Document:

EXHIBIT 10.1

 

 

CREDIT AGREEMENT

DATED AS OF August 11, 2017

by and among

PLYMOUTH
INDUSTRIAL OP, LP

AS BORROWER,

THE guarantorS
FROM TIME TO TIME PARTY HERETO,

KEYBANK NATIONAL ASSOCIATION,

THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT

AND

OTHER LENDERS THAT MAY BECOME

PARTIES TO THIS AGREEMENT,

KEYBANK NATIONAL ASSOCIATION,

AS AGENT,

KEYBANC CAPITAL MARKETS,

AS SOLE LEAD ARRANGER AND SOLE BOOK MANAGER

    

     

    

TABLE OF
CONTENTS 

	§1.	 	DEFINITIONS AND RULES OF INTERPRETATION.	1
	 	§1.1	Definitions	1
	 	§1.2	Rules of Interpretation.	29
	§2.	 	THE CREDIT FACILITY.	30
	 	§2.1	Revolving Credit Loans	30
	 	§2.2	RESERVED	31
	 	§2.3	Notes	31
	 	§2.4	Facility Unused Fee	31
	 	§2.5	Reduction and Termination of the Revolving Credit Commitments	32
	 	§2.6	RESERVED.	32
	 	§2.7	Interest on Loans.	32
	 	§2.8	Requests for Revolving Credit Loans	33
	 	§2.9	Funds for Loans.	33
	 	§2.10	Use of Proceeds	34
	 	§2.11	Letters of Credit.	34
	 	§2.12	Increase in Total Commitment.	38
	 	§2.13	Extension of Revolving Credit Maturity Date	41
	§3.	 	REPAYMENT OF THE LOANS.	42
	 	§3.1	Stated Maturity	42
	 	§3.2	Mandatory Prepayments	42
	 	§3.3	Optional Prepayments.	42
	 	§3.4	Partial Prepayments	43
	 	§3.5	Effect of Prepayments	43
	§4.	 	CERTAIN GENERAL PROVISIONS.	43
	 	§4.1	Conversion Options.	43
	 	§4.2	Fees	44
	 	§4.3	[Intentionally Omitted.]	44
	 	§4.4	Funds for Payments.	44
	 	§4.5	Computations	48
	 	§4.6	Suspension of LIBOR Rate Loans	49
	 	§4.7	Illegality	49
	 	§4.8	Additional Interest	49
	 	§4.9	Additional Costs, Etc.	49
	 	§4.10	Capital Adequacy	51
	 	§4.11	Breakage Costs	51
	 	§4.12	Default Interest; Late Charge	51
	 	§4.13	Certificate	51
	 	§4.14	Limitation on Interest	52
	 	§4.15	Certain Provisions Relating to Increased Costs and Non-Funding Lenders	52
	§5.	 	COLLATERAL SECURITY.	53
	 	§5.1	Collateral	53
	 	§5.2	Appraisals; Adjusted Value.	53
	 	§5.3	Addition of Collateral Properties.	53
	 	§5.4	Release of Collateral Property	55

    i 

     

    

 

	 	§5.5	Additional Subsidiary Guarantors	55
	 	§5.6	Release of Certain Subsidiary Guarantors	56
	 	§5.7	Release of Collateral	56
	§6.	 	REPRESENTATIONS AND WARRANTIES	56
	 	§6.1	Corporate Authority, Etc.	56
	 	§6.2	Governmental Approvals	57
	 	§6.3	Title to Collateral Properties	57
	 	§6.4	Financial Statements	58
	 	§6.5	No Material Changes	58
	 	§6.6	Franchises, Patents, Copyrights, Etc.	58
	 	§6.7	Litigation	58
	 	§6.8	No Material Adverse Contracts, Etc.	59
	 	§6.9	Compliance with Other Instruments, Laws, Etc.	59
	 	§6.10	Tax Status	59
	 	§6.11	No Event of Default	59
	 	§6.12	Investment Company Act	59
	 	§6.13	Absence of UCC Financing Statements, Etc.	59
	 	§6.14	Setoff, Etc.	60
	 	§6.15	Certain Transactions	60
	 	§6.16	Employee Benefit Plans	60
	 	§6.17	Disclosure	60
	 	§6.18	Trade Name; Place of Business	61
	 	§6.19	Regulations T, U and X	61
	 	§6.20	Environmental Compliance	61
	 	§6.21	Subsidiaries; Organizational Structure	63
	 	§6.22	Leases	63
	 	§6.23	Property	63
	 	§6.24	Brokers	64
	 	§6.25	Other Debt	64
	 	§6.26	Solvency	65
	 	§6.27	No Bankruptcy Filing	65
	 	§6.28	No Fraudulent Intent	65
	 	§6.29	Transaction in Best Interests of Credit Parties; Consideration	65
	 	§6.30	OFAC	65
	 	§6.31	Ground Lease.	66
	§7.	 	AFFIRMATIVE COVENANTS	66
	 	§7.1	Punctual Payment	66
	 	§7.2	Maintenance of Office	67
	 	§7.3	Records and Accounts	67
	 	§7.4	Financial Statements, Certificates and Information	67
	 	§7.5	Notices.	70
	 	§7.6	Existence; Maintenance of Properties.	72
	 	§7.7	Insurance; Condemnation	72
	 	§7.8	Taxes; Liens	77
	 	§7.9	Inspection of Collateral Properties and Books	77
	 	§7.10	Compliance with Laws, Contracts, Licenses, and Permits	78

    ii 

     

    

 

	 	§7.11	Further Assurances	78
	 	§7.12	Management	78
	 	§7.13	Leases of the Property	78
	 	§7.14	Business Operations	80
	 	§7.15	Registered Servicemark	80
	 	§7.16	Ownership of Real Estate	80
	 	§7.17	Cash Management	80
	 	§7.18	Plan Assets	81
	 	§7.19	Guarantor Covenants	81
	 	§7.20	Collateral Properties	81
	 	§7.21	REIT Guarantor	82
	 	§7.22	Sanctions Laws and Regulations	82
	§8	.	NEGATIVE COVENANTS	82
	 	§8.1	Restrictions on Indebtedness	82
	 	§8.2	Restrictions on Liens, Etc.	83
	 	§8.3	Restrictions on Investments.	84
	 	§8.4	Merger, Consolidation	86
	 	§8.5	Intentionally Deleted.	86
	 	§8.6	Compliance with Environmental Laws	86
	 	§8.7	Distributions	88
	 	§8.8	Asset Sales	88
	 	§8.9	Collateral Properties	88
	 	§8.10	Derivatives Contracts	89
	 	§8.11	Transactions with Affiliates	89
	 	§8.12	Management Fees	89
	 	§8.13	Changes to Organizational Documents	89
	§9.	 	FINANCIAL COVENANTS	89
	 	§9.1	Maximum Leverage Ratio	89
	 	§9.2	Minimum Fixed Charge Coverage Ratio	89
	 	§9.3	Minimum Tangible Net Worth	90
	 	§9.4	Minimum Occupancy	90
	§10.	 	CLOSING CONDITIONS	90
	 	§10.1	Loan Documents	90
	 	§10.2	Certified Copies of Organizational Documents	90
	 	§10.3	Resolutions	90
	 	§10.4	Incumbency Certificate; Authorized Signers	90
	 	§10.5	Opinion of Counsel	90
	 	§10.6	Payment of Fees	91
	 	§10.7	Insurance	91
	 	§10.8	Performance; No Default	91
	 	§10.9	Representations and Warranties	91
	 	§10.10	Proceedings and Documents	91
	 	§10.11	Eligible Real Estate Qualification Documents	91
	 	§10.12	Compliance Certificate	91
	 	§10.13	Appraisals	91
	 	§10.14	Consents	91

    iii 

     

    

 

	 	§10.15	Other	92
	 	§10.16	Subordinated Debt	92
	§11.	 	CONDITIONS TO ALL BORROWINGS	92
	 	§11.1	Prior Conditions Satisfied	92
	 	§11.2	Representations True; No Default	92
	 	§11.3	Borrowing Documents	92
	 	§11.4	Future Advances Tax Payment	92
	§12.	 	EVENTS OF DEFAULT; ACCELERATION; ETC.	92
	 	§12.1	Events of Default and Acceleration	93
	 	§12.2	Certain Cure Periods	96
	 	§12.3	Termination of Commitments	96
	 	§12.4	Remedies	96
	 	§12.5	Distribution of Collateral Proceeds	97
	§13.	 	SETOFF	97
	§14.	 	THE AGENT.	98
	 	§14.1	Authorization	98
	 	§14.2	Employees and Agents	98
	 	§14.3	No Liability	99
	 	§14.4	No Representations	99
	 	§14.5	Payments.	100
	 	§14.6	Holders of Notes	100
	 	§14.7	Indemnity	100
	 	§14.8	Agent as Lender	100
	 	§14.9	Resignation	101
	 	§14.10	Duties in the Case of Enforcement	102
	 	§14.11	Bankruptcy	102
	 	§14.12	Request for Agent Action	102
	 	§14.13	Reliance by Agent	103
	 	§14.14	Approvals	103
	 	§14.15	Borrower Not Beneficiary	103
	 	§14.16	Defaulting Lenders.	103
	 	§14.17	Reliance on Hedge Provider	105
	§15.	 	EXPENSES	106
	§16.	 	INDEMNIFICATION	107
	§17.	 	SURVIVAL OF COVENANTS, ETC.	107
	 	§18.	ASSIGNMENT AND PARTICIPATION.	108
	 	§18.1	Conditions to Assignment by Lenders	108
	 	§18.2	Register	109
	 	§18.3	New Notes	109
	 	§18.4	Participations	109
	 	§18.5	Pledge by Lender	110
	 	§18.6	No Assignment by Borrower	110
	 	§18.7	Disclosure	110
	 	§18.8	Titled Agents	111
	 	§18.9	Amendments to Loan Documents	111
	§19.	 	NOTICES	111

    iv 

     

    

 

	§20.	 	RELATIONSHIP1	112
	§21.	 	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE	113
	§22.	 	HEADINGS	113
	§23.	 	COUNTERPARTS	113
	§24.	 	ENTIRE AGREEMENT, ETC.	113
	§25.	 	WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS	114
	§26.	 	DEALINGS WITH THE BORROWER	114
	§27.	 	CONSENTS, AMENDMENTS, WAIVERS, ETC	115
	§28.	 	SEVERABILITY	116
	§29.	 	TIME OF THE ESSENCE	116
	§30.	 	NO UNWRITTEN AGREEMENTS	116
	§31.	 	REPLACEMENT NOTES	116
	§32.	 	NO THIRD PARTIES BENEFITED	116
	§33.	 	PATRIOT ACT	116
	§34.	 	[Intentionally Omitted.]	117
	§35.	 	JOINT AND SEVERAL LIABILITY	117
	§36.	 	ADDITIONAL AGREEMENTS CONCERNING OBLIGATIONS OF CREDIT PARTIES.	117
	 	§36.1	Waiver of Automatic or Supplemental Stay	117
	 	§36.2	Waiver of Defenses	117
	 	§36.3	Waiver	119
	 	§36.4	Subordination	120
	 	§36.5	Waiver of Rights Under Anti-Deficiency Rules	120
	 	§36.6	Further Waivers	120
	§37.	 	ACKNOWLEDGMENT OF BENEFITS; EFFECT OF AVOIDANCE PROVISIONS.	121
	§38.	 	Acknowledgement and consent to bail-in of EEA Financial Institutions	122

 

    v 

     

    

EXHIBITS AND SCHEDULES

	Exhibit A	FORM OF REVOLVING CREDIT NOTE
	Exhibit B	RESERVED
	Exhibit C	FORM OF JOINDER AGREEMENT
	Exhibit D	FORM OF REQUEST FOR REVOLVING CREDIT LOAN
	Exhibit E	FORM OF LETTER OF CREDIT REQUEST
	Exhibit F	FORM OF BORROWING BASE AVAILABILITY CERTIFICATE 
	Exhibit G	FORM OF COMPLIANCE CERTIFICATE
	Exhibit H	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
	Exhibit I	FORM OF LETTER OF CREDIT APPLICATION
	Schedule 1.1	LENDERS AND COMMITMENTS
	Schedule 1.2	ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS
	Schedule 6.3	LIST OF ALL ENCUMBRANCES ON ASSETS
	Schedule 6.5	NO MATERIAL CHANGES
	Schedule 6.7	PENDING LITIGATION
	Schedule 6.15	CERTAIN TRANSACTIONS
	Schedule 6.20(d)	REQUIRED ENVIRONMENTAL ACTIONS
	Schedule 6.21	SUBSIDIARIES
	Schedule 6.22	EXCEPTIONS TO RENT ROLL
	Schedule 6.23	PROPERTY
	Schedule 6.25	MATERIAL LOAN AGREEMENTS
	Schedule 19	NOTICE ADDRESSES

 

    vi 

     

    

CREDIT AGREEMENT

THIS CREDIT AGREEMENT
is made as of the 11th day of August, 2017, by and among PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership
(“Borrower”), the Subsidiary Guarantors hereafter becoming a party hereto, KEYBANK NATIONAL ASSOCIATION
(“KeyBank”), the other lending institutions which are parties to this Agreement as “Lenders”, and
the other lending institutions that may become parties hereto pursuant to §18, KEYBANK NATIONAL ASSOCIATION, as administrative
agent for the Lenders (the “Agent”), and KEYBANC CAPITAL MARKETS, as Sole Lead Arranger and Sole Book
Manager.

R E C I T A L S

WHEREAS, Borrower
has requested that the Lenders provide a revolving loan facility to Borrower and each Subsidiary Guarantor hereafter becoming a
party hereto; and

WHEREAS, the Agent
and the Lenders are willing to provide such revolving loan facility to Borrower on and subject to the terms and conditions set
forth herein;

NOW, THEREFORE, in
consideration of the recitals herein and mutual covenants and agreements contained herein, the parties hereto hereby covenant and
agree as follows:

§1.DEFINITIONS AND
RULES OF INTERPRETATION.

§1.1Definitions.
The following terms shall have the meanings set forth in this §1 or elsewhere in the provisions of this Agreement referred
to below:

Additional Commitment
Request Notice. See §2.12(a)

Additional Subsidiary
Guarantor. Each additional Subsidiary of Borrower which becomes a Subsidiary Guarantor pursuant to §5.5

Adjusted Net Operating
Income. On any date of determination Net Operating Income from the Collateral Properties for the prior four (4) fiscal quarters
most recently ended less the Capital Reserve applicable to the Collateral Properties for such period. For the purposes of calculating
Adjusted Net Operating Income for the Collateral Properties not owned and operated by the Borrower or a Subsidiary Guarantor for
the prior four (4) full fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Collateral
Properties shall be calculated by using the actual historical results for such Collateral Properties for the prior four (4) full
fiscal quarters most recently ended as if the Collateral Properties had been owned by the Borrower or a Subsidiary Guarantor during
such period; provided, however, to the extent actual historical Adjusted Net Operating Income attributable to such Collateral Properties
is unavailable, the Borrower may include such calculation of Adjusted Net Operating Income attributable to such Collateral Properties
calculated on a proforma basis, so long as the Agent shall have given its prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed. Additionally, for Collateral Properties that have been disposed of during the period of the prior
four fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Collateral Properties shall be
excluded from the calculation of Adjusted Net Operating Income.

    1 

     

    

Affiliate. An Affiliate,
as applied to any Person, shall mean any other Person directly or indirectly controlling, controlled by, or under common control
with, that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any Person, means (a) the possession, directly
or indirectly, of the power to vote more than ten percent (10%) of the stock, shares, voting trust certificates, beneficial interest,
partnership interests, member interests or other interests having voting power for the election of directors of such Person or
otherwise to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities or by contract or otherwise, or (b) the ownership of (i) a general partnership interest, (ii) a managing member’s
or manager’s interest in a limited liability company or (iii) a limited partnership interest or Preferred Securities (or
other ownership interest) representing more than twenty percent (20%) of the outstanding limited partnership interests, Preferred
Securities or other ownership interests of such Person.

Agent. KeyBank National
Association, acting as administrative agent for the Lenders, and its permitted successors and assigns.

Agent’s Head Office.
The Agent’s head office located at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other location as the Agent
may designate from time to time by notice to the Borrower and the Lenders.

Agent’s Special
Counsel. Riemer & Braunstein LLP or such other counsel as selected by Agent.

Aggregate Occupancy Rate.
The quotient of (a) Net Rentable Area for all of the Collateral Properties subject to Leases as to which (i) tenants are in occupancy
of all of their respective leased premises (or as to which a tenant has executed and delivered a lease for space within a Collateral
Property, which lease is in full force and effect and with respect to which the tenant will take occupancy within ninety (90) days
of execution of such lease), (ii) tenants are not in default of any of their monetary or other material obligations under their
respective Lease beyond sixty (60) days (excluding year-end reconciliations of CAM charges or similar items and any failure to
pay the first month such amount becomes due and payable the incremental increase in annual base rent as a result of the impact
of an annual escalation of such rent), (iii) are an arm’s length Lease entered into in the ordinary course of business
with a party that is not an Affiliate of the Borrower, and (iv) tenants or any guarantor thereunder are not subject to any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, divided
by (b) Net Rentable Area for all of the Collateral Properties, expressed as a percentage.

Agreement. This Credit
Agreement, as the same may be amended, modified, supplemented and/or extended from time to time, including the Schedules
and Exhibits hereto.

Agreement Regarding Fees.
See §4.2.

Allocable Principal Balance.
See §37(b)Error! Reference source not found..

Applicable Contribution.
See §37(d)Error! Reference source not found..

    2 

     

    

Applicable Law. All
applicable provisions of constitutions, statutes, rules, regulations, guidelines and orders of all Governmental Authorities and
all orders and decrees of all courts, tribunals and arbitrators.

Applicable Margin.
The Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the Total Leverage as set forth
in the most recent Compliance Certificate pursuant to §7.4(c):

	Pricing Level	Total Leverage	LIBOR Rate Loans	Base Rate Loans
	Pricing Level 1	Less than 50%	2.50%	1.50%
	Pricing Level 2	Equal to or greater than 50% but less than 60%	2.70%	1.70%
	Pricing Level 3	Equal to or greater than 60% but less than 65%	3.00%	2.00%

 

The Applicable Margin shall
not be adjusted based upon such Total Leverage Ratio, if at all, until the third (3rd) Business Day following receipt
of any updated Compliance Certificate. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate
on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this
Agreement, the Applicable Margin for Revolving Credit Loans shall be at Pricing Level 3 commencing on the first (1st)
Business Day following the date on which such Compliance Certificate was required to have been delivered and shall remain in effect
until such failure is cured, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day
of the first (1st) month following receipt of such Compliance Certificate. The Applicable Rate in effect from the date
hereof through the date of the next change in the Applicable Rate pursuant to the provisions hereof shall be determined based upon
Pricing Level  1. The provisions of this definition shall be subject to §2.7(e).

Appraisal. An MAI
appraisal of the value of a parcel of Real Estate, performed by an independent appraiser with experience appraising industrial
properties, with any such Appraisal for a Collateral Property being performed by an independent appraiser selected by the Agent
who is not an employee of the REIT Guarantor or any of its Subsidiaries, the Agent or a Lender, the form and substance of such
appraisal and the identity of the appraiser to be in compliance with the Financial Institutions Reform, Recovery and Enforcement
Act of 1989, as amended, the rules and regulations adopted pursuant thereto and all other regulatory laws and policies (both regulatory
and internal) applicable to the Lenders and approved by the Agent.

Appraised Value.
The “as-is” value of a Collateral Property (or Real Estate which will become a Collateral Property) determined by the
most recent applicable Appraisal of such Collateral Property (or Real Estate which will become a Collateral Property), obtained
pursuant to this Agreement; subject, however, to such changes or adjustments to the value determined thereby as may be required
by the appraisal department of the Agent in its good faith business judgment based on criteria and factors generally used and considered
by the Agent in determining the value of similar properties.

    3 

     

    

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

Arranger. KeyBanc
Capital Markets or any successors thereto.

Assignment and Acceptance
Agreement. See §18.1.

Assignment of Leases
and Rents. Each of the assignments of leases and rents from the Borrower or a Subsidiary Guarantor to the Agent now or hereafter
delivered to secure the Obligations, as may be modified or amended.

Authorized Officer.
Any of the following Persons: Jeffrey Witherell, Pendleton White, Jr., Daniel Wright and such other Persons as Borrower shall designate
in a written notice to Agent.

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

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

Balance Sheet Date.
March 31, 2017.

Bankruptcy Code.
Title 11, U.S.C.A., as amended from time to time or any successor statute thereto.

Base Rate. The greater
of on any day (a) the fluctuating annual rate of interest announced from time to time by the Agent at the Agent’s Head Office
as its “prime rate”, (b) one half of one percent (0.50%) above the Federal Funds Effective Rate, or (c) the applicable
LIBOR Rate for a one month interest period plus one percent (1%) per annum. The Base Rate is a reference rate and does not necessarily
represent the lowest or best rate being charged to any customer. Any change in the rate of interest payable hereunder resulting
from a change in the Base Rate shall become effective as of the opening of business on the day on which such change in the Base
Rate becomes effective, without notice or demand of any kind.

Base Rate Loans.
Loans bearing interest calculated by reference to the Base Rate.

Borrower. PLYMOUTH
INDUSTRIAL OP, LP, a Delaware limited partnership.

Borrowing Base Availability.
As of any time of determination, determined separately for each Collateral Property, the aggregate of the lesser of (i)60%
multiplied by the Value of each Collateral Property that is not considered a Value Add Property; (ii) a percentage for each Collateral
Property (determined by the Agent at the time admitted as a Collateral Property) multiplied by the Value of each Collateral Property
that is considered a Value Add Property (for the Collateral Property located at 3000 Democrat Road, Memphis, Tennessee, the advance
rate shall set at 50% under this clause (ii) until such time an 85% occupancy ratio is met (at which point it would no longer be
considered a Value Add Property and would be governed by subsection (i) above); or (iii) an amount of debt that results in a 1.50x
Implied DSCR for such Collateral Property.

    4 

     

    

Breakage Costs. The
commercially reasonable and documented cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably
expected to be incurred during such Interest Period) in connection with (i) any payment of any portion of the Loans bearing interest
at LIBOR prior to the termination of any applicable Interest Period, (ii) the conversion of a LIBOR Rate Loan to any other applicable
interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of Borrower to draw down,
on the first day of the applicable Interest Period, any amount as to which Borrower has elected a LIBOR Rate Loan.

Building. With respect
to each Collateral Property or parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located
thereon.

Business Day. Any
day on which banking institutions located in the same city and State as the Agent’s Head Office are located are open for
the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.

Capital Lease Obligations.
With respect to the Borrower and its Subsidiaries for any period, the obligations of the Borrower or any Subsidiary to pay rent
or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as liabilities on a balance sheet of the Borrower and
its Subsidiaries under GAAP and the amount of which obligations shall be the capitalized amount thereof determined in accordance
with GAAP.

Capital Reserve.
For any period and with respect to any of the Collateral Properties, an amount equal to $0.15 per annum multiplied by the weighted
average total square footage of the Buildings in Real Estate that was a Collateral Property during such period.

Capitalized Lease.
A lease under which the discounted future rental payment obligations of the lessee or the obligor are required to be capitalized
on the balance sheet of such Person in accordance with GAAP.

Cash Equivalents.
As of any date, (i) securities issued or directly and fully guaranteed or insured by the United States government or any agency
or instrumentality thereof having maturities of not more than one year from such date, (ii) time deposits and certificates of deposits
having maturities of not more than one year from such date and issued by any domestic commercial bank having, (A) senior long term
unsecured debt rated at least A or the equivalent thereof by S&P or A2 or the equivalent thereof by Moody’s and (B) capital
and surplus in excess of $100,000,000; and (iii) shares of any money market mutual fund rated at least AAA or the equivalent
thereof by S&P or at least AAA or the equivalent thereof by Moody’s.

CERCLA. The Comprehensive
Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601 et seq.

    5 

     

    

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

Change of Control.
A Change of Control shall exist upon the occurrence of any of the following:

(a)       During
any twelve month period on or after the date of this Agreement, individuals who at the beginning of such period constituted the
Board of Directors or Trustees of the Guarantor (the “Board”) (together with any new directors whose election by the
Board or whose nomination for election by the shareholders of the REIT Guarantor was approved by a vote of at least a majority
of the members of the Board then in office who either were members of the Board at the beginning of such period or whose election
or nomination for election was previously so approved) cease for any reason to constitute a majority of the members of the REIT
Guarantor then in office;

(b)       Any
Person (including a Person’s Affiliates and associates) or group (as that term is understood under Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder), shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power,
in the event different classes of stock or voting interests shall have different voting powers) of the voting stock or voting interests
of REIT Guarantor equal to at least twenty percent (20%) who did not hold such beneficial ownership as of the date of this Agreement;

(c)       REIT
Guarantor shall fail to own at least fifty five percent (55%) of the limited partner Equity Interests of the Borrower and own and
control the general partner of Borrower, shall fail to own such interests in Borrower free of any lien, encumbrance or other adverse
claim, or shall fail to control management and policies of Borrower;

(d)       the
Borrower or Guarantor consolidates with, is acquired by, or merges into or with any Person (other than a merger permitted by Section
8.4); or

(e)       Borrower
fails to own directly or indirectly, free of any lien, encumbrance or other adverse claim, one hundred percent (100%) of the economic,
voting and beneficial interest of each Subsidiary Guarantor.

Closing Date. The
date agreed to by the parties hereto on which all of the conditions set forth in §10 and §10.16 have been satisfied.

    6 

     

    

Code. The Internal
Revenue Code of 1986, as amended, as amended, and all regulations and formal guidance issued thereunder.

Collateral. All of
the property, rights and interests of the Borrower and Subsidiary Guarantors which are subject to the security interests, security
title, liens and mortgages created by the Security Documents, including, without limitation, the Collateral Properties.

Collateral Property or
Collateral Properties. The Eligible Real Estate which is security for the Obligations and any Hedge Obligations pursuant to
the Mortgages.

Commitment. As to
each Lender, the amount set forth on Schedule 1.1 hereto as such Lender’s commitment to fund the Loans from time to
time to Borrower in accordance with the terms of this Agreement.

Commitment Increase.
An increase in the Total Commitment to not more than $75,000,000 after giving effect to any such increase pursuant to §2.12.

Commitment Increase Date.
See §2.12(a).

Commitment Percentage.
With respect to each Lender, the percentage set forth on Schedule 1.1 hereto as such Lender’s percentage of the aggregate
Commitments of all of the Lenders, as the same may be changed from time to time in accordance with the terms of this Agreement;
provided that if the Commitments of the Lenders have been terminated as provided in this Agreement, then the Commitment of each
Lender shall be determined based on the Commitment Percentage of such Lender immediately prior to such termination and after giving
effect to any subsequent assignments made pursuant to the terms hereof.

Commodity Exchange Act.
The Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute.

Compliance Certificate.
See §7.4(c).

Condemnation Proceeds.
All compensation, awards, damages, judgments and proceeds awarded to Credit Party by reason of any Taking, net of all reasonable
and customary amounts actually expended to collect the same and/or to maximize the total amount of the same.

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

Consolidated. With
reference to any term defined herein, that term as applied to the accounts of a Person and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP.

Consolidated Tangible
Net Worth. As of any date of determination, for REIT Guarantor and its Subsidiaries on a consolidated basis, an amount equal
to (a) Shareholders’ Equity of REIT Guarantor and its Subsidiaries on that date plus (b) accumulated depreciation and amortization
plus (c) Intangible Liabilities minus (d) Intangible Assets, all as determined in accordance with GAAP. As used herein:

    7 

     

    

(a) “Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of REIT Guarantor and its Subsidiaries,
as determined in accordance with GAAP;

(b) “Intangible
Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer
software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount
and capitalized research and development costs; and

(c) “Intangible
Liabilities” means liabilities that are considered to be intangible liabilities under GAAP, including, but not limited to,
guarantees of other persons and outstanding letters of credit and other similar items.

Conversion/Continuation
Request. A notice given by the Borrower to the Agent of its election to convert or continue a Loan in accordance with §4.1.

Credit Party(ies).
Individually and collectively, the Borrower, the REIT Guarantor and each Subsidiary Guarantor.

Default. See §12.1.

Default Rate. See
§4.12.

Defaulting Lender.
Any Lender that, subject to §14.16, (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days
of the date such Loans were required to be funded by it hereunder unless such Lender notifies the Agent and the Borrower in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of
which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to Agent, any Issuing Lender, or any other Lender any other amount required to be paid by it hereunder (including
in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower,
the Agent or any Lender that it does not intend to comply with its funding obligations hereunder or has made a public statement
to that effect unless with respect to this clause (b), such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or
public statement) cannot be satisfied, (c) has failed, within three (3) Business Days after request by the Agent, to confirm in
a manner reasonably satisfactory to the Agent that it will comply with its funding obligations; provided that, notwithstanding
the provisions of §14.16, such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Agent’s
receipt of confirmation that such Defaulting Lender will comply with its funding obligations, (d) is subject to any Bail-In Action
or (e) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy, insolvency,
reorganization, liquidation, conservatorship, assignment for the benefit of creditors, moratorium, receivership, rearrangement
or similar debtor relief law of the United States or other applicable jurisdictions from time to time in effect, including any
law for the appointment of the Federal Deposit Insurance Corporation or any other state or federal

    8 

     

    

regulatory authority as receiver,
conservator, trustee, administrator or any similar capacity, (ii) had a receiver, conservator, trustee, administrator, assignee
for the benefit of creditors or similar Person, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such capacity, charged with reorganization or liquidation of its business or a custodian appointed
for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding
or appointment, or (iv) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely
by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof
by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit
such Lender (or such Governmental Authority) to reject, repudiate, disavow, or disaffirm any contracts or agreements made with
such Person). Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through
(d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject
to §14.16)) upon delivery of written notice of such determination to the Borrower and each Lender.

Derivatives Contract.
Any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity
options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options
or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to
enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in
limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published
by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement, including any such obligations or liabilities under any such master agreement.

Distribution. Any
(a) dividend or other distribution, direct or indirect, on account of any Equity Interest of REIT Guarantor, Borrower or a Subsidiary
Guarantor, now or hereafter outstanding, except a dividend or other distribution payable solely in Equity Interest to the holders
of that class; (b) redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any Equity Interest of REIT Guarantor, Borrower or a Subsidiary Guarantor now or hereafter outstanding;
and (c) payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any
Equity Interests of REIT Guarantor, Borrower or a Subsidiary Guarantor now or hereafter outstanding.

Dollars or $.
Dollars in lawful currency of the United States of America.

    9 

     

    

Domestic Lending Office.
Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other office of such Lender,
if any, located within the United States that will be making or maintaining Base Rate Loans.

Drawdown Date. The
date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the Revolving Credit Maturity
Date, is converted in accordance with §4.1.

EBITDA. An amount
equal to, without double-counting, the net income or loss of the Borrower, and its respective subsidiaries determined in accordance
with GAAP (before minority interests and excluding losses attributable to the sale or other disposition of assets and the adjustment
for so-called “straight-line rent accounting”) for such period, plus (x) the following to the extent deducted in computing
such consolidated net income for such period: (i) Total Interest Expense for such period, (ii) real estate depreciation and amortization
for such period, and (iii) other non-cash charges for such period; and minus (y) all gains attributable to the sale or other disposition
of assets or debt restructurings in such period, in each case adjusted to include the Borrower, the REIT Guarantor or any Subsidiaries
pro rata share of EBITDA (and the items comprising EBITDA) from any partially-owned entity in such period, based on its Equity
Percentage ownership interest in such partially-owned entity (or such other amount to which the Borrower, the Guarantor or such
subsidiary is entitled or for which the Borrower, the Guarantor or such Subsidiary is obligated based on an arm’s length
agreement). “EBITDA” shall be adjusted to remove any impact of straight lining of rents and amortization of intangibles
pursuant to Accounting Standards Codification No. 805, Business Combinations (formerly Statement of Financial Accounting Standards
No. 141 (revised 2007), Business Combinations).

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

EEA Member Country.
Any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

EEA Resolution Authority.
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.
(a) A Lender; (b) an Affiliate of a Lender; (c) an Approved Fund, and (d) any other Person (other than a natural person) approved
by (i) the Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be
unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include
Borrower or any of the Borrower’s or the REIT Guarantor’s Affiliates or Subsidiaries.

Eligible Real Estate.
Real Estate:

    10 

     

    

(a)       which
is owned in fee (or leased under a Ground Lease), with such easements, rights-of-way, and other similar appurtenances required
for the operation of the fee or leasehold property, by Borrower or a Subsidiary Guarantor;

(b)       which
is an industrial property consisting of one of the following property types: warehouse, distribution, flex (light manufacturing
or research & development) or trans-shipment property and functions ancillary thereto, located within the fifty (50) States
of the continental United States or the District of Columbia and further within the Borrower’s target geographical markets;

(c)       as
to which all of the representations set forth in §6 of this Agreement concerning Collateral Property are true and correct
in all material respects; and

(d)       as
to which the Agent has received and approved all Eligible Real Estate Qualification Documents, or will receive and approve them
prior to inclusion of such Real Estate as a Collateral Property.

Eligible Real Estate
Qualification Documents. See Schedule 1.2 attached hereto.

Employee Benefit Plan.
Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by Borrower or any ERISA Affiliate,
other than a Multiemployer Plan.

Environmental Engineer.
Such firm or firms of independent professional engineers or other scientists generally recognized as expert in the detection, analysis
and remediation of Hazardous Substances and related environmental matters and acceptable to the Agent in its reasonable discretion.

Environmental Laws.
As defined in the Indemnity Agreements.

Equity Interests.
With respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant,
option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership
or profit interests in) such Person, any security convertible into or exchangeable for any share of capital stock of (or other
ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person
of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation,
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right
or other interest is authorized or otherwise existing on any date of determination.

Equity Percentage.
The aggregate ownership percentage of REIT Guarantor or its respective Subsidiaries in each Affiliate.

ERISA. The Employee
Retirement Income Security Act of 1974, as amended and in effect from time to time.

    11 

     

    

ERISA Affiliate.
Any Person that is subject to ERISA and is treated as a single employer with Borrower or its Subsidiaries under §414 of the
Code.

ERISA Reportable Event.
A reportable event with respect to a Guaranteed Pension Plan within the meaning of §4043 of ERISA and the regulations promulgated
thereunder as to which the requirement of notice has not been waived.

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

Excluded Hedge Obligation.
With respect to any Guarantor, any Hedge Obligation, if, 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 Hedge 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 Hedge Obligation. If a Hedge Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Hedge Obligation
that is attributable to swaps for which such guarantee or security interest is or becomes illegal.

Excluded Taxes. Any
of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of
any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan or its Commitment pursuant to Applicable
Law in effect on the date on which (i) such Lender acquires such interest in the Loan or its Commitment (other than pursuant to
an assignment request by the Borrower under §4.14 as a result of costs sought to be reimbursed pursuant to §4.4 or (ii)
such Lender changes its lending office, except in each case to the extent that, pursuant to §4.4, amounts with respect to
such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
§4.4(g) and (d) any U.S. federal withholding Taxes imposed under FATCA.

FATCA. Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code.

Event of Default.
See §12.1.

    12 

     

    

Federal Funds Effective
Rate. For any day, the rate per annum (rounded upward to the nearest one-hundredth of one percent (1/100 of 1%)) announced
by the Federal Reserve Bank of Cleveland on such day as being the weighted average of the rates on overnight federal funds transactions
arranged by federal funds brokers on the previous trading day, as computed and announced by such Federal Reserve Bank in substantially
the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Federal Funds
Effective Rate.” Notwithstanding the foregoing, if the Federal Funds Effective Rate shall be less than zero, such rate shall
be deemed zero for the purposes of this Agreement.

Fixed Charge Ratio.
The ratio of (a) EBITDA to (b) Fixed Charges. This ratio shall be a discrete quarterly test as of closing utilizing the June 30,
2017 results, discrete quarterly test as of September 30, 2017, trailing 2-quarters annualized as of December 31, 2017, trailing
3-quarters annualized as of March 31, 2018, and trailing 4-quarters annualized as of June 30, 2018 and thereafter. For all testing
periods above, both EBITDA and Fixed Charges shall be adjusted upwards in a manner acceptable to the Agent to assume the Initial
Collateral Properties were acquired on April 1, 2017.

Fixed Charges. For
any applicable period, an amount equal to (i) Total Interest Expense for such period plus (ii) the aggregate amount of scheduled
principal payments of Indebtedness (excluding balloon payments at maturity) required to be made during such period by the Borrower,
the Guarantor and their respective Subsidiaries on a consolidated basis plus (iii) the dividends and distributions, if any, paid
or required to be paid during such period on the Preferred Securities, if any, of the Borrower, the Guarantor and their respective
Subsidiaries (other than dividends paid in the form of capital stock) plus (iv) the pro rata share of all Fixed Charges from any
partially owned entity plus (v) the ground lease payments to the extent not otherwise included. Fixed Charges shall exclude any
portion of Total Interest Expense that is both: (i) associated with the Mezzanine Loan Facility, as the Mezzanine Loan Facility
is effect as of October 17, 2016, without any amendments or modifications; and (ii) an accrual of paid-in-kind interest or a voluntary
payment of interest that could have been accrued as paid-in-kind.

Foreign Lender. If
the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and if the Borrower is not a U.S. Person, a Lender that is resident
or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

Fronting Exposure.
At any time there is a Defaulting Lender, with respect to the Issuing Lender, such Defaulting Lender’s Commitment Percentage
of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof.

Fund. Any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

Funds Available for Distribution.
(i) Excess cash flow from operations (EBITDA) for the two (2) most recently ended quarters, minus (ii) Fixed Charges for the two
(2) most recently ended quarters (excluding dividends and distributions paid on any Preferred Securities), minus (iii) any amounts
by which the Required Capital Items Amount exceeds the then available balance of reserve and escrow accounts of the Borrower that
may be utilized to pay for such Required Capital Items.

    13 

     

    

GAAP. Principles
that are (a) consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors,
as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same principles.

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

Ground Lease. An
unsubordinated ground lease as to which no default (other than a default which remains subject to grace or cure periods) or event
of default has occurred or with the passage of time or the giving of notice would occur and containing the following terms and
conditions: (a) a remaining term (exclusive of any unexercised extension options) of thirty five (35) years or more from the date
such Real Estate is included as Collateral Property; (b) the right of the lessee to mortgage and encumber its interest in the leased
property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased
property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated
until such holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability
of the lessee’s interest under such lease, including the ability to sublease; (e) such other rights customarily required
by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, and
(f) is otherwise acceptable to the Agent.

Ground Lease Default.
See §6.32(d).

Guaranteed Pension Plan.
Any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by Borrower or any ERISA
Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other
than a Multiemployer Plan.

Guarantor(s). REIT
Guarantor and each Subsidiary Guarantor.

Guaranty. The guaranty
of the REIT Guarantor (or a Subsidiary Guarantor) in favor of the Agent and the Lenders of certain of the Obligations of the Borrower
hereunder.

Hazardous Substances.
As defined in the Indemnity Agreements.

Hedge. Any interest
rate swap, collar, cap or floor or a forward rate agreement or other agreement regarding the hedging of interest rate risk exposure
relating to the Obligations, and any confirming letter executed pursuant to such hedging agreement, and which shall include, without
limitation, 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, all as amended, restated or otherwise modified.

    14 

     

    

Hedge Obligations.
All obligations of Borrower to any Lender Hedge Provider to make any payments under any agreement with respect to Hedge. Under
no circumstances shall any of the Hedge Obligations secured or guaranteed by any Loan Document as to a Guarantor include any obligation
that constitutes an Excluded Hedge Obligation of such Guarantor.

Implied DSCR. The
quotient obtained by dividing (i) the aggregate Adjusted Net Operating Income for the respective Collateral Property or Collateral
Properties by (ii) the product of (x) 1.50 and (y) the Mortgage Constant.

Increase Notice.
See §2.12(a).

Indebtedness. Without
duplication, means, as of any date of determination, indebtedness for the Borrower, the Guarantor and their respective subsidiaries,
all obligations, contingent or otherwise, which should be classified on the obligor’s balance sheet as liabilities, or to
which reference should be made by footnotes thereto, all in accordance with GAAP, including, in any event, the sum of (without
double-counting), (i) all accounts payable on such date, and (ii) all Indebtedness outstanding on such date, in each case whether
recourse, Non-Recourse or contingent, provided, however, that undrawn availability under this Agreement on such date shall not
be included in calculating Indebtedness, and provided, further, that (without double-counting), each of the following shall be
included in Total Indebtedness: (a) all amounts of guarantees, indemnities for borrowed money, stop-loss agreements and the like
provided by the Borrower, the Guarantors and their respective Subsidiaries, in each case in connection with and guarantying repayment
of amounts outstanding under any other Indebtedness; (b) all amounts for which a letter of credit (including the Letters of Credit)
has been issued for the account of the Borrower, the Guarantors or any of their respective Subsidiaries; (c) all amounts of bonds
posted by the Borrower, the Guarantors or any of their respective Subsidiaries guaranteeing performance or payment obligations;
(d) all lease obligations (including under Capital Leases, but excluding obligations under ground leases) and (e) all liabilities
of the Borrower, the Guarantors or any of their respective Subsidiaries as partners, members or the like for liabilities (whether
such liabilities are recourse, non-recourse or contingent obligations of the applicable partnership or other Person) of partnerships
or other Persons in which any of them have an equity interest, which liabilities are for borrowed money or any of the matters listed
in clauses (a), (b), (c) or (d) above. Without limitation of the foregoing (without double counting), with respect to any non-Wholly-Owned
Subsidiary, (x) to the extent that a Subsidiary or such non-Wholly-Owned Subsidiary is providing a completion guaranty in connection
with a construction loan entered into by a non-Wholly-Owned Subsidiary, Total Indebtedness shall such Subsidiary’s pro rata
liability under the Indebtedness relating to such completion guaranty (or, if greater, the Borrower’s, the Guarantors’
or such Subsidiary’s potential liability under such completion guaranty) and (y) in connection with the liabilities described
in clauses (a) and (d) above (other than completion guarantees, which are referred to in clause (x)), the Total Indebtedness shall
include the portion of the liabilities of such non-Wholly-Owned Subsidiary which are attributable to the Borrower’s, the
Guarantors’ or such Subsidiary’s percentage equity interest in such non-Wholly-Owned Subsidiary or such greater amount
of such liabilities for which the Borrower, the Guarantors or their respective Subsidiaries are, or have agreed to be, liable by
way of guaranty, indemnity for borrowed money, stop-loss agreement or the like, it being agreed that, in any case, Indebtedness
of a non-Wholly-Owned Subsidiary shall not be excluded from Total Indebtedness by virtue of the liability of such non-Wholly-Owned
Subsidiary being non-recourse. For purposes hereof, the amount of borrowed money shall equal the sum of (1) the amount of borrowed
money as determined in accordance with GAAP plus (2) the amount of those contingent liabilities for borrowed money set forth in
subsections (a) through (e) above, but shall exclude any adjustment for so called “straight line interest accounting.

