Broker/Dealer Relationships. Neither the Company nor any of the Subsidiaries (i) is required to register
as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly
through one or more intermediaries, controls or is a “person associated with a member” or “associated person of a member”
(within the meaning set forth in the FINRA Manual).

 

Section
5.20. Controls. The Company and each of its Subsidiaries maintain systems of internal accounting controls sufficient
to provide reasonable assurance that (i) transactions, including receipts and expenditures, are executed in accordance with management’s
general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; (iv) its policies and procedures provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of the Company’s assets, including the comparison of the recorded accountability
for assets with the existing assets at reasonable intervals, and appropriate action is taken with respect to any differences and (v) its
books and records accurately reflect its assets. The Company’s internal control over financial reporting is effective and the Company
is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Commission Documents).
Since the date of the latest audited financial statements of the Company included in the Commission Documents, there has been no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting (other than as set forth in the Commission Documents). The Company has established
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company designed to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported, within the time periods specified in the Commission’s rules and forms, and designed such disclosure controls and procedures
to ensure that material information relating to the Company and each of its Subsidiaries is made known to the certifying officers by others
within those entities, particularly during the period in which the Company’s Annual Report on Form 10-K or Quarterly Report on Form
10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s
disclosure controls and procedures as of a date within ninety (90) days prior to the filing date of the Form 10-K for the fiscal year
most recently ended (such date, the “Evaluation Date”). The Company presented in its Form 10-K for the fiscal
year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures
based on their evaluations as of the Evaluation Date and the disclosure controls and procedures are effective. Since the Evaluation Date,
there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of Regulation
S-K under the Securities Act) or, to the Company’s Knowledge, in other factors that could significantly affect the Company’s
internal controls.

 

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Section
5.21. Permits. Except as disclosed in the Commission Documents, the Company and each Subsidiary possess such
valid and current certificates, authorizations or permits issued by the appropriate state, federal or foreign regulatory agencies or bodies
necessary to conduct their respective businesses except for any failure to obtain such certificates, authorizations or permits would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or that have been waived, and, neither
the Company nor any Subsidiary has received, or has any reason to believe that it will receive, any notice of proceedings relating to
the revocation or modification of, or non-compliance with, any such certificate, authorization or permit which, if the subject of an unfavorable
decision, ruling or finding, would, individually or in the aggregate, have a Material Adverse Effect.

 

Section
5.22. Environmental Compliance. Except as set forth in the Commission Documents, the Company and its Subsidiaries
(i) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders
relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants
(collectively, “Environmental Laws”); (ii) have received and are in compliance with all permits, licenses
or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as described in the Commission
Documents; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal
or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or
(iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not,
individually or in the aggregate, have a Material Adverse Effect.

 

Section
5.23. No Improper Practices. (i) Neither the Company nor the Subsidiaries, nor any director, officer, or
employee of the Company or any Subsidiary nor, to the Company’s Knowledge, any agent, Affiliate or employee of the Company or any
Subsidiary has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to
disclose any contribution in violation of applicable law) or made any contribution or other payment to any official of, or candidate for,
any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any
applicable law or of the character required to be disclosed in the Commission Documents; (ii) no relationship, direct or indirect,
exists between or among the Company or any Subsidiary or any Affiliate of any of them, on the one hand, and the directors, officers and
stockholders of the Company or any Subsidiary, on the other hand, that is required by the Securities Act to be described in the Commission
Documents that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company or any Subsidiary
or any Affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary, on the other
hand, that is required by the rules of FINRA to be described in the Commission Documents that is not so described; (iv) except as
described in the Commission Documents, there are no material outstanding loans or advances or material guarantees of indebtedness by the
Company or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of the families
of any of them; (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to
influence unlawfully (a) a customer or supplier of the Company or any Subsidiary to alter the customer’s or supplier’s
level or type of business with the Company or any Subsidiary or (b) a trade journalist or publication to write or publish favorable
information about the Company or any Subsidiary or any of their respective products or services; and (vi) neither the Company nor any
Subsidiary nor any director, officer or employee of the Company or any Subsidiary nor, to the Company’s Knowledge, any agent, Affiliate
or other person acting on behalf of the Company or any Subsidiary has (a) violated or is in violation of any applicable provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively, “Anti-Corruption
Laws”), (b) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly
or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient, or
securing any improper advantage; or (c) made any payment of funds of the Company or any Subsidiary or received or retained any funds in
violation of any Anti-Corruption Laws.

 

Section
5.24. Operations. The operations of the Company and its Subsidiaries are and have been conducted at all times
in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act
of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or its Subsidiaries are subject, the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental
Authority (collectively, the “Money Laundering Laws”); and no action, suit or proceeding by or before any Governmental
Authority involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of
the Company, threatened.

 

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Section
5.25. Off Balance Sheet Arrangements. There are no transactions, arrangements or other relationships between
or among the Company, or any of its Affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special
purpose or limited purpose entity (each, an “Off-Balance Sheet Transaction”) that could reasonably be expected to affect materially
the Company’s liquidity or the availability of or requirements for its capital resources, including those Off-Balance Sheet Transactions
described in the Commission’s Statement about Management’s Discussion and Analysis of Financial Conditions and Results of
Operations (Release Nos. 33 8056; 34 45321; FR 61), required to be described in the Commission Documents which have not been described
as required.

 

Section
5.26. Transactions With Affiliates. No relationship, direct or indirect, exists between or among the Company
or any of its Subsidiaries on the one hand, and the directors, officers, trustees, managers, stockholders, partners, customers or suppliers
of the Company or any of the Subsidiaries on the other hand, which would be required by the Securities Act or the Exchange Act to be disclosed
in the Commission Documents, which is not so disclosed.

 

Section
5.27. Labor Disputes. None of the Company nor any of its Subsidiaries is bound by or subject to any collective
bargaining or similar agreement with any labor union. The Company and its Subsidiaries have complied with all employment laws applicable
to employees of the Company and its Subsidiaries, except where non-compliance with any such employment laws would not have a Material
Adverse Effect. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the Knowledge
of the Company, is threatened which would have a Material Adverse Effect.

 

Section
5.28. Use of Proceeds. The proceeds from the sale of the Shares by the Company to the Investor shall be used
by the Company in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment
thereto) and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement.

 

Section
5.29. Investment Company Act Status. The Company is not, and as a result of the consummation of the transactions
contemplated by the Transaction Documents and the application of the proceeds from the sale of the Shares as will be set forth in the
Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed
pursuant to the Registration Rights Agreement the Company will not be an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

Section
5.30. Margin Rules. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds
thereof by the Company as described in the Commission Documents will violate Regulation T, U or X of the Board of Governors of the Federal
Reserve System or any other regulation of such Board of Governors.

 

Section
5.31. Taxes. The Company and each of its Subsidiaries have filed all federal, state, local and foreign tax returns
which have been required to be filed and paid all taxes shown thereon, to the extent that such taxes have become due and are not being
contested in good faith, except where the failure to so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed
in or contemplated by the Commission Documents, no tax deficiency has been determined adversely to the Company or any of its Subsidiaries
which has had, or would have, individually or in the aggregate, a Material Adverse Effect. The Company has no Knowledge of any federal,
state or other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would
have a Material Adverse Effect.

 

Section
5.32. ERISA. Except for noncompliance which would not have a Material Adverse Effect, (i) to the Knowledge of
the Company, each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any of its
Subsidiaries for current employees of the Company and any of its Subsidiaries has been maintained in material compliance with its terms
and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue
Code of 1986, as amended (the “Code”); and (ii)no prohibited transaction, within the meaning of Section 406 of ERISA or Section
4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions
effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412
of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has been incurred,
whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions)
exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.

 

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Section
5.33. Stock Transfer Taxes. All stock transfer or other taxes (other than income taxes) which are required to
be paid in connection with the sale and transfer of the Shares to be sold hereunder will be, or will have been, fully paid or provided
for by the Company and all laws imposing such taxes will be or will have been fully complied with.

 

Section
5.34. Insurance. The Company and each of its Subsidiaries carry, or are covered by, insurance in such amounts
and covering such risks as the Company and each of its Subsidiaries reasonably believe are adequate for the conduct of their business
and as is customary for companies engaged in similar businesses in similar industries.

 

Section
5.35. Exemption from Registration. Subject to, and in reliance on, the representations, warranties and covenants
made herein by the Investor, the offer and sale of the Shares in accordance with the terms and conditions of this Agreement is exempt
from the registration requirements of the Securities Act pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D; provided,
however, that at the request of and with the express agreements of the Investor (including, without limitation, the representations,
warranties and covenants of Investor set forth in Section 4.9 through 4.13), the Shares to be issued from and after Commencement to or
for the benefit of the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and will
not bear legends noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities
be subject to stop transfer instructions.

 

Section
5.36. No General Solicitation or Advertising. Neither the Company, nor any of its Subsidiaries or Affiliates,
nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning
of Regulation D) in connection with the offer or sale of the Shares.

 

Section
5.37. No Integrated Offering. None of the Company, its Subsidiaries or any of their Affiliates, nor any Person
acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security,
under circumstances that would require registration of the issuance of any of the Shares under the Securities Act, whether through integration
with prior offerings or otherwise, or cause this offering of the Shares to require approval of stockholders of the Company under any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of the Principal Market. None of the Company,
its Subsidiaries, their Affiliates nor any Person acting on their behalf will take any action or steps referred to in the preceding sentence
that would require registration of the issuance of any of the Shares under the Securities Act or cause the offering of any of the Shares
to be integrated with other offerings.

 

Section
5.38. Dilutive Effect. The Company is aware and acknowledges that issuance of the Shares could cause dilution
to existing stockholders and could significantly increase the outstanding number of shares of Common Stock. The Company further acknowledges
that its obligation to issue the Shares to be purchased by the Investor pursuant to a VWAP Purchase is, upon the Company’s delivery
to the Investor of a VWAP Purchase Notice for a VWAP Purchase in accordance with this Agreement, absolute and unconditional following
the delivery of such VWAP Purchase Notice to the Investor, regardless of the dilutive effect that such issuance may have on the ownership
interests of other stockholders of the Company.

 

Section
5.39. Manipulation of Price. Neither the Company nor any of its officers, directors or Affiliates has, and, to
the Knowledge of the Company, no Person acting on their behalf has, (i) taken, directly or indirectly, any action designed or intended
to cause or to result in the stabilization or manipulation of the price of any security of the Company, or which caused or resulted in,
or which would in the future reasonably be expected to cause or result in, the stabilization or manipulation of the price of any security
of the Company, in each case to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or paid any compensation
for soliciting purchases of, any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to
purchase any other securities of the Company. Neither the Company nor any of its officers, directors or Affiliates will during the term
of this Agreement, and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement, take
any of the actions referred to in the immediately preceding sentence.

 

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Section
5.40. Listing and Maintenance Requirements; DTC Eligibility. The Common Stock is registered pursuant to Section
12(b) of the Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of,
terminating the registration of the Common Stock under the Exchange Act, nor has the Company received any notification that the Commission
is contemplating terminating such registration. The Company has not received notice from the Principal Market to the effect that the Company
is not in compliance with the listing or maintenance requirements of the Principal Market. The Common Stock is eligible for participation
in the DTC book entry system and has shares on deposit at DTC for transfer electronically to third parties via DTC through its Deposit/Withdrawal
at Custodian (“DWAC”) delivery system. The Company has not received notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock is being imposed or is contemplated.