    15 

     

    

Indemnified Taxes.
(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 or any Guarantor under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause
(a), Other Taxes.

Indemnity Agreements.
The Environmental Indemnity regarding Hazardous Substances made by the Borrower and each Guarantor in favor of the Agent and the
Lenders, as the same may be modified or amended.

Initial Collateral Properties.
The following four (4) properties: (i) 5861 West Cleveland, 5502 West Brick #1, 5502 West Brick #2, 4491 North Mayflower, 5855
West Carbonmil, and 4955 Ameritech Drive, South Bend, Indiana, (ii) 3035 & 3169 Shadeland Avenue, Indianapolis, Indiana, (iii)
3000 Democrat Road, Memphis, Tennessee, and (iv) 2120-2138 New World Drive, Columbus, Ohio. Provided that if any of these properties
are not acquired within 30 days of the Closing Date and approved by the Agent for inclusion as Collateral Properties, such specific
property shall cease to be included as an Initial Collateral Property for future covenant testing metrics.

Insurance Proceeds.
All insurance proceeds, damages and claims and the right thereto under any insurance policies relating to any portion of any Collateral,
net of all reasonable and customary amounts actually expended to collect the same and/or to maximize the total amount of the same.

Interest Payment Date.
As to each Loan, the first day of each calendar month.

Interest Period.
With respect to each LIBOR Rate Loan (a) initially, the period commencing on the Drawdown Date of such LIBOR Rate Loan and ending
one, two, three, or six months thereafter and (b) thereafter, each period commencing on the day following the last day of the next
preceding Interest Period applicable to such Loan and ending on the last day of one of the periods set forth above, as selected
by the Borrower in a Loan Request or Conversion/Continuation Request; provided that all of the foregoing provisions relating
to Interest Periods are subject to the following:

(i)       if
any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business Day, such Interest
Period shall end on the next succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next calendar
month, in which case such Interest Period shall end on the next preceding LIBOR Business Day, as determined conclusively by the
Agent in accordance with the then current bank practice in London, England;

(ii)       if
the Borrower shall fail to give notice as provided in §4.1, the Borrower shall be deemed to have requested a continuation
of the affected LIBOR Rate Loan as a LIBOR Rate Loan for an interest period of one month on the last day of the then current Interest
Period with respect thereto as provided in and subject to the terms of §4.1(c);

    16 

     

    

(iii)       any
Interest Period pertaining to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business
Day of the applicable calendar month; and

(iv)       no
Interest Period relating to any LIBOR Rate Loan shall extend beyond the Revolving Credit Maturity Date, as applicable.

Interpolated Rate.
At any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBOR) determined
by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate
that results from interpolating on a linear basis between: (a) the LIBOR for the longest period for which the LIBOR is available
that is shorter than the Impacted Interest Period; and (b) the LIBOR for the shortest period for which that LIBOR is available
that exceeds the Impacted Interest Period, in each case, at such time.

Investments. With
respect to any Person, all shares of capital stock, evidences of Indebtedness and other securities issued by any other Person and
owned by such Person, all loans, advances, or extensions of credit to, or contributions to the capital of, any other Person, all
purchases of the securities or business or integral part of the business of any other Person and commitments and options to make
such purchases, all interests in real property, and all other investments; provided, however, that the term “Investment”
shall not include (i) equipment, inventory and other tangible personal property acquired in the ordinary course of business, or
(ii) current trade and customer accounts receivable for services rendered in the ordinary course of business and payable in accordance
with customary trade terms. In determining the aggregate amount of Investments outstanding at any particular time: (a) there shall
be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such
interest is paid; (b) there shall be deducted in respect of each Investment any amount received as a return of capital; (c) there
shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest
or otherwise, except that accrued interest included as provided in the foregoing clause (a) may be deducted when paid; and (d)
there shall not be deducted in respect of any Investment any decrease in the value thereof.

Issuing Lender. KeyBank,
in its capacity as the Lender issuing the Letters of Credit and any successor thereto.

Joinder Agreement.
The Joinder Agreement with respect to this Agreement, the Notes (or the Guaranty) and Indemnity Agreement to be executed and delivered
pursuant to §5.5 by any Additional Subsidiary Guarantor, such Joinder Agreement to be substantially in the form of Exhibit
C hereto.

KeyBank. As defined
in the preamble hereto.

Leases. Leases, licenses
and agreements, whether written or oral, relating to the use or occupation of space in any Building or of any Real Estate.

    17 

     

    

Legal Requirements
shall mean all applicable federal, state, county and local laws, rules, regulations, codes and ordinances, and the requirements
in each case of any governmental agency or authority having or claiming jurisdiction with respect thereto, including, but not limited
to, those applicable to zoning, subdivision, building, health, fire, safety, sanitation, the protection of the handicapped, and
environmental matters and shall also include all orders and directives of any court, governmental agency or authority having or
claiming jurisdiction with respect thereto.

Lender Hedge Provider.
With respect to any Hedge Obligations, any counterparty thereto that, at the time the applicable hedge agreement was entered into,
was a Lender or an Affiliate of a Lender.

Lenders. KeyBank,
the other lending institutions which are party hereto and any other Person which becomes an assignee of any rights of a Lender
pursuant to §18 (but not including any participant as described in §18); and collectively, the Revolving Credit Lenders.

Letter of Credit.
Any standby letter of credit issued at the request of the Borrower and for the account of the Borrower or any Affiliate in accordance
with §2.11.

Letter of Credit Liabilities.
At any time and in respect of any Letter of Credit, the sum of (a) the maximum undrawn face amount of such Letter of Credit plus
(b) the aggregate unpaid principal amount of all drawings made under such Letter of Credit which have not been repaid (including
repayment by a Revolving Credit Loan). For purposes of this Agreement, a Revolving Credit Lender (other than the Revolving Credit
Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation
interest in the related Letter of Credit under §2.11, and the Revolving Credit Lender acting as the Issuing Lender shall be
deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving
effect to the acquisition by the Revolving Credit Lenders other than the Revolving Credit Lender acting as the Issuing Lender of
their participation interests under such Section.

LIBOR. For any LIBOR
Rate Loan for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other
Person that takes over the administration of such rate for U.S. Dollars) for a period equal in length to such Interest Period as
displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear
on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate
page of such other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion;
in each case the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period; provided that (i) if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero
for the purposes of this Agreement; provided further that if the LIBOR Screen Rate shall not be available at such time for such
Interest Period (an “Impacted Interest Period”) then the LIBOR shall be the Interpolated Rate; provided that if any
Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement, and (ii) if no
such rate administered by ICE Benchmark Administration (or by such other Person that has taken over the administration of such
rate for U.S. Dollars) is available to the Agent, the applicable LIBOR for the relevant Interest Period shall instead be the rate
determined by the Agent to be the rate at which KeyBank or one of its Affiliate banks offers to place deposits in U.S. dollars
with first class banks in the London interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the
first day of such Interest Period, in the approximate amount of the relevant LIBOR Rate Loan and having a maturity equal to such
Interest Period. For any period during which a Reserve Percentage shall apply, LIBOR with respect to LIBOR Rate Loans shall be
equal to the amount determined above divided by an amount equal to 1 minus the Reserve Percentage.

    18 

     

    

LIBOR Business Day.
Any day on which commercial banks are open for international business (including dealings in Dollar deposits) in London, England.

LIBOR Lending Office.
Initially, the office of each Lender designated as such on Schedule 1.1 hereto; thereafter, such other office of such Lender,
if any, that shall be making or maintaining LIBOR Rate Loans.

LIBOR Rate Loans.
Loans bearing interest calculated by reference to LIBOR.

Lien. See §8.2.

Loan Documents. This
Agreement, the Notes, the Security Documents and all other documents, instruments or agreements now or hereafter executed or delivered
by or on behalf of Borrower or Subsidiary Guarantor or Guarantor in connection with the Loans and intended to constitute a Loan
Document.

Loan Request. See
§2.7.

Loan and Loans.
An individual loan or the aggregate loans (including a Revolving Credit Loan (or Loans)), as the case may be, to be made by the
Lenders hereunder. All Loans shall be made in Dollars. Amounts drawn under a Letter of Credit shall also be considered Revolving
Credit Loans as provided in §2.11(f).

Major Tenant. Any
tenant occupying (or proposed to occupy) more than 25,000 square feet in the aggregate in the Collateral Properties.

Management Agreements.
Written property management agreements providing for the management of the Collateral Properties or any of them.

Material Adverse Effect.
A material adverse effect on (a) the business, properties, assets, condition (financial or otherwise), or results of operations
of REIT Guarantor and its Subsidiaries considered as a whole; (b) the ability of Borrower or Guarantors to perform any of its material
obligations under the Loan Documents; (c) compliance of the Collateral Property with any Requirements which causes a material adverse
effect on the business, properties, assets, condition (financial or otherwise), or results of operations of REIT Guarantor and
its Subsidiaries considered as a whole; (d) the value or condition of the Collateral Property which causes a material adverse effect
on the business, properties, assets, condition (financial or otherwise), prospects or results of operations of REIT Guarantor and
its Subsidiaries considered as a whole; or (e) the validity or enforceability of any of the Loan Documents or the rights or remedies
of Agent or the Lenders thereunder.

Mezzanine Loan Facility.
That certain Mezzanine Loan Agreement dated as of October 17, 2016 between Plymouth Industrial 20 LLC, as Borrower and DOF IV REIT
Holdings, LLC, as Lender.

Moody’s. Moody’s
Investor Service, Inc.

    19 

     

    

Mortgage Constant.
As of any date of determination, the monthly factor determined by the Agent by reference to a standard level constant payment table
for a fully amortizing loan with a maturity of 30 years based upon an assumed per annum interest rate equal to the greatest of
(i) the ten-year U.S. Treasury rate plus 3.5%, (ii) 6.5% and (iii) the weighted average interest rate then applicable to the Loans.

Mortgages. The Mortgages,
Deeds to Secure Debt and/or Deeds of Trust from Borrower or a Subsidiary Guarantor to the Agent for the benefit of the Lenders
(or to trustees named therein acting on behalf of the Agent for the benefit of the Lenders), respecting the Collateral Properties,
now or hereafter delivered to secure the Obligations, as the same may be modified or amended.

Multiemployer Plan.
Any multiemployer plan within the meaning of §3(37) of ERISA maintained or contributed to by Borrower or any ERISA Affiliate.

Net Operating Income.
For any Collateral Property as of any date of determination, an amount equal to (A) the aggregate gross revenues from tenants with
respect to the operations of such Collateral Property during such period, excluding (i) any accrued revenues attributable to so
called “straight-line rent accounting” and (ii) all rents, common area reimbursements and other income for such Collateral
Property received from tenants in default of monetary or other material obligations under their Lease beyond sixty (60) days (excluding
year-end reconciliations of CAM charges or similar items and any failure to pay the first month such amount becomes due and payable
the incremental increase in annual base rent as the result of the impact of an annual escalation of such rent) or with respect
to Leases as to which the tenant or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution, liquidation or similar debtor relief proceeding; minus (B) the sum of all expenses and other
proper charges incurred in connection with the operation of such Collateral Property during such period (including real estate
taxes, management fees (equal to the greater of actual management fees or an amount equal to four percent (4%) of gross revenues
from such Collateral Property), payments under ground leases and bad debt expenses, but excluding any debt service charges, income
taxes, capital expenses, depreciation, amortization, and other non-cash expenses).

Net Rentable Area.
With respect to any Real Estate, the net rentable square footage as determined in accordance with the Appraisal.

Net Unrestricted Cash
Amount. The sum of (a) Unrestricted Cash and Cash Equivalents of the Borrower minus (b) any proforma principal payments that
may become due under the Indebtedness of the Borrower or its Subsidiaries for the next six (6) months following the date of determination,
whether as a result of maturity, scheduled amortization, remargining to be in compliance with financial covenants (including without
limitation the covenants set forth in §9), or otherwise (provided that with respect to any balloon payments due at maturity,
only the amount of any principal reduction which may be reasonably deemed by Agent to be reasonably likely to be necessary to reduce
the amount of the maturing indebtedness to a principal amount that can be refinanced on or prior to such maturity shall be included
in this clause (b)).

    20 

     

    

Non-Recourse Exclusions.
With respect to any Non-Recourse Indebtedness of any Person, any industry standard exclusions from the non-recourse limitations
governing such Indebtedness, including, without limitation, exclusions for claims that (i) are based on fraud, intentional misrepresentation,
misapplication or misappropriation of funds, gross negligence or willful misconduct (ii) result from intentional mismanagement
of or physical waste at the Real Estate securing such Non-Recourse Indebtedness, or (iii) arise from the presence of Hazardous
Substances on the Real Estate securing such Non-Recourse Indebtedness (whether contained in a loan agreement, promissory note,
indemnity agreement or other document), or (iv) are the result of any unpaid real estate taxes and assessments if sufficient cash
flow from the Real Estate exists (whether contained in a loan agreement, promissory note, indemnity agreement or other document).

Non-Recourse Indebtedness.
Indebtedness of REIT Guarantor, Borrower, their respective Subsidiaries, or an Unconsolidated Affiliate of any such Person, which
is secured by one or more parcels of Real Estate (other than a Collateral Property) or interests therein or equipment and which
is not a general obligation of Guarantor, Borrower or such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness
having recourse solely to the parcels of Real Estate, or interests therein, securing such Indebtedness or the direct owner of such
real estate, the leases thereon and the rents, profits and equity thereof or equipment, as applicable (except for recourse against
the general credit of the Person obligated thereon for any Non-Recourse Exclusions), provided that in calculating the amount
of Non-Recourse Indebtedness at any time, the Borrower’s reasonable estimate of the amount of any Non-Recourse Exclusions
which are the subject of a claim and action shall not be included in the Non-Recourse Indebtedness but shall constitute Recourse
Indebtedness. Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Guarantor or Borrower that is not a
Subsidiary Guarantor or of an Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such Subsidiary
or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the Borrower and which does not constitute Indebtedness
of any other Person (other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).

Notes. Collectively,
the Revolving Credit Notes.

Notice. See §19.

Obligations. The
term "Obligations" shall mean and include:

A.       The
payment of the principal sum, interest at variable rates, charges and indebtedness evidenced by the Notes including any extensions,
renewals, replacements, increases, modifications and amendments thereof, given by Borrower to the order of the respective Lenders;

B.       The
payment, performance, discharge and satisfaction of each covenant, warranty, representation, undertaking and condition to be paid,
performed, satisfied and complied with by Borrower under and pursuant to this Credit Agreement or the other Loan Documents;

    21 

     

    

C.       The
payment of all costs, expenses, legal fees and liabilities incurred by Agent and the Lenders in connection with the enforcement
of any of Agent's or any Lender's rights or remedies under this Credit Agreement or the other Loan Documents, or any other instrument,
agreement or document which evidences or secures any other obligations or collateral therefor, whether now in effect or hereafter
executed; and

D.       The
payment, performance, discharge and satisfaction of all other liabilities and obligations of Borrower to Agent or any Lender, whether
now existing or hereafter arising, direct or indirect, absolute or contingent, and including, without limitation express or implied
upon the generality of the foregoing, each liability and obligation of Borrower under any one or more of the Loan Documents and
any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents
referred to in this Credit Agreement or any other Loan Document or executed in connection with the transactions contemplated by
this Credit Agreement or any other Loan Document; provided however that notwithstanding anything to the contrary set forth in the
definition of Obligations, with respect to any indemnification, contingent or other similar obligations, such matters shall be
considered “Obligations” only to the extent a reasonable good faith claim has been made on such indemnification, contingent
or similar obligation on or before the date that all other Obligations are satisfied in full.

OFAC. Office of Foreign
Asset Control of the Department of the Treasury of the United States of America.

Other Charges. All
ground rents, maintenance charges, impositions (other than Taxes) and similar charges (including, without limitation, vault charges
and license fees for the use of vaults, chutes and similar areas adjoining the Collateral Property), now or hereafter assessed
or imposed against the Collateral Property, or any part thereof, together with any penalties thereon.

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

Other Taxes. All
present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to §4.14 as a result of costs sought to be reimbursed
pursuant to §4.4).

Outstanding. With
respect to the Loans, the aggregate unpaid principal thereof as of any date of determination.

Partnership Agreement.
The Amended and Restated Agreement of Limited Partnership of Borrower dated July 1, 2014, as amended.

    22 

     

    

Patriot Act. The
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as the
same may be amended from time to time, and corresponding provisions of future laws.

PBGC. The Pension
Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having similar responsibilities.

Permitted Liens.
Liens, security interests and other encumbrances permitted by §8.2.

Person. Any individual,
corporation, limited liability company, partnership, trust, unincorporated association, or other legal entity, and any government
or any governmental agency or political subdivision thereof.

Plan Assets. Assets
of any employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA.

Plymouth Industrial 20
LLC Loan Facilities. (i) the Mezzanine Loan Facility, and (ii) that certain Loan Agreement dated as of October 17, 2016 by
and among the parties set forth therein, collectively, as Borrower and American General Life Insurance Company, American Home Assurance
Company, National Union Fire Insurance Company of Pittsburgh, PA., and The United States Life Insurance Company in the City of
New York, collectively, as Lender.

Post Closing Letter.
That certain letter agreement of even date herewith entered into by and among the Agent and the Borrower, if applicable.

Potential Collateral.
Any property of Borrower or a Subsidiary Guarantor which is not at the time included in the Collateral and which consists of (i)
Eligible Real Estate, or (ii) Real Estate which is capable of becoming Eligible Real Estate through the completion and delivery
of Eligible Real Estate Qualification Documents.

Preferred Securities.
With respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity
Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation, or both.

Real Estate. All
real property at any time owned or leased (as lessee or sublessee) by REIT Guarantor or any of its respective Subsidiaries, including,
without limitation, the Collateral Properties.

Recipient. The Agent
and any Lender.

Recourse Indebtedness.
As of any date of determination, any Indebtedness (whether secured or unsecured) of a Person other than Non-Recourse Indebtedness.

Register. See §18.2.

REIT Guarantor. Plymouth
Industrial REIT, Inc., a Maryland corporation.

Release. See §6.20(c)(iii).

    23 

     

    

Rent Roll. A report
prepared by the Borrower showing for each Collateral Property owned or leased by Borrower or a Subsidiary Guarantor, its occupancy,
tenants, lease expiration dates, lease rent and other information in substantially the form presented to Agent on or prior to the
date hereof.

Required Capital Items.
For any given period, any (i) non-revenue generating, maintenance and replacement capital expenditures, (ii) tenant improvements,
(iii) leasing commissions and (iv) any other expected recurring leasing and capital costs.

Required Capital Items
Amount. The greater of (i) management’s projection for Required Capital Items and (ii) the sum of (a) a replacement expense
equal to $0.15 multiplied by the total square feet of the portfolio, (b) $2 per square foot, or as reasonably adjusted by the Borrower
and Administrative Agent, for the total square feet of leases set to expire over the next 12 months, and (c) $2 per square foot,
or as reasonably adjusted by the Borrower and Administrative Agent, for any square feet needed to achieve a 90% occupancy for the
total portfolio

Required Lenders.
As of any date, the Lender or Lenders whose aggregate Commitment Percentage is equal to or greater than sixty-six and 2/3 percent
(66.67%) of the Total Commitment; provided that in determining said percentage at any given time, all then existing Defaulting
Lenders will be disregarded and excluded and the Commitment Percentages of the Lenders shall be redetermined for voting purposes
only to exclude the Commitment Percentages of such Defaulting Lenders and at all times when two or more Lenders are party to this
Agreement, provided that if there are three (3) or fewer Lenders, then Required Lenders shall mean two (2) Lenders that are Non-Defaulting
Lenders (or if there shall not be two (2) Non-Defaulting Lenders, then such fewer number of Lenders as are Non-Defaulting Lenders.

Reserve Accounts.
The Replacement Reserve Account, Tax and Insurance Reserve Account, and the TI/LC Reserve Account.

Reserve Percentage.
For any Interest Period, that percentage which is specified three (3) Business Days before the first day of such Interest Period
by the Board of Governors of the Federal Reserve System (or any successor) or any other governmental or quasi-governmental authority
with jurisdiction over Agent or any Lender for determining the maximum reserve requirement (including, but not limited to, any
marginal reserve requirement) for Agent or any Lender with respect to liabilities constituting of or including (among other liabilities)
Eurocurrency liabilities in an amount equal to that portion of the Loan affected by such Interest Period and with a maturity equal
to such Interest Period.

Revolving Credit Base
Rate Loans. Revolving Credit Loans bearing interest calculated by reference to the Base Rate.

Revolving Credit Commitment.
With respect to each Revolving Credit Lender, the amount set forth on Schedule 1.1 hereto as the amount of such Revolving
Credit Lender’s Revolving Credit Commitment to make or maintain Revolving Credit Loans to the Borrower, to participate in
Letters of Credit for the account of the Borrower, as the same may be changed from time to time in accordance with the terms of
this Agreement; provided that if the Revolving Credit Commitments of the Revolving Credit Lenders have been terminated as provided
in this Agreement, then the Revolving Credit Commitment of each Revolving Credit Lender shall be determined based on the Revolving
Credit Commitment Percentage of such Revolving Credit Lender immediately prior to such termination and after giving effect to any
subsequent assignments made pursuant to the terms hereof.

    24 

     

    

Revolving Credit Commitment
Percentage. With respect to each Revolving Credit Lender, the percentage set forth on Schedule 1.1 hereto as such Revolving
Credit Lender’s percentage of the Total Commitment, as the same may be changed from time to time in accordance with the terms
of this Agreement.

Revolving Credit Exposure.
From time to time, the aggregate Revolving Credit Loans and Letter of Credit Liabilities.

Revolving Credit Lender.
Collectively, the Lenders which have a Revolving Credit Commitment, the initial Revolving Credit Lenders being identified on Schedule
1.1 hereto.

Revolving Credit LIBOR
Rate Loans. Revolving Credit Loans bearing interest calculated by reference to LIBOR.

Revolving Credit Loan
or Loans. An individual Revolving Credit Loan or the aggregate Revolving Credit Loans, as the case may be, in the maximum principal
amount of $35,000,000 (subject to increase as provided in §2.12) to be made by the Revolving Credit Lenders hereunder as more
particularly described in §2. Without limiting the foregoing, Revolving Credit Loans shall also include Revolving Credit Loans
made pursuant to §2.11(f).

Revolving Credit Maturity
Date. August 11, 2020, as such date may be extended as provided in §2.13, or such earlier date on which the Revolving
Credit Loans shall become due and payable pursuant to the terms hereof.

Revolving Credit Notes.
See §2.3.

Sanctioned Person.
Any Person that is (i) listed on OFAC’s List of Specially Designated Nationals and Blocked Persons, (ii) otherwise the subject
or target of Sanctions, to the extent U.S. persons are prohibited from engaging in transactions with such a Person, and (iii) 50
percent or greater owned or controlled by a Person described in clause (i) or (ii) above.

Sanction(s). Any
applicable sanctions, prohibitions or requirements imposed by any applicable executive order or by any applicable sanctions program
administered by OFAC, the United States Department of State, the United States Treasury, the United Nations Security Council, the
European Union or Her Majesty’s Treasury.

SEC. The federal
Securities and Exchange Commission.

Security Documents.
Collectively, the Joinder Agreements, the Mortgages, the Assignments of Leases and Rents, the Indemnity Agreements, the Pledge
Agreement, UCC-1 financing statements and any further collateral security agreements or assignments to the Agent for the benefit
of the Lenders.

S&P. Standard
& Poor’s Ratings Group.

State. A state of
the United States of America and the District of Columbia.

    25 

     

    

Subordination, Attornment
and Non-Disturbance Agreement. An agreement among the Agent, a Subsidiary Guarantor and a tenant under a Lease pursuant to
which such tenant agrees to subordinate its rights under the Lease to the lien or security title of the applicable Mortgage and
agrees to recognize the Agent or its successor in interest as landlord under the Lease in the event of a foreclosure under such
Mortgage, and the Agent agrees to not disturb the possession of such tenant, such agreement to be in form and substance reasonably
satisfactory to Agent.

Subsidiary. For any
Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the securities
or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions of such corporation, partnership, limited liability company or other entity (without
regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or
more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the
accounts of which are consolidated with those of such Person pursuant to GAAP.

Subsidiary Guarantor(s).
Collectively, each Person which is a Subsidiary Guarantor as of the Closing Date and each Additional Subsidiary Guarantor that
is the direct or indirect owner of a Collateral Property.

Survey. An ALTA instrument
survey of each parcel of Collateral Property prepared by a registered land surveyor which shall show the location of all buildings,
structures, easements and utility lines on such property, shall be sufficient to remove the standard survey exception from the
Title Policy, shall show that all buildings and structures are within the lot lines of the Collateral Property and shall not show
any encroachments by others (or to the extent any encroachments are shown, such encroachments shall be acceptable to the Agent
in its reasonable discretion), shall show rights of way, adjoining sites, establish building lines and street lines, the distance
to and names of the nearest intersecting streets and such other details as the Agent may reasonably require; and shall show whether
or not the Collateral Property is located in a flood hazard district as established by the Federal Emergency Management Agency
or any successor agency or is located in any flood plain, flood hazard or wetland protection district established under federal,
state or local law and shall otherwise be in form and substance reasonably satisfactory to the Agent.

Surveyor Certification.
With respect to each parcel of Collateral Property, a certificate executed by the surveyor who prepared the Survey with respect
thereto, dated as of a recent date and containing such information relating to such parcel as the Agent may reasonably require,
such certificate to be reasonably satisfactory to the Agent in form and substance.

Taking. The taking
or appropriation (including by deed in lieu of condemnation) of any Collateral Property, or any part thereof or interest therein,
whether permanently or temporarily, for public or quasi-public use under the power of eminent domain, by reason of any public improvement
or condemnation proceeding, or in any other manner or any customarily recognized and compensated damage or injury or diminution
in value through condemnation, inverse condemnation or other exercise of the power of eminent domain.

    26 

     

    

Taxes. All present
or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges
(other than the Other Charges) imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

Titled Agents. The
Arranger the Syndication Agent, and any co-syndication agents or documentation agent.

Title Insurance Company.
Any title insurance company or companies approved by the Agent and the Borrower.

Title Policy. With
respect to each parcel of Collateral Property, an ALTA standard form title insurance policy (or, if such form is not available,
an equivalent, legally promulgated form of mortgagee title insurance policy reasonably acceptable to the Agent) issued by a Title
Insurance Company (with such reinsurance as the Agent may reasonably require, any such reinsurance to be with direct access endorsements
to the extent available under applicable law) in an amount as the Agent may reasonably require based upon the fair market value
of the applicable Collateral Property insuring the priority of the Mortgage thereon and that Borrower or Subsidiary Guarantor holds
marketable fee simple title or a valid and subsisting leasehold interest to such parcel, subject only to the encumbrances acceptable
to Agent in its reasonable discretion and which shall not contain standard exceptions for mechanics liens, persons in occupancy
(other than tenants as tenants only under Leases and liens for taxes not yet due and payable) or matters which would be shown by
a survey, shall not insure over any matter except to the extent that any such affirmative insurance is acceptable to the Agent
in its reasonable discretion, and shall contain if available and customarily obtained by other commercial lenders in the State
in which the Real Estate is located, (a) a future advance endorsement and (b) such other endorsements and affirmative insurance
as the Agent may reasonably require, including but not limited to (i) a comprehensive endorsement, (ii) a variable rate of interest
endorsement, (iii) a usury endorsement, (iv) a doing business endorsement, (v) an ALTA form 3.1 zoning endorsement, (vi) a “tie-in”
endorsement relating to all Title Policies issued by such Title Insurance Company in respect of other Collateral Property, (vii)
a “first loss” endorsement, and (viii) a utility location endorsement.

Total Asset Value.
As of any date of determination, the total of i) the value of Cash and Cash Equivalents on such date, as determined in accordance
with GAAP plus ii) the Value of the Borrower’s real estate. The Value of real estate held within Joint Ventures will be valued
using the same methodology with the Borrower only receiving credit for their pro rata portion of the real estate.

Total Commitment.
As of the date of this Agreement, the Total Commitment is Thirty Five Million and No/100 Dollars ($35,000,000.00). The Total Commitment
may increase in accordance with §2.12 or decreased in accordance with §2.5.

    27 

     

    

Total Interest Expense.
For any applicable period, the aggregate amount of interest required in accordance with GAAP to be paid, accrued, expensed or,
to the extent it could be a cash expense in the applicable period, capitalized, without double-counting, by the REIT Guarantor
and its respective Subsidiaries during such period on: (i) all Indebtedness of the REIT Guarantor and its respective Subsidiaries
(including the Loans, obligations under Capital Leases (to the extent EBITDA has not been reduced by such Capital Lease obligations
in the applicable period) and any subordinated Indebtedness and including original issue discount and amortization of prepaid interest,
if any, but excluding any Distributions on Preferred Securities), (ii) all amounts available for borrowing, or for drawing under
letters of credit (including the Letters of Credit), if any, issued for the account of the Borrower, the REIT Guarantor or any
of their respective Subsidiaries, but only if such interest was or is required to be reflected as an item of expense, and (iii)
all commitment fees, agency fees, facility fees, balance deficiency fees and similar fees and expenses in connection with the borrowing
of money.

Total Leverage The
total Indebtedness of the REIT Guarantor and its Subsidiaries (without duplication) divided by the Total Asset Value of the REIT
Guarantor; provided however that all assets and liabilities held within the Plymouth Industrial 20 LLC entity shall be excluded
from this calculation in a manner acceptable to the Agent in its sole discretion.

Type. As to any Loan,
its nature as a Base Rate Loan or a LIBOR Rate Loan.

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

U.S. Tax Compliance Certificate.
See §4.4(g)(ii)(B)(iii).

Unconsolidated Affiliate.
In respect of any Person, any other Person in whom such Person holds an Investment, (a) whose financial results would not be consolidated
under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, and (b)
which is not a Subsidiary of such first Person.

Unconsolidated Subsidiary.
In respect of any Person, any other Person in whom such Person holds an Investment, whose financial results would not be consolidated
under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person.

Unrestricted Cash and
Cash Equivalents. As of any date of determination, the sum of (a) the aggregate amount of Unrestricted Cash and (b) the aggregate
amount of Unrestricted Cash Equivalents (valued at fair market value). As used in this definition, “Unrestricted” means
the specified asset is not subject to any escrow, reserves or Liens or similar claims of any kind in favor of any Person (other
than any statutory right of set off).

Unused Fee Rate.
A per annum rate equal to (a) .35% per annum on the actual daily unused amount of the Commitment of such Lender if the Revolving
Credit Exposure is less than 50%, and (b) at .25% per annum on the actual daily unused amount of the Commitment of such Lender
if the Revolving Credit Exposure is equal to or greater than 50%.

    28 

     

    

Value. As of any
date, the aggregate of (a) for each Collateral Property, the lower of: (i) undepreciated cost basis (for assets owned less than
12 months) and ii) the “as-is” Appraised Value per the most-recently obtained Acceptable Appraisal. For any non-Collateral
Property that the Borrower does not have an Acceptable Appraisal for, the corresponding Value shall be set at the undepreciated
cost basis.

Value Add Property.
Real Estate which is improved as an Industrial Property where more than twenty percent (20%) of the Net Rentable Area of such Real
Estate is vacant as a result of such Real Estate being repositioned

Wholly Owned Subsidiary.
As to Borrower, any Subsidiary of Borrower that is directly or indirectly owned 100% by Borrower.

Write-Down and Conversion
Powers. 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.

§1.2Rules of Interpretation.

(a)       A
reference to any document or agreement shall include such document or agreement as amended, modified or supplemented from time
to time in accordance with its terms and the terms of this Agreement.

(b)       The
singular includes the plural and the plural includes the singular.

(c)       A
reference to any law includes any amendment or modification of such law.

(d)       A
reference to any Person includes its permitted successors and permitted assigns.

(e)       Accounting
terms not otherwise defined herein have the meanings assigned to them by GAAP applied on a consistent basis by the accounting entity
to which they refer. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used
herein shall be construed, and all computations of amounts and ratios referred to herein shall be made (i) without giving effect
to any election under Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of REIT Guarantor or any
of its Subsidiaries at “fair value”, as defined therein, and (ii) without giving effect to any treatment of Indebtedness
in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner
as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof

(f)       The
words “include”, “includes” and “including” are not limiting.

    29 

     

    

(g)       The
words “approval” and “approved”, as the context requires, means an approval in writing given to the party
seeking approval.

(h)       All
terms not specifically defined herein or by GAAP, which terms are defined in the Uniform Commercial Code as in effect in the State
of New York, have the meanings assigned to them therein.

(i)       Reference
to a particular “§”, refers to that section of this Agreement unless otherwise indicated.

(j)       The
words “herein”, “hereof”, “hereunder” and words of like import shall refer to this Agreement
as a whole and not to any particular section or subdivision of this Agreement.

(k)       The
words “the date hereof” or words of like import shall mean the date that this Agreement is fully executed by all parties.

(l)       In
the event of any change in generally accepted accounting principles after the date hereof or any other change in accounting procedures
pursuant to §7.3 which would affect the computation of any financial covenant, ratio or other requirement set forth in any
Loan Document, then upon the request of Borrower or Agent, the Borrower and the Agent shall negotiate promptly, diligently and
in good faith in order to amend the provisions of the Loan Documents such that such financial covenant, ratio or other requirement
shall continue to provide substantially the same financial tests or restrictions of the Borrower as in effect prior to such accounting
change, as determined by the Agent in its good faith judgment. Until such time as such amendment shall have been executed and delivered
by the Borrower and the Agent, such financial covenants, ratio and other requirements, and all financial statements and other documents
required to be delivered under the Loan Documents, shall be calculated and reported as if such change had not occurred.

§2.THE CREDIT FACILITY.

§2.1Revolving Credit
Loans.

(a)       Subject
to the terms and conditions set forth in this Agreement and the Post Closing Letter, each of the Revolving Credit Lenders severally
agrees to lend to the Borrower, and the Borrower may borrow (and repay and reborrow) from time to time between the Closing Date
and the Revolving Credit Maturity Date upon notice by the Borrower to the Agent given in accordance with §2.8, such sums as
are requested by the Borrower for the purposes set forth in §2.10 up to a maximum aggregate principal amount outstanding (after
giving effect to all amounts requested) at any one time equal to the lesser of (i) such Revolving Credit Lender’s Revolving
Credit Commitment and (ii) such Revolving Credit Lender’s Revolving Credit Commitment Percentage of (A) the Borrowing Base
Availability minus (B) the amount of all outstanding Revolving Credit Exposure; provided, that, in all events no
Default or Event of Default shall have occurred and be continuing. The Revolving Credit Loans shall be made pro rata in
accordance with each Revolving Credit Lender’s Revolving Credit Commitment Percentage. Each request for a Revolving Credit
Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions required of Borrower set

    30 

     

    

forth in §10 and §11
have been satisfied (unless waived by Agent in writing) on the date of such request (or if such condition is required to have been
satisfied only as of the initial Closing Date, that such condition was satisfied as of the Closing Date), or to the extent all
of the conditions required of Borrower set forth in §10 and §11 are not satisfied or deemed satisfied (unless waived
by Agent in writing) as of the date of such request, such shall not result in any Material Adverse Effect. The Agent may assume
that the conditions in §10 and §11 have been satisfied (unless waived by Agent in writing) unless it receives prior written
notice from a Revolving Credit Lender that such conditions have not been satisfied or waived. No Revolving Credit Lender shall
have any obligation to make Revolving Credit Loans to Borrower in the maximum aggregate principal outstanding balance of more than
the principal face amount of its Revolving Credit Note or its Commitment, as applicable.

(b)       Notwithstanding
clause (a) above, the Agent and the Lenders acknowledge and agree that they will advance an aggregate outstanding amount of up
to $15,000,000.00 prior to receipt of Appraisals on the Real Estate located at (i) 5861 West Cleveland, 5502 West Brick #1, 5502
West Brick #2, 4491 North Mayflower, 5855 West Carbonmil, and 4955 Ameritech Drive, South Bend, Indiana and (ii) 3035 & 3169
Shadeland Avenue, Indianapolis, Indiana, provided all other terms and conditions of this Agreement with respect to advances with
respect to those proposed Collateral Properties have been satisfied (unless otherwise waived in writing by Agent and the Lenders).

§2.2RESERVED.

§2.3Notes. The
Revolving Credit Loans shall, if requested by each Lender, be evidenced by separate promissory notes of the Borrower in substantially
the form of Exhibit A hereto (collectively, the “Revolving Credit Notes”), dated of even date with this Agreement
(except as otherwise provided in §18.3) and completed with appropriate insertions. One Revolving Credit Note shall be payable
to the order of each Revolving Credit Lender which so requests the issuance of a Revolving Credit Note in the principal amount
equal to such Revolving Credit Lender’s Revolving Credit Commitment or, if less, the outstanding amount of all Revolving
Credit Loans made by such Revolving Credit Lender, plus interest accrued thereon, as set forth below.

§2.4Facility Unused
Fee. The Borrower agrees to pay to the Agent for the account of the Revolving Credit Lenders (other than any Defaulting Lender)
in accordance with their respective Revolving Credit Commitment Percentages a facility unused fee calculated at the Unused Fee
Rate on the actual daily amount by which the Total Commitment exceeds the outstanding principal amount of Revolving Credit Exposure
during each calendar quarter or portion thereof commencing on the date hereof and ending on the Revolving Credit Maturity Date.
The facility unused fee shall be calculated for each quarter based on the ratio (expressed as a percentage) of (a) the actual daily
amount of the outstanding principal amount of the Revolving Credit Exposure during such quarter to (b) the Total Commitment. The
facility unused fee shall be payable quarterly in arrears on the fifth (5th) day of each calendar quarter for the immediately
preceding calendar quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments shall be reduced
or shall terminate as provided in §2.5, with a final payment on the Revolving Credit Maturity Date.

    31 

     

    

§2.5Reduction and
Termination of the Revolving Credit Commitments. The Borrower shall have the right at any time and from time to time upon five
(5) Business Days’ prior written notice to the Agent to reduce by $1,000,000 or an integral multiple of $500,000 in excess
thereof (provided that in no event shall the Total Commitment thereafter be reduced in such manner to an amount less than
$15,000,000) or to terminate entirely the Revolving Credit Commitments, whereupon the Revolving Credit Commitments of the Revolving
Credit Lenders shall be reduced pro rata in accordance with their respective Revolving Credit Commitment Percentages of the amount
specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as
otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if,
after giving effect thereto, the sum of Outstanding Revolving Credit Loans and the Letter of Credit Liabilities would exceed the
Revolving Credit Commitments of the Revolving Credit Lenders as so terminated or reduced. Promptly after receiving any notice from
the Borrower delivered pursuant to this §2.5, the Agent will notify the Revolving Credit Lenders of the substance thereof.
Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of
the Revolving Credit Lenders the full amount of any unused facility unused fee under §2.4 then accrued on the amount of the
reduction. No reduction or termination of the Revolving Credit Commitments may be reinstated.

§2.6RESERVED.

§2.7Interest on
Loans.

(a)       Each
Revolving Credit Base Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the
date on which such Revolving Credit Base Rate Loan is repaid or converted to a Revolving Credit LIBOR Rate Loan at the rate per
annum equal to the sum of the Base Rate plus the Applicable Margin for Revolving Credit Base Rate Loans.

(b)       Each
Revolving Credit LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the
last day of each Interest Period with respect thereto at the rate per annum equal to the sum of LIBOR determined for such Interest
Period plus the Applicable Margin for Revolving Credit LIBOR Rate Loans.

(c)       The
Borrower promise to pay interest on each Loan in arrears on each Interest Payment Date with respect thereto.

(d)       Base
Rate Loans and LIBOR Rate Loans may be converted to Loans of the other Type as provided in §4.1.

    32 

     

    

(e)       The
parties understand that the applicable interest rate for the Loans and certain fees set forth herein may be determined and/or adjusted
from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by Borrower
(the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for
whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was
delivered to the Agent, and if the applicable interest rate or fees calculated for any period were different than they should have
been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically
recalculated using correct Borrower Information. The Agent shall promptly notify Borrower in writing of any additional interest
and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Agent, for the
account of each Lender, within five (5) Business Days of receipt of such written notice. Borrower shall receive a credit or refund
of any overpayment promptly after such determination. Any recalculation of interest or fees required by this provision shall survive
the termination of this Agreement for a period of 180 days, and this provision shall not in any way limit any of the Agent’s,
the Issuing Lender’s or any Lender’s other rights under this Agreement.

§2.8Requests for
Revolving Credit Loans. Except with respect to any initial Revolving Credit Loan on the Closing Date, the Borrower shall give to
the Agent written notice executed by an Authorized Officer in the form of Exhibit D hereto (or telephonic notice confirmed
in writing in the form of Exhibit D hereto) of each Revolving Credit Loan requested hereunder (a “Loan Request”)
by 1:00 p.m. (Eastern time) one (1) Business Day prior to the proposed Drawdown Date with respect to Revolving Credit Base Rate
Loans and two (2) Business Days prior to the proposed Drawdown Date with respect to Revolving Credit LIBOR Rate Loans, together
with an executed Borrowing Base Availability Certificate in the form of Exhibit F. Each such notice shall specify with respect
to the requested Revolving Credit Loan the proposed principal amount of such Revolving Credit Loan, the Type of Revolving Credit
Loan, the initial Interest Period (if applicable) for such Revolving Credit Loan and the Drawdown Date. Promptly upon receipt of
any such notice, the Agent shall notify each of the Revolving Credit Lenders thereof. Each such Loan Request shall be irrevocable
and binding on the Borrower and shall obligate the Borrower to accept the Revolving Credit Loan requested from the Revolving Credit
Lenders on the proposed Drawdown Date. Nothing herein shall prevent the Borrower from seeking recourse against any Revolving Credit
Lender that fails to advance its proportionate share of a requested Revolving Credit Loan as required by this Agreement. Each Loan
Request shall be (a) for a Revolving Credit Base Rate Loan in a minimum aggregate amount of $100,000; or (b) for a Revolving Credit
LIBOR Rate Loan in a minimum aggregate amount of $500,000 and minimum increments of $250,000 in excess thereof; provided,
however, that there shall be no more than six (6) Revolving Credit LIBOR Rate Loans outstanding at any one time.

§2.9Funds for Loans.

    33 

     

    

(a)       Not
later than noon (Eastern time) on the proposed Drawdown Date of any Revolving Credit Loans, each of the Revolving Credit Lenders
will make available to the Agent, at the Agent’s Head Office, in immediately available funds, the amount of such Lender’s
Commitment Percentage of the amount of the requested Loans which may be disbursed pursuant to §2.1 or §2.2. Upon receipt
from each such Revolving Credit Lender of such amount, and upon receipt of the documents required by §10 and §10.16 and
the satisfaction of the other conditions set forth therein to the extent applicable, the Agent will make available to the Borrower
the aggregate amount of such Revolving Credit Loans made available to the Agent by the Revolving Credit Lenders by crediting such
amount to the account of the Borrower maintained at the Agent’s Head Office or wiring such funds in accordance with Borrower’s
written instructions. The failure or refusal of any Revolving Credit Lender to make available to the Agent at the aforesaid time
and place on any Drawdown Date the amount of its Commitment Percentage of the requested Loans shall not relieve any other Revolving
Credit Lender from its several obligation hereunder to make available to the Agent the amount of such other Lender’s Commitment
Percentage of any requested Loans, including any additional Revolving Credit Loans that may be requested subject to the terms and
conditions hereof to provide funds to replace those not advanced by the Lender so failing or refusing.

(b)       Unless
the Agent shall have been notified by any Lender prior to the applicable Drawdown Date that such Lender will not make available
to Agent such Lender’s Commitment Percentage of a proposed Loan, Agent may in its discretion assume that such Lender has
made such Loan available to Agent in accordance with the provisions of this Agreement and the Agent may, if it chooses, in reliance
upon such assumption make such Loan available to the Borrower, and such Lender shall be liable to the Agent for the amount of such
advance. If such Lender does not pay such corresponding amount upon the Agent’s demand therefor, the Agent will promptly
notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled
to recover from the Lender or the Borrower (without duplication), as the case may be, interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding
amount is recovered by the Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Loan or (ii)
from a Lender at the Federal Funds Effective Rate.

§2.10Use of Proceeds.
The Borrower and their Subsidiaries will use the proceeds of the Loans solely to (a) pay closing costs in connection with this
Agreement; (b) repay existing loans, (c) fund acquisitions of Eligible Real Estate, (d) fund capital and construction expenditures,
tenant improvements, leasing commissions and property and equipment acquisitions; and (e) for general working capital purposes
(including without limitation to finance direct and indirect acquisitions and other investments in real estate, interest shortfalls,
general operating expenses, but excluding any direct or indirect payment of any amounts due under the Plymouth Industrial 20 LLC
Loan Facilities.

§2.11Letters of
Credit.

    34 

     

    

(a)       Subject
to the terms and conditions set forth in this Agreement, at any time and from time to time through the day that is thirty (30)
days prior to the Revolving Credit Maturity Date, the Issuing Lender shall issue such Letters of Credit as the Borrower may request
upon the delivery of a written request in the form of Exhibit E hereto (a “Letter of Credit Request”) to the
Issuing Lender, provided that (i) no Default or Event of Default shall have occurred and be continuing, (ii) upon issuance
of such Letter of Credit, the Letter of Credit Liabilities shall not exceed Fifteen Million Dollars ($15,000,000), (iii) in no
event shall the Revolving Credit Exposure (after giving effect to all Letters of Credit requested) exceed the Total Commitment,
(iv) in no event shall the outstanding principal amount of the Revolving Credit Exposure (after giving effect to any requested
Letters of Credit) exceed the Total Commitment or the Borrowing Base Availability or cause a violation of the covenant set forth
in §9.1, (v) the conditions set forth in §§10 and 11 shall have been satisfied (or if such condition is required
to have been satisfied only as of the Closing Date, that such condition was satisfied as of the Closing Date) or waived by Agent,
(vi) no Revolving Credit Lender is a Defaulting Lender (provided Issuing Lender may, in its sole discretion, be entitled to waive
this condition), unless the Issuing Lender has entered into arrangements, including the delivery of cash collateral, satisfactory
to the Issuing Lender (in its sole discretion) with the Borrower or such Defaulting Lender to eliminate the Issuing Lender’s
actual or potential Fronting Exposure with respect to the Defaulting Lender arising from either the Letter of Credit then proposed
to be issued or that Letter of Credit and all other Letter of Credit Liabilities as to which the Issuing Lender has actual or potential
Fronting Exposure, as it may elect in its sole discretion, and (vii) in no event shall any amount drawn under a Letter of Credit
be available for reinstatement or a subsequent drawing under such Letter of Credit. The Issuing Lender may assume that the conditions
in §10 and §11 have been satisfied unless it receives written notice from a Revolving Credit Lender that such conditions
have not been satisfied. Each Letter of Credit Request shall be executed by an Authorized Officer of Borrower. The Issuing Lender
shall be entitled to conclusively rely on such Person’s authority to request a Letter of Credit on behalf of Borrower. The
Issuing Lender shall have no duty to verify the authenticity of any signature appearing on a Letter of Credit Request. The Borrower
assume all risks with respect to the use of the Letters of Credit. Unless the Issuing Lender and the Required Lenders otherwise
consent, the term of any Letter of Credit shall not exceed a period of time commencing on the issuance of the Letter of Credit
and ending one year after the date of issuance thereof, subject to extension pursuant to an “evergreen” clause reasonably
acceptable to Agent and Issuing Lender (but in any event the term shall not extend beyond thirty (30) days prior to the Revolving
Credit Maturity Date) unless approved by the Issuing Lender in its sole discretion and the Borrower has provided to Agent cash
collateral reasonably acceptable to the Agent in an amount equal to the Letter of Credit Liability with respect to any Letter of
Credit which extends beyond thirty (30) days prior to the Revolving Credit Maturity Date). The amount available to be drawn under
any Letter of Credit shall reduce on a dollar-for-dollar basis the amount available to be drawn under the Total Commitment as a
Revolving Credit Loan.

    35 

     

    

(b)       Each
Letter of Credit Request shall be submitted to the Issuing Lender at least five (5) Business Days (or such shorter period as the
Issuing Lender may approve) prior to the date upon which the requested Letter of Credit is to be issued. Each such Letter of Credit
Request shall contain (i) a statement as to the purpose for which such Letter of Credit shall be used (which purpose shall be in
accordance with the terms of this Agreement), and (ii) a certification by an Authorized Officer or the chief financial or chief
accounting officer of Borrower that the Borrower are and will be in compliance with all covenants under the Loan Documents after
giving effect to the issuance of such Letter of Credit. The Borrower shall further deliver to the Issuing Lender such additional
applications (which application as of the date hereof is in the form of Exhibit I attached hereto) and documents as the
Issuing Lender may reasonably require, in conformity with the then standard practices of its letter of credit department applicable
to all or substantially all similarly situated borrowers, in connection with the issuance of such Letter of Credit; provided
that in the event of any conflict, the terms of this Agreement shall control.

(c)       The
Issuing Lender shall, subject to the conditions set forth in this Agreement, issue the Letter of Credit on or before five (5) Business
Days following receipt of the documents last due pursuant to §2.11(b). Each Letter of Credit shall be in form and substance
reasonably satisfactory to the Issuing Lender in its reasonable discretion.

(d)       Upon
the issuance of a Letter of Credit, each Revolving Credit Lender shall be deemed to have purchased a participation therein from
Issuing Lender in an amount equal to its respective Commitment Percentage of the amount of such Letter of Credit. No Revolving
Credit Lender’s obligation to participate in a Letter of Credit shall be affected by any other Revolving Credit Lender’s
failure to perform as required herein with respect to such Letter of Credit or any other Letter of Credit.

(e)       Upon
the issuance of each Letter of Credit, the Borrower shall pay to the Issuing Lender (i) for its own account, a Letter of Credit
fronting fee with respect to each Letter of Credit, at a rate equal to the greater of (a) a quarterly fee of 0.125% per annum,
computed on the face amount available to be drawn under such Letter of Credit, or (b) $500.00, and (ii) for the accounts of the
Revolving Credit Lenders (including the Issuing Lender) in accordance with their respective percentage shares of participation
in such Letter of Credit, a Letter of Credit fee calculated at the rate per annum equal to the Applicable Margin then applicable
to Revolving Credit LIBOR Rate Loans on the amount available to be drawn under such Letter of Credit. Such fees shall be payable
in quarterly installments in arrears with respect to each Letter of Credit on the fifth day of each calendar quarter following
the date of issuance and continuing on each quarter or portion thereof thereafter, as applicable, or on any earlier date on which
the Commitments shall terminate and on the expiration or return of any Letter of Credit (if such letter of credit is outstanding
less than a full quarter, such fee shall be pro rated for the period of time outstanding). In addition, the Borrower shall pay
to Issuing Lender for its own account within ten (10) Business Days of demand of Issuing Lender the standard issuance, documentation
and service charges applicable to all or substantially all similarly situated borrowers for Letters of Credit issued from time
to time by Issuing Lender.

    36 

     

    

(f)       In
the event that any amount is drawn under a Letter of Credit by the beneficiary thereof, the Borrower shall reimburse the Issuing
Lender by having such amount drawn treated as an outstanding Revolving Credit Base Rate Loan under this Agreement (Borrower being
deemed to have requested a Revolving Credit Base Rate Loan on such date in an amount equal to the amount of such drawing and such
amount drawn shall be treated as an outstanding Revolving Credit Base Rate Loan under this Agreement) and the Agent shall promptly
notify each Revolving Credit Lender by telex, telecopy, telephone (confirmed in writing) or other similar means of transmission,
and each Revolving Credit Lender shall promptly and unconditionally pay to the Agent, for the Issuing Lender’s own account,
an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of such Letter of Credit (to the
extent of the amount drawn). Borrower further hereby irrevocably authorize and direct Agent to notify the Revolving Credit Lenders
of Borrower’ intent to convert such Revolving Credit Base Rate Loan to a Revolving Credit LIBOR Rate Loan with an Interest
Period of one (1) month on the third (3rd) Business Day following the funding by the Revolving Credit Lenders of their
advance under this §2.11(f), provided that the making of such Revolving Credit LIBOR Rate Loan shall not be a contravention
of any provision of this Agreement. If and to the extent any Revolving Credit Lender shall not make such amount available on the
Business Day on which such draw is funded, such Revolving Credit Lender agrees to pay such amount to the Agent forthwith on demand,
together with interest thereon, for each day from the date on which such draw was funded until the date on which such amount is
paid to the Agent, at the Federal Funds Effective Rate until three (3) days after the date on which the Agent gives notice of such
draw and at the Federal Funds Effective Rate plus one percent (1.0%) for each day thereafter. Further, such Revolving Credit Lender
shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Credit Loans, amounts due
with respect to its participations in Letters of Credit and any other amounts due to it hereunder to the Agent to fund the amount
of any drawn Letter of Credit which such Revolving Credit Lender was required to fund pursuant to this §2.11(f) until such
amount has been funded (as a result of such assignment or otherwise). The failure of any Revolving Credit Lender to make funds
available to the Agent in such amount shall not relieve any other Revolving Credit Lender of its obligation hereunder to make funds
available to the Agent pursuant to this §2.11(f).

(g)       If
after the issuance of a Letter of Credit pursuant to §2.11(c) by the Issuing Lender, but prior to the funding of any portion
thereof by a Revolving Credit Lender, for any reason a drawing under a Letter of Credit cannot be refinanced as a Revolving Credit
Loan, each Revolving Credit Lender will, on the date such Revolving Credit Loan pursuant to §2.11(f) was to have been made,
purchase an undivided participation interest in the Letter of Credit in an amount equal to its Revolving Credit Commitment Percentage
of the amount of such Letter of Credit. Each Revolving Credit Lender will immediately transfer to the Issuing Lender in immediately
available funds the amount of its participation and upon receipt thereof the Issuing Lender will deliver to such Revolving Credit
Lender a Letter of Credit participation certificate dated the date of receipt of such funds and in such amount.

    37 

     

    

(h)       Whenever
at any time after the Issuing Lender has received from any Revolving Credit Lender any such Revolving Credit Lender’s payment
of funds under a Letter of Credit and thereafter the Issuing Lender receives any payment on account thereof, then the Issuing Lender
will distribute to such Revolving Credit Lender its participation interest in such amount (appropriately adjusted in the case of
interest payments to reflect the period of time during which such Revolving Credit Lender’s participation interest was outstanding
and funded); provided, however, that in the event that such payment received by the Issuing Lender is required to
be returned, such Revolving Credit Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing
Lender to it.

(i)       The
issuance of any supplement, modification, amendment, renewal or extension to or of any Letter of Credit shall be treated in all
respects the same as the issuance of a new Letter of Credit.

(j)       Borrower
assume all risks of the acts, omissions, or misuse of any Letter of Credit by the beneficiary thereof. Neither Agent, Issuing Lender
nor any Lender will be responsible for (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter
of Credit or any document submitted by any party in connection with the issuance of any Letter of Credit, even if such document
should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the form, validity,
sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign
any Letter of Credit or the rights or benefits thereunder or proceeds thereof in whole or in part, which may prove to be invalid
or ineffective for any reason; (iii) failure of any beneficiary of any Letter of Credit to comply fully with the conditions required
in order to demand payment under a Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery
of any messages, by mail, cable, telegraph, telex or otherwise; (v) errors in interpretation of technical terms; (vi) any loss
or delay in the transmission or otherwise of any document or draft required by or from a beneficiary in order to make a disbursement
under a Letter of Credit or the proceeds thereof; (vii) for the misapplication by the beneficiary of any Letter of Credit of the
proceeds of any drawing under such Letter of Credit; and (viii) for any consequences arising from causes beyond the control of
Agent or any Lender, none of the foregoing will affect, impair or prevent the vesting of any of the rights or powers granted to
Agent, Issuing Lender or the Lenders hereunder. In furtherance and extension and not in limitation or derogation of any of the
foregoing, any act taken or omitted to be taken by Agent, Issuing Lender or the other Lenders in good faith will be binding on
Borrower and will not put Agent, Issuing Lender or the other Lenders under any resulting liability to Borrower; provided
nothing contained herein shall relieve Issuing Lender, Agent or any Lender for liability to Borrower arising as a result of the
gross negligence or willful misconduct of Issuing Lender, Agent or any Lender as determined by a court of competent jurisdiction
after the exhaustion of all applicable appeal periods.

§2.12Increase in
Total Commitment.

    38 

     

    

(a)       Provided
that no Default or Event of Default has occurred and is continuing, subject to the terms and conditions set forth in this §2.12,
the Borrower shall have the option at any time and from time to time before at least three (3) months prior to the Revolving Credit
Maturity Date to request an increase in the Total Commitment to not more than $75,000,000 (after giving effect to each such increase)
by giving written notice to the Agent (an “Increase Notice”; and the amount of such requested increase is the “Commitment
Increase”), provided that any such individual increase must be in a minimum amount of $10,000,000. Upon receipt of
any Increase Notice, the Agent shall consult with Arrangers and within ten (10) days shall notify the Borrower of the amount of
facility fees to be paid to any Revolving Credit Lenders who provide an additional Revolving Credit Commitment in connection with
such increase in the Total Commitment (which shall be in addition to the fees to be paid to Agent or Arrangers pursuant to the
Agreement Regarding Fees). If the Borrower agrees to pay the facility fees so determined, then the Agent promptly shall send a
notice to all Revolving Credit Lenders (the “Additional Commitment Request Notice”) informing them of the Borrower’
request to increase the Total Commitment and of the facility fees to be paid with respect thereto. Each Revolving Credit Lender
who desires to provide an additional Revolving Credit Commitment upon such terms shall provide Agent with a written commitment
letter specifying the amount of the additional Revolving Credit Commitment by which it is willing to provide prior to such deadline
as may be specified in the Additional Commitment Request Notice not to exceed ten (10) days. If the requested increase is oversubscribed
then the Agent and the Arrangers shall allocate the Commitment Increase among the Revolving Credit Lenders who provide such commitment
letters on such basis mutually acceptable to each of the Borrower, Agent and Arrangers. If the additional Revolving Credit Commitments
so provided are not sufficient to provide the full amount of the Commitment Increase requested by the Borrower, then the Agent,
Arrangers or Borrower will seek one or more banks or lending institutions (which banks or lending institutions shall be reasonably
acceptable to Agent, Arrangers and Borrower) to become a Revolving Credit Lender and provide an additional Revolving Credit Commitment.
The Agent shall provide all Revolving Credit Lenders with a notice setting forth the amount, if any, of the additional Revolving
Credit Commitment to be provided by each Revolving Credit Lender and the revised Revolving Credit Commitment Percentages which
shall be applicable after the effective date of the Commitment Increase specified therein (the “Commitment Increase Date”).
In no event shall any Revolving Credit Lender be obligated to provide an additional Revolving Credit Commitment.

(b)       On
any Commitment Increase Date the outstanding principal balance of the Revolving Credit Loans shall be reallocated among the Revolving
Credit Lenders such that after the applicable Commitment Increase Date the outstanding principal amount of Revolving Credit Loans
owed to each Revolving Credit Lender shall be equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage
(as in effect after the applicable Commitment Increase Date) of the outstanding principal amount of all Revolving Credit Loans.
The participation interests of the Revolving Credit Lenders in Letters of Credit shall be similarly adjusted. On any Commitment
Increase Date those Revolving Credit Lenders whose Revolving Credit Commitment Percentage is increasing shall advance the funds
to the Agent and the funds so advanced shall be distributed among the Revolving Credit Lenders whose Revolving Credit Commitment
Percentage is decreasing as necessary to accomplish the required reallocation of the outstanding Revolving Credit Loans. The funds
so advanced shall be Revolving Credit Base Rate Loans until converted to Revolving Credit LIBOR Rate Loans which are allocated
among all Revolving Credit Lenders based on their Revolving Credit Commitment Percentages.

    39 

     

    

(c)       Upon
the effective date of each increase in the Total Commitment pursuant to this §2.12 the Agent may unilaterally revise Schedule
1.1 and the Borrower shall, if requested by such Lender, execute and deliver to the Agent new Revolving Credit Notes for each
Revolving Credit Lender whose Revolving Credit Commitment has changed so that the principal amount of such Revolving Credit Lender’s
Revolving Credit Note shall equal its Revolving Credit Commitment. The Agent shall deliver such replacement Revolving Credit Notes
to the respective Revolving Credit Lenders in exchange for the Revolving Credit Notes replaced thereby which shall be surrendered
by such Revolving Credit Lenders and delivered to Borrower. Such new Revolving Credit Notes shall provide that they are replacements
for the surrendered Revolving Credit Notes and that they do not constitute a novation, shall be dated as of the Commitment Increase
Date and shall otherwise be in substantially the form of the replaced Revolving Credit Notes.

(d)       Notwithstanding
anything to the contrary contained herein, any increase in the Total Commitment pursuant to this §2.12 shall be conditioned
upon satisfaction or waiver of the following conditions precedent which must be satisfied or waived prior to the effectiveness
of any increase of the Total Commitment:

(i)       Payment
of Activation Fee. The Borrower shall pay (A) to the Agent those fees described in and contemplated by the Agreement Regarding
Fees with respect to the applicable Commitment Increase, and (B) to the Arranger such facility fees as the Revolving Credit Lenders
who are providing an additional Revolving Credit Commitment may require to increase the aggregate Revolving Credit Commitment,
which fees shall, when paid, be fully earned and non-refundable under any circumstances. The Arranger shall pay to the Revolving
Credit Lenders acquiring the increased Revolving Credit Commitment certain fees pursuant to their separate agreement; and

(ii)       No
Default. On the date any Increase Notice is given and on the date such increase becomes effective, both immediately before
and after the Total Commitment is increased, there shall exist no Default or Event of Default; and

(iii)       Representations
True. The representations and warranties made by the Borrower in the Loan Documents or otherwise made by or on behalf of the
Borrower in connection therewith or after the date thereof shall have been true and correct in all material respects when made
and shall also be true and correct in all material respects (except to the extent that any representation and warranty that is
qualified by materiality shall be true and correct in all respects) on the date of such Increase Notice and on the date the Total
Commitment is increased (unless such representations are limited by their terms to a specific date), both immediately before and
after the Total Commitment is increased, other than for changes in the ordinary course of business permitted by this Agreement;
and

    40 

     

    

(iv)       Additional
Documents and Expenses. The Borrower shall execute and deliver to Agent and the Revolving Credit Lenders such additional documents
(including, without limitation, amendments to the Security Documents), instruments, certifications and opinions as the Agent may
reasonably require, including, without limitation, a Compliance Certificate, demonstrating compliance with all covenants set forth
in the Loan Documents after giving effect to the increase, and the Borrower shall pay the cost of any mortgagee’s title insurance
policy or any endorsement or update thereto or any updated UCC searches, all recording costs and fees, and any and all intangible
taxes or other documentary or mortgage taxes, assessments or charges or any similar reasonable fees, taxes or expenses which are
reasonably requested in connection with such increase.

§2.13Extension
of Revolving Credit Maturity Date. The Borrower shall have the right and option to extend the Revolving Credit Maturity Date to
August 11, 2021, upon satisfaction or waiver of the following conditions precedent, which must be satisfied prior to the effectiveness
of any extension of the Revolving Credit Maturity Date:

(a)       Extension
Request. The Borrower shall deliver written notice of such request (the “Extension Request”) to the Agent not earlier
than the date which is one hundred twenty (120) days and not later than the date which is sixty (60) days prior to the then applicable
Revolving Credit Maturity Date (as determined without regard to such extension). Any such Extension Request shall be irrevocable
and binding on the Borrower unless otherwise agreed to by the Agent in its reasonable discretion.

(b)       Payment
of Extension Fee. The Borrower shall pay to the Agent for the pro rata accounts of the Revolving Credit Lenders in accordance
with their respective Revolving Credit Commitments an extension fee in an amount equal to 0.25% of the Total Commitment in effect
on the then applicable Revolving Credit Maturity Date, after taking into consideration any reduction in the Revolving Credit Commitments
as of such date (as determined without regard to such extension), which fee shall, when paid, be fully earned and non-refundable
under any circumstances.

(c)       No
Default. On the date the Extension Request is given there shall exist no Default or Event of Default and on the then applicable
Revolving Credit Maturity Date (as determined without regard to such extension) there shall exist no Default or Event of Default.

(d)       Representations
and Warranties. The representations and warranties made by the Borrower in the Loan Documents or otherwise made by or on behalf
of the Borrower in connection therewith or after the date thereof shall have been true and correct in all material respects when
made and shall also be true and correct in all material respects on the date the Extension Request is given and on the then applicable
Revolving Credit Maturity Date is given and on the Revolving Credit Maturity Date (as determined without regard to such extension),
except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed that
any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only
as of such specified date, and that any representation or warranty that is qualified by any materiality standard shall be required
to be true and correct in all respects).

    41 

     

    

(e)       Updated
Appraisals. Agent at its option, or at the direction of the Required Lenders, shall have obtained at Borrower’ expense
updates to existing Appraisals and determined the current Appraised Values of the Collateral Properties.

§3.REPAYMENT OF THE
LOANS.

§3.1Stated Maturity.
The Borrower promise to pay on the Revolving Credit Maturity Date and there shall become absolutely due and payable on the Revolving
Credit Maturity Date all of the Revolving Credit Loans and other Letters of Credit Liabilities outstanding on such date (other
than Letters of Credit whose expiration date is beyond the Revolving Credit Maturity Date as set forth in §2.11(a), together
with any and all accrued and unpaid interest thereon.

§3.2Mandatory Prepayments.
If at any time the sum of the aggregate outstanding Revolving Credit Exposure exceeds (a) the Total Commitment or (b) the sum of
the Borrowing Base Availability, then the Borrower shall, within ten (10) Business Days after receipt of notice from Agent of such
occurrence (or in the case of an updated Appraisal to the extent that such updated Appraisal results in a change in the Borrowing
Base Availability pursuant to a specific provision of this Agreement, then within ten (10) Business Days after receipt of notice
from the Agent of such occurrence) pay the amount of such excess to the Agent for the respective accounts of the Revolving Credit
Lenders, as applicable, for application to the Revolving Credit Loans as provided in §3.4 or held, to the extent the Revolving
Credit Loans are repaid in full, as cash collateral for the Letter of Credit Liabilities, together with any additional amounts
payable pursuant to §4.8. In the event there shall have occurred a casualty with respect to any Collateral Property and the
Borrower are required to repay the Loans pursuant to §7.7 or a Taking and the Borrower are required to repay the Loans pursuant
to a Mortgage or §7.7, the Borrower shall prepay the Loans concurrently with the date of receipt by a Credit Party or the
Agent of any Insurance Proceeds or Condemnation Proceeds in respect of such casualty or Taking, as applicable, or as soon thereafter
as is reasonably practicable, in the amount required pursuant to the relevant provisions of §7.7 or such Mortgage.

§3.3Optional Prepayments.

(a)       Borrower
shall have the right, at its election, to prepay the outstanding amount of the Revolving Credit Loans, as a whole or in part, at
any time without penalty or premium; provided, that if any prepayment of the outstanding amount of any Revolving Credit LIBOR Rate
Loans pursuant to this §3.3 is made on a date that is not the last day of the Interest Period relating thereto, such prepayment
shall be accompanied by the payment of any amounts due pursuant to §4.8.

(b)       The
Borrower shall give the Agent, no later than 1:00 p.m. (Eastern time) at least three (3) days prior written notice of any
prepayment pursuant to this §3.3, in each case specifying the proposed date of prepayment of the Loans and the principal amount
to be prepaid (provided that (i) any such notice may be revoked or modified upon one (1) day’s prior notice to the Agent)
and/or (ii) any such notice or repayment may be conditioned upon the consummation of a transaction. In the absence of a Default
or Event of Default, subject to §3.4 below, Borrower shall have the right to specify the order and manner of how any options
prepayments of the Loan are applied.

    42 

     

    

§3.4Partial Prepayments.
Each partial prepayment of the Loans under §3.3 shall be in a minimum amount of $100,000, shall be accompanied by the payment
of accrued interest on the principal prepaid to the date of payment. Each partial payment under §3.2 and §3.3 shall be
applied first to the principal of Loans (and with respect to each category of Revolving Credit Loans, first to the principal of
Base Rate Loans, and then to the principal of LIBOR Rate Loans).

§3.5Effect of Prepayments.
Amounts of the Revolving Credit Loans prepaid under §3.2 and §3.3 prior to the Revolving Credit Maturity Date may be
reborrowed as provided in §2.

§4.CERTAIN GENERAL
PROVISIONS.

§4.1Conversion
Options.

(a)       The
Borrower may elect from time to time to convert any of its outstanding Revolving Credit Loans to a Revolving Credit Loan of another
Type and such Revolving Credit Loans shall thereafter bear interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided
that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrower shall give the Agent at least
one (1) Business Day’s prior written notice of such election, and such conversion shall only be made on the last day of the
Interest Period with respect to such LIBOR Rate Loan unless the Borrower pay Breakage Costs as required under this Agreement; (ii)
with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan, the Borrower shall give the Agent at least three
(3) LIBOR Business Days’ prior written notice of such election and the Interest Period requested for such Loan, the principal
amount of the Loan so converted shall be in a minimum aggregate amount of $1,000,000 and minimum increments of $250,000 in excess
thereof, after giving effect to the making of such Loan, there shall be no more than six (6) Revolving Credit LIBOR Rate Loans
outstanding at any one time; and (iii) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has
occurred and is continuing. All or any part of the outstanding Revolving Credit Loans of any Type may be converted as provided
herein, provided that no partial conversion shall result in a Revolving Credit Base Rate Loan in a principal amount of less
than $100,000 or a Revolving Credit LIBOR Rate Loan in a principal amount of less than $1,000,000. On the date on which such conversion
is being made, each Lender shall take such action as is necessary to transfer its Commitment Percentage of such Loans to its Domestic
Lending Office or its LIBOR Lending Office, as the case may be. Each Conversion/Continuation Request relating to the conversion
of a Base Rate Loan to a LIBOR Rate Loan shall be irrevocable by the Borrower.

(b)       Any
LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest Period with respect thereto by compliance by the
Borrower with the terms of §4.1; provided that no LIBOR Rate Loan may be continued as such when any Default or Event
of Default has occurred and is continuing, but shall be automatically converted to a Base Rate Loan on the last day of the Interest
Period relating thereto ending during the continuance of any Default or Event of Default.

(c)       In
the event that the Borrower does not notify the Agent of their election hereunder with respect to any LIBOR Rate Loan, such Loan
shall be automatically continued at the end of the applicable Interest Period as a LIBOR Rate Loan for an Interest Period of one
month unless such Interest Period shall be greater than the time remaining until the Revolving Credit Maturity Date, in which case
such Loan shall be automatically converted to a Base Rate Loan at the end of the applicable Interest Period.

    43 

     

    

§4.2Fees. In addition
to all fees specified herein, the Borrower agrees to pay to KeyBank and the Arranger for their own account certain fees for services
rendered or to be rendered in connection with the Loans as provided pursuant to a fee letter dated on or about the Closing Date
between the Borrower, KeyBank and the Arranger (the “Agreement Regarding Fees”).

§4.3[Intentionally
Omitted.]

§4.4Funds for Payments.

(a)       All
payments of principal, interest, facility fees, Letter of Credit fees, closing fees and any other amounts due hereunder or under
any of the other Loan Documents shall be made to the Agent, for the respective accounts of the Lenders and the Agent, as the case
may be, at the Agent’s Head Office, not later than 2:00 p.m. (Cleveland time) on the day when due, in each case in lawful
money of the United States in immediately available funds. The Agent is hereby authorized to charge the accounts of the Borrower
with KeyBank, on the dates when the amount thereof shall become due and payable, with the amounts of the principal of and interest
on the Loans and all fees, charges, expenses and other amounts owing to the Agent and/or the Lenders under the Loan Documents.
Subject to the foregoing, all payments made to the Agent on behalf of the Lenders, and actually received by the Agent, shall be
deemed received by the Lenders on the date actually received by the Agent.

(b)       All
payments by the Borrower hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim, and
free and clear of and without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law
(as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax
from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or
withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other applicable Guarantor shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings
applicable to additional sums payable under this §4.4) the applicable Recipient receives an amount equal to the sum it would
have received had no such deduction or withholding been made.

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

(d)       The
Borrower and the Guarantors shall jointly and severally indemnify each Recipient, within ten (10) days after demand therefor, for
the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this §4.4) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall
be conclusive absent manifest error; provided that the determinations in such statement are made on a reasonable basis and in good
faith.

    44 

     

    

(e)       Each
Lender shall severally indemnify the Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that the Borrower or a Guarantor has not already indemnified the Agent for such Indemnified
Taxes and without limiting the obligation of the Borrower and the Guarantors to do so), (ii) any Taxes attributable to such Lender’s
failure to comply with the provisions of §18.4 relating to the maintenance of a Participant Register and (iii) any Excluded
Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any
and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any
other source against any amount due to the Agent under this subsection.

(f)       As
soon as practicable after any payment of Taxes by the Borrower or any Guarantor to a Governmental Authority pursuant to this §4.4,
the Borrower or such Guarantor shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Agent.

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

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

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

    45 

     

    

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

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

(II)       an
electronic copy (or an original if requested by the Borrower or the Agent) of an executed IRS Form W-8ECI;

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

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

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

    46 

     

    

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

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

(h)       If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this §4.4 (including by the payment of additional amounts pursuant to this §4.4), it
shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this
§4.4 with respect to the Taxes giving rise to such refund), net of all reasonable third party out-of-pocket expenses (including
Taxes) of such indemnified party actually incurred and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay
any amount to an indemnifying party pursuant to this subsection the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund has not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it reasonably deems confidential) to the indemnifying party
or any other Person.

(i)       Each
party’s obligations under this §4.4 shall survive the resignation or replacement of the Agent or any assignment of rights
by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations
under any Loan Document.

    47 

     

    

(j)       The
obligations of the Borrower to the Lenders under this Agreement (and of the Revolving Credit Lenders to make payments to the Issuing
Lender with respect to Letters of Credit) shall be absolute, unconditional and irrevocable, and shall be paid and performed strictly
in accordance with the terms of this Agreement, under all circumstances whatsoever, including, without limitation, the following
circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) any improper use which may be made of any
Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of Credit in connection therewith;
(iii) the existence of any claim, set-off, defense or any right which the Borrower or any of their Subsidiaries or Affiliates may
have at any time against any beneficiary or any transferee of any Letter of Credit (or persons or entities for whom any such beneficiary
or any such transferee may be acting) or the Lenders (other than the defense of payment to the Lenders in accordance with the terms
of this Agreement) or any other person, whether in connection with any Letter of Credit, this Agreement, any other Loan Document,
or any unrelated transaction; (iv) any draft, demand, certificate, statement or any other documents presented under any Letter
of Credit proving to be insufficient, forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect whatsoever; (v) any breach of any agreement between Borrower or any of their Subsidiaries or Affiliates and any
beneficiary or transferee of any Letter of Credit; (vi) any irregularity in the transaction with respect to which any Letter of
Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; (vii) payment by the Issuing
Lender under any Letter of Credit against presentation of a sight draft, demand, certificate or other document which does not comply
with the terms of such Letter of Credit, provided that such payment shall not have constituted gross negligence or willful misconduct
on the part of the Issuing Lender as determined by a court of competent jurisdiction after the exhaustion of all applicable appeal
periods; (viii) any non-application or misapplication by the beneficiary of a Letter of Credit of the proceeds of such Letter of
Credit; (ix) the legality, validity, form, regularity or enforceability of the Letter of Credit; (x) the failure of any payment
by Issuing Lender to conform to the terms of a Letter of Credit (if, in Issuing Lender’s good faith judgment, such payment
is determined to be appropriate); (xi) the surrender or impairment of any security for the performance or observance of any of
the terms of any of the Loan Documents; (xii) the occurrence of any Default or Event of Default; and (xiii) any other circumstance
or happening whatsoever, whether or not similar to any of the foregoing.

§4.5Computations.
All computations of interest on the Loans and of other fees to the extent applicable shall be based on a 360-day year and paid
for the actual number of days elapsed. Except as otherwise provided in the definition of the term “Interest Period”
with respect to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a day that
is not a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and interest shall
accrue during such extension. The Outstanding Loans and Letter of Credit Liabilities as reflected on the records of the Agent from
time to time shall be considered prima facie evidence of such amount.

    48 

     

    

§4.6Suspension
of LIBOR Rate Loans. In the event that, prior to the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent
shall determine that adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period, or the Agent
shall reasonably determine that LIBOR will not accurately and fairly reflect the cost of the Lenders making or maintaining LIBOR
Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and
binding on the Borrower and the Lenders absent manifest error) to the Borrower and the Lenders. In such event (a) any Loan Request
with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan and (b) each
LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate
Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the circumstances
giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the Lenders.

§4.7Illegality.
Notwithstanding any other provisions herein, if any Change in Law shall make it unlawful, or any central bank or other governmental
authority having jurisdiction over a Lender or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make
or maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent and the Borrower thereupon
(a) the commitment of the Lenders to make LIBOR Rate Loans shall forthwith be suspended and (b) the LIBOR Rate Loans then outstanding
shall be converted automatically to Base Rate Loans on the last day of each Interest Period applicable to such LIBOR Rate Loans
or within such earlier period as may be required by law. Notwithstanding the foregoing, before giving such notice, the applicable
Lender shall designate a different lending office if such designation will void the need for giving such notice and will not, in
the reasonable judgment of such Lender, be otherwise materially disadvantageous to such Lender or increase any costs payable by
Borrower hereunder.

§4.8Additional
Interest. If any LIBOR Rate Loan or any portion thereof is repaid or is converted to a Base Rate Loan for any reason on a date
which is prior to the last day of the Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been
accelerated as provided in §12.1, the Borrower will pay to the Agent upon demand for the account of the applicable Lenders
in accordance with their respective Commitment Percentages, in addition to any amounts of interest otherwise payable hereunder,
the Breakage Costs. Borrower understand, agree and acknowledge the following: (i) no Lender has any obligation to purchase, sell
and/or match funds in connection with the use of LIBOR as a basis for calculating the rate of interest on a LIBOR Rate Loan; (ii)
LIBOR is used merely as a reference in determining such rate; and (iii) Borrower have accepted LIBOR as a reasonable and fair basis
for calculating such rate and any Breakage Costs. Borrower further agree to pay the Breakage Costs, if any, whether or not a Lender
elects to purchase, sell and/or match funds.

§4.9Additional
Costs, Etc. Notwithstanding anything herein to the contrary, if any Change in Law, shall:

(a)       subject
any Lender or the Agent to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this
Agreement, the other Loan Documents, such Lender’s Commitment, a Letter of Credit or the Loans (other than for Indemnified
Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and Connection Income Taxes), or

    49 

     

    

(b)       materially
change the basis of taxation (except for changes in taxes on gross receipts, income or profits or its franchise tax) of payments
to any Lender of the principal of or the interest on any Loans or any other amounts payable to any Lender under this Agreement
or the other Loan Documents, or

(c)       impose
or increase or render applicable any special deposit, compulsory loan, insurance charge, reserve, assessment, liquidity, capital
adequacy or other similar requirements (whether or not having the force of law and which are not already reflected in any amounts
payable by Borrower hereunder) against assets held by, or deposits in or for the account of, or loans by, or commitments of an
office of any Lender, or

(d)       impose
on any Lender or the Agent any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans,
such Lender’s Commitment, a Letter of Credit, or any class of loans or commitments of which any of the Loans or such Lender’s
Commitment forms a part; and the result of any of the foregoing is:

(i)       to
increase the cost to any Lender of making, continuing, converting to, funding, issuing, renewing, extending or maintaining any
of the Loans or such Lender’s Commitment, or

(ii)       to
reduce the amount of principal, interest or other amount payable to any Lender or the Agent hereunder on account of such Lender’s
Commitment or any of the Loans, or

(iii)       require
any Lender or the Agent to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment
or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such
Lender or the Agent from the Borrower hereunder, then, and in each such case, the Borrower will, within fifteen (15) days of demand
made by such Lender or (as the case may be) the Agent at any time and from time to time and as often as the occasion therefor may
arise, pay to such Lender or the Agent such additional amounts as such Lender or the Agent shall determine in good faith to be
sufficient to compensate such Lender or the Agent for such additional cost, reduction, payment or foregone interest or other sum.
Each Lender and the Agent in determining such amounts may use any reasonable averaging and attribution methods generally applied
by such Lender or the Agent, in such case (a) through (d), so long as such amounts have accrued on or before the day that is two
hundred and seventy (270) days prior to the date on which such Agent first made demand therefor (except that, if the event giving
rise to such increased costs or reductions is retroactive, then the two hundred seventy (270) day period referred to above shall
be extended to include the period of retroactive effect thereof).

    50 

     

    

§4.10Capital Adequacy.
If after the date hereof any Lender determines that (a) as a result of a Change in Law, or (b) compliance by such Lender or its
parent bank holding company with any directive of any such entity regarding liquidity or capital adequacy, has the effect of reducing
the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s commitment to
make Loans hereunder to a level below that which such Lender or holding company could have achieved but for such adoption, change
or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect
to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Lender to be
material, then such Lender may notify the Borrower thereof. The Borrower agrees to pay to such Lender the amount of such reduction
in the return on capital as and when such reduction is reasonably determined, upon presentation by such Lender of a statement of
the amount setting forth the Lender’s calculation thereof. In determining such amount, such Lender may use any reasonable
averaging and attribution methods generally applied by such Lender.

§4.11Breakage Costs.
Borrower shall pay all Breakage Costs required to be paid by them pursuant to this Agreement and incurred from time to time by
any Lender within fifteen (15) days from receipt of written notice from Agent, or such earlier date as may be required by this
Agreement.

§4.12Default Interest;
Late Charge. Following the occurrence and during the continuance of any Event of Default, and regardless of whether or not the
Agent or the Lenders shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand at a rate
per annum equal to four percent (4.0%) above the interest rate that would otherwise be in effect hereunder (the “Default
Rate”), until such amount shall be paid in full (after as well as before judgment) until such amount shall be paid in
full (after as well as before judgment), and the fee payable with respect to Letters of Credit shall be increased to a rate equal
to four percent (4.0%) above the Letter of Credit fee that would otherwise be applicable to such time, or if any of such amounts
shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law. In addition, the Borrower shall pay
a late charge equal to four percent (4.0%) of any amount of interest and/or principal payable on the Loans (other than amounts
due on the Maturity Date or as a result of acceleration), which is not paid by the Borrower within ten (10) days of the date when
due.

§4.13Certificate.
A certificate setting forth any amounts payable pursuant to §4.8, §4.9, §4.10, §4.11 or §4.12 and a reasonably
detailed explanation of such amounts which are due, submitted by any Lender or the Agent to the Borrower, shall be prima facie
evidence of the amount due. A Lender shall be entitled to reimbursement under §4.9, or §4.10 from and after notice to
Borrower that such amounts are due given in accordance with §4.9 or §4.10 and for a period of one hundred eighty (180)
days prior to receipt of such notice if such Change in Law was effective during such one hundred eighty (90) day period.