 

Section
5.41. OFAC. Neither the Company nor any of its Subsidiaries (collectively, the “Entity”),
nor any director, officer, employee, agent, Affiliate or representative of the Company, is a Person that is, or is owned or controlled
by a Person that is (i) the subject of any sanctions administered or enforced by the Office of Foreign Asset Control (“OFAC”),
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authorities, including,
without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions
Evaders List or other relevant sanctions authority (collectively, “Sanctions”), nor (ii) located, organized
or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including,
without limitation, the Crimea region of Ukraine, Russia, the so-called Donetsk People’s Republic, the so-called Luhansk People’s
Republic, Cuba, Iran, North Korea, Sudan and Syria (the “Sanctioned Countries”)). The Entity will not, directly
or indirectly, use the proceeds from the sale of Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other Person (a) to fund or facilitate any activities or business of or with any Person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in any other
manner that will result in a violation of Sanctions by any Person (including any Person participating in the transactions contemplated
by this Agreement, whether as underwriter, advisor, investor or otherwise). For the past five years, the Entity has not engaged in, and
is now not engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or
transaction is or was the subject of Sanctions or was a Sanctioned Country.

 

Section
5.42. Information Technology; Compliance with Data Privacy Laws.

 

(i) The information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications, and databases owned or used by the Company and its Subsidiaries
(collectively, “IT Systems”) are adequate for the operation of the business of the Company as currently conducted,
except as would not, individually or in the aggregate, result in a Material Adverse Effect. The Company and its Subsidiaries use commercially
reasonable efforts to implement and maintain commercially reasonable controls, policies, procedures, or safeguards designed to maintain
and protect their material confidential information and the security of IT Systems, including “Personal Data” (defined below)
within their possession and control (“Confidential Data”) used in connection with their businesses, except as
would not, individually or in the aggregate, result in a Material Adverse Effect. “Personal Data” means (a) a natural person’s
name, street address, telephone number, e-mail address, photograph, social security number or tax identification number, driver’s
license number, passport number, credit card number, bank information, or customer or account number; (b) any information which would
qualify as “personally identifying information” under the Federal Trade Commission Act, as amended; (c) “personal data”
as defined by the European Union General Data Protection Regulation (“GDPR”) (EU 2016/679)to the extent GDPR
is applicable to the Company’s business; (d) any information which would qualify as “protected health information” under
the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical
Health Act (collectively, “HIPAA”); (e) any “personal information” as defined by the California
Consumer Privacy Act (“CCPA”) to the extent CCPA is applicable to the Company’s business; and (f) any
other piece of information that identifies of such natural person or his or her family. In the past two (2) years, there have been no
breaches, violations, outages or unauthorized uses of or accesses to Confidential Data, except for those that have been remedied in all
material respects or would not, individually or in the aggregate, result in a Material Adverse Effect. The Company and its Subsidiaries
are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court
or arbitrator or governmental or regulatory authority relating to the privacy and security of IT Systems, Confidential Data, and Personal
Data and to the protection of such IT Systems, Confidential Data, and Personal Data from unauthorized use, access, misappropriation or
modification, except for such noncompliance that would not, individually or in the aggregate, result in a Material Adverse Effect.

 

(ii) The Company and its Subsidiaries are in material
compliance with all applicable state and federal data privacy and security laws and regulations, including without limitation HIPAA, CCPA
and the GDPR (collectively, the “Privacy Laws”), except for such noncompliance that would not, individually
or in the aggregate, result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries: (a) has received written notice
of a pending claim alleging any actual or potential violation of, any of the Privacy Laws by the Company or its Subsidiaries; or (b) is
a party to any order or decree issued by a governmental authority that imposes any outstanding obligation of the Company or its Subsidiaries
under any Privacy Law; except, in the case of any of clauses (a)-(b) above, as would not, individually or in the aggregate, result in
a Material Adverse Effect.

 

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Section
5.43. Acknowledgement Regarding Relationship with Investor and CF&CO.

 

(i) The Company acknowledges and agrees, to the fullest
extent permitted by law, that the Investor is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement
and the transactions contemplated by the Transaction Documents, and CF&CO is acting as a representative of the Investor in connection
with the transactions contemplated by the Transaction Documents, and of no other party, including the Company. The Company further acknowledges
that while the Investor will be deemed to be a statutory “underwriter” with respect to certain of the transactions contemplated
by the Transaction Documents in accordance with interpretive positions of the Staff of the Commission, the Investor is a “trader”
that is not required to register with the Commission as a broker-dealer under Section 15(a) of the Securities Exchange Act of 1934. The
Company further acknowledges that the Investor and its representatives are not acting as a financial advisor or fiduciary of the Company
(or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents, and any advice
given by the Investor or any of its representatives (including CF&CO) or agents in connection therewith is merely incidental to the
Investor’s acquisition of the Shares. The Company and Investor understand and acknowledge that employees of CF&CO may discuss
market color, VWAP Purchase Notice timing and parameter considerations and other related capital markets considerations with the Company
in connection with the Transaction Documents and the transactions contemplated thereby, in all cases on behalf of the Investor. The Company
acknowledges and agrees that the Investor has not made and does not make any representations or warranties with respect to the transactions
contemplated by the Transaction Documents other than those specifically set forth in Article IV.

 

Section
5.44. Acknowledgement Regarding Investor’s Affiliate Relationships. Affiliates of the Investor, including
CF&CO, engage in a wide range of activities for their own accounts and the accounts of customers, including corporate finance, mergers
and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset
management, custody, clearance and securities lending. In the course of their respective business, Affiliates of the Investor may, directly
or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities
or bank debt of, or derivative products relating to, the Company. Any such position will be created, and maintained, independently of
the position the Investor takes in the Company. In addition, at any given time Affiliates of the Investor, including CF&CO, may have
been or in the future may be engaged by one or more entities that may be competitors with, or otherwise adverse to, the Company in matters
unrelated to the transactions contemplated by the Transaction Documents, and Affiliates of the Investor, including CF&CO may have
or may in the future provide investment banking or other services to the Company in matters unrelated to the transactions contemplated
by the Transaction Documents. Activities of any of the Investor’s Affiliates performed on behalf of the Company may give rise to
actual or apparent conflicts of interest given the Investor’s potentially competing interests with those of the Company. The Company
expressly acknowledges the benefits it receives from the Investor’s participation in the transactions contemplated by the Transaction
Documents, on the one hand, and the Investor’s Affiliates’ activities, if any, on behalf of the Company unrelated to the transactions
contemplated by the Transaction Documents, on the other hand, and understands the conflict or potential conflict of interest that may
arise in this regard, and has consulted with such independent advisors as it deems appropriate in order to understand and assess the risks
associated with these potential conflicts of interest. Consistent with applicable legal and regulatory requirements, applicable Affiliates
of the Investor have adopted policies and procedures to establish and maintain the independence of their research departments and personnel
from their investment banking groups and the Investor. As a result, research analysts employed by Affiliates of the Investor may hold
views, make statements or investment recommendations or publish research reports with respect to the Company or the transactions contemplated
by the Transaction Documents that differ from the views of the Investor.

 

Section
5.45. Emerging Growth Company Status. From the time of the initial filing of the Company’s first registration
statement with the Commission, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the
Securities Act.

 

ARTICLE VI

ADDITIONAL COVENANTS

 

The Company covenants with the Investor, and the Investor covenants
with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Investment Period (and with
respect to the Company, for the period following the termination of this Agreement specified in Section 8.3 pursuant to and in accordance
with Section 8.3):

 

Section
6.1. Securities Compliance. The Company shall notify the Commission and the Principal Market, if and as applicable,
in accordance with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take
all necessary action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid
issuance of the Shares to the Investor in accordance with the terms of the Transaction Documents, as applicable.

 

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Section
6.2. Reservation of Common Stock. The Company has available and the Company shall reserve and keep available
at all times, free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares
of Common Stock to enable the Company to timely effect the issuance, sale and delivery of all Shares to be issued, sold and delivered
in respect of each VWAP Purchase effected under this Agreement, at least prior to the delivery by the Company to the Investor of the applicable
VWAP Purchase Notice in connection with such VWAP Purchase. Without limiting the generality of the foregoing, as of the Commencement Date
the Company shall have reserved, out of its authorized and unissued Common Stock, a number of shares of Common Stock equal to the Exchange
Cap solely for the purpose of effecting VWAP Purchases under this Agreement. The number of shares of Common Stock so reserved for the
purpose of effecting VWAP Purchases under this Agreement may be increased from time to time by the Company from and after the Commencement
Date, and such number of reserved shares may be reduced from and after the Commencement Date only by the number of Shares actually issued,
sold and delivered to the Investor pursuant to any VWAP Purchase effected from and after the Commencement Date pursuant to this Agreement.

 

Section
6.3. Registration and Listing. The Company shall use its commercially reasonable efforts to cause the Common
Stock to continue to be registered as a class of securities under Section 12(b) of the Exchange Act, and to comply with its reporting
and filing obligations under the Exchange Act, and shall not take any action or file any document (whether or not permitted by the Securities
Act or the Exchange Act) to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under
the Exchange Act or Securities Act, except as permitted herein. The Company shall use its commercially reasonable efforts to continue
the listing and trading of its Common Stock and the listing of the Shares purchased by the Investor hereunder on the Principal Market
and to comply with the Company’s reporting, filing and other obligations under the rules and regulations of the Principal Market.
The Company shall not take any action which could be reasonably expected to result in the delisting or suspension of the Common Stock
on the Principal Market. If the Company receives any final and non-appealable notice that the listing or quotation of the Common Stock
on the Principal Market shall be terminated on a date certain, the Company shall promptly (and in any case within 24 hours) notify the
Investor of such fact in writing and shall use its commercially reasonable efforts to cause the Common Stock to be listed or quoted on
another Principal Market.

 

Section
6.4. Compliance with Laws.

 

(i) During the Investment Period, the
Company shall comply with applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable
state securities or “Blue Sky” laws, and applicable listing rules of the Principal Market, in connection with the transactions
contemplated by this Agreement and the Registration Rights Agreement, except as would not, individually or in the aggregate, prohibit
or otherwise interfere with the ability of the Company to enter into and perform its obligations under this Agreement in any material
respect or for the Investor to conduct resales of Shares under the Registration Statement in any material respect.

 

(ii) The Investor shall comply with all
laws, rules, regulations and orders applicable to the performance by it of its obligations under this Agreement and its investment in
the Shares, except as would not, individually or in the aggregate, prohibit or otherwise interfere with the ability of the Investor to
enter into and perform its obligations under this Agreement in any material respect. Without limiting the foregoing, the Investor shall
comply with all applicable provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, and all applicable
state securities or “Blue Sky” laws, in connection with the transactions contemplated by this Agreement and the Registration
Rights Agreement.

 

Section
6.5. Keeping of Records and Books of Account; Due Diligence. 

 

(i) The Investor and the Company shall
each maintain records showing the remaining Total Commitment, the remaining Aggregate Limit and the dates and VWAP Purchase Share Amount
for each VWAP Purchase.

 

(ii) Subject to the requirements of Section
6.12, from time to time from and after the Closing Date, the Company shall make available for inspection and review by the Investor during
normal business hours and after reasonable notice, customary documentation reasonably requested by the Investor and/or its appointed counsel
or advisors to conduct due diligence.

 

Section
6.6. No Frustration; No Variable Rate Transactions. 

 

(i) No Frustration. The
Company shall not enter into, announce or recommend to its stockholders any agreement, plan, arrangement or transaction in or of which
the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform its obligations
under the Transaction Documents to which it is a party, including, without limitation, the obligation of the Company to deliver the Shares
to the Investor in respect of a VWAP Purchase not later than the Share Delivery Deadline. For the avoidance of doubt, nothing in this
Section 6.6(i) shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in
all cases to Section 8.3).