    51 

     

    

§4.14Limitation
on Interest. Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, all agreements between or
among the Borrower, the Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are hereby
limited so that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations or otherwise, shall
the interest contracted for, charged or received by the Lenders exceed the maximum amount permissible under applicable law. If,
from any circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful amount, the
interest payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance
the Lenders shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount
equal to any excessive interest shall be applied to the reduction of the principal balance of the Obligations and to the payment
of interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations, such excess shall be refunded
to the Borrower. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full period until payment in full of the principal of the Obligations (including
the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the maximum
amount permitted by applicable law. This Section shall control all agreements between or among the Borrower, the Lenders and the
Agent.

§4.15Certain Provisions
Relating to Increased Costs and Non-Funding Lenders. If a Lender gives notice of the existence of the circumstances set forth in
§4.7 or any Lender requests compensation for any losses or reasonable and documented costs to be reimbursed pursuant to any
one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to such
Lender under this Agreement), §4.9 or §4.10, then, upon the request of the Borrower, such Lender, as applicable, shall
use reasonable efforts in a manner consistent with such institution’s practice in connection with loans like the Loan of
such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by Borrower under the foregoing provisions,
provided that such action would not be otherwise prejudicial to such Lender, including, without limitation, by designating
another of such Lender’s offices, branches or affiliates; the Borrower agreeing to pay all reasonable and necessary costs
and expenses incurred by such Lender in connection with any such action. Notwithstanding anything to the contrary contained herein,
if no Default or Event of Default shall have occurred and be continuing, and if any Lender (a) has given notice of the existence
of the circumstances set forth in §4.7 or has requested payment or compensation for any losses or costs to be reimbursed pursuant
to any one or more of the provisions of §4.4(b) (as a result of the imposition of U.S. withholding taxes on amounts paid to
such Lender under this Agreement), §4.9 or §4.10 and following the request of Borrower has been unable to take the steps
described above to mitigate such amounts (each, an “Affected Lender”) or (b) has failed to make available to Agent
its pro rata share of any Loan or its participation in any Letter of Credit Liability, and such failure has not been cured (a “Non-Funding
Lender”), then, within ninety (90) days after such notice or request for payment or compensation or failure to fund,
as applicable, Borrower shall have the right as to such Affected Lender or Non-Funding Lender, as applicable, to be exercised by
delivery of written notice delivered to the Agent and the Affected Lender or Non-Funding Lender, within ninety (90) days of receipt
of such notice or failure to fund, as applicable, to elect to cause the Affected Lender or Non-Funding Lender, as applicable, to
transfer its Commitment. The Agent shall promptly notify the remaining Lenders that each of such Lenders shall have the

    52 

     

    

right, but not the obligation,
to acquire a portion of the Commitment, pro rata based upon their relevant Commitment Percentages, of the Affected Lender or Non-Funding
Lender, as applicable (or if any of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders
in such proportion as approved by the Agent). In the event that the Lenders do not elect to acquire all of the Affected Lender’s
or Non-Funding Lender’s Commitment, then the Agent shall endeavor to obtain a new Lender to acquire such remaining Commitment.
Upon any such purchase of the Commitment of the Affected Lender or Non-Funding Lender, as applicable, the Affected Lender’s
or Non-Funding Lender’s interest in the Obligations and its rights hereunder and under the Loan Documents shall terminate
at the date of purchase, and the Affected Lender or Non-Funding Lender, as applicable, shall promptly execute all documents reasonably
requested to surrender and transfer such interest. The purchase price for the Affected Lender’s or Non-Funding Lender’s
Commitment shall equal any and all amounts outstanding and owed by Borrower to the Affected Lender or Non-Funding Lender, as applicable,
including principal, prepayment premium or fee, and all accrued and unpaid interest or fees.

§5.COLLATERAL SECURITY.

§5.1Collateral.
The Obligations and the Hedge Obligations shall be secured by a perfected first priority lien and security interest to be held
by the Agent for the benefit of the Lenders on the Collateral, pursuant to the terms of the Security Documents.

§5.2Appraisals;
Adjusted Value.

(a)       The
Agent may or shall, for the purpose of determining the current Appraised Value of the Collateral Properties, obtain new Appraisals
or an update to existing Appraisals with respect to such property, or any of them, as the Agent shall reasonably determine or if
directed by the Required Lenders in their reasonably discretion: (i) in connection with the acceptance of such Real Estate as a
Collateral Property, (ii) once during the initial term of the Loan unless an Event of Default shall be in existence and continuing,
(iii) in connection with any requested extension of the Maturity Date, (iv) if requested by Borrower, or (v) at any time while
an Event of Default is in existence and continuing. The reasonable and actual expense of such Appraisals and/or updates performed
pursuant to this §5.2(a) shall be borne by Borrower and payable to Agent within ten (10) days of written demand. Additionally,
the Agent may, and shall if directed by the Required Lenders, obtain such other Appraisals of the Collateral Properties at such
time as they may so reasonably determine, at the sole expense of the Lenders.

(b)       The
Borrower acknowledges that the Agent has the right to reasonably approve any Appraisal performed pursuant to this Agreement. The
Borrower further agrees that the Lenders and Agent do not make any representations or warranties with respect to any such Appraisal
and shall have no liability as a result of or in connection with any such Appraisal for statements contained in such Appraisal,
including without limitation, the accuracy and completeness of information, estimates, conclusions and opinions contained in such
Appraisal, or variance of such Appraisal from the fair value of such property that is the subject of such Appraisal given by the
local tax assessor’s office, or Borrower’s idea of the value of such property.

§5.3Addition of
Collateral Properties.

    53 

     

    

(a)       After
the Closing Date, Borrower shall have the right, subject to the consent of the Agent and the Required Lenders, which consent shall
not be unreasonably withheld, conditioned, or delayed, and the satisfaction by Borrower of the conditions set forth in this §5.3,
to add Potential Collateral to the Collateral. In the event Borrower desires to add additional Potential Collateral as aforesaid,
Borrower shall provide written notice to the Agent of such request (which the Agent shall promptly furnish to the Lenders within
three (3) Business Days), together with all documentation and other information reasonably required to permit the Agent to determine
whether such Real Estate is Eligible Real Estate. Thereafter, the Agent and the Required Lenders shall have fifteen (15) Business
Days from the date of the receipt of such documentation and other information to advise Borrower whether the necessary Lender consent
to the acceptance of such Potential Collateral has been received. Notwithstanding the foregoing, no Potential Collateral shall
be included as Collateral unless and until the following conditions precedent shall have been satisfied:

(i)       Unless
otherwise approved by the Agent and the Required Lenders, the proposed Real Estate shall be Eligible Real Estate;

(ii)       the
owner of the Eligible Real Estate shall have executed a Joinder Agreement and satisfied the conditions of §5.5;

(iii)       Borrower
or the owner of the Eligible Real Estate shall have executed and delivered to the Agent all Eligible Real Estate Qualification
Documents, all of which instruments, documents or agreements shall be in form and substance reasonably satisfactory to the Agent
and the Lenders together with an executed Borrowing Base Availability Certificate in the form of Exhibit F;

(iv)       after
giving effect to the inclusion of such Potential Collateral in connection with each requested Advance, each of the representations
and warranties made by or on behalf of Borrower or any of their respective Subsidiaries contained in this Agreement, the other
Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all
material respects both as of the date as of which it was made and shall also be true as of the time of the addition (or any replacement)
of Collateral Properties, with the same effect as if made at and as of that time (it being understood and agreed that any representation
or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified
date), and no Default or Event of Default shall have occurred and be continuing, and the Agent shall have received a certificate
of Borrower to such effect; and

Notwithstanding the foregoing,
in the event such Collateral or Potential Collateral does not qualify as Eligible Real Estate, so long as the conditions set forth
in clauses (ii) and (iv) of this §5.3 have been satisfied, such Collateral or Potential Collateral shall be included as Collateral
and constitute Eligible Real Estate so long as the Agent shall have received the prior written consent of Required Lenders in their
sole discretion to the inclusion of such Real Estate as a Collateral Property.

    54 

     

    

§5.4Release of
Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately
after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the
transactions contemplated by this §5.4), subject to the consent of the Agent and the Required Lenders, which such consent
shall not be unreasonably conditioned, withheld or delayed, the Agent shall release a Collateral Property from the lien or security
title of the Security Documents encumbering the same upon the request of Borrower subject to and upon the following terms and conditions:

(a)       Borrower
shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral
at least ten (10) days prior to the requested release (which notice may be revoked by Borrower at any time);

(b)       Borrower
shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F
and a Compliance Certificate prepared using the financial statements of Borrower most recently provided or required to be provided
to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Borrower solely to give effect to the proposed
release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after
giving effect to such release and if Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans
in connection with such release;

(c)       all
release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent;

(d)       Borrower
shall pay all reasonable and documented costs and expenses of the Agent in connection with such release, including without limitation,
reasonable and documented attorney’s fees;

(e)       Borrower
shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied
to reduce the outstanding principal balance of the Loans as provided in §3.2; and

(f)       without
limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrower to be in violation
of the covenants set forth in §§9.1 through 9.7.

§5.5Additional
Subsidiary Guarantors. As and to the extent that Borrower shall request that certain Real Estate of a Subsidiary of Borrower be
included as a Collateral Property in connection with the request of any Loan as contemplated by §5.3 and such Real Estate
is approved for inclusion as a Collateral Property in accordance with the terms hereof, Borrower shall cause each such Subsidiary
to execute and deliver to Agent a Joinder Agreement wherein, as approved by the Agent and such Subsidiary shall become a Subsidiary
Guarantor hereunder. Each such Subsidiary shall be authorized, in accordance with its respective organizational documents, to be
a Subsidiary Guarantor hereunder and to execute such Security Documents as Agent may reasonably require. Borrower shall further
cause all representations, covenants and agreements in the Loan Documents with respect to the Subsidiary Guarantors to be true
and correct with respect to each such Subsidiary from and after the date such Subsidiary executes and delivers a Joinder Agreement.
In connection with the delivery of such Joinder Agreement, Borrower shall deliver to the Agent such organizational agreements,
resolutions, consents, opinions and other documents and instruments as the Agent may reasonably require.

    55 

     

    

§5.6Release of
Certain Subsidiary Guarantors. In the event that all Collateral Properties owned by a Subsidiary Guarantor shall have been released
as Collateral for the Obligations and Hedge Obligations in accordance with the terms of this Agreement, then such Subsidiary Guarantor
shall be deemed to be fully released of all Obligations and all Hedge Obligations without the need of any further actions from
Agent or any Lender.

§5.7Release of
Collateral. Upon the refinancing or repayment of the Obligations in full, then the Agent shall release the Collateral from the
lien and security interest of the Security Documents and to release Borrower; provided that Agent has not received a notice from
the “Representative” (as defined in §14.17) or the holder of the Hedge Obligations that any Hedge Obligation is
then due and payable to the holder thereof.

§6.REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants to the Agent and the Lenders as follows, each as of the Closing Date hereof, and
as of the date of a request for a funding of any Loan or the issuance of any Letter of Credit hereunder:

§6.1Corporate Authority,
Etc.

(a)       Incorporation;
Good Standing. Borrower is a Delaware limited partnership duly organized pursuant to its certificate of limited partnership
filed with the Delaware Secretary of State, and is validly existing and in good standing under the laws of Delaware. Borrower (i)
has all requisite power to own its property and conduct its business as now conducted and as presently contemplated, and (ii) is
in good standing and is duly authorized to do business in each other jurisdiction where a failure to be so qualified in such other
jurisdiction could have a Material Adverse Effect.

(b)       Other
Credit Parties. Each of the other Credit Parties (i) is a corporation, limited partnership, general partnership, limited liability
company or trust duly organized under the laws of its State of organization and is validly existing and in good standing under
the laws thereof, (ii) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated
and (iii) is in good standing and is duly authorized to do business in each jurisdiction where a Collateral Property owned or leased
by it is located to the extent required to do so under applicable law and in each other jurisdiction where a failure to be so qualified
could have a Material Adverse Effect.

(c)       Other
Subsidiaries. Except where a failure to satisfy such representation would not have a Material Adverse Effect, each of the Subsidiaries
of the Borrower (other than the Subsidiary Guarantors) (i) is a corporation, limited partnership, general partnership, limited
liability company or trust duly organized under the laws of its State of organization and is validly existing and in good standing
under the laws thereof, (ii) has all requisite power to own its property and conduct its business as now conducted and as presently
contemplated and (iii) is in good standing and is duly authorized to do business in each jurisdiction where Real Estate owned or
leased by it is located.

    56 

     

    

(d)       Authorization.
The execution, delivery and performance of this Agreement and the other Loan Documents to which any of the Borrower is a party
and the transactions contemplated hereby and thereby (i) are within the authority of the Credit Parties, (ii) have been duly authorized
by all necessary actions on the part of the Credit Parties, (iii) do not and will not conflict with or result in any breach or
contravention of any provision of law, statute, rule or regulation to which any Credit Party is subject or any judgment, order,
writ, injunction, license or permit applicable to any Credit Party, except as would not reasonably be expected to result in a Material
Adverse Effect, (iv) do not and will not conflict with or constitute a default (whether with the passage of time or the giving
of notice, or both) under any provision of the partnership agreement, articles of incorporation or other charter documents or bylaws
of, or any agreement or other instrument binding upon, any Credit Party or or any of its properties where, in the case of any agreement
or other instrument binding upon any Credit Party or any of its properties, any conflict or default would not reasonably be expected
to have a Material Adverse Effect, (v) do not and will not result in or require the imposition of any lien or other encumbrance
on any of the properties, assets or rights of any Credit Party other than the liens and encumbrances in favor of Agent contemplated
by this Agreement and the other Loan Documents (or any other lien or encumbrance permitted by this Agreement and/or the Loan Documents),
and (vi) do not require the approval or consent of any Person other than those already obtained and delivered to Agent or except
as would not reasonably be expected to result in a Material Adverse Effect.

(e)       Enforceability.
The execution and delivery of this Agreement and the other Loan Documents to which any of the Credit Parties is a party are valid
and legally binding obligations of the Credit Parties enforceable in accordance with the respective terms and provisions hereof
and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to
or affecting generally the enforcement of creditors’ rights and general principles of equity.

§6.2Governmental
Approvals. The execution, delivery and performance of this Agreement and the other Loan Documents to which any Credit Party is
a party and the transactions contemplated hereby and thereby do not require the approval or consent of, or filing or registration
with, or the giving of any notice to, any court, department, board, governmental agency or authority other than those already obtained
or waived in writing and the filing of the Security Documents in the appropriate records office with respect thereto, in each case,
except as would not reasonably be expected to result in a Material Adverse Effect.

§6.3Title to Collateral
Properties. Except as indicated on Schedule 6.3 hereto the Borrower and its Subsidiaries own or lease all of the assets
reflected in the consolidated balance sheet of the Borrower as of the Balance Sheet Date or acquired or leased since that date
(except property and assets sold or otherwise disposed of in the ordinary course since that date), Subsidiary Guarantors own or
lease each subject Collateral Property subject to no rights of others, including any mortgages, leases pursuant to which Subsidiary
Guarantors or any of their Affiliates is the lessee, conditional sales agreements, title retention agreements, liens or other monetary
encumbrances except Permitted Liens.

    57 

     

    

§6.4Financial Statements.
Guarantor has furnished to Agent: (a) the consolidated balance sheet of Guarantor and its Subsidiaries as of the Balance Sheet
Date and the related consolidated statement of income and cash flow for the most recent period then ended (and available) certified
by an Authorized Officer or the chief financial or accounting officer of Guarantor, (b) as of the Closing Date, an unaudited statement
of Net Operating Income for each of the Collateral Properties (if any) for the most recent period then ended (and available) certified
by the chief financial or accounting officer of Borrower, to the best of such officer’s knowledge, as fairly presenting in
all material respects the Net Operating Income for such parcels for such periods, and (c) certain other financial information relating
to the Borrower and the Real Estate (including, without limitation, the Collateral Properties). Such balance sheet and statements
have been prepared in accordance with generally accepted accounting principles and fairly present in all material respects the
consolidated financial condition of the Guarantor and its Subsidiaries as of such dates and the consolidated results of the operations
of the Guarantor and its Subsidiaries for such periods. Notwithstanding the foregoing of this §6.4, projections represent
Borrower’s best estimate of Borrower’s future financial performance and such assumptions are believed by Borrower to
be fair and reasonably in light of current business conditions, and Borrower can give no assurances that such projections will
be attained.

§6.5No Material
Changes. Since the later of Balance Sheet Date or the date of the most recent financial statements delivered pursuant to §7.4,
as applicable, except as otherwise disclosed to Agent, there has occurred no materially adverse change in the financial condition,
or business of the Borrower, and their respective Subsidiaries taken as a whole as shown on or reflected in the consolidated balance
sheet of the Guarantor as of the Balance Sheet Date, or its consolidated statement of income or cash flows for the calendar year
then ended, other than changes that have not and could not reasonably be expected to have a Material Adverse Effect. As of the
date hereof, except as set forth on Schedule 6.5 hereto, there has occurred no materially adverse change in the financial
condition, operations or business activities of any of the Collateral Properties from the condition shown on the statements of
income delivered to the Agent pursuant to §6.4 other than changes in the ordinary course of business that have not had a Material
Adverse Effect.

§6.6Franchises,
Patents, Copyrights, Etc. The Borrower and the Subsidiary Guarantors possess all franchises, patents, copyrights, trademarks, trade
names, service marks, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of their business
substantially as now conducted without known conflict with any rights of others. None of the Collateral Properties is owned or
operated under or by reference to any registered or protected trademark, trade name, service mark or logo, except where such failure
or conflict would not reasonably be expected to have a Material Adverse Effect.

§6.7Litigation.
As of the date hereof, except as stated on Schedule 6.7, there are no actions, suits, proceedings or investigations of any
kind pending or to the knowledge of the Borrower or the Subsidiary Guarantors threatened against Borrower or a Subsidiary Guarantor
before any court, tribunal, arbitrator, mediator or administrative agency or board which question the validity of this Agreement
or any of the other Loan Documents, any action taken or to be taken pursuant hereto or thereto or any lien, security title or security
interest created or intended to be created pursuant hereto or thereto. As of the date hereof, except as set forth on Schedule
6.7, there are no judgments, final orders or awards outstanding against or affecting Borrower, the Subsidiary Guarantors or
any Collateral Property.

    58 

     

    

§6.8No Material
Adverse Contracts, Etc. None of the Borrower or the Subsidiary Guarantors are subject to any charter, corporate or other legal
restriction, or any judgment, decree, order, rule or regulation that has or is expected in the future to have a Material Adverse
Effect. None of the Borrower or the Subsidiary Guarantors are a party to any contract or agreement that has or could reasonably
be expected to have a Material Adverse Effect.

§6.9Compliance
with Other Instruments, Laws, Etc.None of the Borrower or any of their respective Subsidiaries is in violation of any provision
of its charter or other organizational documents, bylaws, or any agreement or instrument to which it is subject or by which it
or any of its properties is bound or any decree, order, judgment, statute, license, rule or regulation, in any of the foregoing
cases in a manner that has had or could reasonably be expected to have a Material Adverse Effect.

§6.10Tax Status.
Except as would not reasonably be expected to result in a Material Adverse Effect, each of the Borrower and the Subsidiary Guarantors
(a) have made or filed all federal and state income and all other Tax returns, reports and declarations required by any jurisdiction
to which it is subject or has obtained an extension for filing, (b) have paid prior to delinquency all Taxes and other governmental
assessments and charges shown or determined to be due on such returns, reports and declarations, except those being contested in
good faith and by appropriate proceedings or for which any of the Borrower or their respective Subsidiaries, as applicable has
set aside on its books provisions reasonably adequate for the payment of such Taxes, and (c) have made provisions reasonably adequate
for the payment of all accrued Taxes not yet due and payable. Except as would not reasonably be expected to result in a Material
Adverse Effect, there are no unpaid Taxes claimed by the taxing authority of any jurisdiction to be due by the Borrower of their
respective Subsidiaries, the officers or partners of such Person know of no basis for any such claim, and as of the Closing Date,
there are no audits pending or to the knowledge of Borrower threatened with respect to any Tax returns filed by Borrower or their
respective Subsidiaries. The taxpayer identification number for Borrower is 45-2643280.

§6.11No Event of
Default. No Default or Event of Default has occurred and is continuing.

§6.12Investment
Company Act. None of the Borrower or any of their respective Subsidiaries is an “investment company”, or an “affiliated
company” or a “principal underwriter” of an “investment company”, as such terms are defined in the
Investment Company Act of 1940.

§6.13Absence of
UCC Financing Statements, Etc.Except with respect to Permitted Liens or as disclosed on the lien search reports delivered to and
approved by the Agent, there is no financing statement (but excluding any financing statements that may be filed against Borrower
or Subsidiary Guarantor without the consent or agreement of such Persons), security agreement, chattel mortgage, real estate mortgage
or other document filed or recorded with any applicable filing records, registry, or other public office, that purports to cover,
affect or give notice of any present or possible future lien on, or security interest or security title in, any Collateral.

    59 

     

    

§6.14Setoff, Etc.The
Collateral and the rights of the Agent and the Lenders with respect to the Collateral are not subject to any setoff, claims, withholdings
or other defenses by the Borrower or any of their Subsidiaries or Affiliates or, to the best knowledge of Borrower, any other Person
other than Permitted Liens described in §8.2(i), (vi), (vii) and (viii).

§6.15Certain Transactions.
Except as disclosed on Schedule 6.15 hereto, none of the partners, officers, trustees, managers, members, directors, or
employees of Borrower or Subsidiary Guarantor is, nor shall any such Person become, a party to any transaction with Borrower or
Subsidiary Guarantor (other than for services as partners, managers, members, employees, officers and directors), including any
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property
to or from, or otherwise requiring payments to or from any partner, officer, trustee, director or such employee or, to the knowledge
of the Borrower or the Subsidiary Guarantors, any corporation, partnership, trust or other entity in which any partner, officer,
trustee, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, which are on
terms less favorable to the Borrower or the Subsidiary Guarantors than those that would be obtained in a comparable arms-length
transaction.

§6.16Employee Benefit
Plans. Except as would not reasonably be expected to have a Material Adverse Effect, Borrower and each ERISA Affiliate that is
subject to ERISA has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code with respect to
each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan and is in compliance in all material respects with the
presently applicable provisions of ERISA and the Code with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed
Pension Plan. Except as would not reasonably be expected to result in a Material Adverse Effect, neither Borrower nor any ERISA
Affiliate has (a) sought a waiver of the minimum funding standard under §412 of the Code in respect of any Multiemployer Plan
or Guaranteed Pension Plan or (b) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums
under §4007 of ERISA. Neither Borrower nor any ERISA Affiliate has failed to make any contribution or payment to any Multiemployer
Plan or Guaranteed Pension Plan, or made any amendment to any Multiemployer Plan or Guaranteed Pension Plan, which has resulted
or would reasonably be expected to result in the imposition of a Lien. None of the Collateral Properties constitutes a “plan
asset” of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan in each case, that is subject to ERISA.

§6.17Disclosure.
All of the representations and warranties made by or on behalf of the Borrower and the Guarantors in this Agreement and the other
Loan Documents or any document or instrument delivered to the Agent or the Lenders pursuant to or in connection with any of such
Loan Documents are true and correct in all material respects, and neither Borrower nor any Guarantor has failed to disclose such
information as is necessary to make such representations and warranties not misleading. To the best of Borrower’s knowledge,
all information contained in this Agreement, the other Loan Documents or otherwise furnished to or made available to the Agent
or the Lenders by or on behalf of Borrower or any Guarantor is and will be true and correct in all material respects and does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
not misleading. To the best of Borrower’s knowledge, the written information, reports and other papers and data with respect
to the Borrower, the Guarantors, their Subsidiaries or the Collateral Properties

    60 

     

    

(other than projections and
estimates) furnished to the Agent or the Lenders in connection with this Agreement or the obtaining of the Commitments of the Lenders
hereunder was, at the time so furnished, complete and correct in all material respects, or has been subsequently supplemented by
other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and
accurate knowledge of the subject matter in all material respects; provided that such representation shall not apply to (a) the
accuracy of any appraisal, property condition assessment, zoning or code compliance report, title commitment, survey, or engineering
and environmental reports prepared by third parties or legal conclusions or analysis provided by the Borrower’s and Guarantors’
counsel (although the Borrower and Guarantors have no reason to believe that the Agent and the Lenders may not rely on the accuracy
thereof) or (b) budgets, projections and other forward-looking speculative information prepared in good faith by the Borrower and
the Guarantors (except to the extent the related assumptions were when made manifestly unreasonable).

§6.18Trade Name;
Place of Business. No Borrower or the Subsidiary Guarantor uses any trade name and conducts business under any name other than
its actual name set forth in the Loan Documents. The principal place of business of the Borrower and the other Credit Parties is
c/o Plymouth Industrial REIT, Inc., 260 Franklin Street, 6th Floor, Boston, Massachusetts 02110.

§6.19Regulations
T, U and X. No portion of any Loan is to be used for the purpose of purchasing or carrying any “margin security” or
“margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the Federal Reserve System,
12 C.F.R. Parts 220, 221 and 224. Neither Borrower nor any other Credit Party is engaged, nor will it engage, principally or as
one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any “margin
security” or “margin stock” as such terms are used in Regulations T, U and X of the Board of Governors of the
Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224.

§6.20Environmental
Compliance. Except as set forth on Schedule 6.20 or as specifically set forth in the written environmental site assessment
reports of the Environmental Engineer provided to the Agent on or before the date hereof, or in the case of Collateral Property
acquired after the date hereof, the environmental site assessment reports with respect thereto provided to the Agent:

(a)       None
of the Collateral Properties, nor to Borrower’s knowledge, any tenant or operations thereon, is in violation, or alleged
violation, of any Environmental Law, which violation would reasonably be expected to have a Material Adverse Effect.

(b)       None
of Borrower or Subsidiary Guarantors have received written notice from any third party including, without limitation, any federal,
state or local governmental authority, (i) that it has been identified by the United States Environmental Protection Agency (“EPA”)
as a potentially responsible party under CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R. Part 300
Appendix B (1986); (ii) that any Hazardous Substance(s) which it has generated, transported or disposed of have been found at any
site at which a federal, state or local agency or other third party has conducted, or has demanded that Borrower conduct a remedial
investigation, removal or other response action pursuant to any Environmental Law; or (iii) that it is or shall be a named party
to any claim, action, cause of action, complaint, or legal or administrative proceeding (in each case, contingent or otherwise)
arising out of any third party’s incurrence of costs, expenses, losses or damages in connection with the release of Hazardous
Substances in violation of applicable Environmental Law, which in the case of clauses (i) through (iii) above which involves a
Collateral Property and which would reasonably be expected to have a Material Adverse Effect.

    61 

     

    

(c)       (i)
No portion of the Collateral Properties is used by Borrower or Subsidiary Guarantors, or to the knowledge of Borrower or Subsidiary
Guarantors, by any tenant or operator thereon for the handling, processing, storage or disposal of Hazardous Substances except
in compliance with applicable Environmental Laws, and no underground tank or other underground storage receptacle for Hazardous
Substances is located on any portion of the Collateral Properties except those which are being operated and maintained, and, if
required, remediated, in compliance with Environmental Laws; (ii) in the course of any business activities conducted by the Borrower,
their respective Subsidiaries or, to the Borrower’s actual knowledge, the tenants and operators of their properties, no Hazardous
Substances have been generated or are being used on the Collateral Properties except in the ordinary course of Borrower’s
or Subsidiary Guarantors’ or their tenants and operators’ business and in compliance with applicable Environmental
Laws; (iii) to Borrower’s actual knowledge, there has been no past or present releasing, spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than in reasonable quantities to the extent necessary
in the ordinary course of operation of Borrower’s, Subsidiary Guarantors’, their tenants’ or operators’
business and, in any event, in compliance with all Environmental Laws) (a “Release”) or threatened Release of
Hazardous Substances on, upon, into or from the Collateral Properties, which Release would reasonably be expected to have a Material
Adverse Effect; (iv) to Borrower’s knowledge, there have been no Releases on, upon, from or into any real property in the
vicinity of any of the Collateral Properties which, through soil or groundwater contamination, have come to be located on the Collateral
Properties, and which would be reasonably anticipated to have a Material Adverse Effect; and (v) to Borrower’s actual knowledge,
any Hazardous Substances that have been generated on any of the Collateral Properties have been transported off-site in accordance
with all applicable Environmental Laws and in a manner that would not reasonably be expected to have a Material Adverse Effect.

(d)       Except
for such matters that shall be complied with as of the Closing Date, by virtue of the transactions set forth herein and contemplated
hereby, or as a condition to the recording of the Mortgages or to the effectiveness of any other transactions contemplated hereby,
none of the Borrower, the Subsidiary Guarantors or the Collateral Properties will become subject to any applicable Environmental
Law requiring the performance of environmental site assessments, or the removal or remediation of Hazardous Substances, or the
giving of notice to any governmental agency or the recording or delivery to other Persons of an environmental disclosure document
or statement pursuant to applicable Environmental Laws, which would reasonably be expected to have a Material Adverse Effect.

(e)       There
are no existing or closed sanitary waste landfills, or hazardous waste treatment, storage or disposal facilities on the Collateral
Properties except where such existence would not reasonably be expected to have a Material Adverse Effect.

(f)       Neither
the Borrower nor Subsidiary Guarantors have received any written notice from any party that any use, operation, or condition of
any Collateral Properties has caused any adverse condition on any other property that would reasonably be expected to result in
a claim under applicable Environmental Law that would have a Material Adverse Effect, nor does Borrower or Subsidiary Guarantor
have actual knowledge of any existing facts or circumstances that could reasonably be expected to form the basis for such a claim.

    62 

     

    

§6.21Subsidiaries;
Organizational Structure. Schedule 6.21 sets forth, as of the Closing Date, all of the Subsidiaries and Unconsolidated Subsidiaries
of Borrower, the form and jurisdiction of organization of each of the Subsidiaries and Unconsolidated Subsidiaries, and the owners
of the direct and indirect ownership interests therein. No Person owns any legal, equitable or beneficial interest in any of the
Persons set forth on Schedule 6.21 except as set forth on such Schedule.

§6.22Leases. The
Borrower have delivered to the Agent true and complete copies of the Leases and any amendments thereto relating to each Collateral
Property required to be delivered as a part of the Eligible Real Estate Qualification Documents as of the date hereof. An accurate
and complete Rent Roll in all material respects as of the date of inclusion of each Collateral Property in the Collateral with
respect to all Leases of any portion of the Collateral Property has been provided to the Agent. The Leases previously delivered
to Agent as described in the preceding sentence constitute as of the date thereof the sole material agreements relating to leasing
or licensing of space at such Collateral Property and in the Building relating thereto. No tenant under any Lease is entitled to
any free rent, partial rent, rebate of rent payments, credit, offset or deduction in rent, including, without limitation, lease
support payments or lease buy-outs, except as reflected in such Leases or such Rent Roll. Except as set forth in Schedule 6.22,
the Leases reflected therein are, as of the date of inclusion of the applicable Collateral Property in the Collateral, in full
force and effect in accordance with their respective terms, without any payment default or any other material default thereunder,
nor are there any material defenses, counterclaims, offsets, concessions or rebates available to any tenant thereunder, and except
as reflected in Schedule 6.22, no Borrower has given or made, any notice of any payment or other material default, or any
claim, which remains uncured or unsatisfied, with respect to any of the Leases, and to the best of the knowledge and belief of
the Borrower and the Subsidiary Guarantors, there is no basis for any such claim or notice of default by any tenant. Borrower knows
of no condition which with the giving of notice or the passage of time or both would constitute a default on the part of any tenant
with respect to the material terms under a Lease or of the respective Borrower as landlord under the Lease. No security deposit
or advance rental or fee payment (more than 2 months in advance) has been made by any lessee or licensor under the Leases except
as may be specifically designated in the copies of the Leases furnished to the Agent or as otherwise disclosed to Agent in writing.
No property other than the Collateral Property which is the subject of the applicable Lease is necessary to comply with the requirements
(including, without limitation, parking requirements) contained in such Lease.

§6.23Property.
Except as set forth in Schedule 6.23 or as set forth in the written engineer reports provided to Agent on or before the
date hereof, all of the Collateral Properties, and all major building systems located thereon, are structurally sound, in good
condition and working order and free from material defects, subject to ordinary wear and tear, except for such portion of such
Real Estate which is not occupied by any tenant and which may not be in final working order pending final build-out of such space
except where such defects have not had and could not reasonably be expected to have a Material Adverse Effect. Each of the Collateral
Properties, and the use and operation thereof, is in material compliance with all applicable federal and state law and governmental
regulations and any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating
to zoning, building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection,
wetlands, tidelands, and Environmental Laws except in cases that

    63 

     

    

would not reasonably cause
a Material Adverse Effect. All water, sewer, electric, gas, telephone and other utilities necessary for the use and operation of
the Collateral Property are installed to the property lines of the Collateral Property through dedicated public rights of way or
through perpetual private easements with respect to which the applicable Mortgage creates a valid and enforceable first lien subject
to Permitted Liens and, except in the case of drainage facilities, are connected to the Building located thereon with valid permits
and are adequate to service the Building in compliance with applicable law, and except where the failure of any of the foregoing
could not reasonably be expected to have a Material Adverse Effect. There are no material unpaid or outstanding real estate or
other taxes or assessments on or against any of the Collateral Properties which are payable by Borrower (except only real estate
or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement). Except as otherwise
disclosed to Agent in writing, there are no pending, or to the knowledge of Borrower or Subsidiary Guarantors threatened or contemplated,
eminent domain proceedings against any of the Collateral Properties. Except as otherwise disclosed to Agent in writing, none of
the Collateral Properties is now damaged as a result of any fire, explosion, accident, flood or other casualty. Except as otherwise
disclosed to Agent in writing, none of the Borrower or Subsidiary Guarantors have received any outstanding notice from any insurer
or its agent requiring performance of any work with respect to any of the Collateral Properties or canceling or threatening to
cancel any policy of insurance, and each of the Collateral Properties complies with the material requirements of all of the Borrower’s
and Subsidiary Guarantors’ insurance carriers, except where any of the foregoing would not reasonably be expected to have
a Material Adverse Effect. Except as otherwise disclosed to Agent, the Borrower and the Subsidiary Guarantors have no Management
Agreements for any of the Collateral Properties. To the best knowledge of the Borrower and the Subsidiary Guarantors, there are
no material claims or any bases for material claims in respect of any Collateral Property or its operation by any party to any
service agreement or Management Agreement, that would have a Material Adverse Effect. No person or entity has any right or option
to acquire any Collateral Property or any Building thereon or any portion thereof or interest therein, except for certain tenants
pursuant to the terms of their Leases with Subsidiary Guarantors.

§6.24Brokers. None
of the Credit Parties has engaged or otherwise dealt with any broker, finder or similar entity in connection with this Agreement
or the Loans contemplated hereunder.

§6.25Other Debt.
As of the date of this Agreement (a) none of the Credit Parties nor any of their respective Subsidiaries is in default of (i) the
payment of any Indebtedness that individually or in the aggregate has an outstanding principal balance in excess of $500,000.00
(“Material Debt”), or (ii) the performance of any material obligation under any agreement, mortgage, deed of trust,
security agreement, financing agreement or indenture to which any of them is a party that is related to a Material Debt, and (b)
as of the Closing Date all Indebtedness of Borrower, each Guarantor and their respective Subsidiaries is current and not subject
to acceleration. No Credit Party is a party to or bound by any agreement, instrument or indenture that may require the subordination
in right or time or payment of any of the Obligations to any other indebtedness or obligation of any Credit Party. Schedule 6.25
attached hereto sets forth all agreements, mortgages, deeds of trust, financing agreements or other material agreements binding
upon each Credit Party or their respective properties and entered into by a Credit Party as of the date of this Agreement with
respect to any Indebtedness of any Credit Party in an amount greater than $500,000.00, and the Borrower has provided the Agent
with such true, correct and complete copies thereof as Agent has requested.

    64 

     

    

§6.26Solvency.
As of the Closing Date and after giving effect to the transactions contemplated by this Agreement and the other Loan Documents,
including all Loans made or to be made hereunder, and, including, without limitation the provisions of §37, hereof, no Credit
Party is insolvent on a balance sheet basis such that the sum of such Person’s assets exceeds the sum of such Person’s
liabilities, each Credit Party is able to pay its debts as they become due, and each Credit Party has sufficient capital to carry
on its business.

§6.27No Bankruptcy
Filing. As of the Closing Date, none of the Credit Parties are contemplating either the filing of a petition by it under any state
or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and the Credit Parties have no knowledge
of any Person contemplating the filing of any such petition against it.

§6.28No Fraudulent
Intent. Neither the execution and delivery of this Agreement or any of the other Loan Documents nor the performance of any actions
required hereunder or thereunder is being undertaken by the Credit Parties with or as a result of any actual intent by any of such
Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted.

§6.29Transaction
in Best Interests of Credit Parties; Consideration. The transaction evidenced by this Agreement and the other Loan Documents is
in the best interests of each Credit Party. The direct and indirect benefits to inure to the Borrower and the Guarantors pursuant
to this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as
such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and
“fair consideration,” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the
benefits to be provided by the Borrower and the Guarantors pursuant to this Agreement and the other Loan Documents, and but for
the willingness of each Guarantor to be a guarantor of the Loan, the Borrower and the Guarantors would be unable to obtain the
financing contemplated hereunder which financing will enable the Borrower and the Subsidiary Guarantors to have available financing
to conduct and expand their business.

§6.30OFAC. Borrower
nor the Guarantors are (or will be) (i) a Sanctioned Person, (ii) located, organized or resident in a Designated Jurisdiction or
(iii) is or has been (within the previous five (5) years) engaged in any transaction with any Sanctioned Person or any Person who
is located, organized or resident in any Designated Jurisdiction to the extent that such transactions would violate Sanctions.
No Loan or Letter of Credit, nor the proceeds from any Loan or Letter of Credit, has been used, directly or indirectly, or has
otherwise been made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business
with any Sanctioned Person, or in any other manner that will result in a violation by any Credit Party or Subsidiary thereof, or
any Lender, the Agent, the Issuing Lender, of Sanctions. Neither the making of the Loans nor the issuance of Letters of Credit
hereunder nor the use of proceeds thereof will violate the Act, the Trading with the Enemy Act, as amended, or any of the foreign
assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto or successor statute thereto. The REIT Guarantor and its Subsidiaries are in compliance
in all material respects with the Patriot Act.

    65 

     

    

§6.31Ground Lease.

(a)       Each
Ground Lease contains the entire agreement of the Borrower or the applicable Subsidiary Guarantor and the applicable owner of the
fee interest in such Collateral Property (the “Fee Owner”), pertaining to the Collateral Property covered thereby.
With respect to Collateral Property subject to a Ground Lease, the Borrower and the applicable Subsidiary Guarantors have no estate,
right, title or interest in or to the Collateral Property except under and pursuant to the Ground Lease or except as may be otherwise
approved in writing by Agent. The Borrower has delivered a true and correct copy of the Ground Lease to the Agent and the Ground
Lease has not been modified, amended or assigned, with the exception of written instruments that have been recorded in the applicable
real estate records and referenced in the Title Policy for such Collateral Property.

(b)       The
applicable Fee Owner is the exclusive fee simple owner of the Collateral Property, subject only to the Ground Lease and all Liens
and other matters disclosed in the applicable Title Policy for such Collateral Property subject to the Ground Lease, and the applicable
Fee Owner is the sole owner of the lessor’s interest in the Ground Lease.

(c)       There
are no rights to terminate the Ground Lease other than the applicable Fee Owner’s right to terminate by reason of default,
casualty, condemnation or other reasons, in each case as expressly set forth in the Ground Lease.

(d)       Each
Ground Lease is in full force and effect and, to Borrower’s knowledge, no breach or default or event that with the giving
of notice or passage of time would constitute a breach or default under any Ground Lease (a “Ground Lease Default”)
exists or has occurred on the part of a Borrower or a Subsidiary Guarantor or on the part of a Fee Owner under any Ground Lease.
All base rent and additional rent, if any, due and payable under each Ground Lease has been paid through the date hereof and neither
Borrower nor any Subsidiary Guarantor is required to pay any deferred or accrued rent after the date hereof under any Ground Lease.
Neither Borrower nor a Subsidiary Guarantor has received any written notice that a Ground Lease Default has occurred or exists,
or that any Fee Owner or any third party alleges the same to have occurred or exist.

(e)       The
Borrower or applicable Subsidiary Guarantor is the exclusive owner of the ground lessee’s interest under and pursuant to
each Ground Lease and has not assigned, transferred or encumbered its interest in, to, or under the Ground Lease, except to Agent
under the Loan Documents.

§7.AFFIRMATIVE COVENANTS.
The Borrower covenants and agrees that, so long as any Loan or Note is outstanding or any Lender has any obligation to make any
Loans:

§7.1Punctual Payment.
The Borrower will duly and punctually pay or cause to be paid the principal and interest on the Loans and all interest and fees
provided for in this Agreement, all in accordance with the terms of this Agreement and the Notes, as well as all other sums owing
pursuant to the Loan Documents in accordance with the terms hereof.

    66 

     

    

§7.2Maintenance
of Office. The Borrower will maintain their respective chief executive office at c/o Plymouth Industrial REIT, Inc., 260 Franklin
Street, 6th Floor, Boston, Massachusetts 02110, or at such other as the Borrower shall designate upon prompt written
notice to the Agent and the Lenders, where notices, presentations and demands to or upon the Borrower in respect of the Loan Documents
may be given or made.

§7.3Records and
Accounts. The REIT Guarantor, the Borrower and the Subsidiary Guarantors will (a) keep, and cause each of their respective Subsidiaries
to keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with
GAAP (in each case, in all material respects) and (b) make adequate provision for the payment of all Taxes (including income taxes).
Neither REIT Guarantor, Borrower nor any of their respective Subsidiaries shall, without the prior written consent of the Agent
(x) make any material change to the accounting policies/principles used by such Person in preparing the financial statements and
other information described in §6.4 or §7.4 (unless required by GAAP or other applicable accounting standards), or (y)
change its fiscal year.

§7.4Financial Statements,
Certificates and Information. Borrower will deliver or cause to be delivered to the Agent:

(a)       not
later than ninety (90) days after the end of each calendar year, the audited Consolidated balance sheet of the REIT Guarantor and
its Subsidiaries at the end of such year, and the related audited consolidated statements of income, changes in capital and cash
flows for such year, setting forth in comparative form the figures for the previous fiscal year and all such statements to be in
reasonable detail, prepared in accordance with GAAP, together with a certification by an Authorized Officer or the chief financial
officer or accounting officer of the REIT Guarantor that the information contained in such financial statements fairly presents
in all material respects the financial position of the REIT Guarantor and its Subsidiaries, and accompanied by an auditor’s
report prepared without qualification as to the scope of the audit by a member firm of Marcum, LLP or another nationally recognized
accounting firm reasonably acceptable to the Agent in its reasonable discretion, and any other information the Agent may reasonably
request to complete a financial analysis of REIT and its Subsidiaries;

(b)       not
later than sixty (60) days after the end of each calendar quarter of each year, copies of the unaudited consolidated balance sheet
of the REIT Guarantor and its Subsidiaries as at the end of such quarter, and the related unaudited consolidated statements of
income and cash flows for the portion of the REIT Guarantor’s fiscal year then elapsed, all in reasonable detail and prepared
in accordance with GAAP, together with a certification by an Authorized Officer or the chief financial officer or accounting officer
of REIT Guarantor that the information contained in such financial statements fairly presents in all material respects the financial
position of the REIT Guarantor and its Subsidiaries on the date thereof (subject to year-end adjustments);

    67 

     

    

(c)       simultaneously
with the delivery of the financial statements referred to in subsections (a) and (b) above an executed Borrowing Base Availability
Certificate in the form of Exhibit F and a statement (a “Compliance Certificate”) certified by an Authorized
Officer or the chief financial officer or chief accounting officer of Guarantor in the form of Exhibit G hereto (or in such
other form as the Agent may reasonably approve from time to time) setting forth in reasonable detail computations evidencing compliance
or non-compliance (as the case may be) with the covenants contained in §9. All income, expense, debt and value associated
with Real Estate or other Investments disposed of during any quarter will be eliminated from calculations, where applicable. The
Compliance Certificate shall be accompanied by copies of the statements of Net Operating Income for such calendar quarter for each
of the Collateral Properties, prepared on a basis consistent with the statements furnished to the Agent prior to the date hereof
and otherwise in form and substance reasonably satisfactory to the Agent, together with a certification by an Authorized Officer
or the chief financial officer or chief accounting officer of REIT Guarantor that the information contained in such statement fairly
presents in all material respects Net Operating Income of the Collateral Properties for such periods;

(d)       simultaneously
with the delivery of the financial statements referred to in clause (a) above, the statement of all contingent liabilities involving
amounts of $1,000,000 or more of the Credit Parties which are not reflected in such financial statements or referred to in the
notes thereto (including, without limitation, all guaranties, endorsements and other contingent obligations in respect of the indebtedness
of others, and obligations to reimburse the issuer in respect of any letters of credit);

(e)       simultaneously
with the delivery of the financial statements referred to in subsections (a) and (b) above, (i) a Rent Roll for each of the Collateral
Properties and a summary thereof in form reasonably satisfactory to Agent as of the end of each calendar quarter (including the
fourth calendar quarter in each year), (ii) an operating statement for each of the Collateral Properties for each such calendar
quarter and year to date and a consolidated operating statement for the Collateral Properties for each such calendar quarter and
year to date (such statements and reports to be in form reasonably satisfactory to Agent), including (if requested by Agent) a
receivables aging, and (iii) a copy of each Lease or amendment to any Lease entered into with respect to a Collateral Property
during such calendar quarter (including the fourth calendar quarter in each year);

(f)       intentionally
omitted;

(g)       if
reasonably requested by Agent, promptly after they are filed with the Internal Revenue Service, copies of all annual federal income
tax returns and amendments thereto of the Borrower;

(h)       copies
of all reports and notices reported to shareholders of the REIT Guarantor must be provided to the Agent within 15 days from the
date shareholders are presented materials, provided that any item that is filed via Form 8K or otherwise publicly available through
the SEC shall be treated as being delivered to the Agent;

    68 

     

    

(i)       promptly
upon the filing hereof, copies of any registration statements (other than the exhibits thereto and any registration statements
on Form S-8 or its equivalent) and any annual, quarterly or monthly reports and other statements and reports which Borrower or
any Guarantor shall file with the SEC;

(j)       copies
of all financial and covenant reporting for the Plymouth 20, LLC senior and mezzanine loans simultaneously with providing to respective
lenders;

(k)       not
later than December 15 of each year, a budget and business plan for the Guarantor and each Collateral Property for the next calendar
year;

(l)       to
the extent requested by Agent, evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes for the
Collateral Properties;

(m)       from
time to time such other financial data and information in the possession of the REIT Guarantor or their respective Subsidiaries
(including without limitation auditors’ management letters, status of litigation or investigations against the Credit Parties
and any settlement discussions relating thereto (unless the Borrower in good faith believe that such disclosure could result in
a waiver or loss of attorney work product, attorney-client or any other applicable privilege), property inspection and environmental
reports and information as to zoning and other legal and regulatory changes affecting the Credit Parties) as the Agent may reasonably
request.

The Borrower shall reasonably cooperate with
the Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower.
Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Agent
(collectively, “Information Materials”) pursuant to this Section and the Borrower shall designate Information Materials
(a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or any of their respective
securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are
not Public Information as “Private Information.” Unless and until Agent or the Lenders receive written notification
to the contrary, Borrower hereby designates all Information Materials as “Private Information” for purposes of this
Section and this Agreement. Any material to be delivered pursuant to this §7.4 may be delivered electronically directly to
Agent provided that such material is in a format reasonably acceptable to Agent, and such material shall be deemed to have been
delivered to Agent and the Lenders upon Agent’s receipt thereof. Upon the request of Agent, the Borrower shall deliver paper
copies thereof to Agent. The Borrower and the Guarantors authorize Agent and Arranger to disseminate any such materials, including
without limitation the Information Materials through the use of Intralinks, SyndTrak or any other electronic information dissemination
system (an “Electronic System”). Any such Electronic System is provided “as is” and “as available.”
The Agent and the Arranger do not warrant the adequacy of any Electronic System and expressly disclaim liability for errors or
omissions in any notice, demand, communication, information or other material provided by or on behalf of Borrower that is distributed
over or by any such Electronic System (“Communications”). No warranty of any kind, express, implied or statutory, including,
without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or
freedom from viruses or other code defects, is made by Agent or the Arranger in connection with

    69 

     

    

the Communications or the Electronic System.
In no event shall the Agent, the Arranger or any of their directors, officers, employees, agents or attorneys have any liability
to the Borrower or the Guarantors, any Lender or any other Person for damages of any kind, including, without limitation, direct
or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising
out of the Borrower’s, any Guarantors’, the Agent’s or any Arranger’s transmission of Communications through
the Electronic System, and the Borrower and the Guarantors release Agent, the Arranger and the Lenders from any liability in connection
therewith. 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, its Subsidiaries 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.

The Borrower hereby agrees that it will identify
that portion of the Information Materials that may be distributed to the Public Lenders and that (i) all such Information 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; (ii) by marking Information Materials “PUBLIC,” the Borrower shall
be deemed to have authorized the Agent, the Lenders and the Arranger to treat such Information Materials as not containing any
material non-public information with respect to the Borrower, its Subsidiaries, its Affiliates or their respective securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent such Information Materials constitute
confidential information, they shall be treated as provided in §18.7); (iii) all Information Materials marked “PUBLIC”
are permitted to be made available through a portion of any electronic dissemination system designated “Public Investor”
or a similar designation; and (iv) the Agent and the Arranger shall be entitled to treat any Information Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of any electronic dissemination system not designated
“Public Investor” or a similar designation.

§7.5Notices.

(a)       Defaults.
The Credit Parties will promptly upon becoming aware of same notify the Agent in writing of the occurrence of any Default or Event
of Default, which notice shall describe such occurrence with reasonable specificity and shall state that such notice is a “notice
of default”. If any Person shall give any written notice or take any other action in respect of a claimed default (whether
or not constituting an Event of Default) under this Agreement or under any note, evidence of indebtedness, indenture or other obligation
to which or with respect to which Borrower is a party or obligor, whether as principal or surety, and such default would permit
the holder of such note or obligation or other evidence of indebtedness to accelerate the maturity thereof, which acceleration
would either cause a Default or have a Material Adverse Effect, the Credit Parties shall forthwith give written notice thereof
to the Agent and each of the Lenders, describing the notice or action and the nature of the claimed default.

    70 

     

    

(b)       Environmental
Events. The Credit Parties will give notice to the Agent within five (5) Business Days of becoming aware of (i) any known Release,
or threat of Release, of any Hazardous Substances in violation of any applicable Environmental Law; (ii) any violation of any Environmental
Law that a Credit Party reports in writing or is reportable by such Person in writing (or for which any written report supplemental
to any oral report is made) to any federal, state or local environmental agency or (iii) any written inquiry, proceeding, or investigation,
including a written notice from any agency of potential environmental liability, of any federal, state or local environmental agency
or board, that in the case of either clauses (i) – (iii) above involves any Collateral Property and would reasonably be expected
to have a Material Adverse Effect, or materially adversely affect the Agent’s liens or security title on the Collateral pursuant
to the Security Documents.

(c)       Notification
of Claims Against Collateral. The Credit Parties will give notice to the Agent in writing within five (5) Business Days of
becoming aware of any material setoff, claims (including, with respect to the Collateral Property, environmental claims), withholdings
or other defenses to which any of the Collateral, or the rights of the Agent or the Lenders with respect to the Collateral, are
subject, which could have a Material Adverse Effect.

(d)       Notice
of Litigation and Judgments. The Credit Parties will give notice to the Agent in writing within five (5) Business Days of becoming
aware of any pending litigation and proceedings affecting any Credit Party is a party involving an uninsured claim against a Credit
Party that could either cause a Default or could reasonably be expected to have a Material Adverse Effect and stating the nature
and status of such litigation or proceedings. The Borrower will give notice to the Agent, in writing, within ten (10) days of any
judgment not covered by insurance, whether final or otherwise, against a Credit Party in an amount in excess of $5,000,000.

(e)       ERISA.
The Credit Parties will give notice to the Agent within ten (10) Business Days after the REIT Guarantor or any ERISA Affiliate
(i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in §4043 of ERISA) with
respect to any Guaranteed Pension Plan, Multiemployer Plan or Employee Benefit Plan, or knows that the plan administrator of any
such plan has given or is required to give notice of any such reportable event; (ii) gives a copy of any notice (including any
received from the trustee of a Multiemployer Plan) of complete or partial withdrawal liability under Title IV of ERISA; or (iii)
receives any notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to administer any such
plan, in each case if such event or occurrence would reasonably be expected to have a Material Adverse Effect.

(f)       Ground
Lease. The Borrower will promptly notify the Agent in writing of any default by a Fee Owner in the performance or observance
of any of the terms, covenants and conditions on the part of a Fee Owner to be performed or observed under a Ground Lease. The
Borrower will promptly deliver to the Agent copies of all material notices, certificates, requests, demands and other instruments
received from or given by a Fee Owner to Borrower or a Subsidiary Guarantor under a Ground Lease.

    71 

     

    

(g)       Notification
of Lenders. Within five (5) Business Days after receiving any notice under this §7.5, the Agent will forward a copy thereof
to each of the Lenders, together with copies of any certificates or other written information that accompanied such notice.

§7.6Existence;
Maintenance of Properties.

(a)       Each
Credit Party will preserve and keep in full force and effect their legal existence in the jurisdiction of its incorporation or
formation. Each Credit Party will preserve and keep in full force all of their rights and franchises, the preservation of which
is necessary to the conduct of their business, to the extent that the failure to do so could reasonably be expected to result in
a Material Adverse Effect.

(b)       Each
Credit Party (i) will cause all of the Collateral Properties to be maintained and kept in good condition, repair and working order
(ordinary wear and tear excepted) and supplied with all necessary equipment, and (ii) will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof in each case under (i) or (ii) above in which the failure to do so
would cause a Material Adverse Effect. Without limitation of the obligations of the Borrower and the Subsidiary Guarantors under
this Agreement with respect to the maintenance of the Collateral Properties, the Borrower and the Subsidiary Guarantors shall promptly
and diligently comply with the reasonably and necessary recommendations of the Environmental Engineer concerning the maintenance,
operation or upkeep of the Collateral Properties contained in the building inspection and environmental reports delivered to the
Agent or otherwise obtained by Borrower or the Subsidiary Guarantors with respect to the Collateral Property, that are required
by Environmental Laws.

§7.7Insurance;
Condemnation.

(a)       The
Borrower or the Subsidiary Guarantors will, at their expense, procure and maintain for the benefit of the Borrower, the Subsidiary
Guarantors and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and
with such coverages, endorsements, deductibles and expiration dates as are reasonably acceptable to the Agent, taking into consideration
the property size, use, and location that a commercially prudent lender would require, providing the following types of insurance
covering each Collateral Property:

(i)       All
Risks” or “Special Form” property insurance, coverage from loss or damage arising from flood, earthquake, and
acts of terrorism (with such coverage satisfactory to Agent), and comprehensive boiler and machinery or “breakdown”
coverages on each Building owned by the Borrower or the Subsidiary Guarantors in an amount not less than the full insurable replacement
cost of each Building. As approved by Agent, flood, earthquake and boiler and machinery/breakdown coverages may be subject to sublimits
less than the Building’s insurable replacement cost. Losses shall be valued on a replacement cost basis, and coinsurance
(if any) shall be waived. The deductibles shall not to exceed $250,000 for physical damage, a 24-hour waiting period for business
interruption and five percent (5%) of the insured value per location for earthquake or named windstorm. Full insurable replacement
cost as used herein means the cost of replacing the Building (exclusive of the cost of excavations, foundations and footings below
the lowest basement floor) without deduction for physical depreciation thereof;

    72 

     

    

(ii)       If
not covered by or under the terms or provisions of the policies required in clause (i) above, during the course of construction
or repair of any Building or of any renovations or repairs that are not covered by Borrower’s or the Subsidiary Guarantors’
property insurance, the insurance required by clause (i) above shall be written on a builder’s risk, completed value, non-reporting
form, with recovery not affected by interim reports of value submitted for premium accounting purposes, meeting all of the terms
required by clause (i) above, covering the total value of work performed, materials, equipment, machinery and supplies furnished,
existing structures, and temporary structures being erected on or near the Collateral Property, including coverage against collapse
and damage during transit or while being stored off-site, and containing a soft costs (including loss of rents) coverage endorsement
and a permission to occupy endorsement;

(iii)       If
not insured by the flood insurance required under (i) above, flood insurance if at any time any Building is located in any federally
designated “special hazard area” (including any area having special flood, mudslide and/or flood-related erosion hazards,
and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published by the Federal Emergency Management Agency as
Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M or E), in an amount equal to the full replacement cost or the maximum amount
then available under the National Flood Insurance Program;

(iv)       Rent
loss insurance in an amount sufficient to recover at least the total estimated gross receipts from all sources of income, including
without limitation, rental income, for the Collateral Property for a twelve (12) month period, including a provision for an extended
period of indemnity of not less than one year;

(v)       Commercial
general liability insurance against claims for bodily injury and property damage liability, on an occurrence basis, (including
personal injury and advertising injury liability, contractual liability coverage, and completed operations coverage with a general
aggregate limit of not less than $2,000,000, a completed operations aggregate limit of not less than $2,000,000, a combined single
limit of not less than $1,000,000 per occurrence for bodily injury, and property damage liability, and a limit of not less than
$1,000,000 for personal injury and advertising injury;

(vi)       Umbrella
liability insurance with limits of not less than $10,000,000 to be in excess of the limits of the insurance required by clause
(v) above, with coverage at least as broad as the primary coverages, with any excess liability insurance to be at least as broad
as the coverages of the lead umbrella policy. All such policies shall include language to provide defense coverage obligations;
and

(vii)       Such
other insurance in such form and in such amounts as may from time to time be reasonably required by the Agent against other insurable
hazards and casualties which at the time are commonly insured against in the case of properties of similar character and location
to the Collateral Property.

    73 

     

    

The Borrower or the Subsidiary
Guarantors shall pay all premiums on insurance policies. The insurance policies with respect to all Collateral Property provided
for in clauses (v), (vi) and (vii) shall name or contain provisions granting coverage to the Agent and each Lender as an additional
insured and shall contain a cross liability/severability provisions. The insurance policies provided for in clauses (i), (ii) and
(iii) above as to each Collateral Property shall name the Agent as mortgagee and loss payee, shall be first payable in case of
loss to the Agent, and shall contain mortgage clauses and lender’s loss payable endorsements in form and substance acceptable
to the Agent. The Borrower or the Subsidiary Guarantors shall deliver certificates of insurance for all such policies to the Agent,
and the Borrower or the Subsidiary Guarantors shall promptly furnish to the Agent duplicate originals or certified copies of all
such policies, all renewal notices and evidence that all premiums or portions thereof then due and payable have been paid. At least
ten (10) days prior to the expiration date of the policies, the Borrower or the Subsidiary Guarantors shall deliver to the Agent
evidence of continued coverage, including a certificate of insurance, as may be reasonably satisfactory to the Agent; provided,
however, if Borrower or the Subsidiary Guarantors are continuing insurance renewal negotiations at such date, then Borrower or
the Subsidiary Guarantors shall inform Agent in writing of the status of such insurance renewal negotiations and any anticipated
or potential material changes in coverages, deductibles or limits, and shall in any event provide evidence of extension, renewal
or replacement prior to the expiration date of the current policies.

(b)       All
policies required by clauses (i), (ii) and (iii), above shall contain standard mortgagee clauses or endorsements to the effect
that (i) no act or omission of the Borrower or the Subsidiary Guarantors or anyone acting for the Borrower or the Subsidiary Guarantors
(including, without limitation, any representations made in the procurement of such insurance), which might otherwise result in
a forfeiture of such insurance or any part thereof, no occupancy or use of the Collateral Property for purposes more hazardous
than permitted by the terms of the policy, and no foreclosure or any other change in title to the Collateral Property or any part
thereof, shall affect the validity or enforceability of such insurance insofar as the Agent is concerned, (ii) such policies shall
not be canceled or terminated prior to the scheduled expiration date thereof without the insurer thereunder giving at least thirty
(30) days prior written notice except in cases of non-payment of premium, ten (10) days prior written notice, to the Agent, and
(iii) that the Agent or the Lenders shall have the right but not any obligation to pay any premiums thereon or any assessments
thereunder, and to file claims; and under all policies, (i) the insurer waives any right of set off, counterclaim, subrogation,
or any deduction in respect of any liability of the Borrower, the Subsidiary Guarantors and the Agent, and (ii) such insurance
is primary and without right of contribution from any other insurance which may be available.

(c)       The
insurance required by this Agreement may be effected through a blanket policy or policies covering additional locations and property
of the Borrower, the Subsidiary Guarantors and other Persons not included in the Collateral Property, provided that such
blanket policy or policies comply with all of the terms and provisions of this §7.7 and contain endorsements or clauses assuring
that any claim recovery will not be less than that which a separate policy would provide, including, without limitation, a priority
claim provision and a lender’s loss payable endorsement favoring the Agent with respect to property insurance and a per location
aggregate that applies to the commercial general liability insurance.

    74 

     

    

(d)       All
policies of insurance required by this Agreement shall be issued by companies authorized to do business in the State where the
policy is issued and also in the States where the Collateral Property is located and having a rating in Best’s Key Rating
Guide of at least “A” and a financial size category of at least “X.”

(e)       No
Borrower shall carry separate insurance, concurrent in kind or form or contributing in the event of loss, with any insurance required
under this Agreement unless such insurance complies with the terms and provisions of this §7.7.

(f)       In
the event of any loss or damage to a Collateral Property in excess of $1,000,000, the Borrower or the Subsidiary Guarantors shall
give prompt written notice to the insurance carrier and the Agent. Subject to the provisions of (g) below, each Credit Party hereby
irrevocably authorizes and empowers the Agent, at the Agent’s option and in the Agent’s sole discretion or at the request
of the Required Lenders in their sole discretion, as its attorney in fact, to make proof of such loss, to appear in and prosecute
any action arising from such insurance policies, to collect and receive Insurance Proceeds and Condemnation Proceeds, and to deduct
therefrom the Agent’s reasonable expenses incurred in the collection of such Insurance Proceeds; provided, however,
that so long as no Event of Default has occurred and is continuing and so long as the applicable Borrower shall in good faith diligently
pursue such claim, the applicable Borrower may make proof of loss and appear in and prosecute any proceedings or negotiations with
respect to the adjustment of such claim and collect and receive Insurance Proceeds and Condemnation Proceeds of $1,000,000 or less,
except that the applicable Borrower may not settle, adjust or compromise any such claim without the prior written consent of the
Agent, which consent shall not be unreasonably withheld or delayed; provided, further, that the applicable Borrower
may make proof of loss and settle, adjust and compromise any claim under casualty insurance policies which is in an amount less
than $1,000,000 so long as no Event of Default has occurred and is continuing and so long as the applicable Borrower shall in good
faith diligently pursue such claim. Subject to the provisions of (g) below, the Borrower and the Subsidiary Guarantors further
authorize the Agent, at the Agent’s option, to (i) apply the balance of such Insurance Proceeds and Condemnation Proceeds
to the payment of the Obligations whether or not then due, or (ii) if the Agent shall require the reconstruction or repair of the
Collateral Property, to hold the balance of such proceeds as trustee to be used to pay taxes, charges, sewer use fees, water rates
and assessments which may be imposed on the Collateral Property which are then due and payable and the Obligations as they become
due during the course of reconstruction or repair of the Collateral Property and to pay, in accordance with such terms and conditions
as the Agent or other lenders of construction projects may prescribe, for the costs of reconstruction or repair of the Collateral
Property, and upon completion of such reconstruction or repair to pay the excess to Borrower.

    75 

     

    

(g)       Notwithstanding
the foregoing or anything to the contrary contained in the Mortgages, the Agent shall make Insurance Proceeds and Condemnation
Proceeds available to the Borrower or the Subsidiary Guarantors to reconstruct and repair the Collateral Property, in accordance
with such customary terms and conditions as the Agent may reasonably prescribe in the Agent’s discretion for the disbursement
of the proceeds, provided that (i) the cost of such reconstruction or repair is not estimated by the Agent to exceed twenty
percent (20%) of the replacement cost of the damaged Building (as reasonably estimated by the Agent), (ii) no Default or Event
of Default shall have occurred and be continuing (other than any Event of Default occurring solely as a result of such casualty
or condemnation), (iii) the Borrower or the Subsidiary Guarantors shall have provided to the Agent additional cash security in
an amount equal to the amount reasonably estimated by the Agent to be the amount in excess of the Insurance Proceeds or Condemnation
Proceeds received which will be required to complete such repair or restoration, (iv) the Agent shall have approved the plans and
specifications, construction budget, construction contracts, and construction schedule for such repair or restoration, not to be
unreasonably withheld, delayed or conditioned, and reasonably determined that the repaired or restored Collateral Property will
provide the Agent with adequate security for the Obligations (which security should be deemed adequate if such security is substantially
comparable to the security in place prior to such casualty or condemnation) (provided that the Agent shall not disapprove
such plans and specifications if the Building is to be restored to substantially its condition immediately prior to such damage),
(v) the Borrower or the Subsidiary Guarantors shall have delivered to the Agent written agreements binding upon not less than seventy
five percent (75%) of the tenants or other parties having present or future rights to possession of any portion of the affected
Collateral Property or having any right to require repair, restoration or completion of the Collateral Property or any portion
thereof (determined by reference to those tenants in the aggregate occupying or having rights to occupy not less than seventy five
percent (75%) of the Net Rentable Area of the Building so damaged), agreeing upon a date for delivery of possession of the Collateral
Property or their respective portions thereof, to permit time which is sufficient in the judgment of the Agent for such repair
or restoration and approving the plans and specifications for such repair or restoration, or other evidence satisfactory to the
Agent that none of such tenants or other parties may terminate their Leases as a result of such casualty or as a result of having
a right to approve the plans and specifications for such repair or restoration, (vi) the Agent shall reasonably determine that
such repair or reconstruction can be completed prior to the Revolving Credit Maturity Date, (vii) the Agent shall receive evidence
reasonably satisfactory to it that any such restoration, repair or rebuilding complies in all respects with any and all applicable
state, federal and local laws, ordinances and regulations, including without limitation, zoning laws, ordinances and regulations,
and that all required permits, licenses and approvals relative thereto have been or will be issued in a manner so as not to materially
impede the progress of restoration, (viii) the Agent shall receive customary evidence reasonably satisfactory to it that the insurer
under such policies of fire or other casualty insurance does not assert any defense to payment under such policies against Borrower
or the Agent (or Borrower shall have provided security for any amounts with respect to which the insurance carrier is asserting
any defense to payment), and (ix) with respect to any Taking, Agent shall determine that following such repair or restoration there
shall be no more than the lesser of (i) a ten percent (10%) reduction in occupancy or rental income from the Collateral Property
so affected by such specific condemnation or taking (excluding any proceeds from rental loss insurance or proceeds from such award
allocable to rent) or (ii) a five percent

    76 

     

    

(%) reduction in occupancy
or in rental income from all of the Collateral Properties (excluding any proceeds from rental loss insurance or proceeds of such
award allocable to rent), after giving effect to the current condemnation or taking and any previous condemnations or takings which
may have occurred. Any excess Insurance Proceeds shall be paid to the Borrower or the Subsidiary Guarantors, or if an Event of
Default has occurred and is continuing (other than any Event of Default occurring solely as a result of such casualty or condemnation),
such proceeds shall be applied to the payment of the Obligations, unless in either case by the terms of the applicable insurance
policy the excess proceeds are required to be returned to such insurer. Any excess Condemnation Proceeds shall be applied to the
payment of the Obligations. In no event shall the provisions of this section be construed to extend the Revolving Credit Maturity
Date or to limit in any way any right or remedy of the Agent upon the occurrence of an Event of Default hereunder. If the Collateral
Property is sold or the Collateral Property is acquired by the Agent, all right, title and interest of the Borrower and the Subsidiary
Guarantors in and to any insurance policies and unearned premiums thereon (other than in connection with any blanket policy) and
in and to the proceeds thereof resulting from loss or damage to the Collateral Property prior to the sale or acquisition shall
pass to the Agent or any other successor in interest to the Borrower or the Subsidiary Guarantors or purchaser of the Collateral
Property.

§7.8Taxes; Liens.
The Borrower or the Subsidiary Guarantors will, and will cause their respective Subsidiaries to, duly pay and discharge, or cause
to be paid and discharged, before the same shall become delinquent, all taxes, assessments and other governmental charges imposed
upon them or upon the Collateral Properties or the other Real Estate, sales and activities, or any part thereof, or upon the income
or profits therefrom, as well as all claims for labor, materials or supplies, that if unpaid might by law become a lien or charge
upon any of its property or other Liens affecting any of the Collateral or other property of Borrower or the Subsidiary Guarantors,
or, with respect to their respective Subsidiaries that in case of any of the foregoing could reasonably be expected to have a Material
Adverse Effect, provided that any such tax, assessment, charge or levy or claim need not be paid if the validity or amount
thereof shall currently be contested in good faith by appropriate proceedings which shall suspend the collection thereof with respect
to such property, neither such property nor any portion thereof or interest therein would be in any danger of sale, forfeiture
or loss by reason of such proceeding and Borrower or any such Subsidiary shall have set aside on its books adequate reserves in
accordance with GAAP; and provided, further, that forthwith upon the commencement of proceedings to foreclose any
lien that may have attached as security therefor, Borrower or any such Subsidiary either (i) will provide a bond issued by a surety
reasonably acceptable to the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each
such tax, assessment, charge or levy.

§7.9Inspection
of Collateral Properties and Books. The Borrower and the Subsidiary Guarantors will, and will cause their respective Subsidiaries
to, permit the Agent and the Lenders, at the Borrower’ expense (subject to the limitation set forth below) and upon reasonable
prior notice, to visit and inspect any of the Collateral Properties during normal business hours, to examine the books of account
of the Borrower and the Subsidiary Guarantors (and to make copies thereof and extracts therefrom) and to discuss the affairs, finances
and accounts of the Borrower and the Subsidiary Guarantors with, and to be advised as to the same by, their respective officers,
partners or members, all at such reasonable times and intervals as the Agent or any Lender may reasonably request, provided
that so long as no Default or Event of Default shall have occurred and be continuing, the Borrower and the Subsidiary Guarantors
shall not be required to pay for such visits and inspections more than once in any twelve (12) month period. The Agent and the
Lenders shall use good faith efforts to coordinate such visits and inspections so as to minimize the interference with and disruption
to the normal business operations of the Borrower, the Subsidiary Guarantors and their respective Subsidiaries.

    77 

     

    

§7.10Compliance
with Laws, Contracts, Licenses, and Permits. The Borrower and the Subsidiary Guarantors will comply in all respects with (i) all
applicable laws and regulations now or hereafter in effect wherever its business is conducted, (ii) the provisions of its corporate
charter, partnership agreement, limited liability company agreement or declaration of trust, as the case may be, and other charter
documents and bylaws, (iii) all agreements and instruments to which it is a party or by which it or any of its properties may be
bound, (iv) all applicable decrees, orders, and judgments, and (v) all licenses and permits required by applicable laws and regulations
for the conduct of its business or the ownership, use or operation of its properties, except where a failure to so comply with
any of clauses (i) through (v) could not reasonably be expected to have a Material Adverse Effect. If any authorization, consent,
approval, permit or license from any officer, agency or instrumentality of any government shall become necessary or required in
order that the Borrower or their respective Subsidiaries may fulfill any of its obligations hereunder, the Borrower or such Subsidiary
will immediately take or cause to be taken all steps necessary to obtain such authorization, consent, approval, permit or license
and furnish the Agent and the Lenders with evidence thereof, except where the failure to obtain the foregoing could not reasonably
be expected to have a Material Adverse Effect. The Borrower and the Subsidiary Guarantors shall develop and implement such programs,
policies and procedures as are necessary to comply with the Patriot Act and shall promptly advise Agent in writing in the event
that the Borrower and the Subsidiary Guarantors shall determine that any investors in Borrower are in violation of such act.

§7.11Further Assurances.
The Credit Parties will cooperate with the Agent and the Lenders and execute such further instruments and documents as the Lenders
or the Agent shall reasonably request to carry out to their satisfaction the transactions contemplated by this Agreement and the
other Loan Documents provided that such instrument and documents are consistent with the terms of the Loan Documents and do not
impose any additional material obligations or expenses on the Credit Parties.

§7.12Management.
The Borrower and the Subsidiary Guarantors shall not enter into any Management Agreement with a third-party manager for the Collateral
Property without the prior written consent of the Agent (which shall not be unreasonably withheld, delayed or conditioned), and
after such approval, no such Management Agreement shall be modified in any material respect or terminated without Agent’s
prior written approval, such approval not to be unreasonably withheld, delayed or conditioned. Agent may condition any approval
of a new manager upon the execution and delivery to Agent of collateral assignment of such Management Agreement to Agent and a
subordination of the manager’s rights thereunder to the rights of the Agent and the Lenders under the Loan Documents. The
Management Agreements described on Schedule 6.23 hereto relating to the initial Collateral Properties are approved by Agent.

§7.13Leases of
the Property(b).

(a)       The
Borrower will, and will cause the Subsidiary Guarantors to, take, or cause to be taken, all reasonable steps within the power of
the Borrower and Subsidiary Guarantors to market and lease the leasable area of the Collateral Properties in accordance with sound
and customary leasing and management practices for similar properties. Any such leasing activity shall be conducted in accordance
with the terms of §7.13(b), below, and the Mortgages. The Agent shall have the right, and the Borrower and Subsidiary Guarantors
hereby authorize the Agent, to communicate directly with any tenant under a Lease to verify any information delivered to the Agent
by the Borrower or Subsidiary Guarantors concerning such tenant or such tenant’s Lease.

    78 

     

    

(b)       The
Borrower will not, and will not permit the Subsidiary Guarantors to, enter into any Lease with a Major Tenant, or amend, supplement
or otherwise modify, terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or grant any
concessions to or waive the performance of any obligations of any Lease with a Major Tenant without the prior written consent of
the Agent, which consent shall not be unreasonably withheld, conditioned or delayed. With respect to any Lease entered into after
the date hereof which would not be with a Major Tenant, the Borrower and Subsidiary Guarantors may enter into such Lease, provided
that such Lease is a bona fide arm’s length lease entered into in the ordinary course of business with a party that is not
an Affiliate of Borrower or the Subsidiary Guarantors and is on the standard lease form approved by Agent (without material modification
or addition, or other change made by Borrower or a Subsidiary Guarantor not in accordance with reasonable and prudent leasing practices
(including, without limitation, any change which increases the landlord’s obligations or decreases the landlord’s rights,
creates additional remedies, rights of self-help, offset, termination, co-tenancy or similar provisions for the benefit of the
tenant thereunder, or creates rights of first offer or first refusal) and will not cause a default under any other Lease. With
respect to any Lease which is not with a Major Tenant, the Borrower and Subsidiary Guarantors may amend, supplement or otherwise
modify, terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or granting concessions
to or waive the performance of any obligations of any tenant, lessee or licensee under any such Lease in the ordinary course of
business consistent with sound leasing and management practices for similar properties. To the extent the Agent’s approval
or consent is required pursuant to this Section 7.13, Agent’s approval shall be deemed granted in the event the Agent fails
to respond to the Borrower’s request within ten (10) Business Days if (A) Borrower has delivered to Agent and Agent’s
counsel the applicable documents, with the notation

“IMMEDIATE RESPONSE REQUIRED, FAILURE
TO RESPOND TO THIS APPROVAL REQUEST WITHIN TEN (10) BUSINESS DAYS FROM RECEIPT SHALL BE DEEMED TO BE LENDER’S APPROVAL”

prominently displayed in bold, all caps and
fourteen (14) point or larger font in the transmittal letter requesting approval and (B) Agent does not approve or reject the applicable
request within ten (10) Business Days from the date Agent and Agent’s counsel receive the request as evidenced by a certified
mail return receipt or confirmation by a reputable national overnight delivery service (e.g., Federal Express) that the same has
been delivered. The Borrower and Subsidiary Guarantors shall furnish the Agent with executed copies of all Leases or amendments
thereto hereafter made. The Borrower and Subsidiary Guarantors shall deliver a Payment Direction Letter (as defined in the Cash
Collateral Agreement) to each new tenant of a Lease entered into after the date hereof.

    79 

     

    

(c)       The
Borrower shall not, and will not permit the Subsidiary Guarantors to, collect any rents, issues, profits, revenues, income or other
benefits payable under any of the Leases for the Collateral Properties more than one (1) month in advance (provided that the foregoing
shall not prohibit the collection of security deposits). The Borrower shall not, and shall not permit the Subsidiary Guarantors
to, directly or indirectly, cause or permit to exist, any condition which would result in the termination or cancellation of, or
which would relieve the performance of any material obligations of any tenant under, any Lease for all or any portion of the Collateral
Properties. In the event that any existing or future security deposit is in the form of a letter of credit, Borrower or the applicable
Subsidiary Guarantor shall cause Agent to be a named beneficiary thereof and shall otherwise cause such letter of credit to be
in form and substance reasonably satisfactory to Agent, and shall assign to Agent its interest in such letter of credit pursuant
to documents reasonably satisfactory to Agent. Without limiting any term of the Loan Documents prohibiting Borrower or the Subsidiary
Guarantors from terminating Leases, any payments received by Borrower or the Subsidiary Guarantors with respect to early lease
termination options or otherwise paid by tenants in consideration of an early termination of any Lease shall be promptly paid to
Agent as a prepayment of the Loans.

§7.14Business Operations.
The Credit Parties will not and will not permit any of their respective Subsidiaries to engage in any business other than to acquire,
own, use, operate, manage, finance, sell, lease, sublease, exchange or otherwise dispose of industrial properties (and other properties
described in in the United States, directly or indirectly, and engage in any other activities related or incidental thereto or
permitted pursuant to the terms hereof.

§7.15Registered
Service Mark. Without prior written notice to the Agent, none of the Collateral Properties shall be owned or operated by the Borrower
or the Subsidiary Guarantors under any registered or protected trademark, tradename, service mark or logo.

§7.16Ownership
of Real Estate. Without the prior written consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed),
all Real Estate and all interests (whether direct or indirect) of Borrower or REIT Guarantor in any real estate assets now owned
or leased or acquired or leased after the date hereof shall be owned or leased directly by Borrower or a Wholly Owned Subsidiary
of Borrower; provided, however that Borrower shall be permitted to own or lease interests in Real Estate through
non-Wholly Owned Subsidiaries and Unconsolidated Affiliates as permitted by §8.3.

§7.17Cash Management.
Within sixty (60) days of closing, a cash management system shall be established for the Collateral Properties and related accounts
of the Borrower with the Agent and shall include, among other depository and disbursement accounts as the Agent may reasonably
require, the following accounts:

(a)       Replacement
Reserve Account: A replacement reserve equal to one-twelfth of $0.15 per square foot per Collateral Property per annum
shall be funded monthly into a reserve account (the “Replacement Reserve Account”). Provided no Default or Event of
Default shall be in existence, amounts on deposit in the Replacement Reserve Account are available to Borrower for reimbursement
of capital expenditures incurred.

    80 

     

    

(b)       Tax
and Insurance Reserve Account: Borrower shall be required to deposit into a reserve account, at closing and on a monthly
basis, an amount equal to one-twelfth of (i) all annual tax bills and (ii) the annual insurance premium(s) for the Collateral Properties
(the “Tax and Insurance Reserve Account”).

(c)       TI/LC
Reserve Account: Borrower shall be required to deposit into a reserve account, at closing and on a monthly basis, an amount
reasonably acceptable to the Agent to be used for tenant improvements and leasing commissions (the “TI/LC Reserve Account’).

The Credit Parties shall execute all such
documents and take all such action as the Agent may reasonably require to effectuate the cash management system.

§7.18Plan Assets.
The Credit Parties will do, or cause to be done, all things necessary to ensure that none of the Collateral Properties will be
deemed to be Plan Assets at any time.

§7.19Guarantor
Covenants. Borrower shall cause REIT Guarantor to comply with the following covenants:

(a)       REIT
Guarantor will not make or permit to be made, by voluntary or involuntary means, any transfer or encumbrance of its interest in
Borrower, or any dilution of its interest in Borrower, that would result in a Change of Control; and

(b)       the
REIT Guarantor shall not dissolve, liquidate or otherwise wind-up its business, affairs or assets.

§7.20Collateral
Properties. Without limiting the further covenants contained in the Security Documents, at all times the Borrower and the Subsidiary
Guarantors shall use commercially reasonable efforts to cause each other Borrower or the applicable tenant, to:

(a)       pay
(or cause to be paid) all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance
charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar
areas adjoining any Collateral Property, now or hereafter levied or assessed or imposed against any Collateral Property or any
part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted where the failure
to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect).

(b)       promptly
pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in
connection with any Collateral Property (except those which are being contested in good faith by appropriate proceedings diligently
conducted where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect), and in
any event never permit to be created or exist in respect of any Collateral Property or any part thereof any other or additional
Lien or security interest other than Liens permitted hereunder.

    81 

     

    

(c)       operate
the Collateral Properties in a good and workmanlike manner and in all material respects in accordance with all Legal Requirements
in accordance with Borrower’s or such Subsidiary’s prudent business judgment, except where the failure to do so would
not reasonably be expected to have a Material Adverse Effect.

§7.21REIT Guarantor.
The Equity Interests of REIT Guarantor shall at all times be publicly traded on the New York Stock Exchange, or some other comparable
stock exchange approved by Agent. The REIT Guarantor shall at all times comply with all requirements of applicable laws necessary
to maintain its status as a real estate investment trust under the Code, shall elect to be treated as a real estate investment
trust and shall operate its business in compliance with the terms and conditions of this Agreement applicable to REIT Guarantor
and the other Loan Documents to which it is a party.

§7.22Sanctions
Laws and Regulations. The Borrower shall not, directly or indirectly, use the proceeds of the Loans or any Letter of Credit or
lend, contribute or otherwise make available such proceeds to any Guarantor, Subsidiary, Unconsolidated Affiliate or other Person
(i) to fund any activities or business of or with any Designated Person, or in any country or territory, that at the time of such
funding is itself the subject of territorial sanctions under applicable Sanctions, (ii) in any manner that would result in a violation
of applicable Sanctions by any party to this Agreement, or (iii) in any manner that would cause the Borrower, the Guarantors or
any of their respective Subsidiaries to violate the United States Foreign Corrupt Practices Act. None of the funds or assets of
the Borrower or Guarantors that are used to pay any amount due pursuant to this Agreement shall constitute funds obtained from
transactions with or relating to Designated Persons or countries which are themselves the subject of territorial sanctions under
applicable Sanctions. Borrower shall maintain policies and procedures designed to achieve compliance with Sanctions.