 

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(ii) No Variable Rate Transactions.
The Company shall not effect or enter into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock
or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction, other than in connection with an
Exempt Issuance. The Investor shall be entitled to seek injunctive relief against the Company and its Subsidiaries to preclude any such
issuance, which remedy shall be in addition to any right to collect damages, without the necessity of showing economic loss and without
any bond or other security being required.

 

Section
6.7. Corporate Existence. The Company shall take all steps necessary to preserve and continue the corporate existence
of the Company; provided, however, that, except as provided in Section 6.8, nothing in this Agreement shall be deemed to
prohibit the Company from engaging in any Fundamental Transaction with another Person. For the avoidance of doubt, nothing in this Section
6.7 shall in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases
to Section 8.3).

 

Section
6.8. Fundamental Transaction. If a VWAP Purchase Notice has been delivered to the Investor and the transactions
contemplated therein have not yet been fully settled in accordance with the terms and conditions of this Agreement, the Company shall
not effect any Fundamental Transaction until the expiration of five (5) Trading Days following the date of full settlement thereof and
the issuance to the Investor of all of the Shares issuable pursuant to the VWAP Purchase to which such VWAP Purchase Notice relates.

 

Section
6.9. Selling Restrictions. 

 

(i) Except as expressly set forth below,
the Investor covenants that from and after the Closing Date through and including the Trading Day next following the expiration or termination
of this Agreement as provided in Article VIII (the “Restricted Period”), none of the Investor or any entity
managed or controlled by the Investor (collectively, the “Restricted Persons” and each of the foregoing is referred
to herein as a “Restricted Person”) shall, directly or indirectly, (a) engage in any Short Sales of the Common
Stock or (b) hedging transaction, which establishes a net short position with respect to the Common Stock, with respect to each of clauses
(a) and (b) hereof, for the principal account of the Investor or any Restricted Person. Notwithstanding the foregoing, it is expressly
understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any
Restricted Person during the Restricted Period from: (x) selling “long” (as defined under Rule 200 promulgated under Regulation
SHO) the Shares; or (y) selling a number of shares of Common Stock equal to the number of Shares that such Restricted Person is unconditionally
obligated to purchase under a pending VWAP Purchase Notice but has not yet received from the Company or the Transfer Agent pursuant to
this Agreement, so long as (1) such Restricted Person (or the Broker-Dealer, as applicable) delivers the Shares purchased pursuant to
such VWAP Purchase Notice to the purchaser thereof or the applicable Broker-Dealer promptly upon such Restricted Person’s receipt
of such Shares from the Company in accordance with Section 3.2 of this Agreement and (2) neither the Company nor the Transfer Agent shall
have failed for any reason to deliver such Shares to the Investor or its Broker-Dealer so that such Shares are received by the Investor
as DWAC Shares prior to the applicable Share Delivery Deadline in accordance with Section 3.2 of this Agreement.

 

(ii) In addition to the foregoing, in
connection with any sale of Shares (including any sale permitted by paragraph (i) above), the Investor shall comply in all respects with
all applicable laws, rules, regulations and orders, including, without limitation, the requirements of the Securities Act and the Exchange
Act.

 

Section
6.10. Effective Registration Statement. During the Investment Period, the Company shall use its commercially
reasonable efforts to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement
filed with the Commission under the Securities Act for the applicable Registration Period pursuant to and in accordance with the Registration
Rights Agreement.

 

Section
6.11. Blue Sky. The Company shall take such action, if any, as is necessary by the Company in order to obtain
an exemption for or to qualify the Shares for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request
of the Investor, the subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or “Blue
Sky” laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.11, (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

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Section
6.12. Non-Public Information. Neither the Company or any of its Subsidiaries, nor any of their respective directors,
officers, employees or agents shall disclose any material non-public information about the Company to the Investor during any VWAP Purchase
Period, unless a simultaneous public announcement thereof is made by the Company in the manner contemplated by Regulation FD. In the event
of a breach of the foregoing covenant by the Company or any of its Subsidiaries, or any of their respective directors, officers, employees
and agents (as determined in the reasonable good faith judgment of the Investor), (i) the Investor shall promptly provide written notice
of such breach to the Company and (ii) after such notice has been provided to the Company and, provided that the Company shall have failed
to demonstrate to the Investor within twenty-four (24) hours that such information does not constitute material, non-public information
or the Company shall have failed to publicly disclose such material, non-public information within 24 hours following demand therefor
by the Investor, in addition to any other remedy provided herein or in the other Transaction Documents, if the Investor is holding any
Shares at the time of the disclosure of material, non-public information, the Investor shall have the right to make a public disclosure
with the Company’s prior written consent (not to be unreasonably withheld or delayed), in the form of a press release, public advertisement
or otherwise, of such material, non-public information; provided, that prior to making any such public disclosure, the Investor shall
consult with the Company and provide the Company with an opportunity to review and comment on such proposed disclosure. The Investor shall
not have any liability to the Company, any of its Subsidiaries, or any of their respective directors, officers, employees, stockholders
or agents, for any such disclosure.

 

Section
6.13. Broker/Dealer. The Investor shall use one or more broker-dealers to effectuate all sales, if any, of the
Shares that it may purchase or otherwise acquire from the Company pursuant to the Transaction Documents, as applicable, which (or whom)
shall be a DTC participant (collectively, the “Broker-Dealer”). The Investor shall, from time to time, provide
the Company and the Transfer Agent with all information regarding the Broker-Dealer reasonably requested by the Company. The Investor
shall be solely responsible for all fees and commissions of the Broker-Dealer (if any), which shall not exceed customary brokerage fees
and commissions and shall be responsible for designating only a DTC participant eligible to receive DWAC Shares.

 

Section
6.14. Disclosure Schedule. 

 

(i) The Company may, from time to time,
update a disclosure schedule (the “Disclosure Schedule”) as may be required to satisfy the conditions set forth
in Section 7.2(i) and Section 7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i)
as of a specific VWAP Purchase Condition Satisfaction Time). For purposes of this Section 6.14, any disclosure made in a schedule to the
Compliance Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary,
no update to the Disclosure Schedule pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company
contained in this Agreement and made prior to the update and shall not affect any of the Investor’s rights or remedies with respect
thereto.

 

(ii) Notwithstanding anything to the contrary
contained in the Disclosure Schedule or in this Agreement, the information and disclosure contained in any Schedule of the Disclosure
Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule of the Disclosure Schedule as though fully
set forth in such Schedule for which applicability of such information and disclosure is readily apparent on its face. The fact that any
item of information is disclosed in the Disclosure Schedule shall not be construed to mean that such information is required to be disclosed
by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether based on quantity, qualitative
characterization, dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting the terms “material”
or “Material Adverse Effect” or other similar terms in this Agreement.

 

Section
6.15. Delivery of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events. Within three
(3) Trading Days immediately following each time the Company files (i) an annual report on Form 10-K under the Exchange Act (including
any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K); (ii) a quarterly
report on Form 10-Q under the Exchange Act; (iii) a current report on Form 8-K containing amended financial information (other than information
“furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating
to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No. 144) under the Exchange Act; or (iv) the Initial Registration Statement, any New Registration Statement, or any supplement or post-effective
amendment thereto, and in any case, not more than once per calendar quarter (each, a “Representation Date”),
the Company shall (a) deliver to the Investor a Compliance Certificate in the form attached hereto as Exhibit C, dated such date,
(b) cause to be furnished to the Investor (1) an opinion from outside counsel to the Company and (2) a negative assurance letter from
outside counsel to the Company, in each case substantially in the form mutually agreed to by the Company and the Investor prior to the
Closing Date (each such opinion, a “Bring-Down Opinion”) and (c) cause to be furnished to the Investor a comfort
letter from the Accountant (in the case of a post-effective amendment, only if such amendment contains amended or new financial information),
modified, as necessary, to address such new financial information or relate to such Registration Statement or post-effective amendment,
or the Prospectus contained therein as then amended or supplemented by such Prospectus Supplement, as applicable (a “Bring-Down
Comfort Letter”); provided, however, that no Bring-Down Comfort Letter shall be required of any Accountant whose
report on the consolidated financial statements of the Company is no longer incorporated in any such Registration Statement or the Prospectus
contained therein (as amended or supplemented by any such Prospectus Supplement). The requirement to provide the documents identified
in clauses (a), (b) and (c) of this Section 6.15 shall be waived for any Representation Date if the Company has given notice to the Investor
in writing (including by email correspondence to the individual(s) of the other party set forth in Section 10.4 hereto, if receipt of
such correspondence is actually acknowledged by any individual to whom the notice is sent, other than via auto-reply) or by telephone
(confirmed immediately by verifiable facsimile transmission or email correspondence to the individual(s) of the other party set forth
in Section 10.4 hereto) of the suspension of VWAP Purchases (a “Suspension”), which waiver shall continue until
the earlier to occur of the date the Company delivers a VWAP Purchase Notice hereunder (which for such calendar quarter shall be considered
a Representation Date) and the next occurring Representation Date (which also shall be waived if a Suspension is then in effect). Notwithstanding
the foregoing, if the Company subsequently decides to deliver a VWAP Purchase Notice following a Representation Date when a Suspension
was in effect and did not provide the Investor with the documents identified in clauses (a), (b) and (c) of this Section 6.15, then before
the Investor accepts such VWAP Purchase Notice, the Company shall provide the Investor with the documents identified in clauses (a), (b)
and (c) of this Section 6.15, dated as of the date that the VWAP Purchase Notice is accepted by the Investor.

 

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ARTICLE VII

CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND

PURCHASE OF THE SHARES

 

Section
7.1. [Reserved]

 

Section
7.2. Conditions Precedent to Commencement. The right of the Company to commence delivering VWAP Purchase Notices
under this Agreement, and the obligation of the Investor to accept VWAP Purchase Notices delivered to the Investor by the Company under
this Agreement, are subject to the initial satisfaction, at Commencement, of each of the conditions set forth in this Section 7.2.

 

(i) Issuance of Upfront Commitment
Fee. On or prior to the Commencement Date, the Company shall have issued the Commitment Shares to an account designated by the
Investor on or prior to the date hereof, the Upfront Commitment Fee in accordance with Section 10.1(ii), all of which Upfront Commitment
Fee shall be fully earned and non-refundable as of the Closing Date, regardless of whether any VWAP Purchases are made or settled hereunder
or any subsequent termination of this Agreement.

 

(ii) Accuracy of the Company’s
Representations and Warranties. The representations and warranties of the Company contained in this Agreement (a) that are not
qualified by “materiality” or “Material Adverse Effect” shall have been true and correct in all material respects
when made and shall be true and correct in all material respects as of the Commencement Date with the same force and effect as if made
on such date, except to the extent such representations and warranties are as of another date, in which case, such representations and
warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by “materiality”
or “Material Adverse Effect” shall have been true and correct when made and shall be true and correct as of the Commencement
Date with the same force and effect as if made on such date, except to the extent such representations and warranties are as of another
date, in which case, such representations and warranties shall be true and correct as of such other date.

 

(iii) Performance of the Company.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Agreement and the Registration Rights Agreement to be performed, satisfied or complied with by the Company at or prior to the
Commencement. The Company shall deliver to the Investor on the Commencement Date the compliance certificate substantially in the form
attached hereto as Exhibit C (the “Compliance Certificate”).

 

(iv) Initial Registration Statement
Effective. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein
required to be filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement shall have become
effective under the Securities Act, and the Investor shall be permitted to utilize the Prospectus therein to resell all of the Commitment
Shares and the Shares included in such Prospectus.