§8.NEGATIVE COVENANTS.
The Credit parties covenant and agree that, so long as any Loan or Note is outstanding or any of the Lenders has any obligation
to make any Loans:

§8.1Restrictions
on Indebtedness. The Credit Parties will not create, incur, assume, guarantee or be or remain liable, contingently or otherwise,
with respect to any Indebtedness other than:

(i)       Indebtedness
to the Lenders arising under any of the Loan Documents and Hedge Obligations to a Lender Hedge Provider;

(ii)       current
liabilities of the Credit Parties incurred in the ordinary course of business, including but not limited to short term unsecured
financing arrangements not to exceed $500,000 in the aggregate at any time, but not incurred through (i) the borrowing of money,
or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection
with normal purchases of goods and services;

    82 

     

    

(iii)       Indebtedness
in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that
payment therefor shall not at the time be required to be made in accordance with the provisions of §7.8;

(iv)       Indebtedness
in respect of judgments only to the extent, for the period and for an amount not resulting in an Event of Default;

(v)       endorsements
for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of
business;

(vi)       Indebtedness
incurred to any other landowners, government or quasi-government or entity or similar entity in the ordinary course of business
in connection with the construction or development of any Real Estate, including, without limitation, subdivision improvement agreements,
development agreements, reimbursement agreements, infrastructure development agreements, agreements to construct or pay for on-site
or off-site improvements and similar agreements incurred in the ordinary course of business in connection with the development
of Real Estate or construction of infrastructure in connection therewith;

The foregoing shall not
preclude Subsidiaries of the REIT Guarantor (other than Borrower or a Subsidiary Guarantor) to incur Indebtedness which would be
prohibited by the terms of this §8.1), provided the (Plymouth Industrial 20 LLC {or any successor thereto}) entity may not
increase its Indebtedness, other than through any paid-in-kind arrangement under the Mezzanine Loan Facility, provided that any
increase in the principal balance of such loan on account of the accrual of paid-in-kind interest shall not result in a principal
balance in excess of $31,700,00.00.

§8.2Restrictions
on Liens, Etc.The Credit Parties will not (a) create or incur or suffer to be created or incurred or to exist any lien, security
title, encumbrance, mortgage, pledge, negative pledge, charge, or other security interest of any kind upon the Collateral Properties,
the Equity Interests in any Borrower or any Subsidiary Guarantor, or any of the Subsidiary Guarantor’s material respective
property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer
any of the Borrower or the Subsidiary Guarantor’s material property or assets or the income or profits therefrom for the
purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of
its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other
title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty
(30) days after the same shall have been incurred any Indebtedness or claim or demand against any of them that if unpaid could
by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever as to the Collateral Properties over any
of their general creditors; (e) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles,
chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation to any holder of Indebtedness of
any of such Persons which prohibits the creation or maintenance of any lien securing the Obligations (collectively, “Liens”);
provided that notwithstanding anything to the contrary contained herein, the Borrower and the Subsidiary Guarantors may
create or incur or suffer to be created or incurred or to exist:

    83 

     

    

(i)       Liens
not yet due or payable on properties to secure taxes, assessments and other governmental charges (excluding any Lien imposed pursuant
to any of the provisions of ERISA) or claims for labor, material or supplies incurred in the ordinary course of business in respect
of obligations not overdue by more than 60 days or are being contested in good faith and by appropriate proceedings diligently
conducted with adequate reserves being maintained by Borrower in accordance with GAAP or not otherwise required to be paid or discharged
under the terms of this Agreement or any of the other Loan Documents;

(ii)       deposits
or pledges made in connection with, or to secure payment of, workers’ compensation, unemployment insurance, old age pensions
or other social security obligations;

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

(iv)       judgment
liens and judgments that do not constitute an Event of Default;

(v)       Liens
consisting of pledges of security interests in the ownership interests of any Subsidiary which is not Borrower or a Subsidiary
Guarantor or the direct or indirect owner of an interest in Borrower or a Subsidiary Guarantor securing Indebtedness which is permitted
by §8.1 or lien securing Indebtedness otherwise permitted herein;

(vi)       encumbrances
on a Collateral Property consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property
and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which Borrower or
a Subsidiary Guarantor is a party, purchase money security interests and other liens or encumbrances, which do not individually
or in the aggregate have a Material Adverse Effect;

(vii)       Liens
in favor of the Agent and the Lenders under the Loan Documents to secure the Obligations and the Hedge Obligations; and

(viii)       Liens
and encumbrances on a Collateral Property expressly permitted under the terms of the Mortgage relating thereto.

§8.3Restrictions
on Investments.

(a)       No
Credit Party will make or permit to exist or to remain outstanding any Investment except Investments in:

(i)       marketable
direct or guaranteed obligations of the United States of America that mature within one (1) year from the date of purchase by Borrower
or Subsidiary Guarantor;

    84 

     

    

(ii)       marketable
direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal
Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for Cooperatives, Federal
Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency
or instrumentality of the United States of America;

(iii)       demand
deposits, certificates of deposit, bankers acceptances and time deposits of United States banks having total assets in excess of
$100,000,000; provided, however, that the aggregate amount at any time so invested with any single bank having total
assets of less than $1,000,000,000 will not exceed $200,000;

(iv)       securities
commonly known as “commercial paper” issued by a corporation organized and existing under the laws of the United States
of America or any State which at the time of purchase are rated by Moody’s Investors Service, Inc. or by Standard & Poor’s
Corporation at not less than “P 1” if then rated by Moody’s Investors Service, Inc., and not less than “A
1”, if then rated by Standard & Poor’s Corporation;

(v)       repurchase
agreements having a term not greater than ninety (90) days and fully secured by securities described in the foregoing subsection
(i), (iv) and (vi) with banks described in the foregoing subsection (iii) or with financial institutions or other corporations
having total assets in excess of $500,000,000;

(vi)       shares
of so-called “money market funds” registered with the SEC under the Investment Company Act of 1940 which maintain a
level per-share value, invest principally in investments described in the foregoing subsections (i) through (iv) and have total
assets in excess of $50,000,000;

(vii)       the
acquisition of fee interests or long-term ground lease interests by Borrower or Subsidiary Guarantor or other Subsidiaries (directly
or indirectly) in real estate and investments incidental thereto, any and all construction and development related thereto;

(viii)       Investments
by Borrower (directly or indirectly) in Subsidiaries of Borrower;

(ix)       Investments
which constitute Indebtedness to the extent such Indebtedness is permitted pursuant to §8.1;

(b)       The
Borrower shall not permit Investments by the Borrower and/or the REIT Guarantor or the REIT Guarantor’s Subsidiaries to be
outstanding at any one time which exceed the following:

(i)       Investments
in unimproved land to exceed two and one half percent (2.5%) of Total Asset Value;

(ii)       Investments
in re-development projects to exceed ten percent (10%) of Total Asset Value;

    85 

     

    

(iii)       Investments
in non-Wholly Owned Subsidiaries and Affiliates to exceed twenty percent (20%) of Total Asset Value and

(iv)       Notwithstanding
the foregoing, in no event shall the aggregate value of the Investments described in §8.3(b)(i) through (iii) exceed twenty
percent (20%) of Total Asset Value at any time, with any violation of the foregoing ((i) through (iv)) limits not constituting
an Event of Default but shall result in such excess being excluded when calculating Total Asset value..

For the purposes of this
§8.3, the Investment of Borrower or Subsidiary Guarantors in any non-Wholly Owned Subsidiaries and Unconsolidated Affiliates
will equal (without duplication) the sum of (i) such Person’s pro rata share of their Unconsolidated Affiliate’s Investment
in Real Estate; plus (ii) such Person’s pro rata share of any other Investments valued at the GAAP book value.

§8.4Merger, Consolidation.
No Credit Party will become a party to any dissolution, liquidation, disposition of all or substantially all of its assets or business,
merger, reorganization, consolidation or other business combination or agree to effect any asset acquisition, stock acquisition
or other acquisition individually or in a series of transactions which may have a similar effect as any of the foregoing, in each
case without the prior written consent of the Required Lenders except for (i) the merger or consolidation of one or more of the
Subsidiaries of Borrower (other than any Subsidiary that is a Subsidiary Guarantor) with and into Borrower (it being understood
and agreed that in any such event Borrower will be the surviving Person), (ii) the merger or consolidation of two or more Subsidiaries
of Borrower or (iii) in connection with the release of all Collateral owned by such Subsidiary Guarantor.

§8.5Intentionally
Deleted.

§8.6Compliance
with Environmental Laws. None of the Credit Parties will do any of the following: (a) use any of the Collateral Properties or any
portion thereof as a facility for the handling, processing, storage or disposal of Hazardous Substances, except for quantities
of Hazardous Substances used in the ordinary course of a Subsidiary Guarantor’s or its tenants’ business and in material
compliance with all applicable Environmental Laws, (b) cause or permit to be located on any of the Collateral Properties any underground
tank or other underground storage receptacle for Hazardous Substances except in material compliance with Environmental Laws, (c)
generate any Hazardous Substances on any of the Collateral Properties except in material compliance with Environmental Laws, (d)
conduct any activity at any Collateral Properties or use any Collateral Properties in any manner that would reasonably be expected
to cause a Release of Hazardous Substances on, upon or into the Collateral Properties or any surrounding properties which would
reasonably be expected to give rise to liability under CERCLA or any other Environmental Law, or (e) directly or indirectly transport
or arrange for the transport of any Hazardous Substances (except in compliance with all Environmental Laws), except, any such use,
generation, conduct or other activity described in clauses (a) to (e) of this §8.6 would not reasonably be expected to have
a Material Adverse Effect.

    86 

     

    

The Credit Parties shall:

(i)       in
the event of any change in applicable Environmental Laws governing the assessment, release or removal of Hazardous Substances,
take all reasonable action as required by such Laws, and

(ii)       if
any Release or disposal of Hazardous Substances which Borrower or the Subsidiary Guarantors are legally obligated to contain, correct
or otherwise remediate shall occur or shall have occurred on any Collateral Property (including without limitation any such Release
or disposal occurring prior to the acquisition or leasing of such Collateral Property by the Borrower or the Subsidiary Guarantors),
the relevant Borrower or Subsidiary Guarantor shall, after obtaining knowledge thereof, cause the performance of actions required
by applicable Environmental Laws at the Collateral Property in material compliance with all applicable Environmental Laws; provided,
that each of the Borrower and the Subsidiary Guarantors shall be deemed to be in compliance with Environmental Laws for the purpose
of this clause (ii) so long as it or a responsible third party with sufficient financial resources is taking reasonable action
to remediate or manage such event to the reasonable satisfaction of the Agent or has taken and is diligently pursuing a challenge
to any such alleged legal obligation through appropriate administrative or judicial proceedings. The Agent may engage its own Environmental
Engineer to review the environmental assessments and the compliance with the covenants contained herein.

At any time after an Event
of Default shall have occurred and is continuing hereunder, the Agent may at its election (and will at the request of the Required
Lenders) obtain such environmental assessments of any or all of the Collateral Properties prepared by an Environmental Engineer
as may be reasonably necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous Substances are
present in the soil or water at any such Collateral Property in a quantity or condition that is required to be contained, corrected
or otherwise remediated by the owner or operator of the Collateral Property pursuant to applicable Environmental Laws and (ii)
whether the use and operation of any such Collateral Property complies with all Environmental Laws to the extent required by the
Loan Documents. Additionally, at any time that the Agent or the Required Lenders shall have reasonable and objective grounds to
believe that a Release or threatened Release of Hazardous Substances may have occurred at or from any Collateral Property which
the owner or operator of such property would be obligated to contain, correct or otherwise remediate pursuant to applicable Environmental
Laws, or that any of the Collateral Property is not in compliance with Environmental Laws to the extent required by the Loan Documents,
Borrower or the Subsidiary Guarantor shall promptly upon the request of Agent obtain and deliver to Agent such environmental assessments
of such Collateral Property prepared by an Environmental Engineer as may be reasonably necessary or advisable for the purpose of
evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at such Collateral Property and
(ii) whether the use and operation of such Collateral Property complies with all Environmental Laws to the extent required by the
Loan Documents. Environmental assessments may include detailed visual inspections of such Collateral Property including, without
limitation, any and all storage areas, storage tanks, drains, dry wells and leaching areas, and the taking of soil samples, as
well as such other investigations or analyses as are reasonably necessary or appropriate for a complete determination of the compliance
of such Collateral Property and the use and operation thereof with all applicable Environmental Laws. All reasonable expenses of
environmental assessments contemplated by this §8.6 shall be at the sole cost and expense of the Borrower and the Subsidiary
Guarantors.

    87 

     

    

§8.7Distributions.
Borrower and REIT Guarantor may make Distributions of up to 95% of Funds Available for Distribution, provided neither Borrower
nor REIT Guarantor shall pay any Distribution to its partners, members, or other owners or shareholders, if (a) an Event of Default
is in existence, or (b) the Net Unrestricted Cash Amount shall be (or would be after giving effect to such Distributions) less
than $2,500,000.

§8.8Asset Sales.
The Borrower and the Subsidiary Guarantors will not sell, transfer or otherwise dispose of any material asset other than pursuant
to a bona fide arm’s length transaction or if replaced with an asset of equal value, and subject in all instances to §5.4
hereof.

§8.9Collateral
Properties. The Borrower and respective Subsidiaries Borrower shall not, nor shall they permit any other Subsidiary Guarantor,
directly or indirectly, to:

(a)       use
or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Collateral
Properties by any tenant, in any manner which violates any Legal Requirement or which constitutes a public or private nuisance
in any manner which would have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force
with respect thereto or makes the maintenance of insurance in accordance with §7.7(a) commercially unreasonable (including
by way of increased premium);

(b)       without
the prior written consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed), except in connection
with any construction, development or redevelopment of any real estate, initiate or permit any zoning reclassification of any Collateral
Property or seek any variance under existing zoning ordinances applicable to any Collateral Property or in any event use or knowingly
permit the use of any Collateral Property in such a manner which would result in such use becoming a nonconforming use under applicable
zoning ordinances or other Legal Requirements if such nonconforming use would reasonably be expected to have a Material Adverse
Effect;

(c)       without
the prior written consent of Agent (which consent shall not be unreasonably withheld, conditioned or delayed), except in connection
with any construction, development or redevelopment of any real estate, (i) impose any material easement, restrictive covenant,
or encumbrance upon any Collateral Property, other than the easements entered into the ordinary course of business and that would
customarily be agreed to by a reasonably prudent land owner, (ii) execute or file any subdivision plat or condominium declaration
affecting any Collateral Property, or (iii) consent to the annexation of any Collateral Property to any municipality;

(d)       do
any act, by Borrower or Subsidiary Guarantor which would reasonably be expected to materially decrease the value of any Collateral
Property as reflected in the most-recent Appraisal (including by way of negligent act);

(e)       without
the prior written consent of all the Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), take any
affirmative action to permit any drilling or exploration for or extraction, removal or production of any mineral, hydrocarbon,
gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Collateral Property
regardless of the depth thereof or the method of mining or extraction thereof;

    88 

     

    

(f)       without
the prior consent of the Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), surrender the leasehold
estate created by any applicable Ground Lease (accepted by the Agent and the Lenders) respecting a Collateral Property or terminate
or cancel any such Ground Lease or materially modify, change, supplement, alter, or amend any such Ground Lease, either orally
or in writing.

§8.10Derivatives
Contracts. No Borrower or Subsidiary Guarantor shall contract, create, incur, assume or suffer to exist any Derivatives Contracts
except for Derivative Contracts made in the ordinary course of business and not prohibited pursuant to §8.1 which are not
secured by any portion of the collateral granted to the Agent under any of the Loan Documents (other than Hedge Obligations).

§8.11Transactions
with Affiliates. No Borrower or Subsidiary Guarantor shall permit to exist or enter into any transaction (including the purchase,
sale, lease or exchange of any property or the rendering of any service) with any Affiliate (but not including any Subsidiary of
Borrower), except (i) transactions in connection with the Management Agreements, (ii) transactions set forth on Schedule 6.15
attached hereto, (iii) transactions pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable
terms which are no less favorable to such Person than would be obtained in a comparable arm’s length transaction with a Person
that is not an Affiliate and (iv) distributions permitted under §8.7.

§8.12Management
Fees. The Credit Parties shall not pay, and shall not permit to be paid, any property management, advisory or acquisition fees
or other payments under any Management Agreement for any Collateral Property to any Person that is an Affiliate of the Credit Parties
in the event that a Default or Event of Default shall have occurred and be continuing.

§8.13Changes to
Organizational Documents. Borrower shall not amend or modify, or permit the amendment or modification of, the limited liability
company agreements or other formation or organizational documents of Borrower, any Subsidiary, or any Subsidiary Guarantor in any
material respect, without the prior written consent of Agent (which consent shall not be unreasonably withheld, conditioned or
delayed). Without limiting the foregoing, any amendment to the provisions of any Preferred Securities of Borrower, or to the rights
or powers of the holders of the Preferred Securities shall be a material amendment requiring the consent of Agent.

§9.FINANCIAL COVENANTS.
The Borrower and REIT Guarantor covenant and agree that, so long as any Loan or Note is outstanding or any Lender has any obligation
to make any Loans, the Borrower and REIT Guarantor, as applicable, shall at all times comply with the following covenants. The
Borrower’ and REIT Guarantor’s compliance with the following covenants shall be tested quarterly, as of the close of
each fiscal quarter.

§9.1Maximum Leverage
Ratio. The Total Leverage shall not exceed sixty five percent (65%).

§9.2Minimum Fixed
Charge Coverage Ratio. The REIT Guarantor’s Fixed Charge Ratio shall not be less than 1.50 to 1.0.

    89 

     

    

§9.3Minimum Tangible
Net Worth. The Consolidated Tangible Net Worth of the REIT Guarantor and its respective Subsidiaries shall not be less than the
sum of (i) $32,819,000.00, plus (ii) an amount equal to 80% of the net proceeds from any issuance of common or Preferred Securities
Equity Interests in REIT Guarantor or Borrower following the Closing Date, plus (iii) an amount equal to 80% of the equity in any
Real Estate contributed to REIT Guarantor or Borrower following the Closing Date.

§9.4Minimum Occupancy.
The Aggregate Occupancy Rate of the Collateral Properties shall exceed 85% at all times.

§10.CLOSING CONDITIONS.
The obligation of the Lenders to make the initial Loans or to initially include any Real Estate in the Collateral Properties shall
be subject to the satisfaction (unless waived by Lenders in writing) of the following conditions precedent:

§10.1Loan Documents.
Each of the Loan Documents shall have been duly executed and delivered by the respective parties thereto and shall be in full force
and effect. The Agent shall have received a fully executed counterpart of each such document.

§10.2Certified
Copies of Organizational Documents. The Agent shall have received from each Credit Party a copy, certified as of a recent date
by the appropriate officer of each State in which such Person is organized and in which the Collateral Properties are located and
a duly authorized officer, partner or member of such Person, as applicable, to be true and complete, of the partnership agreement,
corporate charter or operating agreement and/or other organizational agreements of such Credit Party, as applicable, and its qualification
to do business, as applicable, as in effect on such date of certification.

§10.3Resolutions.
All action on the part of each Credit Party, as applicable, necessary for the valid execution, delivery and performance by such
Person of this Agreement and the other Loan Documents to which such Person is or is to become a party shall have been duly and
effectively taken, and evidence thereof reasonably satisfactory to the Agent shall have been provided to the Agent.

§10.4Incumbency
Certificate; Authorized Signers. The Agent shall have received from each Credit Party an incumbency certificate, dated as of the
Closing Date, signed by a duly authorized officer of such Person and giving the name and bearing a specimen signature of each individual
who shall be authorized to sign, in the name and on behalf of such Person, each of the Loan Documents to which such Person is or
is to become a party. The Agent shall have also received from each Credit Party a certificate, dated as of the Closing Date, signed
by a duly authorized representative of such Credit Party and giving the name and specimen signature of each Authorized Officer
who shall be authorized to make Loan Requests and Conversion/Continuation Requests and to give notices and to take other action
on behalf of such Credit Party under the Loan Documents.

§10.5Opinion of
Counsel. The Agent shall have received an opinion addressed to the Lenders and the Agent and dated as of the Closing Date from
counsel to each Credit Party in form and substance reasonably satisfactory to the Agent.

    90 

     

    

§10.6Payment of
Fees. The Borrower shall have paid to the Agent the fees payable pursuant to §4.2.

§10.7Insurance.
The Agent shall have received certificates evidencing that the Agent and the Lenders are named as mortgagee and additional insured,
as applicable, on all policies of insurance as required by this Agreement or the other Loan Documents.

§10.8Performance;
No Default. Each Credit Party shall have performed and complied with all terms and conditions herein required to be performed or
complied with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event of Default.

§10.9Representations
and Warranties. The representations and warranties made by the Credit Parties in the Loan Documents or otherwise made by or on
behalf of the Credit Parties and their respective Subsidiaries in connection therewith or after the date thereof shall have been
true and correct in all material respects when made and shall also be true and correct in all material respects on the Closing
Date (unless such representations and warranties are limited by their terms to a specific date).

§10.10Proceedings
and Documents. All proceedings in connection with the transactions contemplated by this Agreement and the other Loan Documents
shall be reasonably satisfactory to the Agent and the Agent’s counsel in form and substance, and the Agent shall have received
all information and such counterpart originals or certified copies of such documents and such other certificates, opinions, assurances,
consents, approvals or documents as the Agent and the Agent’s counsel may reasonably require and are customarily required
in connection with similar transactions.

§10.11Eligible
Real Estate Qualification Documents(a). The Eligible Real Estate Qualification Documents for each Collateral Property included
in the Collateral as of the Closing Date shall have been delivered to the Agent at the Borrower’ expense and shall be in
form and substance reasonably satisfactory to the Agent.

§10.12Compliance
Certificate. The Agent shall have received a Compliance Certificate dated as of the date of the Closing Date demonstrating compliance
with each of the covenants calculated therein. Further, such Compliance Certificate shall include within the calculation of Net
Operating Income any Collateral Properties which have been owned for less than a calendar quarter, and shall be based upon financial
data and information with respect to Collateral Properties as of the end of the most recent calendar month as to which data and
information is available.

§10.13Appraisals.
Except as expressly permitted in §2.1(b), the Agent shall have received Appraisals of each of the Collateral Properties being
included as a Collateral Property for the first time in form and substance satisfactory to the Agent and the Lenders, reflecting
the Appraised Value for such Collateral Properties.

§10.14Consents.
The Agent shall have received evidence reasonably satisfactory to the Agent that all necessary stockholder, partner, member or
other consents required in connection with the consummation of the transactions contemplated by this Agreement and the other Loan
Documents have been obtained.

    91 

     

    

§10.15Other. The
Agent shall have reviewed such other documents, instruments, certificates, opinions, assurances, consents and approvals as the
Agent or the Agent’s Special Counsel may reasonably have requested and are customarily required in connection with similar
transactions.

§10.16Plymouth
Industrial 20 LLC Loan Facility. All of the terms and conditions required to be performed or complied with pursuant to the Plymouth
Industrial 20 LLC Loan Facility have been performed or complied with, and on the Closing Date there shall exist no default or event
of default under the Plymouth Industrial 20 LLC Loan Facility.

§11.CONDITIONS TO
ALL BORROWINGS. The obligations of the Lenders to make any Loan or issue any Letter of Credit, whether on or after the Closing
Date, shall also be subject to the satisfaction of the following conditions precedent:

§11.1Prior Conditions
Satisfied. All conditions set forth in §10 and in §5.3 shall continue to be satisfied as of the date upon which any Loan
is to be made provided that this §11.1 shall not require (a) the delivery of any new Appraisal not otherwise specifically
required pursuant to the terms hereof, and (b) any Credit Party to comply with the conditions set forth in §§ 10.2,
10.3, 10.4, 10.5 with respect to any Real Estate which has previously been included in the Collateral.

§11.2Representations
True; No Default. Each of the representations and warranties made by or on behalf of the Credit Parties or any of their respective
Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in
connection with this Agreement shall be true in all material respects both as of the date as of which they were made and shall
also be true in all material respects as of the time of the making of such Loan, with the same effect as if made at and as of that
time, except to the extent of changes resulting from transactions permitted by the Loan Documents (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
only as of such specified date), and no Default or Event of Default shall have occurred and be continuing.

§11.3Borrowing
Documents. The Agent shall have received a fully completed Loan Request for such Loan and the other documents and information (including,
without limitation, a Compliance Certificate) as required by §2.8.

§11.4Future Advances
Tax Payment. In addition to the requirements of §15 hereof, as a condition precedent to any Lender’s obligations to
make any Loans available to the Borrower hereunder, the Borrower will obtain a letter from the Title Insurance Company or local
counsel stating that any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which the Agent
reasonably determines to be payable as a result of such Loan to any state or any county or municipality thereof in which any of
the Collateral Properties are located, have been paid.

§12.EVENTS OF DEFAULT;
ACCELERATION; ETC.

    92 

     

    

§12.1Events of
Default and Acceleration. If any of the following events (“Events of Default” or, if the giving of notice or
the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:

(a)       the
Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment;

(b)       the
Borrower shall fail to pay any interest on the Loans within five (5) days of the date that the same shall become due and payable,
any reimbursement obligations with respect to the Letters of Credit or any fees or other sums due hereunder (other than any voluntary
prepayment) or under any of the other Loan Documents within five (5) days after notice from Agent, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment;

(c)       [Reserved];

(d)       any
of the Borrower or the other Credit Parties or any of their respective Subsidiaries shall fail to perform any other term, covenant
or agreement contained in §9.1, §9.2Error! Reference source not found., §9.2, or §9.3;

(e)       any
of the Borrower or the other Credit Parties shall fail to perform any other term, covenant or agreement contained herein or in
any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this
§12 (including, without limitation, §12.2 below) or in the other Loan Documents), and such failure shall continue for
thirty (30) days after Borrower receives from Agent written notice thereof, and in the case of a default that cannot be cured within
such thirty (30)-day period despite Borrower’s diligent efforts but is susceptible of being cured within ninety (90) days
of Borrower’s receipt of Agent’s original notice, then Borrower shall have such additional time as is reasonably necessary
to effect such cure, but in no event in excess of ninety (90) days from Borrower’s receipt of Agent’s original notice;
provided that the foregoing cure provisions shall not pertain to any default consisting of a failure to comply with §8.4,
§8.7, or to any Default excluded from any provision of cure of defaults contained in any other of the Loan Documents and with
respect to any defaults under §8.1, §8.2, §8.3, §8.4, §8.7 or §8.8, the thirty (30) day cure period
described above shall be reduced to a period of ten (10) days and no additional cure period shall be provided with respect to such
defaults;

(f)       any
material representation or warranty made by or on behalf of the Credit Parties or any of their respective Subsidiaries in this
Agreement or any other Loan Document, or any report, certificate, financial statement, request for a Loan, or in any other document
or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, or any of the other Loan Documents
shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated except to
the extent it is not reasonably expected to have a Material Adverse Effect;

    93 

     

    

(g)       Any
(a) Borrower or other Credit Party defaults under any recourse Indebtedness or suffers a claim under non-recourse carve-out guaranty
with respect to all uncured defaults at any time, or (b) Borrower, Guarantor or any Subsidiary thereof defaults under any Non-Recourse
Indebtedness in an aggregate amount equal to or greater than $20,000,000 with respect to all uncured defaults at any time;

(h)       any
of the Borrower or other Credit Party, (i) shall make an assignment for the benefit of creditors, or admit in writing its general
inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment
of a trustee or other custodian, liquidator or receiver for it or any substantial part of its assets, (ii) shall commence any case
or other proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution
or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize any
of the foregoing;

(i)       a
petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the
Borrower or other Credit Party or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced
against any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation
or similar law of any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval thereof, consent
thereto or acquiescence therein or such petition, application, case or proceeding shall not have been dismissed within ninety (90)
days following the filing or commencement thereof;

(j)       a
decree or order is entered appointing a trustee, custodian, liquidator or receiver for any of the Borrower or other Credit Party
or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree
or order for relief is entered in respect of any such Person in an involuntary case under federal bankruptcy laws as now or hereafter
constituted;

(k)       there
shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, one or more uninsured or unbonded
final judgments against REIT Guarantor or any Subsidiary that, either individually or in the aggregate, exceed in excess of $5,000,000.00
in any calendar year;

(l)       any
of the material Loan Documents shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the terms
thereof or the express prior written agreement, consent or approval of the Required Lenders, or any action at law, suit in equity
or other legal proceeding to cancel, revoke or rescind any of the material Loan Documents shall be commenced by or on behalf of
any of the Credit Parties, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall
make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of the material Loan Documents
is illegal, invalid or unenforceable in accordance with the terms thereof;

    94 

     

    

(m)       REIT
Guarantor ceases to be treated as a real estate investment trust under the Code in any taxable year or the common Equity Interests
of the REIT Guarantor shall fail to be listed and traded on the New York Stock Exchange or another publicly recognized exchange;

(n)       with
respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and such event reasonably would be expected
to result in liability of any of the Credit Parties to pay money to the PBGC or such Guaranteed Pension Plan in an aggregate amount
exceeding $1,000,000 and one of the following shall apply with respect to such event: (x) such event in the circumstances occurring
reasonably would be expected to result in the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by
the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or (y) a trustee shall have
been appointed by the United States District Court to administer such Plan; or (z) the PBGC shall have instituted proceedings to
terminate such Guaranteed Pension Plan;

(o)       any
dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower, the Guarantors or any
of the Subsidiaries of Borrower shall occur or any sale, transfer or other disposition of the assets of any of the Borrower, the
Guarantors or any of the Subsidiaries of Borrower shall occur other than as permitted under the terms of this Agreement or the
other Loan Documents;

(p)       any
of the Borrower, the Guarantors or any of their respective Subsidiaries or any shareholder, officer, director, partner or member
of any of them shall be indicted for a federal crime, a punishment for which could include the forfeiture of (i) any assets
of such Person which in the good faith judgment of the Required Lenders could have a Material Adverse Effect, or (ii) the
Collateral;

(q)       any
Guarantor denies that it has any liability or obligation under the Guaranty or any other Loan Document, or shall notify the Agent
or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate any Guaranty or any other Loan Document,
or shall fail to observe or comply with any term, covenant, condition or agreement under any Guaranty or any other Loan Document;

(r)       Less
than two (2) of the following individuals continue to be employed by the REIT Guarantor in senior management / principal positions:
Jeffrey E. Witherell, Pendleton P. White, Jr., and Daniel Wright (the “Key Man Test”); provided such occurrence shall
not constitute an Event of Default if there is no Key Man or similar test in any other indebtedness of the REIT Guarantor and its
Subsidiaries or in the organizational documents of the REIT Guarantor and its Subsidiaries; or

(s)       any
Change of Control shall occur; then, and upon any such Event of Default, the Agent may, and upon the request of the Required Lenders
shall, by notice in writing to the Borrower declare all amounts owing with respect to this Agreement, the Notes, and the other
Loan Documents to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower; provided that in the event of any
Event of Default specified in §12.1(h), §12.1(i) or §12.1(j), all such amounts shall become immediately due and
payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders
or the Agent.

    95 

     

    

§12.2Certain Cure
Periods. In the event that there shall occur any Default that affects only
certain Collateral Property or the owner(s) thereof (if such owner is a Subsidiary Guarantor) or the removal of certain Collateral
Property would cure the Default, then the Borrower may elect to cure such Default (so long as no other Default or Event of Default
would arise as a result) by electing to have Agent remove such Collateral Property from the calculation of the Borrowing Base Availability
(and the Borrower’ compliance with Section 3.2 as a result thereof), in which event such removal and reduction shall be completed
within thirty (30) days after receipt of notice of such Default from the Agent or the Required Lenders.

§12.3Termination
of Commitments. If any one or more Events of Default specified in §12.1(h), §12.1(i) or §12.1(j) shall occur, then
immediately and without any action on the part of the Agent or any Lender any unused portion of the credit hereunder shall terminate
and the Lenders shall be relieved of all obligations to make Loans or issue or renew Letters of Credit to the Borrower. If any
other Event of Default shall have occurred, the Agent may, and upon the election of the Required Lenders shall, by notice to the
Borrower terminate the obligation to make Loans to the Borrower. No termination under this §12.3 shall relieve the Borrower
of their obligations to the Lenders arising under this Agreement or the other Loan Documents.

§12.4Remedies.
In case any one or more Events of Default shall have occurred and be continuing, and whether or not the Lenders shall have accelerated
the maturity of the Loans pursuant to §12.1, the Agent on behalf of the Lenders may, and upon the direction of the Required
Lenders shall, proceed to protect and enforce their rights and remedies under this Agreement, the Notes and/or any of the other
Loan Documents by suit in equity, action at law or other appropriate proceeding, including to the full extent permitted by applicable
law the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents, the obtaining
of the ex parte appointment of a receiver, and, if any amount shall have become due, by declaration or otherwise, the enforcement
of the payment thereof. No remedy herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any
other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute or any other provision of law. Notwithstanding the provisions of this Agreement
providing that the Loans may be evidenced by multiple Notes in favor of the Lenders, the Lenders acknowledge and agree that only
the Agent may exercise any remedies arising by reason of a Default or Event of Default. If any Credit Party fails to perform any
agreement or covenant contained in this Agreement or any of the other Loan Documents beyond any applicable period for notice and
cure, Agent may itself perform, or cause to be performed, any agreement or covenant of such Person contained in this Agreement
or any of the other Loan Documents which such Person shall fail to perform, and the out-of-pocket costs of such performance, together
with any reasonable expenses, including reasonable and documented attorneys’ fees actually incurred (including attorneys’
fees incurred in any appeal) by Agent in connection therewith, shall be payable by Borrower upon demand and shall constitute a
part of the Obligations and shall if not paid within five (5) days after demand bear interest at the rate for overdue amounts as
set forth in this Agreement. In the event that all or any portion of the Obligations is collected by or through an attorney-at-law,
the Borrower shall pay all costs of collection including, but not limited to, reasonable attorney’s fees.

    96 

     

    

§12.5Distribution
of Collateral Proceeds. In the event that, following the occurrence and during the continuance of any Event of Default, any monies
are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon
any of the Collateral or other assets of Credit Parties, such monies shall be distributed for application as follows:

(a)       First,
to the payment of, or (as the case may be) the reimbursement of the Agent for or in respect of, all reasonable and documented out-of-pocket
costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent to protect or preserve
the Collateral or in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by
the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any
of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Agent against
any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies;

(b)       Second,
to all other Obligations (including any Letter of Credit Liabilities, interest, expenses or other obligations incurred after the
commencement of a bankruptcy) in such order or preference as the Required Lenders shall determine; provided, that (i) distributions
in respect of such other Obligations shall include, on a pari passu basis, any Agent’s fee payable pursuant to §4.2;
(ii) in the event that any Lender shall have wrongfully failed or refused to make an advance under §2.9(a) and such failure
or refusal shall be continuing, advances made by other Lenders during the pendency of such failure or refusal shall be entitled
to be repaid as to principal and accrued interest in priority to the other Obligations and Hedge Obligations described in this
subsection (b); and (iv) Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal,
fees and expenses shall be made among the Lenders, pro rata,; and provided, further that the Required Lenders may
in their discretion make proper allowance to take into account any Obligations not then due and payable; and

(c)       Third,
to the payment of the Hedge Obligations, if any; and

(d)       Fourth,
the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

§13.SETOFF. Regardless
of the adequacy of any Collateral, during the continuance of any Event of Default, any deposits (general or specific, time or demand,
provisional or final, regardless of currency, maturity, or the branch where such deposits are held) or other sums credited by or
due from any Lender or any Affiliate thereof to any Credit Party and any securities or other property of such parties in the possession
of such Lender or any Affiliate may, without notice to any Credit Party (any such notice being expressly waived) but with the prior
written approval of Agent, be applied to or set off against the payment of Obligations and any and all other liabilities, direct,
or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of the Credit Parties. Each of the
Lenders agrees with each other Lender that if such Lender shall receive from a Credit Party, whether by voluntary payment, exercise
of the right of setoff, or otherwise, and shall retain and apply to the payment of the Note or Notes held by such Lender any amount
in excess of its ratable portion of the payments received by all of the Lenders with respect to the Notes held by all of the Lenders,
such Lender will make such

    97 

     

    

disposition and arrangements
with the other Lenders with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation
or otherwise as shall result in each Lender receiving in respect of the Notes held by it its proportionate payment as contemplated
by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Lender, such
disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest. In
the event that any Defaulting Lender shall exercise any such right of setoff, (a) all amounts so set off shall be paid over immediately
to the Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (b) the
Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff.

§14.THE AGENT.

§14.1Authorization.
The Agent is authorized to take such action on behalf of each of the Lenders and to exercise all such powers as are hereunder and
under any of the other Loan Documents and any related documents delegated to the Agent and all other powers not specifically reserved
to the Lenders, together with such powers as are reasonably incident thereto, provided that no duties or responsibilities not expressly
assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of the Agent hereunder are primarily
administrative in nature, and nothing contained in this Agreement or any of the other Loan Documents shall be construed to constitute
the Agent as a trustee for any Lender or to create an agency or fiduciary relationship. Agent shall act as the contractual representative
of the Lenders hereunder, and notwithstanding the use of the term “Agent”, it is understood and agreed that Agent shall
not have any fiduciary duties or responsibilities to any Lender by reason of this Agreement or any other Loan Document and is acting
as an independent contractor, the duties and responsibilities of which are limited to those expressly set forth in this Agreement
and the other Loan Documents. The Borrower and any other Person shall be entitled to conclusively rely on a statement from the
Agent that it has the authority to act for and bind the Lenders pursuant to this Agreement and the other Loan Documents.

§14.2Employees
and Agents. The Agent may exercise its powers and execute its duties by or through employees or agents and shall be entitled to
take, and to rely on, advice of counsel concerning all matters pertaining to its rights and duties under this Agreement and the
other Loan Documents. The Agent may utilize the services of such Persons as the Agent may reasonably determine, and all reasonable
fees and expenses of any such Persons shall be paid by the Borrower.

    98 

     

    

§14.3No Liability.
Neither the Agent nor any of its shareholders, directors, officers or employees nor any other Person assisting them in their duties
nor any agent, or employee thereof, shall be liable to the Lenders for (a) any waiver, consent or approval given or any action
taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other Loan Documents, or in connection
herewith or therewith, or be responsible for the consequences of any oversight or error of judgment whatsoever, except that the
Agent or such other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross negligence as
finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (b) any action
taken or not taken by Agent with the consent or at the request of the Required Lenders. The Agent shall not be deemed to have knowledge
or notice of the occurrence of any Default or Event of Default, except with respect to defaults in the payment of principal, interest
and fees required to be paid to the Agent for the account of the Lenders, unless the Agent has received notice from a Lender or
the Borrower referring to the Loan Documents and describing with reasonable specificity such Default or Event of Default and stating
that such notice is a “notice of default”.

§14.4No Representations.
The Agent shall not be responsible for the execution or validity or enforceability of this Agreement, the Notes, any of the other
Loan Documents or any instrument at any time constituting, or intended to constitute, collateral security for the Notes, or for
the value of any such collateral security or for the validity, enforceability or collectability of any such amounts owing with
respect to the Notes, or for any recitals or statements, warranties or representations made herein, or any agreement, instrument
or certificate delivered in connection therewith or in any of the other Loan Documents or in any certificate or instrument hereafter
furnished to it by or on behalf of the Borrower or any of their respective Subsidiaries, or be bound to ascertain or inquire as
to the performance or observance of any of the terms, conditions, covenants or agreements herein or in any of the other Loan Documents.
The Agent shall not be bound to ascertain whether any notice, consent, waiver or request delivered to it by the Borrower or any
holder of any of the Notes shall have been duly authorized or is true, accurate and complete. The Agent has not made nor does it
now make any representations or warranties, express or implied, nor does it assume any liability to the Lenders, with respect to
the creditworthiness or financial condition of the Borrower or any of their respective Subsidiaries, or the value of the Collateral
or any other assets of the Borrower or any of their respective Subsidiaries. Each Lender acknowledges that it has, independently
and without reliance upon the Agent or any other Lender, and based upon such information and documents 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 Agent or any other Lender, based upon such information and documents as it deems appropriate at the
time, continue to make its own credit analysis and decisions in taking or not taking action under this Agreement and the other
Loan Documents. Agent’s Special Counsel has only represented Agent and KeyBank in connection with the Loan Documents and
the only attorney client relationship or duty of care is between Agent’s Special Counsel and Agent or KeyBank. Each Lender
has been independently represented by separate counsel on all matters regarding the Loan Documents and the granting and perfecting
of liens in the Collateral.

    99 

     

    

§14.5Payments.

(a)       A
payment by the Borrower to the Agent hereunder or under any of the other Loan Documents for the account of any Lender shall constitute
a payment to such Lender. The Agent agrees to distribute to each Lender not later than one Business Day after the Agent’s
receipt of good funds, determined in accordance with the Agent’s customary practices, such Lender’s pro rata share
of payments received by the Agent for the account of the Lenders except as otherwise expressly provided herein or in any of the
other Loan Documents. In the event that the Agent fails to distribute such amounts within one Business Day as provided above, the
Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.

(b)       If
in the reasonable opinion of the Agent the distribution of any amount received by it in such capacity hereunder, under the Notes
or under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its
right to make such distribution shall have been adjudicated by a court of competent jurisdiction. If a court of competent jurisdiction
shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution
shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay
over the same in such manner and to such Persons as shall be determined by such court.

§14.6Holders of
Notes. Subject to the terms of §18, the Agent may deem and treat the payee of any Note as the absolute owner or purchaser
thereof for all purposes hereof until it shall have been furnished in writing with a different name by such payee or by a subsequent
holder, assignee or transferee.

§14.7Indemnity.
The Lenders ratably agree hereby to indemnify and hold harmless the Agent from and against any and all claims, actions and suits
(whether groundless or otherwise), losses, damages, costs, expenses (including any expenses for which the Agent has not been reimbursed
by the Borrower as required by §15), and liabilities of every nature and character arising out of or related to this Agreement,
the Notes, or any of the other Loan Documents or the transactions contemplated or evidenced hereby or thereby, or the Agent’s
actions taken hereunder or thereunder, except to the extent that any of the same shall be directly caused by the Agent’s
willful misconduct or gross negligence as finally determined by a court of competent jurisdiction after the expiration of all applicable
appeal periods. The agreements in this §14.7 shall survive the payment of all amounts payable under the Loan Documents.

§14.8Agent as Lender.
In its individual capacity, KeyBank shall have the same obligations and the same rights, powers and privileges in respect to its
Commitment and the Loans made by it, and as the holder of any of the Notes as it would have were it not also the Agent.

    100 

     

    

§14.9Resignation.
The Agent may resign at any time by giving thirty (30) calendar days’ prior written notice thereof to the Lenders and the
Borrower. The Required Lenders may remove the Agent from its capacity as Agent in the event of the Agent’s gross negligence
or willful misconduct or if the Agent is a Defaulting Lender. Any such resignation or removal may at Agent’s option also
constitute Agent’s resignation as Issuing Lender (with the Commitment Percentage of the Lender which is acting as Agent shall
not be taken into account in the calculation of Required Lenders for the purposes of removing Agent in the event of the Agent’s
willful misconduct or gross negligence). Upon any such resignation, or removal, the Required Lenders, subject to the terms of §18.1,
shall have the right to appoint as a successor Agent and, if applicable, Issuing Lender, (i) any Lender or (ii) any bank whose
senior debt obligations are rated not less than “A” or its equivalent by Moody’s or not less than “A”
or its equivalent by S&P and which has a net worth of not less than $500,000,000. Unless a Default or Event of Default shall
have occurred and be continuing, such successor Agent and, if applicable, Issuing Lender shall be reasonably acceptable to the
Borrower. If no successor Agent shall have been appointed and shall have accepted such appointment within thirty (30) days after
the retiring Agent’s giving of notice of resignation or the Required Lender’s removal of the Agent, then the
retiring or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be (i) any Lender or (ii) any financial
institution whose senior debt obligations are rated not less than “A2” or its equivalent by Moody’s or not less
than “A” or its equivalent by S&P and which has a net worth of not less than $500,000,000. Upon the acceptance
of any appointment as Agent and, if applicable, Issuing Lender, hereunder by a successor Agent and, if applicable, Issuing Lender,
such successor Agent and, if applicable, Issuing Lender, shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring or removed Agent and, if applicable, Issuing Lender, and the retiring or removed Agent and,
if applicable, Issuing Lender, shall be discharged from its duties and obligations hereunder as Agent and, if applicable, Issuing
Lender. After any retiring Agent’s resignation or removal, the provisions of this Agreement and the other Loan Documents
shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent
and Issuing Lender. If the resigning or removed Agent shall also resign as the Issuing Lender, such successor Agent shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or shall make other
arrangements satisfactory to the current Issuing Lender, in either case, to assume effectively the obligations of the current Agent
with respect to such Letters of Credit. Upon any change in the Agent under this Agreement, the resigning or removed Agent shall
execute such assignments of and amendments to the Loan Documents as may be necessary to substitute the successor Agent for the
resigning or removed Agent.

    101 

     

    

§14.10Duties in
the Case of Enforcement. In case one or more Events of Default have occurred and shall be continuing, and whether or not acceleration
of the Obligations shall have occurred, the Agent may and, if (a) so requested by the Required Lenders and (b) the Lenders have
provided to the Agent such additional indemnities and assurances in accordance with their respective Commitment Percentages against
expenses and liabilities as the Agent may reasonably request, shall proceed to exercise all or any legal and equitable and other
rights or remedies as it may have; provided, however, that unless and until the Agent shall have received such directions,
the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default
or Event of Default as it shall deem to be in the best interests of the Lenders. Without limiting the generality of the foregoing,
if Agent reasonably determines payment is in the best interest of all the Lenders, Agent may without the approval of the Lenders
pay taxes and insurance premiums and spend money for maintenance, repairs or other expenses which may be necessary to be incurred,
and Agent shall promptly thereafter notify the Lenders of such action. Each Lender shall, within thirty (30) days of request therefor,
pay to the Agent its Commitment Percentage of the reasonable costs incurred by the Agent in taking any such actions hereunder to
the extent that such costs shall not be promptly reimbursed to the Agent by the Borrower or out of the Collateral within such period
with respect to the Collateral Properties. The Required Lenders may direct the Agent in writing as to the method and the extent
of any such exercise, the Lenders hereby agreeing to indemnify and hold the Agent harmless in accordance with their respective
Commitment Percentages from all liabilities incurred in respect of all actions taken or omitted in accordance with such directions,
except to the extent that any of the same shall be directly caused by the Agent’s willful misconduct or gross negligence
as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods, provided
that the Agent need not comply with any such direction to the extent that the Agent reasonably believes the Agent’s compliance
with such direction to be unlawful in any applicable jurisdiction or commercially unreasonable under the UCC as enacted in any
applicable jurisdiction.

§14.11Bankruptcy.
In the event a bankruptcy or other insolvency proceeding is commenced by or against Borrower with respect to the Obligations, the
Agent shall have the sole and exclusive right to file and pursue a joint proof claim on behalf of all Lenders. Any votes with respect
to such claims or otherwise with respect to such proceedings shall be subject to the vote of the Required Lenders or all of the
Lenders as required by this Agreement. Each Lender irrevocably waives its right to file or pursue a separate proof of claim in
any such proceedings unless Agent fails to file such claim within thirty (30) days after receipt of written notice from the Lenders
requesting that Agent file such proof of claim.

§14.12Request for
Agent Action. Agent and the Lenders acknowledge that in the ordinary course of business of the Borrower, (a) Borrower will enter
into leases or rental agreements covering Collateral Properties that may require the execution of a Subordination, Attornment and
Non-Disturbance Agreement in favor of the tenant thereunder, (b) a Collateral Property may be subject to a Taking, (c) a Subsidiary
Guarantor may desire to enter into easements or other agreements affecting the Collateral Properties, or take other actions or
enter into other agreements in the ordinary course of business which similarly require the consent, approval or agreement of the
Agent. In connection with the foregoing, the Lenders hereby expressly authorize the Agent to (w) execute and deliver to the Borrower
Subordination, Attornment and Non-Disturbance Agreements with any tenant under a Lease upon such terms as Agent in its good faith
judgment determines are appropriate (Agent in the exercise of its good faith judgment may agree to allow some or all of the casualty,
condemnation, restoration or other provisions of the applicable Lease to control over the applicable provisions of the Loan Documents),
(x) execute releases of liens in connection with any Taking, (y) execute consents or subordinations in form and substance satisfactory
to Agent in connection with any easements or agreements affecting the Collateral Property, or (z) execute consents, approvals,
or other agreements in form and substance satisfactory to the Agent in connection with such other actions or agreements as may
be necessary in the ordinary course of Borrower’ business.

    102 

     

    

§14.13Reliance
by Agent. The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by an Authorized Officer.
The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making
of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory
to such Lender unless the Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

§14.14Approvals.
If consent is required for some action under this Agreement, or except as otherwise provided herein an approval of the Lenders,
the Required Lenders or the Required Lenders is required or permitted under this Agreement, each Lender agrees to give the Agent,
within ten (10) days of receipt of the request for action together with all reasonably requested information related thereto (or
such lesser period of time required by the terms of the Loan Documents), notice in writing of approval or disapproval (collectively
“Directions”) in respect of any action requested or proposed in writing pursuant to the terms hereof. To the extent
that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to Agent describe the actions that
would be acceptable to such Lender. If consent is required for the requested action, any Lender’s failure to respond to a
request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action.
In the event that any recommendation is not approved by the requisite number of Lenders and a subsequent approval on the same subject
matter is requested by Agent, then for the purposes of this paragraph each Lender shall be required to respond to a request for
Directions within five (5) Business Days of receipt of such request. Agent and each Lender shall be entitled to assume that any
officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such notice, consent,
certificate or other writing unless Agent and such other Lenders have otherwise been notified in writing.

§14.15Borrower
Not Beneficiary. Except for the provisions of §14.9 relating to the appointment of a successor Agent, the provisions of this
§14 are solely for the benefit of the Agent and the Lenders, may not be enforced by the Borrower, and except for the provisions
of §14.9, may be modified or waived without the approval or consent of the Borrower.

§14.16Defaulting
Lenders.

(a)       Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that
Lender is no longer a Defaulting Lender, to the extent permitted by applicable Legal Requirements:

(i)       That
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall
be restricted as set forth in §27.

    103 

     

    

(ii)       Any
payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether
voluntary or mandatory, at maturity, or otherwise, and including any amounts made available to the Agent by that Defaulting Lender
pursuant to §13), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment
of any amounts owing by that Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by the Defaulting Lender to the Issuing Lender hereunder; third, if so determined by the Agent or requested by the Issuing
Lender, to be held as cash collateral for future funding obligations of that Defaulting Lender of any participation or Letter of
Credit; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent;
fifth, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order
to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing
to the Lenders or the Issuing Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or
the Issuing Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; seventh, so long as no Default or Event of Default exists or non-defaulting Lenders have been paid in full all
amounts then due, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations
under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction ; provided
that if (x) such payment is a payment of the principal amount of any Loans or Letter of Credit Liabilities in respect of which
that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or Letter of Credit Liabilities were made
at a time when the conditions set forth in §11 were satisfied or waived, such payment shall be applied solely to pay the Loans
of, and Letter of Credit Liabilities owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Loans of, or Letter of Credit Liabilities owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this §14.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably
consents hereto.

(iii)       That
Defaulting Lender (x) shall not be entitled to receive any facility unused fee pursuant to §2.4 for any period during which
that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided
in §2.11(e).

(iv)       During
any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting
Lender to acquire, refinance or fund participations in Letters of Credit pursuant to §2.11, the “Commitment Percentage”
of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that,
(i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default
or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus
(2) the aggregate Outstanding of the Loans of and Letter of Credit Liabilities held by that Lender.

    104 

     

    

(v)       During
any period that a Lender is a Defaulting Lender, the Borrower may, by giving written notice thereof to the Agent, such Defaulting
Lender, and the other Lenders, demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject to and
in accordance with the provisions of §18.1. No party hereto shall have any obligation whatsoever to initiate any such replacement
or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated,
in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Commitment via an assignment
subject to and in accordance with the provisions of §18.1. No such assignment shall be effective unless and until, in addition
to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent
in an aggregate amount sufficient with any applicable amounts held pursuant to the immediately preceding subsection (ii), upon
distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations,
or other compensating actions, including funding, with the consent of the Borrower and the Agent, the applicable pro rata share
of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent,
the Issuing Lender or any Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) such Defaulting
Lender’s full pro rata share of all Loans and participations in Letters of Credit. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under any Legal Requirement
without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting
Lender for all purposes of this Agreement until such compliance occurs.

(b)       Defaulting
Lender Cure. If the Borrower, the Agent and the Issuing Lender agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to
any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders
or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Letters of Credit Loans to be held on a pro rata basis by the Lenders in accordance with their Commitment Percentages (without
giving effect to §14.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was
a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender.

§14.17Reliance
on Hedge Provider. For purposes of applying payments received in accordance with §12.5, the Agent shall be entitled to rely
upon the trustee, paying agent or other similar representative (each, a “Representative”) or, in the absence
of such a Representative, upon the holder of the Hedge Obligations for a determination (which each holder of the Hedge Obligations
agrees (or shall agree) to provide upon request of the Agent) of the outstanding Hedge Obligations owed to the holder thereof.
Unless it has actual knowledge (including by way of written notice from such holder) to the contrary, the Agent, in acting hereunder,
shall be entitled to assume that no Hedge Obligations are outstanding.

    105 

     

    

§15.EXPENSES. The
Borrower agrees to pay (a) the reasonable and documented out-of-pocket costs incurred by the Agent of producing and reproducing
this Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b) any Indemnified Taxes (including
any interest and penalties in respect thereto) payable by the Agent or any of the Lenders (other than taxes based upon the Agent’s
or any Lender’s gross or net income, except that the Agent and the Lenders shall be entitled to indemnification for any and
all amounts paid by them in respect of taxes based on income or other taxes assessed by any State in which Collateral Property
or other Collateral is located, such indemnification to be limited to taxes due solely on account of the granting of Collateral
under the Security Documents and to be net of any credit allowed to the indemnified party from any other State on account of the
payment or incurrence of such tax by such indemnified party), including any recording, mortgage, documentary or intangibles taxes
in connection with the Mortgages and other Loan Documents, or other taxes payable on or with respect to the transactions contemplated
by this Agreement, including any such taxes payable by the Agent or any of the Lenders after the Closing Date (the Borrower hereby
agreeing to indemnify the Agent and each Lender with respect thereto), (c) all title insurance premiums, engineer’s fees
incurred by the Agent, third party environmental reviews incurred by the Agent and the reasonable fees, expenses and disbursements
of the outside counsel to the Agent and any local counsel to the Agent incurred in connection with the preparation, administration,
or interpretation of the Loan Documents and other instruments mentioned herein, and amendments, modifications, approvals, consents
or waivers hereto or hereunder, (d) all other reasonable and documented out-of-pocket fees (including reasonable attorneys’
fees), expenses and disbursements (other than Taxes unless such payment is otherwise required pursuant to the terms of this Agreement)
of the Agent incurred by the Agent in connection with the preparation or interpretation of the Loan Documents and other instruments
mentioned herein, the addition or substitution of additional Collateral Properties or other Collateral (in connection with each
Loan and/or otherwise), the review of leases and Subordination, Attornment and Non-Disturbance Agreements, the making of each Loan
hereunder, the issuance of Letters of Credit, and the third party out-of-pocket costs and expenses incurred in connection with
the syndication of the Commitments pursuant to §18 hereof, and (e) without duplication, all reasonable and documented out-of-pocket
expenses (including reasonable attorneys’ fees and costs, and the fees and costs of appraisers, engineers, investment bankers
or other experts retained by any Lender or the Agent) incurred by any Lender or the Agent in connection with (i) the enforcement
of or preservation of rights under any of the Loan Documents against the Credit Parties or the administration thereof after the
occurrence of a Default or Event of Default and (ii) any litigation, proceeding or dispute whether arising hereunder or otherwise,
in any way related to the Agent’s or any of the Lenders’ relationship with the Borrower (provided that any attorneys’
fees and costs pursuant to this clause (e) shall be limited to those incurred by the Agent, local counsel in each jurisdiction
where a Collateral Property is located, and one other counsel with respect to the Lenders as a group), (f) all reasonable and documented
fees, expenses and disbursements of the Agent incurred in connection with UCC searches, UCC filings, title rundowns, title searches
or mortgage recordings, (g) all reasonable and documented out-of-pocket fees, expenses and disbursements (including reasonable
attorneys’ fees and costs) which may be incurred by Agent in connection with the execution and delivery of this Agreement
and the other Loan Documents (without duplication of any of the items listed above), and (h) all expenses relating to the use of
Intralinks, SyndTrak or any other similar system for the dissemination and sharing of documents and information in connection with
the Loans in accordance with the terms of this Agreement. The covenants of this §15 shall survive the repayment of the Loans
and the termination of the obligations of the Lenders hereunder.

    106 

     

    

§16.INDEMNIFICATION.
The Borrower and each Guarantor, jointly and severally, agree to indemnify and hold harmless the Agent, the Lenders and the Arranger
and each director, officer, employee, agent and Affiliate thereof and Person who controls the Agent or any Lender or the Arranger
against any and all claims, actions and suits, whether groundless or otherwise, and from and against any and all liabilities, losses,
damages and expenses of every nature and character arising out of or relating to any claim, action, suit or litigation arising
out of this Agreement or any of the other Loan Documents or the transactions contemplated hereby and thereby including, without
limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be made relating to the Collateral
Properties or the Loans by parties claiming by or through Borrower or any Guarantor, (b) any condition of the Collateral Properties
or any other Real Estate, (c) any actual or proposed use by the Borrower or any Guarantor of the proceeds of any of the Loans or
Letters of Credit, (d) any actual or alleged infringement of any patent, copyright, trademark, service mark or similar right of
the Borrower and each Guarantor, (e) the Borrower or any Guarantor entering into or performing this Agreement or any of the other
Loan Documents, (f) any actual or alleged violation of any law, ordinance, code, order, rule, regulation, approval, consent, permit
or license relating to the Collateral Properties or any other Real Estate, (g) with respect to the Borrower or any Guarantor and
their respective properties and assets, subject to any limitations set forth in the Indemnity Agreements, the violation of any
Environmental Law, the Release or threatened Release of any Hazardous Substances or any action, suit, proceeding or investigation
brought or threatened with respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful
death, personal injury, nuisance or damage to property), and (h) to the extent used by Borrower or any Guarantor, any use of Intralinks,
SyndTrak or any other system for the dissemination and sharing of documents and information, in each case including, without limitation,
the reasonable fees and disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding;
provided, however, that the Borrower and the Guarantors shall not be obligated under this §16 or otherwise to
indemnify any Person for liabilities arising from such Person’s own gross negligence or willful misconduct as determined
by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. In litigation, or the preparation therefor,
the Lenders and the Agent shall be entitled to select a single law firm as their own counsel and, in addition to the foregoing
indemnity, the Borrower and the Guarantors agree to pay promptly the reasonable fees and expenses of such counsel. If, and to the
extent that the obligations of the Borrower or any Guarantor under this §16 are unenforceable for any reason, the Borrower
and each Guarantor hereby agree to make the maximum contribution to the payment in satisfaction of such obligations which is permissible
under applicable law. The provisions of this §16 shall survive the repayment of the Loans and the termination of the obligations
of the Lenders hereunder for a period of one year.

§17.SURVIVAL OF COVENANTS,
ETC. All covenants, agreements, representations and warranties made herein, in the Notes, in any of the other Loan Documents or
in any documents or other papers delivered by or on behalf of the Borrower or any of their respective Subsidiaries pursuant hereto
or thereto shall be deemed to have been relied upon by the Lenders and the Agent, notwithstanding any investigation heretofore
or hereafter made by any of them, and shall survive the making by the Lenders of any of the Loans, as herein contemplated, and
shall continue in full force and effect so long as any amount due under this Agreement or the Notes or any of the other Loan Documents
remains outstanding or any Letters of Credit remain outstanding or any Lender has any obligation to make any Loans or issue any
Letters of Credit. The indemnification obligations of the Borrower and each Guarantor provided herein and in the other Loan Documents
shall survive the full repayment of amounts due and the termination of the obligations of the Lenders hereunder and thereunder
to the extent provided herein and therein for a period of one year. All statements contained in any certificate delivered to any
Lender or the Agent at any time by or on behalf of the Borrower or any of their respective Subsidiaries pursuant hereto or in connection
with the transactions contemplated hereby shall constitute representations and warranties by such Person hereunder.

    107 

     

    

§18.ASSIGNMENT AND
PARTICIPATION.

§18.1Conditions
to Assignment by Lenders. Except as provided herein, each Lender may assign to one or more Eligible Assignees all or a portion
of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment Percentage and Commitment
and the same portion of the Loans at the time owing to it and the Notes held by it); provided that (a) the Agent and the
Issuing Lender shall have each given its prior written consent to such assignment, which consent shall not be unreasonably withheld
or delayed, (b) each such assignment shall be of a constant, and not a varying, percentage of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Revolving Credit Commitment in the event an interest in the Revolving
Credit Loans is assigned, (c) the parties to such assignment shall execute and deliver to the Agent, for recording in the Register
(as hereinafter defined) an Assignment and Acceptance Agreement in the form of Exhibit H annexed hereto, together with any
Notes subject to such assignment, (d) in no event shall any assignment be to any Person controlling, controlled by or under common
control with, or which is not otherwise free from influence or control by, Borrower or Guarantor, and (e) such assignee shall acquire
an interest in the Loans of not less than $5,000,000 and integral multiples of $1,000,000 in excess thereof (or if less, the remaining
Loans of the assignor), unless waived by the Agent, and so long as no Default or Event of Default exists hereunder, Borrower. Upon
execution, delivery, acceptance and recording of such Assignment and Acceptance Agreement, (i) the assignee thereunder shall be
a party hereto and all other Loan Documents executed by the Lenders and, to the extent provided in such Assignment and Acceptance
Agreement, have the rights and obligations of a Lender hereunder, (ii) the assigning Lender shall, upon payment to the Agent of
the registration fee referred to in §18.2, be released from its obligations under this Agreement arising after the effective
date of such assignment with respect to the assigned portion of its interests, rights and obligations under this Agreement, and
(iii) the Agent may unilaterally amend Schedule 1.1 to reflect such assignment. In connection with each assignment, the
assignee shall represent and warrant to the Agent, the assignor and each other Lender as to whether such assignee is controlling,
controlled by, under common control with or is not otherwise free from influence or control by, the Borrower and the Guarantors
and whether such assignee is a Defaulting Lender or an Affiliate of a Defaulting Lender. In connection with any assignment of rights
and obligations of any Defaulting Lender, no such assignment shall be effective unless and until, in addition to the other conditions
thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations
or actions, including funding, with the consent of the Borrower and the Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder
(and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations
in Letters of Credit in accordance with its Revolving Credit Commitment Percentage. Notwithstanding the foregoing, in the event
that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under Applicable Law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

    108 

     

    

§18.2Register.
The Agent shall maintain on behalf of the Borrower a copy of each assignment delivered to it and a register or similar list (the
“Register”) for the recordation of the names and addresses of the Lenders and the Commitment Percentages of
and principal amount of and interest on the Loans owing to the Lenders from time to time. The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded
in the Register as a Lender hereunder for all purposes, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrower and the Lenders at any reasonable time and from time to time upon reasonable prior notice. Upon
each such recordation, the assigning Lender agrees to pay to the Agent a registration fee in the sum of $5,500.

§18.3New Notes.
Upon its receipt of an Assignment and Acceptance Agreement executed by the parties to such assignment, together with each Note
subject to such assignment, the Agent shall record the information contained therein in the Register. Within five (5) Business
Days after receipt of notice of such assignment from Agent, the Borrower, at their own expense, shall execute and deliver to the
Agent, in exchange for each surrendered Note, a new Note (if requested by the subject Lender) to the order of such assignee in
an amount equal to the amount assigned to such assignee pursuant to such Assignment and Acceptance Agreement and, if the assigning
Lender has retained some portion of its obligations hereunder, a new Note to the order of the assigning Lender in an amount equal
to the amount retained by it hereunder. Such new Notes shall provide that they are replacements for the surrendered Notes, shall
be in an aggregate principal amount equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective
date of such Assignment and Acceptance Agreement and shall otherwise be in substantially the form of the assigned Notes. The surrendered
Notes shall be canceled and returned to the Borrower.

§18.4Participations.
Each Lender may sell participations to one or more Lenders or other entities in all or a portion of such Lender’s rights
and obligations under this Agreement and the other Loan Documents; provided that (a) any such sale or participation shall
not affect the rights and duties of the selling Lender hereunder, (b) such participation shall not entitle such participant to
any rights or privileges under this Agreement or any Loan Documents, including without limitation, rights granted to the Lenders
under §4.8, §4.9 and §4.10, (c) such participation shall not entitle the participant to the right to approve waivers,
amendments or modifications, (d) such participant shall have no direct rights against the Borrower, (e) such participant shall
be entitled to the benefits of §4.4(b) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to §18.1, but shall not be entitled to receive any greater payment under §4.4(b) than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant, (f) such sale is effected in accordance
with all applicable laws, (g) such participant shall not be a Person controlling, controlled by or under common control with, or
which is not otherwise free from influence or control by any of the Borrower, and (h) unless an Event of Default is in existence,
such participant is not a Competitor; provided, however, such Lender may agree with the participant that it will
not, without the consent of the participant, agree to (i) increase, or extend the term or extend the time or waive any requirement
for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of
or interest on the Loans or portions thereof owing to such Lender (other than pursuant to an extension of the Revolving Credit
Maturity Date pursuant to §2.13), (iii) reduce the amount of any such payment of principal, (iv) reduce the rate

    109 

     

    

at which interest is payable
thereon or (v) release Borrower (except as otherwise permitted under §5.4, §5.6 or §5.7). Each Lender that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter
of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice
to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant
Register.

§18.5Pledge by
Lender. Any Lender may at any time pledge all or any portion of its interest and rights under this Agreement (including all or
any portion of its Note) to any of the twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C.
§341 or any other central banking authority, or to such other Person as the Agent elects and so long as no Default or Event
of Default has occurred and is continuing, the Borrower may approve the identity of such other Person. No such pledge or the enforcement
thereof shall release the pledgor Lender from its obligations hereunder or under any of the other Loan Documents.

§18.6No Assignment
by Borrower. The Borrower shall not assign or transfer any of their rights or obligations under this Agreement without the prior
written consent of each of the Lenders.

§18.7Disclosure.
Borrower agrees to promptly and reasonably cooperate with any Lender in connection with any proposed assignment or participation
of all or any portion of its Commitment. The Borrower agrees that, in addition to disclosures made in accordance with standard
banking practices, any Lender may disclose information obtained by such Lender pursuant to this Agreement to assignees or participants
and potential assignees or participants hereunder, but in all events subject to the terms hereof. Each Lender agrees for itself
that it shall use reasonable efforts in accordance with its customary procedures to hold confidential all non-public information
obtained from Borrower that has been identified in writing as confidential by any of them, and shall use reasonable efforts in
accordance with its customary procedures to not disclose such information to any other Person, it being understood and agreed that,
notwithstanding the foregoing, a Lender may make (a) disclosures to its participants (provided such Persons are advised of the
provisions of this §18.7, and agree to destroy or return all confidential information if it does not become an assignee or
participant), (b) disclosures to its directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other
professional advisors of such Lender (provided that such Persons who are not employees of such Lender are advised of the provision
of this §18.7), (c), disclosures customarily provided or reasonably required by any potential or actual bona fide assignee,
transferee or participant or their respective directors, officers, employees, Affiliates, accountants, appraisers, legal counsel
and other professional advisors in connection with a potential or actual assignment or transfer by

    110 

     

    

such Lender of any Loans or
any participations therein (provided such Persons are advised of the provisions of this §18.7), (d) disclosures to bank regulatory
authorities or self-regulatory bodies with jurisdiction over such Lender, or (e) disclosures required or requested by any other
governmental authority or representative thereof or pursuant to legal process; provided that, unless specifically prohibited by
applicable law or court order, each Lender shall notify Borrower of any request by any governmental authority or representative
thereof prior to disclosure (other than any such request in connection with any examination of such Lender by such government authority)
for disclosure of any such non-public information prior to disclosure of such information and provide (if permitted under applicable
Legal Requirements) Borrower a reasonable opportunity to challenge the disclosure or require that such disclosure be made under
seal. In addition, each Lender may make disclosure of such information to any contractual counterparty in swap agreements or such
contractual counterparty’s professional advisors (so long as such contractual counterparty or professional advisors agree
to be bound by the provisions of this §18.7). Non-public information shall not include any information which is or subsequently
becomes publicly available other than as a result of a disclosure of such information by a Lender, or prior to the delivery to
such Lender is within the possession of such Lender if such information is not known by such Lender to be subject to another confidentiality
agreement with or other obligations of secrecy to the Borrower, or is disclosed with the prior approval of Borrower. Nothing herein
shall prohibit the disclosure of non-public information to the extent necessary to enforce the Loan Documents.

§18.8Titled Agents.
The Titled Agents shall not have any additional rights or obligations under the Loan Documents, except for those rights, if any,
as a Lender.

§18.9Amendments
to Loan Documents. Upon any such assignment or participation, the Borrower shall, upon the request of the Agent, enter into such
documents as may be reasonably required by the Agent to modify the Loan Documents to reflect such assignment or participation.

§19.NOTICES.

(a)       
Each notice, demand, election or request provided for or permitted to be given pursuant to this Agreement (hereinafter in this
§19 referred to as “Notice”) must be in writing and shall be deemed to have been properly given or served by personal
delivery or by telegraph or by sending same by overnight courier or by depositing same in the United States Mail, postpaid and
registered or certified, return receipt requested, and addressed to the parties at the address set forth on Schedule 19.

(b)       Each
Notice shall be effective upon being personally delivered or upon being sent by overnight courier or upon being deposited in the
United States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is permitted, upon being sent and confirmation
of receipt. The time period in which a response to such Notice must be given or any action taken with respect thereto (if any),
however, shall commence to run from the date of receipt if personally delivered or sent by overnight courier, or if so deposited
in the United States Mail, the earlier of three (3) Business Days following such deposit or the date of receipt as disclosed on
the return receipt. Rejection or other refusal to accept or the inability to deliver because of changed address for which no notice
was given shall be deemed to be receipt of the Notice sent. By giving at least fifteen (15) days prior Notice thereof, Borrower,
a Lender or Agent shall have the right from time to time and at any time during the term of this Agreement to change their respective
addresses and each shall have the right to specify as its address any other address within the United States of America.

    111 

     

    

(c)       Loan
Documents and notices under the Loan Documents may, with Agent’s approval, be transmitted and/or signed by facsimile and
by signatures delivered in “PDF” format by electronic mail. The effectiveness of any such documents and signatures
shall, subject to Applicable Law, have the same force and effect as an original copy with manual signatures and shall be binding
on the Borrower, the Guarantors, Agent and Lenders. Agent may also require that any such documents and signature delivered by facsimile
or “PDF” format by electronic mail be confirmed by a manually-signed original thereof; provided, however, that the
failure to request or deliver any such manually-signed original shall not affect the effectiveness of any facsimile or “PDF”
document or signature.

(d)       Notices
and other communications to the Agent, the Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that
the foregoing shall not apply to notices to any Lender or Issuing Lender pursuant to §2 if such Lender or Issuing Lender,
as applicable, has notified the Agent that it is incapable of receiving notices under such Section by electronic communication.
The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices
or communications. Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall
be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail
address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying
the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication
is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at
the opening of business on the next business day for the recipient

§20.RELATIONSHIP.
Neither the Agent nor any Lender has any fiduciary relationship with or fiduciary duty to the Borrower or their respective Subsidiaries
arising out of or in connection with this Agreement or the other Loan Documents or the transactions contemplated hereunder and
thereunder, and the relationship between each Lender and Agent, and the Borrower is solely that of a lender and borrower, and nothing
contained herein or in any of the other Loan Documents shall in any manner be construed as making the parties hereto partners,
joint venturers or any other relationship other than lender and borrower.

    112 

     

    

§21.GOVERNING LAW;
CONSENT TO JURISDICTION AND SERVICE. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT
LIMITATION, NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401. THE BORROWER, THE GUARANTORS, THE AGENT AND THE LENDERS AGREE THAT
ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING
ANY FEDERAL COURT SITTING THEREIN). THE BORROWER, THE GUARANTORS, THE AGENT AND THE LENDERS FURTHER ACCEPT, GENERALLY AND UNCONDITIONALLY,
THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREE TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY WITH RESPECT TO THIS AGREEMENT AND (ii) WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
ANY OF THEM MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN
INCONVENIENT FORUM. IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER
MAY BRING ACTION(S) FOR ENFORCEMENT ON A NONEXCLUSIVE BASIS WHERE ANY COLLATERAL OR ASSETS OF BORROWER OR THE GUARANTORS, EXIST
AND THE BORROWER AND THE GUARANTORS, CONSENT TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS. THE BORROWER AND THE GUARANTORS,
EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE FOREGOING CHOICE OF NEW YORK LAW WAS A MATERIAL INDUCEMENT TO THE AGENT AND THE LENDERS
IN ENTERING INTO THIS AGREEMENT AND IN MAKING THE LOANS HEREUNDER.

§22.HEADINGS. The
captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

§23.COUNTERPARTS.
This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each
of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. In proving
this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom
enforcement is sought.

§24.ENTIRE AGREEMENT,
ETC. This Agreement and the Loan Documents are intended by the parties as the final, complete and exclusive statement of the transactions
evidenced by this Agreement and the Loan Documents. All prior or contemporaneous promises, agreements and understandings, whether
oral or written, are deemed to be superseded by this Agreement and the Loan Documents, and no party is relying on any promise,
agreement or understanding not set forth in this Agreement and the Loan Documents. Neither this Agreement nor any term hereof may
be changed, waived, discharged or terminated, except as provided in §27.

    113 

     

    

§25.WAIVER OF JURY
TRIAL AND CERTAIN DAMAGE CLAIMS. EACH OF THE BORROWER, THE GUARANTORS, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO
A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY NOTE OR ANY
OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.
EACH PARTY HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL
DAMAGES AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH
PARTY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG
OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §25. EACH PARTY ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY
TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THAT EACH PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.

§26.DEALINGS WITH
THE BORROWER. The Agent, the Lenders and their affiliates may accept deposits from, extend credit to, invest in, act as trustee
under indentures of, serve as financial advisor of, and generally engage in any kind of banking, trust or other business with the
Borrower and their respective Subsidiaries or any of their Affiliates regardless of the capacity of the Agent or the Lender hereunder.
The Lenders acknowledge that, pursuant to such activities, KeyBank or its Affiliates may receive information regarding such Persons
(including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Agent
shall be under no obligation to provide such information to them. Borrower acknowledges, on behalf of itself and its Affiliates
that the Agent and each of the Lenders and their respective Affiliates may be providing debt financing, equity capital or other
services (including financial advisory services) in which Borrower and its Affiliates may have conflicting interests regarding
the transactions described herein and otherwise. Neither the Agent nor any Lender will use confidential information described in
§18.7 obtained from Borrower by virtue of the transactions contemplated hereby or its other relationships with Borrower and
its Affiliates in connection with the performance by the Agent or such Lender or their respective Affiliates of services for other
companies, and neither the Agent nor any Lender nor their Affiliates will furnish any such information to other companies. Borrower,
on behalf of itself and its Affiliates, also acknowledges that neither the Agent nor any Lender has any obligation to use in connection
with the transactions contemplated hereby, or to furnish to Borrower, confidential information obtained from other companies. Borrower,
on behalf of itself and its Affiliates, further acknowledges that one or more of the Agent and Lenders and their respective Affiliates
may be a full service securities firm and may from time to time effect transactions, for its own or its Affiliates’ account
or the account of customers, and hold positions in loans, securities or options on loans or securities of Borrower and its Affiliates.

    114 

     

    

§27.CONSENTS, AMENDMENTS,
WAIVERS, ETC. Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement
may be given, and any material term of this Agreement or of any other instrument related hereto or mentioned herein may be amended,
and the performance or observance by the Borrower or the Guarantors of any terms of this Agreement or such other instrument or
the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively
or prospectively) with, but only with, the written consent of the Required Lenders and, with respect to any amendment of any term
of this Agreement or of any other instrument related hereto or mentioned herein, the Borrower or the other Credit Parties, as the
case may be. Notwithstanding the foregoing, none of the following may occur without the written consent of each Lender adversely
affected thereby: (a) a reduction in the rate of interest on the Notes (other than a reduction or waiver of default interest);
(b) an increase in the amount of the Commitments of the Lenders (except as provided in §18.1); (c) a forgiveness, reduction
or waiver of the principal of any unpaid Loan or any interest thereon or fee payable under the Loan Documents; (d) a change in
the amount of any fee payable to a Lender hereunder; (e) the postponement of any date fixed for any payment of principal of or
interest on the Loan; (f) an extension of the Revolving Credit Maturity Date (except as provided in §2.13); (g) a change in
the manner of distribution of any payments to the Lenders or the Agent; (h) the release of Borrower, other Credit Party, or any
Collateral except as otherwise provided in §5.4, §5.6 or §5.7; (i) an amendment of the definition of Required Lenders
or of any requirement for consent by all of the Lenders; (j) any modification to require a Lender to fund a pro rata share of a
request for an advance of the Loan made by the Borrower other than based on its Commitment Percentage; (k) an amendment to this
§27; or (l) an amendment of any provision of this Agreement or the Loan Documents which requires the approval of all of the
Lenders, the Required Lenders or the Required Lenders to require a lesser number of Lenders to approve such action. The provisions
of §14 may not be amended without the written consent of the Agent. There shall be no amendment, modification or waiver of
any provision in the Loan Documents with respect to Letters of Credit without the consent of the Issuing Lender. No waiver shall
extend to or affect any obligation not expressly waived or impair any right consequent thereon. No course of dealing or delay or
omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders
or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting
Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

Further notwithstanding
anything to the contrary in this §27, if the Agent and the Borrower have jointly identified an ambiguity, omission, mistake,
typographical error or other defect in any provision of this Agreement or the other Loan Documents or an inconsistency between
provisions of this Agreement and/or the other Loan Documents, the Agent and the Borrower shall be permitted to amend, modify or
supplement such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so
would not adversely affect the interest of the Lenders. Any such amendment, modification or supplement shall become effective without
any further action or consent of any of other party to this Agreement.

    115 

     

    

§28.SEVERABILITY.
The provisions of this Agreement are severable, and if any one clause or provision hereof shall be held invalid or unenforceable
in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or
part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any
other clause or provision of this Agreement in any jurisdiction.

§29.TIME OF THE ESSENCE.
Time is of the essence with respect to each and every covenant, agreement and obligation under this Agreement and the other Loan
Documents.

§30.NO UNWRITTEN
AGREEMENTS. THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
ANY ADDITIONAL TERMS OF THE AGREEMENT BETWEEN THE PARTIES ARE SET FORTH BELOW.

§31.REPLACEMENT NOTES.
Upon receipt of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation of any Note, and in
the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to Borrower or,
in the case of any such mutilation, upon surrender and cancellation of the applicable Note, Borrower will execute and deliver,
in lieu thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of the date of the applicable
Note and upon such execution and delivery all references in the Loan Documents to such Note shall be deemed to refer to such replacement
Note.

§32.NO THIRD PARTIES
BENEFITED. This Agreement and the other Loan Documents are made and entered into for the sole protection and legal benefit of the
Borrower, the Guarantors, the Lenders, the Agent, the Lender Hedge Provider, and their permitted successors and assigns, and no
other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection
with, this Agreement or any of the other Loan Documents. All conditions to the performance of the obligations of the Agent and
the Lenders under this Agreement, including the obligation to make Loans and issue Letters of Credit, are imposed solely and exclusively
for the benefit of the Agent and the Lenders, and their permitted successors and assigns, and no other Person shall have standing
to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Agent and the Lenders
will refuse to make Loans or issue Letters of Credit in the absence of strict compliance with any or all thereof and no other Person
shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and all of which may be freely waived in
whole or in part by the Agent and the Lenders at any time if in their sole discretion they deem it desirable to do so. In particular,
the Agent and the Lenders make no representations and assume no obligations as to third parties concerning the quality of the construction
by the Borrower or any of their Subsidiaries of any development or the absence therefrom of defects.

§33.PATRIOT ACT.
Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that, pursuant to the requirements
of the Patriot Act, it is required to obtain, verify and record information that identifies Borrower and the Guarantors, which
information includes names and addresses and other information that will allow such Lender or the Agent, as applicable, to identify
Borrower and the Guarantors in accordance with the Patriot Act.

    116 

     

    

§34.[Intentionally
Omitted.]

§35.JOINT AND SEVERAL
LIABILITY. Each of the Borrower and the Guarantors covenants and agrees that each and every covenant and obligation of Borrower
and the Guarantors hereunder and under the other Loan Documents shall be the joint and several obligations of Borrower and each
Guarantor

§36.ADDITIONAL AGREEMENTS
CONCERNING OBLIGATIONS OF CREDIT PARTIES.

§36.1Waiver of
Automatic or Supplemental Stay. Each of the Credit Parties represents, warrants and covenants to the Lenders and Agent that in
the event of the filing of any voluntary or involuntary petition in bankruptcy by or against the other of the Credit Parties at
any time following the execution and delivery of this Agreement, none of the Credit Parties shall seek a supplemental stay or any
other relief, whether injunctive or otherwise, pursuant to Section 105 of the Bankruptcy Code or any other provision of the Bankruptcy
Code, to stay, interdict, condition, reduce or inhibit the ability of the Lenders or Agent to enforce any rights it has by virtue
of this Agreement, the Loan Documents, or at law or in equity, or any other rights the Lenders or Agent has, whether now or hereafter
acquired, against the other Credit Parties or against any property owned by such other Credit Parties..

§36.2Waiver of
Defenses. To the extent permitted by Applicable Law, each of the Credit Parties hereby waives and agrees not to assert or take
advantage of any defense based upon:

(a)       Any
right to require Agent or the Lenders to proceed against the other Credit Parties or any other Person or to proceed against or
exhaust any security held by Agent or the Lenders at any time or to pursue any other remedy in Agent’s or any Lender’s
power or under any other agreement before proceeding against a Credit Party hereunder or under any other Loan Document;

(b)       The
defense of the statute of limitations in any action hereunder or the payment or performance of any of the Obligations;

(c)       Any
defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the
failure of Agent or any Lender to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding)
of any other Person or Persons;

(d)       Any
failure on the part of Agent or any Lender to ascertain the extent or nature of any Collateral or any insurance or other rights
with respect thereto, or the liability of any party liable under the Loan Documents or the obligations evidenced or secured thereby;

    117 

     

    

(e)       Demand,
presentment for payment, notice of nonpayment, protest, notice of protest and all other notices of any kind (except for such notices
as are specifically required to be provided to Credit Parties pursuant to the Loan Documents), or the lack of any thereof, including,
without limiting the generality of the foregoing, notice of the existence, creation or incurring of any new or additional indebtedness
or obligation or of any action or non-action on the part of any Credit Party, Agent, any Lender, any endorser or creditor of the
Credit Parties or on the part of any other Person whomsoever under this or any other instrument in connection with any obligation
or evidence of indebtedness held by Agent or any Lender;

(f)       Any
defense based upon an election of remedies by Agent or any Lender, including any election to proceed by judicial or nonjudicial
foreclosure of any security, whether real property or personal property security, or by deed in lieu thereof, and whether or not
every aspect of any foreclosure sale is commercially reasonable, or any election of remedies, including remedies relating to real
property or personal property security, which destroys or otherwise impairs the subrogation rights of a Credit party or the rights
of a Credit Party to proceed against the other Credit Parties for reimbursement, or both;

(g)       Any
right or claim of right to cause a marshaling of the assets of the Credit Parties;

(h)       Any
principle or provision of law, statutory or otherwise, which is or might be in conflict with the terms and provisions of this Agreement;

(i)       Any
duty on the part of Agent or any Lender to disclose to any Credit Party any facts Agent or any Lender may now or hereafter know
about a Credit Party or the Collateral, regardless of whether Agent or any Lender has reason to believe that any such facts materially
increase the risk beyond that which such Credit Party intends to assume or has reason to believe that such facts are unknown to
such Credit Party or has a reasonable opportunity to communicate such facts to any Credit Party, it being understood and agreed
that each Credit Party is fully responsible for being and keeping informed of the financial condition of the other Credit Parties,
of the condition of the Collateral Property or the Collateral and of any and all circumstances bearing on the risk that liability
may be incurred by the Credit Parties hereunder and under the other Loan Documents;

(j)       Any
inaccuracy of any representation or other provision contained in any Loan Document;

(k)       Subject
to compliance with the provisions of this Agreement, any sale or assignment of the Loan Documents, or any interest therein;

(l)       Subject
to compliance with the provisions of this Agreement, any sale or assignment by a Credit Party or any other Person of any Collateral,
or any portion thereof or interest therein, not consented to by Agent or any Lender;

(m)       Any
invalidity, irregularity or unenforceability, in whole or in part, of any one or more of the Loan Documents;

(n)       Any
lack of commercial reasonableness in dealing with the Collateral;

    118 

     

    

(o)       Any
deficiencies in the Collateral or any deficiency in the ability of Agent or any Lender to collect or to obtain performance from
any Persons now or hereafter liable for the payment and performance of any obligation hereby guaranteed;

(p)       An
assertion or claim that the automatic stay provided by 11 U.S.C. §362 (arising upon the voluntary or involuntary bankruptcy
proceeding of the other Credit Parties) or any other stay provided under any other debtor relief law (whether statutory, common
law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, shall
operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Agent or any Lender to enforce any of
its rights, whether now or hereafter required, which Agent or any Lender may have against a Credit Party or the Collateral owned
by it;

(q)       Any
modifications of the Loan Documents or any obligation of Credit Parties relating to the Loan by operation of law or by action of
any court, whether pursuant to the Bankruptcy Code, or any other debtor relief law (whether statutory, common law, case law or
otherwise) of any jurisdiction whatsoever, now or hereafter in effect, or otherwise;

(r)       Any
release of a Credit Party or of any other Person from performance or observance of any of the agreements, covenants, terms or conditions
contained in any of the Loan Documents by operation of law, Agent’s or the Lenders’ voluntary act or otherwise;

(s)       Any
action, occurrence, event or matter consented to by the under any provision hereof, or otherwise;

(t)       The
dissolution or termination of existence of any Credit Party;

(u)       Either
with or without notice to the Credit Parties, any renewal, extension, modification, amendment or another changes in the Obligations,
including but not limited to any material alteration of the terms of payment or performance of the Obligations;

(v)       Any
defense of the Credit Parties, including without limitation, the invalidity, illegality or unenforceability of any of the Obligations;
or

(w)       To
the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which any Credit Party might otherwise
be entitled, it being the intention that the obligations of each Credit Party hereunder are absolute, unconditional and irrevocable.