 

(v) No Material Notices.
None of the following events shall have occurred and be continuing: (a) receipt of any request by the Commission or any other federal
or state governmental authority for any additional information relating to the Initial Registration Statement, the Prospectus contained
therein or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement, the Prospectus
contained therein or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Initial Registration Statement or prohibiting or suspending the use of
the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification
of the Shares for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose;
(c) the objection of FINRA to the terms of the transactions contemplated by the Transaction Documents or (d) the occurrence of any event
or the existence of any condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement,
the Prospectus contained therein or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes
to the statements then made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto
in order to state a material fact required by the Securities Act to be stated therein or necessary in order to make the statements then
made therein (in the case of the Prospectus or any Prospectus Supplement, in the light of the circumstances under which they were made)
not misleading, or which requires an amendment to the Initial Registration Statement or a supplement to the Prospectus contained therein
or any Prospectus Supplement thereto to comply with the Securities Act or any other law. The Company shall have no Knowledge of any event
that could reasonably be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration Statement
or the prohibition or suspension of the use of the Prospectus contained therein or any Prospectus Supplement thereto in connection with
the resale of the Registrable Securities by the Investor.

 

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(vi) Other Commission Filings.
The Current Report shall have been filed with the Commission as required pursuant to Section 2.3. The final Prospectus included in the
Initial Registration Statement shall have been filed with the Commission prior to Commencement in accordance with Section 2.3 and the
Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have
been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including all material required
to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement shall have been filed with the Commission.

 

(vii) No Suspension of Trading in
or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended by the Commission, the Principal
Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the Commencement Date), the Company shall not have received any final and non-appealable notice that the listing or quotation
of the Common Stock on the Principal Market shall be terminated on a date certain (unless, prior to such date certain, the Common Stock
is listed or quoted on any Alternative Market), nor shall there have been imposed any suspension of, or restriction on, accepting additional
deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that is continuing, the
Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits
of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated
(unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose
any such suspension or restriction).

 

(viii) Compliance with Laws.
The Company shall have complied with all applicable federal, state and local governmental laws, rules, regulations and ordinances in connection
with the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation
of the transactions contemplated hereby and thereby, including, without limitation, the Company shall have obtained all permits and qualifications
required by any applicable state securities or “Blue Sky” laws for the offer and sale of the Shares by the Company to the
Investor and the subsequent resale of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom).

 

(ix) No Injunction. No statute,
regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any court
or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay any
of the transactions contemplated by the Transaction Documents.

 

(x) No Proceedings or Litigation.
No action, suit or proceeding before any arbitrator or any court or governmental authority shall have been commenced, and no inquiry or
investigation by any governmental authority shall have been commenced, against the Company or any Subsidiary, or any of the officers,
directors or Affiliates of the Company or any Subsidiary, seeking to restrain, prevent or change the transactions contemplated by the
Transaction Documents, or seeking material damages in connection with such transactions.

 

(xi) Listing of Shares.
All of the Shares that have been and may be issued pursuant to this Agreement shall have been approved for listing or quotation on the
Principal Market as of the Commencement Date, subject only to notice of issuance.

 

(xii) No Material Adverse Effect.
No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall have occurred and be continuing.

 

(xiii) No Bankruptcy Proceedings.
No Person shall have commenced a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law. The Company
shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to the entry of
an order for relief against it in an involuntary case, (c) consented to the appointment of a Custodian of the Company or for all or substantially
all of its property, or (d) made a general assignment for the benefit of its creditors. A court of competent jurisdiction shall not have
entered an order or decree under any Bankruptcy Law that (1) is for relief against the Company in an involuntary case, (2) appoints a
Custodian of the Company or for all or substantially all of its property or (3) orders the liquidation of the Company or any of its Subsidiaries.

 

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(xiv) Delivery of Commencement Irrevocable
Transfer Agent Instructions and Notice of Effectiveness. The Commencement Irrevocable Transfer Agent Instructions shall have been
executed by the Company and delivered to and acknowledged in writing by the Company’s Transfer Agent, and the Notice of Effectiveness
(as defined below) relating to the Initial Registration Statement shall have been executed by the Company’s outside counsel and
delivered to the Transfer Agent, in each case directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer all
of the Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights
Agreement.

 

(xv) Reservation of Shares.
As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock a number of shares of Common
Stock equal to the Exchange Cap solely for the purpose of effecting VWAP Purchases under this Agreement.

 

(xvi) Opinions and Negative Assurance
of Company Counsel. On the Commencement Date, the Investor shall have received the opinions and negative assurances from outside
counsel to the Company, dated the Commencement Date, in the forms mutually agreed to by the Company and the Investor prior to the Commencement
Date.

 

(xvii) Comfort Letter of Accountant.
On the Commencement Date, the Investor shall have received from the Accountant a letter dated the Commencement Date addressed to the
Investor, in form and substance reasonably satisfactory to the Investor with respect to the audited and unaudited financial statements
and certain financial information contained in the Registration Statement and the Prospectus, and any Prospectus Supplement, except that
the specific date referred to therein for the carrying out of procedures shall be no more than three (3) business days prior to the Commencement
Date.

 

(xviii) Research. Neither
the Investor nor any Affiliate of the Investor shall have, in the prior thirty (30) days, published or distributed any research report
(as such term is defined in Rule 500 of Regulation AC) concerning the Company.

 

(xix) Qualified Independent Underwriter.
If the Investor reasonably determines that a Qualified Independent Underwriter must participate in the transactions contemplated by the
Transaction Documents in order for such transactions to be in full compliance with FINRA’s rules, the Company and the Investor shall
have executed such documentation as may reasonably be required to engage a Qualified Independent Underwriter to participate in such transactions.

 

(xx) Completion of Due Diligence.
The Investor shall have completed a due diligence review of the Company satisfactory to the Investor.

 

Section
7.3. Conditions Precedent to VWAP Purchases after Commencement Date. The right of the Company to deliver VWAP
Purchase Notices under this Agreement after the Commencement Date, and the obligation of the Investor to accept VWAP Purchase Notices
under this Agreement after the Commencement Date, are subject to the satisfaction of each of the conditions set forth in this Section
7.3 at the applicable VWAP Purchase Commencement Time for the VWAP Purchase to be effected pursuant to the applicable VWAP Purchase Notice
timely delivered by the Company to the Investor in accordance with this Agreement (each such time, a “VWAP Purchase Condition
Satisfaction Time”).

 

(i) Satisfaction of Certain Prior
Conditions. Each of the conditions set forth in subsections (i), (ii), (viii) through (xv), (xviii) and (xvix) set forth in Section
7.2 shall be satisfied at the applicable VWAP Purchase Condition Satisfaction Time after the Commencement Date (with the terms “Commencement”
and “Commencement Date” in the conditions set forth in subsections (i) and (ii) of Section 7.2 replaced with “applicable
VWAP Purchase Condition Satisfaction Time”); provided, however, that the Company shall not be required to deliver
the Compliance Certificate after the Commencement Date, except as provided in Section 6.15 and Section 7.3(v).

 

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(ii) Initial Registration Statement
Effective. The Initial Registration Statement covering the resale by the Investor of the Registrable Securities included therein
filed by the Company with the Commission pursuant to Section 2(a) of the Registration Rights Agreement, and any post-effective amendment
thereto required to be filed by the Company with the Commission after the Commencement Date and prior to the applicable VWAP Purchase
Date pursuant to the Registration Rights Agreement, in each case shall have become effective under the Securities Act and shall remain
effective for the applicable Registration Period, and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus
Supplement thereto, to resell all of the Commitment Shares and the Shares included in the Initial Registration Statement, and any post-effective
amendment thereto, that have been issued and sold to the Investor hereunder pursuant to all VWAP Purchase Notices delivered by the Company
to the Investor prior to such applicable VWAP Purchase Date and all of the Shares included in the Initial Registration Statement, and
any post-effective amendment thereto, that are issuable pursuant to the applicable VWAP Purchase Notice delivered by the Company to the
Investor with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP Purchase Date.

 

(iii) Any Required New Registration
Statement Effective. Any New Registration Statement covering the resale by the Investor of the Registrable Securities included
therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission pursuant to the Registration
Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, in each case shall have become effective
under the Securities Act and shall remain effective for the applicable Registration Period, and the Investor shall be permitted to utilize
the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the Commitment Shares and the Shares included in such
New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor hereunder pursuant
to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase Date and (b) all of the Shares
included in such new Registration Statement, and any post-effective amendment thereto, that are issuable pursuant to the applicable VWAP
Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP
Purchase Date.

 

(iv) Delivery of Subsequent Irrevocable
Transfer Agent Instructions and Notice of Effectiveness. With respect to any post-effective amendment to the Initial Registration
Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement, in each case becoming effective
after the Commencement Date, the Company shall have delivered or caused to be delivered to the Transfer Agent (a) irrevocable instructions
in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed by the Company and acknowledged
in writing by the Transfer Agent and (b) the Notice of Effectiveness, in each case modified as necessary to refer to such Registration
Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable Securities included therein
as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement.

 

(v) No Material Notices.
None of the following events shall have occurred and be continuing: (a) receipt of any request by the Commission or any other federal
or state governmental authority for any additional information relating to the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or
any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing or
any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto, any New Registration
Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus contained in any of the foregoing
or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of the Shares for offering
or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose; (c) the objection of FINRA
to the terms of the transactions contemplated by the Transaction Documents or (d) the occurrence of any event or the existence of any
condition or state of facts, which makes any statement of a material fact made in the Initial Registration Statement or any post-effective
amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing
or any Prospectus Supplement thereto untrue or which requires the making of any additions to or changes to the statements then made in
the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment
thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in order to state a material fact required
by the Securities Act to be stated therein or necessary in order to make the statements then made therein (in the case of the Prospectus
or any Prospectus Supplement, in the light of the circumstances under which they were made) not misleading, or which requires an amendment
to the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment
thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto to comply with the Securities Act or
any other law (other than the transactions contemplated by the applicable VWAP Purchase Notice delivered by the Company to the Investor
with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP Purchase Date and the settlement thereof). The Company
shall have no Knowledge of any event that could reasonably be expected to have the effect of causing the suspension of the effectiveness
of the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment
thereto, or the prohibition or suspension of the use of the Prospectus contained in any of the foregoing or any Prospectus Supplement
thereto in connection with the resale of the Registrable Securities by the Investor.

 

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(vi) Other Commission Filings.
The final Prospectus included in any post-effective amendment to the Initial Registration Statement, and any Prospectus Supplement thereto,
required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement
Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission in accordance with Section 2.3 and the
Registration Rights Agreement. The final Prospectus included in any New Registration Statement and in any post-effective amendment thereto,
and any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the Registration
Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission
in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information
and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange
Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, after the Commencement
Date and prior to the applicable VWAP Purchase Date, shall have been filed with the Commission.

 

(vii) No Suspension of Trading in
or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended by the Commission, the Principal
Market or FINRA (except for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated
prior to the applicable VWAP Purchase Date), the Company shall not have received any final and non-appealable notice that the listing
or quotation of the Common Stock on the Principal Market shall be terminated on a date certain (unless, prior to such date certain, the
Common Stock is listed or quoted on any Alternative Market), nor shall there have been imposed any suspension of, or restriction on, accepting
additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock that is continuing,
the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits
of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated
(unless, prior to such suspension or restriction, DTC shall have notified the Company in writing that DTC has determined not to impose
any such suspension or restriction).

 

(viii) Certain Limitations.
The issuance and sale of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall not (a) exceed the applicable VWAP
Purchase Maximum Amount, (b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded, or (c) cause the Exchange
Cap (to the extent applicable under Section 3.3) to be exceeded, unless in the case of this clause (c), unless the Company’s stockholders
have theretofore approved the issuance of Common Stock under this Agreement in excess of the Exchange Cap in accordance with the applicable
rules of the Principal Market.

 

(ix) Shares Authorized and Delivered.
All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have been duly authorized by all necessary corporate
action of the Company. All Shares relating to all prior VWAP Purchase Notices required to have been received by the Investor as DWAC Shares
under this Agreement prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase shall have been
delivered to the Investor as DWAC Shares in accordance with this Agreement.

 

(x) Bring-Down Opinions of Company
Counsel, Bring-Down Comfort Letters and Compliance Certificates. The Investor shall have received (a) all Bring-Down Opinions
which the Company was obligated to instruct its outside counsel to deliver prior to the applicable VWAP Purchase Condition Satisfaction
Time for the applicable VWAP Purchase, (b) all Bring-Down Comfort Letters which the Company was obligated to instruct its Accountant to
deliver prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase and (c) all Compliance Certificates
which the Company was obligated to deliver prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase,
in each case in accordance with Section 6.15.

 

(xi) Material Non-Public Information.
Neither the Company nor, in the Investor’s sole discretion, the Investor, shall be in possession of any material non-public information
concerning the Company.

 

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ARTICLE VIII

TERMINATION

 

Section
8.1. Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i) the first (1st) day of the month next following the 36-month anniversary of the Effective Date of the
Initial Registration Statement (it being hereby acknowledged and agreed that such term may not be extended by the parties hereto), (ii)
the date on which the Investor shall have purchased the Total Commitment worth of Shares pursuant to this Agreement, (iii) the date on
which the Common Stock shall have failed to be listed or quoted on the Principal Market or any Alternative Market, and (iv) the date on
which, pursuant to or within the meaning of any Bankruptcy Law, the Company commences a voluntary case or any Person commences a proceeding
against the Company which is not discharged within 30 days, a Custodian is appointed for the Company or for all or substantially all of
its property, or the Company makes a general assignment for the benefit of its creditors.

 

Section
8.2. Other Termination. Subject to Section 8.3, the Company may terminate this Agreement after the Commencement
Date effective upon three (3) Trading Days’ prior written notice to the Investor in accordance with Section 10.4; provided, however,
that (i) the Company shall have issued the Commitment Shares to the Investor required to be paid pursuant to Section 10.1(ii) of this
Agreement prior to such termination, and (ii) prior to issuing any press release, or making any public disclosure, with respect to such
termination, the Company shall consult with the Investor and comment on the form and substance of such press release or other disclosure.
Subject to Section 8.3, this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the
date of such mutual written consent unless otherwise provided in such written consent. Subject to Section 8.3, the Investor shall have
the right to terminate this Agreement effective upon three (3) Trading Days’ prior written notice to the Company, which notice shall
be made in accordance with Section 10.4 of this Agreement, if: (a) any condition, occurrence, state of facts or (i) event constituting
a Material Adverse Effect has occurred and is continuing or (ii) constitutes (in Investor’s judgement) a failure of a condition
set forth in Section 7.2; (b) a Fundamental Transaction shall have occurred; (c) the Company is in breach or default in any material respect
of any of its covenants and agreements in the Registration Rights Agreement, and, if such breach or default is capable of being cured,
such breach or default is not cured within fifteen (15) Trading Days after notice of such breach or default is delivered to the Company
pursuant to Section 10.4 of this Agreement; (d) while a Registration Statement, or any post-effective amendment thereto, is required to
be maintained effective pursuant to the terms of the Registration Rights Agreement and the Investor holds any Registrable Securities,
the effectiveness of such Registration Statement, or any post-effective amendment thereto, lapses for any reason (including, without limitation,
the issuance of a stop order by the Commission) or such Registration Statement or any post-effective amendment thereto, the Prospectus
contained therein or any Prospectus Supplement thereto otherwise becomes unavailable to the Investor for the resale of all of the Registrable
Securities included therein in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues
for a period of forty-five (45) consecutive Trading Days or for more than an aggregate of ninety (90) Trading Days in any three hundred
and sixty-five (365)-day period, other than due to acts of the Investor; (e) trading in the Common Stock on the Principal Market shall
have been suspended and such suspension continues for a period of five (5) consecutive Trading Days; or (f) the Company is in material
breach or default of any of its covenants and agreements contained in this Agreement, and, if such breach or default is capable of being
cured, such breach or default is not cured within fifteen (15) Trading Days after notice of such breach or default is delivered to the
Company pursuant to Section 10.4 of this Agreement. Unless notification thereof is required elsewhere in this Agreement (in which case
such notification shall be provided in accordance with such other provision), the Company shall promptly (but in no event later than twenty-four
(24) hours) notify the Investor (and, if required under applicable law, including, without limitation, Regulation FD promulgated by the
Commission, or under the applicable rules and regulations of the Principal Market, the Company shall publicly disclose such information
in accordance with Regulation FD and the applicable rules and regulations of the Principal Market) upon becoming aware of any of the events
set forth in the immediately preceding sentence.

 

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Section
8.3. Effect of Termination. In the event of termination by the Company or the Investor (other than by mutual
termination) pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and
the transactions contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated
as provided in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i) the provisions
of Article V (Representations, Warranties and Covenants of the Company), Article IX (Indemnification), Article X (Miscellaneous) and this
Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the
Investor owns any Shares, the covenants and agreements of the Company contained in Article VI (Additional Covenants) shall remain in full
force and notwithstanding such termination for a period of thirty (30) days following such termination. Notwithstanding anything in this
Agreement to the contrary, no termination of this Agreement by any party shall (i) become effective prior to the second (2nd) Trading
Day immediately following the date on which the purchase of Shares by the Investor pursuant to any pending VWAP Purchase has been fully
settled, including, without limitation, the delivery by the Company to the Investor of all Shares purchased by the Investor pursuant to
such pending VWAP Purchase as DWAC Shares on the applicable VWAP Purchase Share Delivery Date therefor, and the delivery by the Investor
to the Company of the aggregate VWAP Purchase Price payable by the Investor for such Shares, in each case in accordance with the settlement
procedures set forth in Section 3.2 of this Agreement (it being hereby acknowledged and agreed that no termination of this Agreement shall
limit, alter, modify, change or otherwise affect any of the Company’s or the Investor’s rights or obligations under the Transaction
Documents with respect to any pending VWAP Purchase that has not fully settled, and that the parties shall fully perform their respective
obligations with respect to any such pending VWAP Purchase under the Transaction Documents), (ii) limit, alter, modify, change or otherwise
affect the Company’s or the Investor’s rights or obligations under the Registration Rights Agreement, all of which shall survive
any such termination, or (iii) affect the Upfront Commitment Fee payable to the Investor pursuant to Section 10.1(ii), it being hereby
acknowledged and agreed that the entire amount of the Upfront Commitment Fee shall be fully earned by the Investor and shall be non-refundable
as of the Closing Date, regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.
Nothing in this Section 8.3 shall be deemed to release the Company or the Investor from any liability for any breach or default under
this Agreement, the Registration Rights Agreement or any of the other Transaction Documents to which it is a party, or to impair the rights
of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement, the Registration
Rights Agreement or any of the other Transaction Documents to which it is a party.

 

ARTICLE IX

INDEMNIFICATION

 

Section
9.1. Indemnification of Investor. In consideration of the Investor’s execution and delivery of this Agreement
and acquiring the Shares hereunder and in addition to all of the Company’s other obligations under the Transaction Documents to
which it is a party, subject to the provisions of this Section 9.1, the Company shall indemnify and hold harmless the Investor, its Affiliates,
each of their respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title), each Person,
if any, who controls the Investor (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), and the
respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons
(each, an “Investor Party”), each of which shall be an express third-party beneficiary of this Article IX, from
and against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts
paid in settlement, court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively, “Damages”)
that any Investor Party may suffer or incur (a) as a result of, relating to or arising out of or based upon any untrue statement or alleged
untrue statement of a material fact contained in any Commission Document (or any amendment thereto), or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out
of any untrue statement or alleged untrue statement of a material fact included in any Commission Document, or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that this indemnity in (a) shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of an untrue statement or omission, or alleged untrue statement or omission in a Commission
Document, made in reliance upon and in conformity with information furnished in writing to the Company by the Investor expressly for use
in connection with the preparation of the Registration Statement, Prospectus or Prospectus Supplement or any such amendment thereof or
supplement thereto (it being hereby acknowledged and agreed that the written information set forth on Exhibit C to the Registration
Rights Agreement is the only written information furnished to the Company by or on behalf of the Investor expressly for use in any Registration
Statement, Prospectus or Prospectus Supplement), (b) to the extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any Governmental Authority, commenced or threatened, or of any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission; provided that any such settlement is effected with the
written consent of the Company, which consent shall not unreasonably be delayed, conditioned or withheld, (c) in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any Governmental Authority, commenced or threatened, or any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission (whether or not a
party), to the extent that any such expense is not paid under (a) or (b) above, (d) as a result of, relating to or arising out
of any breach by the Company of its representations, warranties, covenants or agreements under this Agreement, or (e) as a result of,
relating to or arising out of any other action, suit, claim or proceeding against an Investor Party arising out of or otherwise in connection
with the Transaction Documents (except solely to the extent in the case of this subsection (e), to the extent any Damage is determined
by a court of competent jurisdiction, not subject to further appeal, to have resulted primarily and directly from the bad faith or gross
negligence of such Investor Party).

 

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The Company shall reimburse any Investor Party promptly upon demand
(with accompanying presentation of documentary evidence) for all legal and other costs and expenses reasonably incurred by such Investor
Party in connection with (i) any action, suit, claim or proceeding, whether at law or in equity, to enforce compliance by the Company
with any provision of the Transaction Documents or (ii) any other any action, suit, claim or proceeding, whether at law or in equity,
with respect to which it is entitled to indemnification under this Section 9.1.

 

To the extent that the foregoing undertakings by the Company set forth
in this Section 9.1 may be unenforceable for any reason, the Company shall make the maximum contribution to the payment and satisfaction
of each of the Damages which is permissible under applicable law, provided that in no event shall the Investor be obligated to contribute
any amount in excess of the fees it actually receives pursuant to this Agreement.

 

Section
9.2. Indemnification of the Company. In consideration of the Company’s execution and delivery of this Agreement
and sale of the Shares hereunder and in addition to all of the Investor’s other obligations under the Transaction Documents to which
it is a party, subject to the provisions of this Section 9.2, the Investor shall indemnify and hold harmless the Company, its affiliates,
each of their respective directors, officers, shareholders, members, partners, employees, representatives and agents (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) and each
Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act, and each of the directors, officers,
shareholders, members, partners, employees, agents, and representatives (and any other Persons with a functionally equivalent role of
a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling person (each, a “Company
Party”), from and against Damages that any Company Party may suffer or incur in connection with the claims described in clauses
(a), (b), and (c) of Section 9.1; provided that, such indemnity shall only be required if the Damages occurred as a result of an untrue
statement or omission, or alleged untrue statement or omission in a Commission Document, made in reliance upon and in conformity with
information furnished in writing to the Company by the Investor for the Company’s express for use in connection with the preparation
of the Registration Statement, Prospectus or Prospectus Supplement or any such amendment thereof or supplement thereto (it being hereby
acknowledged and agreed that the written information set forth on Exhibit B to this Agreement is the only written information furnished
to the Company by or on behalf of the Investor expressly for use in any Registration Statement, Prospectus or Prospectus Supplement).

 

Section
9.3. Indemnification Procedures.

 

(i) Promptly after an Investor Party receives
notice of a claim or the commencement of an action for which the Investor Party intends to seek indemnification under Section 9.1, the
Investor Party will notify the Company in writing of the claim or commencement of the action, suit or proceeding; provided, however,
that failure to notify the Company will not relieve the Company from liability under Section 9.1, unless and solely to the extent it has
been materially prejudiced by the failure to give such notice as evidenced by the forfeiture of by the Company of substantive rights or
defenses. The Company will be entitled to participate in the defense of any claim, action, suit or proceeding as to which indemnification
is being sought, and if the Company acknowledges in writing the obligation to indemnify the Investor Party against whom the claim or action
is brought, the Company may (but will not be required to) assume the defense against the claim, action, suit or proceeding with counsel
satisfactory to the Investor Party. After the Company notifies the Investor Party that the Company wishes to assume the defense of a claim,
action, suit or proceeding, the Company will not be liable for any further legal or other expenses incurred by the Investor Party in connection
with the defense against the claim, action, suit or proceeding unless (a) the employment of counsel by the Investor Party has been authorized
in writing by the Company, (b) the Investor Party has reasonably concluded (based on advice of counsel) that there may be legal defenses
available to it or another Investor Party that are different from or in addition to those available to the Company, (c) a conflict or
potential conflict exists (based on advice of counsel to the Investor Party) between an Investor Party and the Company (in which case
the Company will not have the right to direct the defense of such action on behalf of the indemnified party) or (d) the Company has not
in fact employed counsel to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case,
within a reasonable time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements
and other charges of counsel will be at the expense of the Company. It is understood that the Company shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more
than one separate firm (plus local counsel) admitted to practice in such jurisdiction at any one time for all such similarly situated
Investor Parties. The Company will not be liable for any settlement of any action effected without its prior written consent, which consent
shall not be unreasonably withheld, delayed or conditioned. The Company shall not, without the prior written consent of each indemnified
party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating
to the matters contemplated by this section (whether or not any indemnified party is a party thereto), unless such settlement, compromise
or consent (x) includes an express and unconditional release of each indemnified party, in form and substance reasonably satisfactory
to such indemnified party, from all liability arising out of such litigation, investigation, proceeding or claim and (y) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

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(ii) In order to provide for just and
equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Article IX for any
reason is held to be unavailable or insufficient to hold an Investor Party harmless, the Company and the Investor Party will contribute
to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred
in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Company and
the Investor Party may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company
on the one hand and the Investor on the other hand. The relative benefits received by the Company on the one hand and the Investor Party
on the other hand shall be deemed to be in the same proportion as the total net proceeds from the aggregate of all VWAP Purchase Amounts
(before deducting expenses) received by the Company bear to the total proceeds received by the Investor for the sale of Shares to bona
fide third parties net of the aggregate VWAP Purchase Price paid to the Company therefor under this Agreement. If, but only if, the allocation
provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion
as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company,
on the one hand, and the Investor Party, on the other hand, with respect to the statements or omission that resulted in such loss, claim,
liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such
offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Investor
Party, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement
or omission. The Company and the Investor agree that it would not be just and equitable if contributions pursuant to this Section 9.3(ii)
were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage,
or action in respect thereof, referred to above in this Section 9.3(ii) shall be deemed to include, for the purpose of this Section 9.3(ii),
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action
or claim to the extent consistent with Section 9.3(i) hereof. Notwithstanding the foregoing provisions of this Section 9.3(ii), the Investor
shall not be required to contribute any amount in excess of the aggregate discount to the VWAP for all purchases made under this Agreement
and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9.3(ii), any person
who controls a party to this Agreement within the meaning of the Securities Act, any Affiliates of the Investor Party and any officers,
directors, partners, employees or agents of the Investor Party or any of its Affiliates, will have the same rights to contribution as
that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have the same
rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this
Section 9.3(ii), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve
that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 9.3(ii) except
to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from
whom contribution is sought. No party will be liable for contribution with respect to any action or claim settled without its written
consent if such consent is required pursuant to Section 9.3(i) hereof.

 

The remedies provided for in this Article IX are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any Investor Party at law or in equity.

 

ARTICLE X

MISCELLANEOUS

 

Section
10.1. Certain Fees and Expenses; Upfront Commitment Fee; Commencement Irrevocable Transfer Agent Instructions. 

 

(i) Certain Fees and Expenses.
Each party shall bear its own fees and expenses related to the transactions contemplated by this Agreement except that the Company will
reimburse the fees and disbursements of legal counsel to the Investor in an amount not to exceed $75,000 in connection with the entry
into this Agreement in connection with the Investor’s ongoing due diligence and review of deliverables subject to Section 6.15.
The Company shall pay all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied in connection
with issuance of the Shares pursuant hereto.

 

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(ii) Upfront Commitment Fee.
In consideration for the Investor’s execution and delivery of this Agreement, the Company shall issue to the Investor the Upfront
Commitment Fee on or prior to the Commencement Date, by transfer of the Commitment Shares to an account designated by the Investor, and
will provide Investor, not later than 4:00 P.M. New York City time on the Trading Date immediately prior to the Commencement Date, one
or more book-entry statement(s) representing the Commitment Shares in the name of the Investor or its designee. For the avoidance of doubt,
the entire amount of the Upfront Commitment Fee shall be fully earned by the Investor and shall be non-refundable as of the Closing Date,
regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. To the extent,
after the resale of all Commitment Shares by the Investor, the net proceeds of the resale of Commitment Shares by the Investor is less
than $1,000,000, the Company agrees to promptly, upon presentation of an invoice and reasonable supporting documentation, pay the Investor
the difference between $1,000,000 and the net proceeds of the resale of the Commitment Shares received by the Investor in cash, as directed
by the Investor.

 

(iii) Legends. The certificate(s) or
book entry statement(s) representing the Commitment Shares issued prior to the Effective Date of the Initial Registration Statement, except
as set forth below, shall bear a restrictive legend in substantially the following form (and stop transfer instructions may be placed
against transfer of the Commitment Shares):¶

 

(iv) THE OFFER AND SALE OF THE SECURITIES REPRESENTED
HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS, UNLESS SOLD PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.

 

(v) Irrevocable Transfer Agent Instructions;
Notice of Effectiveness. On the Effective Date of the Initial Registration Statement and prior to Commencement, the Company shall
deliver or cause to be delivered to its Transfer Agent, (a) irrevocable instructions executed by the Company to be acknowledged in writing
by the Company’s Transfer Agent (the “Commencement Irrevocable Transfer Agent Instructions”) and (b) the
notice of effectiveness in the form attached as an exhibit to the Registration Rights Agreement (the “Notice of Effectiveness”)
relating to the Initial Registration Statement executed by the Company’s outside counsel, in each case directing the Transfer Agent
to issue to the Investor or its designated Broker-Dealer at which the account or accounts to be credited with the Shares being purchased
by the Investor are maintained any Registrable Securities included in the Initial Registration Statement as DWAC Shares, if and when such
Registrable Securities are issued in accordance with this Agreement and the Registration Rights Agreement. With respect to any post-effective
amendment to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration
Statement, in each case becoming effective after the Commencement Date, the Company shall deliver or cause to be delivered to its Transfer
Agent (x) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions executed
by the Company and to be acknowledged in writing by the Transfer Agent and (y) the Notice of Effectiveness, in each case modified as necessary
to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to issue the Registrable
Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration Rights Agreement. For the
avoidance of doubt, all Shares to be issued in respect of any VWAP Purchase Notice delivered to the Investor pursuant to this Agreement
shall be issued to the Investor in accordance with Section 3.2 by crediting the Investor’s account at DTC as DWAC Shares, and the
Company shall not take any action or give instructions to any Transfer Agent of the Company otherwise. The Company represents and warrants
to the Investor that, while this Agreement is effective, no instruction other than those referred to in this Section 10.1(iii) will be
given by the Company to its Transfer Agent with respect to the Shares from and after Commencement, and the Registrable Securities covered
by the Initial Registration Statement or any post-effective amendment thereof, or any New Registration Statement or post-effective amendment
thereof, as applicable, shall otherwise be freely transferable on the books and records of the Company and no stop transfer instructions
shall be maintained against the transfer thereof. The Company agrees that if the Company fails to fully comply with the provisions of
this Section 10.1(iii) within three (3) Trading Days after the date on which the Investor has provided any deliverables that the Investor
may be required to provide to the Company or its Transfer Agent (if any), the Company shall, at the Investor’s written instruction,
purchase from the Investor all shares of Common Stock purchased or acquired by the Investor pursuant to this Agreement that contain any
restrictive legend or that have any stop transfer orders maintained that prohibit or impede the transfer thereof in any respect at the
greater of (i) the purchase price paid by the Investor for such shares of Common Stock (as applicable) and (ii) the Closing Sale Price
of the Common Stock on the date of the Investor’s written instruction.

 

    29

     

    

 

Section
10.2. Specific Enforcement; Consent to Jurisdiction; Waiver of Jury Trial. 

 

(i) The Company and the Investor acknowledge
and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that either party shall be entitled to an injunction or
injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and
provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in
addition to any other remedy to which either party may be entitled by law or equity.

 

(ii) Each of the Company and the Investor
(a) hereby irrevocably submits to the jurisdiction of the U.S. District Court and other courts of the United States sitting in the State
of New York for the purposes of any suit, action or proceeding arising out of or relating to this Agreement, and (b) hereby waives, and
agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court,
that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.
Each of the Company and the Investor consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing in this Section 10.2 shall affect or limit any right to serve process in any other manner
permitted by law.

 

(iii) EACH OF THE COMPANY AND THE INVESTOR
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES
RELATING HERETO. EACH OF THE COMPANY AND THE INVESTOR (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 10.2.

 

Section
10.3. Entire Agreement. The Transaction Documents set forth the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, negotiations and understandings between
the parties, both oral and written, with respect to such matters. There are no promises, undertakings, representations or warranties by
either party relative to subject matter hereof not expressly set forth in the Transaction Documents. All exhibits to this Agreement are
hereby incorporated by reference in, and made a part of, this Agreement as if set forth in full herein.

 

Section
10.4. Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder
shall be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated below
(if delivered on a business day during normal business hours where such notice is to be received), or the first (1st) business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the
second (2nd) business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur. The address for such communications shall be:

 

If to the Company:

 

SoundHound AI, Inc.

5400 Betsy Ross Drive

Santa Clara, CA 95054

Telephone Number: (408) 441-3200

Email: nsharan@soundhound.com

Attention: Nitesh Sharan

 

    30

     

    

 

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

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Telephone Number: (617) 823-5876

Email: mlaitner@egsllp.com

Attention: Meredith Laitner, Esq.

 

If to the Investor:

 

CF Principal Investments LLC

499 Park Avenue

New York, NY 10022

Attention: COO

Email: CFPINotices@cantor.com

 

and:

 

CF Principal Investments LLC 499 Park Avenue

New York, NY 10022

Attention: General Counsel

Facsimile: (212) 829-4708

Email: #legal-IBD@cantor.com

 

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

King & Spalding LLP

1185 Avenue of the Americas, Floor 34

New York, NY 10036

Telephone Number: (212) 556-2100

Email: kmanz@kslaw.com

Attention: Kevin E. Manz, Esq.

 

Either party hereto may from time to time change its address for notices
by giving at least five (5) days’ advance written notice of such changed address to the other party hereto.

 

Section
10.5. Waivers. No provision of this Agreement may be waived by the parties from and after the date that is one
(1) Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately
preceding sentence, no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement
of such waiver is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any other
right, power or privilege.

 

Section
10.6. Amendments. No provision of this Agreement may be amended by the parties from and after the date that is
one (1) Trading Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately
preceding sentence, no provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.

 

    31

     

    

 

Section
10.7. Headings. The article, section and subsection headings in this Agreement are for convenience only and shall
not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.
Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular
and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall
be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,”
“hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.

 

Section
10.8. Construction. The parties agree that each of them and their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are
to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each
and every reference to share prices (including the Threshold Price) and number of shares of Common Stock in any Transaction Document shall,
in all cases, be subject to adjustment for any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and
other similar transactions that occur on or after the date of this Agreement. Any reference in this Agreement to “Dollars”
or “$” shall mean the lawful currency of the United States of America. Any references to “Section” or “Article”
in this Agreement shall, unless otherwise expressly stated herein, refer to the applicable Section or Article of this Agreement.

 

Section
10.9. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors. Neither the Company nor the Investor may assign this Agreement or any of their respective rights or obligations
hereunder to any Person.

 

Section
10.10. No Third Party Beneficiaries. Except as expressly provided in Article IX, this Agreement is intended only
for the benefit of the parties hereto and their respective successors, and is not for the benefit of, nor may any provision hereof be
enforced by, any other Person.

 

Section
10.11. Governing Law. This Agreement shall be governed by and construed in accordance with the internal procedural
and substantive laws of the State of New York, without giving effect to the choice of law provisions of such state that would cause the
application of the laws of any other jurisdiction.

 

Section
10.12. Survival. The representations, warranties, covenants and agreements of the Company and the Investor contained
in this Agreement shall survive the execution and delivery hereof until the termination of this Agreement; provided, however,
that (i) the provisions of Article VIII (Termination), Article IX (Indemnification) and this Article X (Miscellaneous) shall remain in
full force and effect indefinitely notwithstanding such termination, and, (ii) so long as the Investor owns any Shares, the covenants
and agreements of the Company and the Investor contained in Article VI (Additional Covenants), shall remain in full force and effect notwithstanding
such termination for a period of thirty (30) days following such termination.

 

Section
10.13. Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party; provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data file,
including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, www.echosign.adobe.com,
etc., shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature
were an original signature.

 

    32

     

    

 

Section
10.14. Publicity. The Company shall afford the Investor and its counsel a reasonable opportunity to review and
comment upon, shall consult with the Investor and its counsel on the form and substance of, and shall give due consideration to all such
comments from the Investor or its counsel on, any press release, Commission filing or any other public disclosure made by or on behalf
of the Company relating to the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated
thereby, prior to the issuance, filing or public disclosure thereof. For the avoidance of doubt, except to the extent set forth in the
Registration Rights Agreement, the Company shall not be required to submit for review any such disclosure (i) contained in periodic reports
filed with the Commission under the Exchange Act if it shall have previously provided the same disclosure to the Investor or its counsel
for review in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure that does not reference the
Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby.

 

Section
10.15. Severability. The provisions of this Agreement are severable and, in the event that any court of competent
jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision or part of a provision of this Agreement, and this Agreement shall be reformed and construed as if such invalid or
illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid,
legal and enforceable to the maximum extent possible.

 

Section
10.16. Further Assurances. From and after the Closing Date, upon the request of the Investor or the Company,
each of the Company and the Investor shall execute and deliver such instrument, documents and other writings as may be reasonably necessary
or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

[The remainder of this page is left intentionally
blank.]

 

[Signature Page to Equity Line Agreement]

 

    33

     

    

 

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

 

	 	SoundHound
AI, Inc., 
	 	 
	 	By:	 /s/ Keyvan Mohajer
	 	Name: 	Keyvan Mohajer
	 	Title: 	Chief Executive Officer
	 	 
	 	CF Principal Investments LLC
	 	 
	 	By:	 /s/ Mark Kaplan
	 	Name: 	 Mark Kaplan  
	 	Title:  	Authorized Signatory

 

[Signature Page to Equity Line Agreement]

 

    34

     

    

 

ANNEX I TO THE 

COMMON STOCK PURCHASE AGREEMENT 

DEFINITIONS 

 

“Affiliate” shall mean any Person that, directly
or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a Person, as such terms
are used in and construed under Rule 144.

 

“Alternative Market” shall mean the New York
Stock Exchange, the NYSE American, the Nasdaq Global Select Market or the Nasdaq Global Market.

 

“Bankruptcy Law” shall mean Title 11, U.S.
Code, or any similar U.S. federal or state law for the relief of debtors.

 

“Block” shall mean any trade in excess of
100,000 Shares on a single Trading Day to a single purchaser, as reported on Bloomberg through its “VWAP” function.

 

“Bloomberg” shall mean Bloomberg, L.P.

 

“Closing Date” shall be the date of this
Agreement.

 

“Closing Sale Price” shall mean, for the
Common Stock as of any date, the last closing trade price for the Common Stock on the Principal Market, as reported by Bloomberg, or,
if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price for the Common Stock,
then the last trade price for the Common Stock prior to 4:00 p.m., New York City time, as reported by Bloomberg. All such determinations
shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
during such period.

 

“Commission” shall mean the U.S. Securities
and Exchange Commission or any successor entity.

 

“Commission Documents” shall mean (1) any
registration statement on Form S-1 or S-4 filed by the Company with the Commission, including any related prospectus or prospectuses,
for the registration of the Common Stock since January 1, 2022, (2) any proxy statement or prospectus filed by the Company with the Commission,
including all documents incorporated or deemed incorporated therein by reference, whether or not included in a registration statement
on Form S-1 or S-4, in the form in which such proxy statement or prospectus has most recently been filed with the Commission, since January
1, 2022, (3) all reports, schedules, registrations, forms, statements, information and other documents filed with or furnished to the
Commission by the Company pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act since January 1, 2022, (4) each Registration
Statement, as the same may be amended from time to time, the Prospectus contained therein and each Prospectus Supplement thereto and (5)
all information contained in such filings and all documents and disclosures that have been or may in the future be incorporated by reference
therein.

 

“Commitment Shares” shall mean the 250,000
shares of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock payable to the Investor as the Upfront
Commitment Fee.

 

“Common Stock Equivalents” shall mean any
securities of the Company or its Subsidiaries which entitle the holder thereof to acquire at any time Common Stock, including, without
limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Contract” shall mean any written or oral
legally binding contract, agreement, understanding, arrangement, subcontract, loan or credit agreement, note, bond, indenture, mortgage,
purchase order, deed of trust, lease, sublease, instrument, or other legally binding commitment, obligation or undertaking.

 

    35

     

    

 

“Custodian” shall mean any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

 

“DTC” shall mean The Depository Trust Company,
a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.

 

“DWAC Shares” shall mean shares of Common
Stock issued pursuant to this Agreement that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction
on resale and without stop transfer instructions maintained against the transfer thereof and (iii) timely credited by the Company to the
Investor’s or its designated Broker-Dealer at which the account or accounts to be credited with the Shares being purchased by Investor
are maintained specified DWAC account with DTC under its Fast Automated Securities Transfer (FAST) Program, or any similar program hereafter
adopted by DTC performing substantially the same function.

 

“EDGAR” shall mean the Commission’s
Electronic Data Gathering, Analysis and Retrieval System.

 

“Effective Date” shall mean, with respect
to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any post-effective amendment
thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration Rights Agreement (or any post-effective
amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective amendment thereto) or any
New Registration Statement (or any post-effective amendment thereto) becomes effective.

 

“Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

“Exempt Issuance” shall mean the issuance
of (i) Common Stock, options or other equity incentive awards to employees, officers, directors or vendors of the Company pursuant to
any equity incentive plan duly adopted for such purpose, by the Company’s Board of Directors or a majority of the members of a committee
of the Board of Directors established for such purpose, (ii) (a) any Shares issued to the Investor pursuant to this Agreement, (b) any
securities issued upon the exercise or exchange of or conversion of any shares of Common Stock or Common Stock Equivalents held by the
Investor at any time, or (c) any securities issued upon the exercise or exchange of or conversion of any Common Stock Equivalents issued
and outstanding on the date of this Agreement, provided that such securities referred to in this clause (c) have not been amended since
the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price
of such securities, (iii) securities issued pursuant to acquisitions, divestitures, licenses, partnerships, collaborations or strategic
transactions approved by the Company’s Board of Directors or a majority of the members of a committee of directors established for
such purpose, which acquisitions, divestitures, licenses, partnerships, collaborations or strategic transactions can have a Variable Rate
Transaction component, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself
or through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide
to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, (iv)
Common Stock issued by the Company to the Investor or an Affiliate of the Investor in connection with any “equity line of credit”
or other continuous offering or similar offering of Common Stock pursuant to a written agreement between the Company and the Investor
or an Affiliate of the Investor, whereby the Company may sell Common Stock to the Investor or an Affiliate of the Investor at a future
determined price, or (v) Common Stock issued by the Company by any method deemed to be an “at the market offering” as defined
in Rule 415(a)(4) under the Securities Act, exclusively to or through CF&CO, as the Company’s sales agent, pursuant to one or
more written agreements between the Company and CF&CO.

 

“Fundamental Transaction” shall mean that
(i) the Company shall, directly or indirectly, in one or more related transactions, (a) consolidate or merge with or into (whether or
not the Company is the surviving corporation) another Person, with the result that the holders of the Company’s capital stock immediately
prior to such consolidation or merger together beneficially own less than 50% of the outstanding voting power of the surviving or resulting
corporation, (b) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or
assets of the Company to another Person, (c) take action to facilitate a purchase, tender or exchange offer by another Person that is
accepted by the holders of more than 50% of the outstanding shares of Common Stock (excluding any shares of Common Stock held by the Person
or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer),
(d) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated
with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (e) reorganize, recapitalize
or reclassify its Common Stock, or (ii) any “person” or “group” (as these terms are used for purposes of Sections
13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

 

    36

     

    

 

“Governmental Authority” shall mean (i) any
federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative
agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public
or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing.

 

“Initial Registration Statement” shall have
the meaning assigned to such term in the Registration Rights Agreement.

 

“Investment Period” shall mean the period
commencing on the Effective Date of the Initial Registration Statement and expiring on the date this Agreement is terminated pursuant
to Article VIII.

 

“Knowledge” shall mean the actual knowledge
of the Company’s Chief Executive Officer, the Company’s President, and the Company’s Chief Financial Officer, in each
case after reasonable inquiry of all officers, directors and employees of the Company and its Subsidiaries who would reasonably be expected
to have knowledge or information with respect to the matter in question.

 

“Material Contracts” shall mean any other
Contract that is expressly referred to in or filed or incorporated by reference as an exhibit to a Commission Document or that, if terminated
or subject to default by a party thereto would, individually or in the aggregate, have a Material Adverse Effect.

 

“New Registration Statement” shall have the
meaning assigned to such term in the Registration Rights Agreement.

 

“Person” shall mean any person or entity,
whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company, trust, unincorporated organization,
business association, firm, joint venture, governmental agency or authority.

 

“Post-Effective Amendment Period” shall mean
the period commencing at 9:30 a.m., New York City time, on the fifth (5th) Trading Day immediately prior to the filing of any post-effective
amendment to the Initial Registration Statement or any New Registration Statement, and ending at 9:30 a.m., New York City time, on the
Trading Day immediately following, the Effective Date of such post-effective amendment.

 

“Principal Market” shall
mean the Nasdaq Capital Market; provided, however, that in the event the Company’s Common Stock is ever listed or
traded on an Alternative Market, then the “Principal Market” shall mean such Alternative Market on which the Company’s
Common Stock is then listed or traded.

 

“Prospectus” shall mean the prospectus in
the form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement, including the documents
incorporated by reference therein.

 

“Prospectus Supplement” shall mean any prospectus
supplement to the Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities Act, including the
documents incorporated by reference therein.

 

“Qualified Independent Underwriter” shall
have the meaning assigned to such term in FINRA Rule 5121(f)(12).

 

“Registrable Securities” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Registration Period” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Registration Statement” shall have the meaning
assigned to such term in the Registration Rights Agreement.

 

“Rule 144” shall mean Rule 144 promulgated
by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same effect.

 

    37

     

    

 

“Sale Price” shall mean any
trade price for the shares of Common Stock on the Principal Market during normal trading hours, as reported by the Principal Market.

 

“Securities Act” shall mean the Securities
Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Shares” shall mean the shares of Common
Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one or more VWAP Purchase Notices.

 

“Short Sales” shall mean “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.

 

“Subsidiary” shall mean any corporation or
other entity, of which at least a majority of the securities or other ownership interest having ordinary voting power for the election
of directors or other persons performing similar functions are at the time owned directly or indirectly by the Company and/or any of its
other Subsidiaries.

 

“Threshold Price” shall mean with respect
to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) $1.00; (ii) 90% of the Closing
Sale Price on the Trading Day immediately preceding the VWAP Purchase Date or (iii) such higher price as set forth by the Company in the
VWAP Purchase Notice.

 

“Trading Day” shall mean any day on which
the Principal Market is open for trading (regular way), including any day on which the Principal Market is open for trading (regular way)
for a period of time less than the customary time.

 

“Transaction Documents” shall mean, collectively,
this Agreement (as qualified by the Commission Documents) and the exhibits hereto, the Registration Rights Agreement and the exhibits
thereto, and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties hereto in
connection with the transactions contemplated hereby and thereby.

 

“Transfer Agent” shall mean Continental Stock
Transfer & Trust Company or any successor thereof as the Company’s transfer agent.

 

“Upfront Commitment Fee” shall mean 250,000
shares of Common Stock.

 

“Variable Rate Transaction” shall mean a
transaction in which the Company (i) issues or sells any equity or debt securities that are convertible into, exchangeable or exercisable
for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents either (a) at a conversion price, exercise
price, exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at
any time after the initial issuance of such equity or debt securities, or (b) with a conversion, exercise or exchange price that is subject
to being reset at some future date after the initial issuance of such equity or debt security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock (including, without limitation,
any “full ratchet” or “weighted average” anti-dilution provisions, but not including any standard anti-dilution
protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), (ii) issues or sells
any equity or debt securities, including without limitation, Common Stock or Common Stock Equivalents, either (a) at a price that is subject
to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock (other than standard anti-dilution
protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction), or (b) that are subject
to or contain any put, call, redemption, buy-back, price-reset or other similar provision or mechanism (including, without limitation,
a “Black-Scholes” put or call right, other than in connection with a “fundamental transaction”) that provides
for the issuance of additional equity securities of the Company or the payment of cash by the Company, or (iii) enters into any agreement,
including, but not limited to, an “equity line of credit” or “at the market offering” or other continuous offering
or similar offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock or Common Stock Equivalents
at a future determined price.

 

    38

     

    

 

“VWAP” shall mean, for the Common Stock for
a specified period, the dollar volume-weighted average price for the Common Stock on the Principal Market, for such period, as reported
by Bloomberg through its “AQR” function (excluding, for the avoidance of doubt, the opening and closing print of each VWAP
Purchase Date). All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization
or other similar transaction during such period.

 

“VWAP Purchase Commencement Time” shall mean,
with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time, on the applicable VWAP Purchase Date,
or such later time on such VWAP Purchase Date publicly announced by the Principal Market as one (1) second after the official open (or
commencement) of trading (regular way) on the Principal Market on such VWAP Purchase Date; provided, however, that if a
VWAP Purchase Notice is delivered after 9:00 a.m., New York City time, on a VWAP Purchase Date, then the VWAP Purchase Commencement Time
shall start only upon receipt by the Company of written confirmation (which may be by email) of acceptance by the Investor, and which
confirmation shall specify the VWAP Purchase Commencement Time.

 

“VWAP Purchase Date” shall mean, with respect
to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor receives, on such Trading Day, a valid VWAP Purchase
Notice for such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase Maximum Amount” shall mean,
with respect to a VWAP Purchase made pursuant to Section 3.1, a number of shares of Common Stock equal to the lesser of (i) a number of
shares of Common Stock which, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its Affiliates
(as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership
by the Investor of more than the Beneficial Ownership Limitation and (ii) a number of Shares equal to (a) the VWAP Purchase Share Percentage
multiplied by (b) the total number (or volume) of shares of Common Stock traded on the Principal Market (or, if the Common Stock is then
listed on an Alternative Market, on such Alternative Market) during the applicable VWAP Purchase Period on the applicable VWAP Purchase
Date for such VWAP Purchase and (iii) the VWAP Purchase Share Estimate.

 

“VWAP Purchase Notice” shall mean, with respect
to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by the Company to the Investor directing the
Investor to purchase a VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount subject to adjustment as set forth in Section
3.1 as necessary to give effect to the VWAP Purchase Maximum Amount), at the applicable VWAP Purchase Price therefor on the applicable
VWAP Purchase Date for such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase Period” shall mean, with respect
to a VWAP Purchase made pursuant to Section 3.1, the period on the applicable VWAP Purchase Date for such VWAP Purchase beginning at the
applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination Time.

 

    39

     

    

 

“VWAP Purchase Price” shall mean the purchase
price per Share to be purchased by the Investor in such VWAP Purchase on such VWAP Purchase Date equal to ninety-seven percent (97.0%)
of the VWAP over the applicable VWAP Purchase Period on such VWAP Purchase Date for such VWAP Purchase. Notwithstanding anything in this
Agreement to the contrary, on any Trading Day on which the Company delivers, and the Investor accepts, a VWAP Purchase Notice for a VWAP
Purchase Share Request Percentage in excess of the VWAP Purchase Share Percentage, the VWAP Purchase Price shall be calculated using the
lower of (i) the VWAP over the applicable VWAP Purchase Period on such VWAP Purchase Date for such VWAP Purchase; and (ii) the lowest
Sale Price in any Block sold on such Trading Day following the delivery and acceptance of such VWAP Purchase Notice for a VWAP Purchase
Share Request Percentage in excess of the VWAP Purchase Share Percentage.

 

“VWAP Purchase Share Amount” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, the number of Shares to be purchased by the Investor in such VWAP Purchase as
specified by the Company in the applicable VWAP Purchase Notice, which number of Shares shall not exceed the applicable VWAP Purchase
Maximum Amount.

 

“VWAP Purchase Share Delivery Date” shall
mean the date of the VWAP Purchase Notice, or such later date on which the Shares are actually delivered to the Investor (it being acknowledged
and agreed that the Company may not deliver any additional VWAP Purchase Notice to the Investor until all such Shares subject to such
VWAP Purchase, and all Shares subject to all prior VWAP Purchase Notices, have been received by the Investor as DWAC Shares in accordance
with this Agreement).

 

“VWAP Purchase Share Estimate” means
the number of shares of Common Stock constituting a good faith estimate by the Company of the number of Shares that the Investor
shall have the obligation to buy pursuant to the VWAP Purchase Notice.

 

“VWAP Purchase Share Percentage” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, twenty percent (20%).

 

“VWAP Purchase Share Request Percentage”
shall mean the percentage set forth in any VWAP Purchase Notice.

 

“VWAP Purchase Termination Time” means, with
respect to a VWAP Purchase made pursuant to Section 3.1, 3:59:59 p.m., New York City time, on the applicable VWAP Purchase Date, or two
seconds prior to such earlier time publicly announced by the Principal Market as the official close of trading (regular way) on the Principal
Market on such applicable VWAP Purchase Date.

 

    40

     

    

 

EXHIBIT A

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

 

[TO BE FURNISHED SEPARATELY]

 

    41

     

    

 

EXHIBIT B

 

COMPLIANCE CERTIFICATE 

 

The undersigned, the [●] of SoundHound AI, Inc., a Delaware corporation
(the “Company”), delivers this certificate in connection with the Common Stock Purchase Agreement, dated as
of August [●], 2022 (the “Agreement”), by and between the Company and CF Principal Investments LLC, a
Delaware limited liability company (the “Investor”), and hereby certifies on the date hereof that, to the best
of his or her knowledge after reasonable investigation, on behalf of the Company (capitalized terms used herein without definition have
the meanings assigned to them in the Agreement):

 

	1.	The undersigned is the duly appointed [●] of the Company.

 

	2.	Except as set forth in the Commission Documents, the representations
and warranties of the Company set forth in Article V of the Agreement (i) that are not qualified by “materiality” or “Material
Adverse Effect” are true and correct in all material respects as of [the Commencement Date] [the date hereof] with the same force
and effect as if made on [the Commencement Date] [the date hereof], except to the extent such representations and warranties are as of
another date, in which case, such representations and warranties are true and correct in all material respects as of such other date
and (ii) that are qualified by “materiality” or “Material Adverse Effect” are true and correct as of [the Commencement
Date] [the date hereof] with the same force and effect as if made on [the Commencement Date] [the date hereof], except to the extent
such representations and warranties are as of another date, in which case, such representations and warranties are true and correct as
of such other date.

 

	3.	The Company has performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by the Agreement and the Registration Rights Agreement to be performed,
satisfied or complied with by the Company [at or prior to Commencement][on or prior to the date hereof].

 

	4.	The Shares issuable in respect of each VWAP Purchase Notice
effected pursuant to the Agreement shall be delivered to the Investor electronically as DWAC Shares, and shall be freely tradable and
transferable and without restriction on resale and without any stop transfer instructions maintained against such Shares.

 

	5.	As of [the Commencement Date][the date hereof], the Company
does not possess any material non-public information.

 

	6.	As of [the Commencement Date][the date hereof], the Company
has reserved out of its authorized and unissued Common Stock [●] shares of Common Stock solely for the purpose of effecting VWAP
Purchases under the Agreement.

 

	7.	No stop order suspending the effectiveness of the Registration
Statement or the use of the Prospectus under the Securities Act has been issued and no proceedings for such purpose or pursuant to Section
8A of the Securities Act are pending before or, to the knowledge of the Company, threatened by the Commission.

 

    42

     

    

 

The undersigned has executed this Certificate this [●] day of
[●], 202[●].

 

	 	By:	 
	 	 
	 	Name:	 
	 	 
	 	Title:	 

 

    43

     

    

 

EXHIBIT C

FORM OF VWAP PURCHASE NOTICE

 

	From:	SoundHound AI, Inc.
	 	 
	To:	CF Principal Investments LLC
	Attention:	Chief Operating Officer
	 	 
	C/O:	CFControlledEquityOffering@cantor.com
	 	 
	Subject:	VWAP Purchase Notice
	 	 
	Date:	[●], 202[●]
	 	 
	Time:	[●]

 

Ladies and Gentlemen:

 

Pursuant to the terms and subject to the conditions contained in the
Common Stock Purchase Agreement (the “Agreement”) between SoundHound AI, Inc., a Delaware corporation (the “Company”),
and CF Principal Investments LLC (the “Investor”), dated [●], 202[●], the Company hereby directs
the Investor to purchase a number of shares constituting [●]% of the total volume of the Company’s Class A common stock, par
value $0.0001 per share, traded on the Principal Market during the applicable VWAP Purchase Period, at the relevant VWAP Purchase Price
(as defined in the Agreement); provided, however, that if such number exceeds the VWAP Purchase Share Estimate of [•]
shares of the Company’s Class A common stock, par value $0.0001 per share, which the Company represents is no greater than the VWAP
Purchase Maximum Amount (as defined in the Agreement), then the Investor will instead purchase the number of shares equal to the VWAP
Purchase Share Estimate. The Company represents that all conditions set forth in Section 7.3 of the Agreement (including without limitation
Section 7.3(xi) in respect of Material Non-Public Information) have been satisfied. Capitalized terms used herein without definition have
the meanings assigned to them in the Agreement.

 

	 	 
	 	Name:
	 	Title:

 

 

44

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