§36.3Waiver. Each
of the Credit Parties waives, to the fullest extent that each may lawfully so do, the benefit of all appraisement, valuation, stay,
extension, homestead, exemption and redemption laws which such Person may claim or seek to take advantage of in order to prevent
or hinder the enforcement of any of the Loan Documents or the exercise by Lenders or Agent of any of their respective remedies
under the Loan Documents and, to the fullest extent that the Credit Parties may lawfully so do, such Person waives any and all
right to have the assets comprised in the security intended to be created by the Security Documents (including, without limitation,
those assets owned by the other of the Credit Parties) marshaled upon any foreclosure of the lien created by such Security Documents.
Each of the Credit Parties further agree that the Lenders and Agent shall be entitled to exercise their respective rights and remedies
under the Loan Documents or at law or in equity in such order as they may elect. Without limiting the foregoing, each of the Credit
Parties further agree that upon the occurrence of an Event of Default, the Lenders and Agent may exercise any of such rights and
remedies without notice to any of the Credit Parties except as required by law or the Loan Documents and agrees that neither the
Lenders nor Agent shall be required to proceed against the other of the Credit Parties or any other Person or to proceed against
or to exhaust any other security held by the Lenders or Agent at any time or to pursue any other remedy in Lender’s or Agent’s
power or under any of the Loan Documents before proceeding against a Credit Party or its assets under the Loan Documents.

    119 

     

    

§36.4Subordination.
So long as the Loans are outstanding, each of the Credit Parties hereby expressly waive any right of contribution from or indemnity
against the other, whether at law or in equity, arising from any payments made by such Person pursuant to the terms of this Agreement
or the Loan Documents, and each of the Credit Parties acknowledges that it has no right whatsoever to proceed against the other
for reimbursement of any such payments. In connection with the foregoing, each of the Credit Parties expressly waives any and all
rights of subrogation to the Lenders or Agent against the other of the Credit Parties, and each of the Credit Parties hereby waives
any rights to enforce any remedy which the Lenders or Agent may have against the other of the Credit Parties and any rights to
participate in any Collateral or any other assets of the other Credit Parties. In addition to and without in any way limiting the
foregoing, each of the Credit Parties hereby subordinates any and all indebtedness it may now or hereafter owe to such other Credit
Parties to all indebtedness of the Credit Parties to the Lenders and Agent, and agrees with the Lenders and Agent that no Credit
Party shall claim any offset or other reduction of such Credit Party’s obligations hereunder because of any such indebtedness
and shall not take any action to obtain any of the Collateral or any other assets of the other Credit Parties.

§36.5Waiver of
Rights Under Anti-Deficiency Rules. Without limiting any other provision of this §36, each Credit Party understands and acknowledges
that, if the Agent forecloses judicially or nonjudicially against any real property Collateral for the Obligations, such foreclosure
could impair or destroy any right or ability that such Credit Party may have to seek reimbursement, contribution, or indemnification
for any amounts paid by such Credit Party under this Agreement. Each Credit Party further understands and acknowledges that in
the absence of this waiver such potential impairment or destruction of such Credit Party’s rights, if any, may entitle such
Credit Party to assert a defense to this Agreement based on California Code of Civil Procedure §580d as interpreted in Union
Bank v. Gradsky, (1968) 265 CA 2d 40, 71 CR 64, on the grounds, among others, that the Agent or the Lenders should be estopped
from pursuing such Credit Party because their election to foreclose may have impaired or destroyed such subrogation, reimbursement,
contribution, or indemnification rights of such Credit Party. By execution of this Agreement, each Credit Party intentionally,
freely, irrevocably, and unconditionally: (i) waives and relinquishes that defense and agrees that such Credit Party will be liable
under this Agreement even though the Agent has foreclosed judicially or nonjudicially against any real or personal property Collateral
for the Obligations; (ii) agrees that such Credit Party will not assert that defense in any action or proceeding which the Agent
or the Lenders may bring to enforce this Agreement; and (iii) acknowledges and agrees that until the Obligations have been indefeasibly
paid in full, the rights and defenses waived by such Credit Party in this Agreement include any right or defense that such Credit
Party may have or be entitled to assert based on or arising out of California Civil Code §2848.

§36.6Further Waivers.
Each Credit Party intentionally, freely, irrevocably and unconditionally waives and relinquishes all rights which may be available
to it under any provision of California law or under any California judicial decision, including, without limitation, Section 580a
and 726(b) of the California Code of Civil Procedure, to limit the amount of any deficiency judgment or other judgment which may
be obtained against such Credit Party under this Agreement to not more than the amount by which the unpaid Obligations exceeds
the fair market value or fair value of any real or personal property securing the Obligations, including, without limitation, all
rights to an appraisement of, judicial or other hearing on, or other determination of the value of said property. Each Credit Party
acknowledges and agrees that, as a result of the foregoing waiver, the Agent or the Lenders may be entitled to recover from such
Credit Party an amount which, when combined with the value of any real or personal property foreclosed upon by the Agent (or the
proceeds of the sale of which have been received by the Agent and the Lenders) and any sums collected by the Agent and the Lenders
from any other Credit Party or other Persons, might exceed the amount of the Obligations.

    120 

     

    

§37.ACKNOWLEDGMENT
OF BENEFITS; EFFECT OF AVOIDANCE PROVISIONS.

(a)       Without
limiting any other provision of §36, each Subsidiary Guarantor acknowledges that it has received, or will receive, significant
financial and other benefits, either directly or indirectly, from the proceeds of the Loans made by the Lenders to the Borrower
pursuant to this Agreement; that the benefits received by such Subsidiary Guarantor are reasonably equivalent consideration for
such Subsidiary Guarantor’s execution of this Agreement and the other Loan Documents to which it is a party; and that such
benefits include, without limitation, the access to capital afforded to the Borrower pursuant to this Agreement from which the
activities of such Subsidiary Guarantor will be supported, the refinancing of certain existing indebtedness of such Subsidiary
Guarantor secured by such Subsidiary Guarantor’s Collateral Property from the proceeds of the Loans, and the ability to refinance
that indebtedness at a lower interest rate and otherwise on more favorable terms than would be available to it if the Collateral
Property owned by such Subsidiary Guarantor were being financed on a stand-alone basis and not as part of a pool of assets comprising
the security for the Obligations. Each Subsidiary Guarantor is executing this Agreement and the other Loan Documents in consideration
of those benefits received by it and each Subsidiary Guarantor desires to enter into an allocation and contribution agreement with
each other Subsidiary Guarantor as set forth in this §37 and agrees to subordinate and subrogate any rights or claims it may
have against other Subsidiary Guarantors as and to the extent set forth in §36.

(b)       In
the event any one or more Subsidiary Guarantors (any such Subsidiary Guarantor, a “Funding Party”) is deemed to have
paid an amount in excess of the principal amount attributable to it (such principal amount, the “Allocable Principal Balance”)
(any deemed payment in excess of the applicable Allocable Principal Balance, a “Contribution”) as a result of (a) such
Funding Party’s payment of and/or performance on the Obligations and/or (b) Agent’s and/or any Lender’s realization
on the Collateral owned by such Funding Party (whether by foreclosure, deed in lieu of foreclosure, private sale or other means),
then after payment in full of the Loans and the satisfaction of all of Subsidiary Guarantors’ other obligations under the
Loan Documents, such Funding Party shall be entitled to contribution from each benefited Subsidiary Guarantor for the amount of
the Contribution so benefited (any such contribution, a “Reimbursement Contribution”), up to such benefited Subsidiary
Guarantor’s then current Allocable Principal Balance. Any Reimbursement Contributions required to be made hereunder shall,
subject to §36, be made within ten (10) days after demand therefor.

(c)       If
a Subsidiary Guarantor (a “Defaulting Party”) shall have failed to make a Reimbursement Contribution as hereinabove
provided, after the later to occur of (a) payment of the Loan in full and the satisfaction of all of all Subsidiary Guarantors’
other obligations to Lenders or (b) the date which is 366 days after the payment in full of the Loans, the Funding Party to whom
such Reimbursement Contribution is owed shall be subrogated to the rights of Lenders against such Defaulting Party, including the
right to receive a portion of such Defaulting Party’s Collateral in an amount equal to the Reimbursement Contribution payment
required hereunder that such Defaulting Party failed to make; provided, however, if Agent returns any payments in connection with
a bankruptcy of a Subsidiary Guarantor, all other Subsidiary Guarantors shall jointly and severally pay to Agent and Lenders all
such amounts returned, together with interest at the Default Rate accruing from and after the date on which such amounts were returned.

    121 

     

    

(d)       In
the event that at any time there exists more than one Funding Party with respect to any Contribution (in any such case, the “Applicable
Contribution”), then Reimbursement Contributions from Defaulting Party pursuant hereto shall be equitably allocated among
such Funding Party. In the event that at any time any Subsidiary Guarantor pays an amount hereunder in excess of the amount calculated
pursuant to this paragraph, that Subsidiary Guarantor shall be deemed to be a Funding Party to the extent of such excess and shall
be entitled to a Reimbursement Contribution from the other Borrower in accordance with the provisions of this §37.

(e)       It
is the intent of each Subsidiary Guarantor, the Agent and the Lenders that in any proceeding under the Bankruptcy Code or any similar
debtor relief laws, such Subsidiary Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount
which would not otherwise cause the obligations of such Subsidiary Guarantor hereunder (or any other obligations of such Subsidiary
Guarantor to the Agent and the Lenders under the Loan Documents) to be avoidable or unenforceable against such Subsidiary Guarantor
in such proceeding as a result of Applicable Law, including, without limitation, (i) Section 548 of the Bankruptcy Code and (ii)
any state fraudulent transfer or fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section
544 of the Bankruptcy Code or otherwise. The Laws under which the possible avoidance or unenforceability of the obligations of
such Subsidiary Guarantor hereunder (or any other obligations of such Subsidiary Guarantor to the Agent and the Lenders under the
Loan Documents) shall be determined in any such proceeding are referred to herein as “Avoidance Provisions”. Accordingly,
to the extent that the obligations of a Subsidiary Guarantor hereunder would otherwise be subject to avoidance under the Avoidance
Provisions, the maximum Obligations for which such Subsidiary Guarantor shall be liable hereunder shall be reduced to the greater
of (A) the amount which, as of the time any of the Obligations are deemed to have been incurred by such Subsidiary Guarantor under
the Avoidance Provisions, would not cause the obligations of such Subsidiary Guarantor hereunder (or any other obligations of such
Subsidiary Guarantor to the Agent and the Lenders under the Loan Documents), to be subject to avoidance under the Avoidance Provisions
or (B) the amount which, as of the time demand is made hereunder upon such Subsidiary Guarantor for payment on account of the Obligations,
would not cause the obligations of such Subsidiary Guarantor hereunder (or any other obligations of such Subsidiary Guarantor to
the Agent and the Lenders under the Loan Documents), to be subject to avoidance under the Avoidance Provisions. The provisions
of this §37(e) are intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent that
would not cause the obligations of any Subsidiary Guarantor hereunder to be subject to avoidance under the Avoidance Provisions,
and no Subsidiary Guarantor or any other Person shall have any right or claim under this Section as against the Agent and the Lenders
that would not otherwise be available to such Person under the Avoidance Provisions.

§38.Acknowledgement
and consent to bail-in of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by:

    122 

     

    

(i)       the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

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

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

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

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

 

    123 

     

    

IN WITNESS WHEREOF,
each of the undersigned have caused this Agreement to be executed by its duly authorized representatives as of the date first set
forth above.

	BORROWER:
	PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership
	 	 	 
	By:	Plymouth Industrial REIT, Inc., a Maryland corporation, its general partner
	 	 	 
	 	By:	 /s/ Pendleton P. White, Jr.
	 	 	Name:  Pendleton P. White, Jr.
	 	 	Title:    President

 

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

 

 

 

[Signature Page to Credit Agreement]

    

     

    

 

 

	REIT GUARANTOR
	 
	PLYMOUTH INDUSTRIAL REIT, INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Pendleton P. White, Jr.
	 	Name:	Pendleton P. White, Jr.
	 	Title:	President

 

 

 

 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

 

[Signature Page to Credit Agreement]

    

     

    

 

 

	SUBSIDIARY GUARANTOR:
	 
	PLYMOUTH SOUTH BEND LLC, a Delaware limited liability company
	 	 	 
	By:	Plymouth Industrial OP, LP, a Delaware limited partnership, its manager
	 	 	 
	 	By:	Plymouth Industrial REIT, Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	By:       /s/ Pendleton P. White, Jr.
	 	 	Name:  Pendleton P. White, Jr.
	 	 	Title:     President

 

 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

 

[Signature Page to Credit Agreement]

 

    

     

    

 

	SUBSIDIARY GUARANTOR:
	 
	PLYMOUTH NORTH SHADELAND LLC, a Delaware limited liability company
	 	 	 
	By:	Plymouth Industrial OP, LP, a Delaware limited partnership, its manager
	 	 	 
	 	By:	Plymouth Industrial REIT, Inc., a Maryland corporation, its general partner
	 	 	 
	 	 	By:       /s/ Pendleton P. White, Jr.
	 	 	Name:  Pendleton P. White, Jr.
	 	 	Title:     President

 

  

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

[Signature Page to Credit Agreement]

    

     

    

AGENT AND LENDERS:

 

KEYBANK NATIONAL ASSOCIATION, as a
Lender and as Agent

By:
/s/ Tayven Hike                      
 Name: Tayven Hike                      
 Title:Vice President                      

 

KeyBank National Association

1200 Abernathy Road, Suite 1550

Atlanta, Georgia 30328

Attention: Mr. Tayven Hike

Telephone: (770) 510-2100

Facsimile: (770) 510-2195

 

 

 

 

 

 

 

 

 

[Signature Page to Credit Agreement]

    

     

    

EXHIBIT A

FORM OF NOTE

$___________________________, 2017

FOR VALUE RECEIVED, the
undersigned (collectively, “Maker”), hereby promise to pay to _________________________________ (“Payee”),
or order, in accordance with the terms of that certain Credit Agreement, dated as of August 11, 2017, as from time to time in effect,
among PLYMOUTH INDUSTRIAL OP, LP, the Subsidiary Guarantors, KeyBank National Association, for itself and as Agent, and such other
Lenders as may be from time to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before
the Revolving Credit Maturity Date, the lesser of the principal sum of _________________ ($__________), or such amount as may be
advanced by the Payee under the Credit Agreement as a Revolving Credit Loan with daily interest from the date thereof, computed
as provided in the Credit Agreement, on the principal amount hereof from time to time unpaid, at a rate per annum on each portion
of the principal amount which shall at all times be equal to the rate of interest applicable to such portion in accordance with
the Credit Agreement, and with interest on overdue principal and late charges at the rates provided in the Credit Agreement. Interest
shall be payable on the dates specified in the Credit Agreement, except that all accrued interest shall be paid at the stated or
accelerated maturity hereof or upon the prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein
shall have the meanings set forth in the Credit Agreement.

Payments hereunder shall
be made to the Agent for the Payee at 127 Public Square, Cleveland, Ohio 44114-1306, or at such other address as Agent may designate
from time to time, or made by wire transfer in accordance with wiring instructions provided by the Agent.

This Note is one of one
or more Revolving Credit Notes evidencing borrowings under and is entitled to the benefits and subject to the provisions of the
Credit Agreement. The principal of this Note may be due and payable in whole or in part prior to the Revolving Credit Maturity
Date and is subject to mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement, and may
be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.

    A-1 

     

    

Notwithstanding anything
in this Note to the contrary, all agreements between the undersigned Maker and the Lenders and the Agent, whether now existing
or hereafter arising and whether written or oral, are hereby limited so that in no contingency, whether by reason of acceleration
of the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or received by the Lenders exceed
the maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest would otherwise be payable
to the Lenders in excess of the maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under applicable law; and if from any circumstance the Lenders shall ever receive anything of value deemed interest by
applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction
of the principal balance of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive interest
exceeds the unpaid balance of principal of the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal of the Obligations of the undersigned Maker
(including the period of any renewal or extension thereof) so that the interest thereon for such full period shall not exceed the
maximum amount permitted by applicable law. This paragraph shall control all agreements between the undersigned Maker and the Lenders
and the Agent.

In case an Event of Default
shall occur, the entire principal amount of this Note may become or be declared due and payable in the manner and with the effect
provided in said Credit Agreement.

This Note shall be governed
by the laws of the State of New York, including, without limitation, New York General Obligations Law Section 5-1401.

The undersigned Maker and
all guarantors and endorsers, to the extent permitted by applicable law, hereby waive presentment, demand, notice, protest, notice
of intention to accelerate the indebtedness evidenced hereby, notice of acceleration of the indebtedness evidenced hereby and all
other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Note, except as specifically
otherwise provided in the Credit Agreement, and assent to extensions of time of payment or forbearance or other indulgence without
notice.

    A-2 

     

    

IN WITNESS WHEREOF, the
undersigned has by its duly authorized officer executed this Note on the day and year first above written.

	 	
        PLYMOUTH INDUSTRIAL OP, LP, a Delaware limited partnership

         

        By: _______________________________

        Name:_______________________________

        Title: _______________________________

         

         

 

 

 

 

    A-3Exhibit

Exhibit 10.1

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 4, dated as of August 14, 2017 (this “Amendment”).  Reference is made to the Credit Agreement dated as of October 7, 2015, as amended and restated as of November 16, 2015, as further amended as of December 16, 2015, and as further amended as of December 8, 2016,  among MATCH GROUP, INC. (formerly known as THE MATCH GROUP, INC.), a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Credit Agreement, as lenders (the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Agent”) and Collateral Agent and the various other parties thereto (as further amended, restated, modified and supplemented from time to time prior to the date hereof, the “Credit Agreement”, and the Credit Agreement, as amended by this Amendment, the “Amended Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement.
W I T N E S S E T H :
WHEREAS, the Borrower has notified the Administrative Agent that it is requesting Incremental Term Loan Commitments pursuant to Section 2.02 of the Amended Credit Agreement in the form of Incremental Term Loans (the “Term B-1 Loans”), which shall be used to prepay in full the principal amount of all Indebtedness in respect of the existing Term B-1 Loans (as defined in the Credit Agreement) outstanding immediately prior to giving effect to this Amendment (the “Existing Term Loans”) and for other general corporate purposes;
WHEREAS, pursuant to Section 2.02(b) of the Credit Agreement, the Borrower and each Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement to evidence the Incremental Term Loan Commitment of such Incremental Term Lender;
WHEREAS, pursuant to Section 9.02(b) of the Credit Agreement, the Borrower, the Administrative Agent and the Required Lenders may amend, amend and restate or modify the Credit Agreement pursuant to an agreement in writing; 
WHEREAS, each Term Lender under the Credit Agreement immediately prior to the Amendment No. 4 Effective Date (an “Existing Term Lender”) that executes and delivers a signature page to this Amendment in the form of Annex I hereto (a “Lender Addendum”) will thereby (i) agree to the terms of this Amendment and (ii) agree to continue all (or such lesser amount notified to such Existing Term Lender by the Agent on or prior to the Amendment No. 4 Effective Date) of such Existing Term Lender’s Existing Term Loans as Term B-1 Loans under the Amended Credit Agreement (such continued Existing Term Loans (or such lesser amount notified to such Existing Term Lender by the Agent on or prior to the Amendment No. 4 Effective Date), the “Continuing Term Loans” and all such Lenders, collectively, the “Continuing Term Lenders”); 

WHEREAS, subject to the terms and conditions herein, the Person identified on the signature page hereto as a New Term Lender agrees to make Incremental Term Loans (the “New Term Lender”) to the Borrower on the Amendment No. 4 Effective Date (the “Additional Term B-1 Loans”) in an amount equal to its Additional Term B-1 Loan Commitment, which Additional Term B-1 Loans shall have the same terms as the Continuing Term Loans; 
WHEREAS, the Continuing Term Lenders and the New Term Lender are severally willing to continue their Existing Term Loans and/or to make Additional Term B-1 Loans and such Existing Term Loans and Additional Term B-1 Loans shall constitute the “Term B-1 Loans” and the Continuing Term Lenders and the New Term Lender shall constitute the “Term Lenders” from and after the Amendment No. 4 Effective Date for all purposes of the Loan Documents; 
WHEREAS, pursuant to Sections 2.02(b) and 9.02 of the Credit Agreement, the Continuing Term Lenders, the New Term Lender, the Agent, Lenders constituting the Required Lenders and the Loan Parties are willing to amend the Credit Agreement as set forth herein. 
NOW, THEREFORE, the parties hereto agree as follows:  
Section 1   Amendments.  
(a)    The Credit Agreement is, effective as of the Amendment No. 4 Effective Date, hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto.
Section 2.  Break Funding Payments.
(a)        The Lenders party hereto waive the payment of any breakage loss or expense or other amounts that would otherwise be due under Section 2.13 of the Credit Agreement in connection with the refinancing or repayment of the Existing Term Loans pursuant to this Amendment, including any voluntary prepayments of Existing Term Loans made in connection with this Amendment on or prior to the Amendment No. 4 Effective Date.
Section 3.  Amendment Effectiveness.  This Amendment shall become effective on the date when the following conditions are met or waived (the “Amendment No. 4 Effective Date”):
(a)    the Agent shall have received (i) a counterpart signature page of this Amendment (which may be in the form of a Lender Addendum) duly executed by each of the Loan Parties, the Agent, the New 

2

Term Lender and Lenders constituting the Required Lenders and (ii) a Lender Addendum executed and delivered by each Continuing Lender; 
(b)    the conditions set forth in Sections 2.02 and 4.02 (other than Section 4.02(c)) of the Credit Agreement shall be satisfied and the representations and warranties set forth in Section 4 hereof shall be true and correct on and as of the Amendment No. 4 Effective Date, and the Agent shall have received a certificate (in form and substance reasonably acceptable to the Agent), dated as of the Amendment No. 4 Effective Date and signed by the Chief Executive Officer, a Vice President, a Financial Officer of the Borrower or any other executive officer of the Borrower who has specific knowledge of the Borrower’s financial matters and is satisfactory to the Administrative Agent, to such effect;
(c)    the Agent shall have received the favorable written opinion (addressed to the Agent and the Lenders as of the Amendment No. 4 Effective Date and dated the Amendment No. 4 Effective Date) of (i) Wachtell, Rosen, Lipton & Katz, counsel for the Borrower and certain of the Loan Parties and (ii) Potter Anderson & Corroon LLP, Delaware counsel for the Borrower and certain of the Loan Parties, in each case in form and substance reasonably satisfactory to the Agent and its counsel;
(d)    the Agent shall have received such documents and certificates as the Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party, the authorization of execution, delivery and performance of this Amendment, the performance of the Credit Agreement and each other applicable Loan Document and any other legal matters relating to the Loan Documents, all in form and substance reasonably satisfactory to the Agent and its counsel;
(e)    all accrued and unpaid interest on the Existing Term Loans to but excluding the Amendment No. 4 Effective Date shall have been paid in full by Borrower;
(f)     the Agent shall have received from the Borrower (i) all fees required to be paid to the Amendment No. 4 Lead Arrangers and the Amendment No. 4 Co-Managers as separately agreed pursuant to the Engagement Letter dated as of August 7, 2017, among the Borrower, the Amendment No. 4 Lead Arrangers and the Amendment No. 4 Co-Managers (the “Engagement Letter”), (ii) all expenses required to be paid or reimbursed under Section 9.04(a) of the Credit Agreement for which invoices have been presented a reasonable period of time prior to the Amendment No. 4 Effective Date, (iii) for the account of each Continuing Term Lender, a consent fee in an amount equal to 0.125% of the aggregate amount of such Lender’s Continuing Term Loans as of the Amendment No. 4 Effective Date and (iv) for the account of the New Term Lender, an 

3

upfront fee in an amount equal to 0.125% of the aggregate amount of such Lender’s Additional Term B-1 Loans as of the Amendment No. 4 Effective Date;
(g)    the Agent shall have received a certificate of each Loan Party substantially in the form of Exhibit E to the Credit Agreement, dated the Amendment No. 4 Effective Date; 
(h)    each Loan Party shall have provided the documentation and other information requested by the New Term Lender that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation, the Act, in each case as requested at least three Business Days prior to the Amendment No. 4 Effective Date; and
(i)    the Agent shall have received the results of a recent lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 of the Credit Agreement or discharged on or prior to the Amendment No. 4 Effective Date pursuant to documentation satisfactory to the Agent.
Section 4. Representations and Warranties. Each Loan Party represents and warrants to the Agent and the Lenders as of the Amendment No. 4 Effective Date:
(a)    The representations and warranties of each Loan Party contained in Article III of the Credit Agreement and in this Amendment are true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty is true and correct in all respects) as of the date hereof, except to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty was true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty was true and correct in all respects) as of such date.
(b)    No Default or Event of Default exists or will result from this Amendment.
Section 5.  Costs and Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Agent (including the reasonable and documented fees and expenses of Cahill Gordon & Reindel LLP, counsel to the Agent) in connection with the preparation, execution, delivery and administration of this Amendment and the other instruments and documents to be 

4

delivered hereunder in accordance with the terms of Section 9.04 of the Credit Agreement.
Section 6.  Applicable Law; Waiver of Jury Trial; Jurisdiction; Consent to Service of Process.  The provisions set forth in Sections 9.10 and 9.11 of the Credit Agreement are hereby incorporated mutatis mutandis with all references to the “Agreement” therein being deemed references to this Amendment.
Section 7.  Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
Section 8.  Effect of Amendment. Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Agent or the Collateral Agent, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Amended Credit Agreement, or any other Loan Document, is hereby ratified and re-affirmed in all respects and shall continue in full force and effect.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Amendment No. 4 Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Amended Credit Agreement.  Each Loan Party hereby acknowledges its receipt of a copy of this Amendment and its review of the terms and conditions hereof and consents to the terms and conditions hereof and the transactions contemplated thereby.  Each Subsidiary Guarantor hereby (a) affirms and confirms its guarantees and other commitments under the Guarantee Agreement and (b) agrees that the Guarantee Agreement is in full force and effect and shall accrue to the benefit of the Secured Parties to guarantee the Obligations, including the Term B-1 Loans.  Each Loan Party hereby (a) affirms and confirms its pledges, grants and other commitments under the Pledge Agreement and (b) agrees that the Pledge Agreement is in full force and effect and shall accrue to the benefit of the Secured Parties to secure the Obligations, including the Term B-1 Loans.  The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment is not intended to constitute a 

5

novation of the Credit Agreement or the other Loan Documents as in effect prior to the Amendment No. 4 Effective Date.
Section 9.  Certain Agreements. The parties hereto consent to the incurrence of the Continuing Term Loans and the Additional Term B-1 Loans on the terms set forth herein.  Upon the effectiveness of this Amendment, all conditions and requirements set forth in the Credit Agreement or the other Loan Documents relating to the incurrence of the Continuing Term Loans and the Additional Term B-1 Loans shall be deemed satisfied and the incurrence of the Continuing Term Loans and the Additional Term B-1 Loans shall be deemed arranged and consummated in accordance with the terms of the Credit Agreement and other Loan Documents.  The parties hereto agree that the notice requirements under the Credit Agreement to the extent relating to (i) the prepayment of any Existing Term Loans on the Amendment No. 4 Effective Date in connection with the refinancing thereof as contemplated hereby and/or (ii) the borrowing of the Additional Term B-1 Loans shall not apply to such refinancing and borrowing of Additional Term B-1 Loans, and prior notice periods with respect to such refinancing and borrowing of Additional Term B-1 Loans shall be as agreed among the Borrower and the Agent (it being understood that no other notice requirements under any Loan Document are waived, altered or changed in any way pursuant to this Amendment).  From and after the Amendment No. 4 Effective Date, each of the Continuing Term Loans and the Additional Term B-1 Loans shall be deemed to be Term B-1 Loans for all purposes under the Loan Documents, including the Lender Addendum hereto.

6

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
			
	MATCH GROUP, INC.

	By:
	/s/ Kimbre Neidhart

	 
	Name:
	Kimbre Neidhart

	 
	Title:
	Treasurer

	
					
	HUMOR RAINBOW, INC.
MATCH.COM INTERNATIONAL HOLDINGS, INC.
MATCH.COM, L.L.C.
MOJO ACQUISITION CORP.
PEOPLE MEDIA, INC.
PEOPLE MEDIA, LLC
TPR/TUTOR HOLDINGS, LLC

	 

	By:
	/s/ Kimbre Neidhart
	 

	 
	Name:  Kimbre Neidhart
	 

	 
	Title:    Authorized Person
	 

[Amendment No. 4]

	
			
	JPMORGAN CHASE BANK, N.A., as Agent

	By:
	/s/ Davide Migliardi

	 
	Name:
Title:
	Davide Migliardi
Vice President

[Amendment No. 4]

	
			
	JPMORGAN CHASE BANK, N.A., as a Revolving Lender and New Term Lender

	By:
	/s/ Davide Migliardi

	 
	Name:
Title:
	Davide Migliardi
Vice President

[Amendment No. 4]

	
			
	Bank of America, N.A., as a Revolving Lender

	By:
	/s/ Marie F. Harrison

	 
	Name:
Title:
	Marie F. Harrison
Director

[Amendment No. 4]

	
			
	BARCLAYS BANK PLC, as a Revolving Lender

	By:
	/s/ Jeremy Hazan

	 
	Name:
Title:
	Jeremy Hazan
Managing Director

[Amendment No. 4]

	
			
	BMO Harris Bank N.A., as a Revolving Lender

	By:
	/s/ Christina Boyle

	 
	Name:
Title:
	Christina Boyle
Managing Director

[Amendment No. 4]

	
			
	BNP PARIBAS, as a Revolving Lender

	By:
	/s/ Nicole Rodriguez

	 
	Name:
Title:
	Nicole Rodriguez
Director

	
			
	By:
	/s/ Ade Adedeji

	 
	Name:
Title:
	Ade Adedeji
Vice President

[Amendment No. 4]

	
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Revolving Lender

	By:
	/s/ Anca Trifan

	 
	Name:
Title:
	Anca Trifan
Managing Director

	
			
	By:
	/s/ Marcus Tarkington

	 
	Name:
Title:
	Marcus Tarkington
Director

[Amendment No. 4]

	
			
	Fifth Third Bank, as a Revolving Lender

	By:
	/s/ Suzanne Rode

	 
	Name:
Title:
	Suzanne Rode
Managing Director

[Amendment No. 4]

	
			
	GOLDMAN SACHS BANK USA, as a Revolving Lender

	By:
	/s/ Chris Lam

	 
	Name:
Title:
	Chris Lam
Authorized Signatory

[Amendment No. 4]

	
			
	PNC BANK, NATIONAL ASSOCIATION, as a Revolving Lender

	By:
	/s/ Lauren M. Girvan

	 
	Name:
Title:
	Lauren M. Girvan
Assistant Vice President

[Amendment No. 4]

	
			
	Societe Generale, as a Revolving Lender

	By:
	/s/ Andrew Johnman

	 
	Name:
Title:
	Andrew Johnman
Director

[Amendment No. 4]

[LENDER ADDENDUMS ON FILE WITH AGENT]

[Amendment No. 4]

ANNEX I
LENDER ADDENDUM TO AMENDMENT NO. 4 

This Lender Addendum (this “Lender Addendum”) is referred to in, and is a signature page to, the Amendment No. 4 (the “Amendment”) to the Credit Agreement dated as of October 7, 2015, as amended and restated as of November 16, 2015, as further amended as of December 16, 2015, and as further amended as of December 8, 2016, among MATCH GROUP, INC. (formerly known as THE MATCH GROUP, INC.), a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Credit Agreement, as lenders (the “Lenders”), JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Agent”) and Collateral Agent and the various other parties thereto (as further amended, restated, modified and supplemented from time to time prior to the date hereof, the “Credit Agreement”).  Capitalized terms used but not defined in this Lender Addendum have the meanings assigned to such terms in the Amendment.
By executing this Lender Addendum as a Continuing Term Lender, the undersigned institution agrees (A) to the terms of the Amendment and the Credit Agreement as amended thereby and (B) on the terms and subject to the conditions set forth in the Amendment and the Credit Agreement as amended thereby, to continue all of its Existing Term Loans (or such lesser amount notified to such undersigned institution by the Agent on or prior to the Amendment No. 4 Effective Date) as Continuing Term Loans on the Amendment No. 4 Effective Date.  The undersigned institution hereby makes the election to continue all of its Existing Term Loans (or such lesser amount notified to such undersigned institution by the Agent on or prior to the Amendment No. 4 Effective Date) as Term B-1 Loans under the Credit Agreement as amended by the Amendment on the Amendment No. 4 Effective Date.  

Principal Amount of Existing Term Loans held: $_____________________
	
		
	Name of Institution:
	__________________________________________________________

	
				
	 
	 
	 
	 

	Executing as a Continuing Term Lender
	 

	 
	By:
	 
	 

	 
	 
	Name:
	 

	 
	 
	Title:
	 

	 
	 
	 
	 

	For any institution requiring a second signature line:
	 

	 
	By:
	 
	 

	 
	 
	Name:
	 

	 
	 
	Title:
	 

	 
	 
	 
	 

20

SCHEDULE 1

	
		
	New Term Lender
	Additional Term B-1 Loan Commitment

	JPMorgan Chase Bank, N.A.
	$122,464,630.20

	Total
	$122,464,630.20

21

    
Exhibit A 
ADDED TEXT SHOWN UNDERSCORED
DELETED TEXT SHOWN STRIKETHROUGH

    
AMENDED AND RESTATED CREDIT AGREEMENT 
 
Dated as of October 7, 2015,
as amended and restated as of November 16, 2015, 
as amended December 16, 2015 and2015, as further amended December 8, 20162016, and as further amended August 14, 2017 
 
among 
 
MATCH GROUP, INC.,  
as Borrower, 
 
THE LENDERS PARTY HERETO, 
 
and 
 
JPMORGAN CHASE BANK, N.A.,  
as Administrative Agent 
_________________ 
 
J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH  
INCORPORATED, DEUTSCHE BANK SECURITIES INC., BNP PARIBAS SECURITIES CORP. and GOLDMAN SACHS LENDING PARTNERS LLC, 
as Joint Lead Arrangers and Joint Bookrunners, 
 
BANK OF AMERICA, N.A., 
as Syndication Agent, 
 
and 
 
BMO CAPITAL MARKETS CORP., FIFTH THIRD BANK, SG AMERICAS SECURITIES, LLC and PNC CAPITAL MARKETS LLC 
as Co-Documentation Agents

TABLE OF CONTENTS
	
			
	 
	 
	Page

	ARTICLE I

	 
	 
	 

	Definitions

	 
	 
	 

	SECTION 1.01
	Defined Terms
	1

	SECTION 1.02
	Classification of Loans and Borrowings
	44

	SECTION 1.03
	Terms Generally
	44

	SECTION 1.04
	Accounting Terms; GAAP
	45

	SECTION 1.05
	Change of Currency
	45

	SECTION 1.06
	Currency Equivalents Generally
	45

	 
	 
	 

	ARTICLE II

	 
	 
	 

	The Credits

	 
	 
	 

	SECTION 2.01
	Commitments
	46

	SECTION 2.02
	Incremental Revolving Commitments and Incremental Term Loans
	47

	SECTION 2.03
	Procedure for Borrowing
	50

	SECTION 2.04
	Funding of Borrowings
	50

	SECTION 2.05
	Interest Elections
	51

	SECTION 2.06
	Termination and Reduction of Commitments
	52

	SECTION 2.07
	Repayment of Loans; Evidence of Debt
	52

	SECTION 2.08
	Prepayments
	5253

	SECTION 2.09
	Fees
	55

	SECTION 2.10
	Interest
	55

	SECTION 2.11
	Alternate Rate of Interest
	56

	SECTION 2.12
	Increased Costs
	57

	SECTION 2.13
	Break Funding Payments
	57

	SECTION 2.14
	Taxes
	58

	SECTION 2.15
	Pro Rata Treatment and Payments
	60

	SECTION 2.16
	Mitigation Obligations; Replacement of Lenders
	61

	SECTION 2.17
	Letters of Credit
	62

	SECTION 2.18
	Defaulting Lenders
	67

	SECTION 2.19
	Extensions of Commitments
	68

	SECTION 2.20
	Refinancing Amendments
	70

	SECTION 2.21
	Loan Repurchases
	74

	 
	 
	 

	ARTICLE III

	 
	 
	 

	Representations and Warranties

	 
	 
	 

	SECTION 3.01
	Organization; Powers.
	75

	SECTION 3.02
	Authorization; Enforceability
	75

	SECTION 3.03
	Governmental Approvals; No Conflicts
	75

	SECTION 3.04
	Financial Position
	76

	SECTION 3.05
	Properties
	76

	SECTION 3.06
	Litigation and Environmental Matters
	76

	SECTION 3.07
	Compliance with Laws and Agreements
	76

	SECTION 3.08
	Investment Company Status
	76

	SECTION 3.09
	Taxes
	7677

	SECTION 3.10
	ERISA
	77

-i-

Page

	
			
	 
	 
	Page

	SECTION 3.11
	Disclosure
	77

	SECTION 3.12
	Pledge Agreement
	77

	SECTION 3.13
	No Change
	77

	SECTION 3.14
	Guarantors
	77

	SECTION 3.15
	Solvency
	77

	SECTION 3.16
	No Default
	7778

	SECTION 3.17
	Anti-Corruption Laws and Sanctions
	78

	 
	 
	 

	ARTICLE IV

	 
	 
	 

	Conditions

	 
	 
	 

	SECTION 4.01
	Closing Date
	78

	SECTION 4.02
	Each Credit Event
	79

	 
	 
	 

	ARTICLE V

	 
	 
	 

	Affirmative Covenants

	 
	 
	 

	SECTION 5.01
	Financial Statements; Other Information
	80

	SECTION 5.02
	Notices of Material Events
	82

	SECTION 5.03
	Existence; Conduct of Business
	82

	SECTION 5.04
	Payment of Obligations
	82

	SECTION 5.05
	Maintenance of Properties; Insurance
	82

	SECTION 5.06
	Books and Records; Inspection Rights
	8283

	SECTION 5.07
	Compliance with Laws
	83

	SECTION 5.08
	Use of Proceeds
	83

	SECTION 5.09
	Guarantors and Collateral
	83

	SECTION 5.10
	Post-Closing Delivery of Certificated Equity Interests
	83

	SECTION 5.11
	Further Assurances
	8384

	SECTION 5.12
	Ratings
	84

	 
	 
	 

	ARTICLE VI

	 
	 
	 

	Negative Covenants

	 
	 
	 

	SECTION 6.01
	Indebtedness
	84

	SECTION 6.02
	Liens
	87

	SECTION 6.03
	Fundamental Changes
	89

	SECTION 6.04
	Disposition of Property
	89

	SECTION 6.05
	Restricted Payments
	90

	SECTION 6.06
	Transactions with Affiliates
	92

	SECTION 6.07
	Changes in Fiscal Periods
	93

	SECTION 6.08
	Sales and Leasebacks
	93

	SECTION 6.09
	Clauses Restricting Subsidiary Distributions
	93

	SECTION 6.10
	Consolidated Net Leverage Ratio; Interest Coverage Ratio
	95

	SECTION 6.11
	Investments
	95

	SECTION 6.12
	Activities of Match Group, Inc.
	96

	 
	 
	 

	ARTICLE VII

	 
	 
	 

	Events of Default

	 
	 
	 

	SECTION 7.01
	Events of Default
	97

-ii-

Page

	
			
	 
	 
	Page

	 
	 
	 

	ARTICLE VIII

	 
	 
	 

	The Administrative Agent

	 
	 
	 

	SECTION 8.01
	Appointment and Authorization
	99

	SECTION 8.02
	Administrative Agent and Affiliates
	99

	SECTION 8.03
	Action by Administrative Agent
	99

	SECTION 8.04
	Consultation with Experts
	99100

	SECTION 8.05
	Delegation of Duties
	100

	SECTION 8.06
	Successor Administrative Agent
	100

	SECTION 8.07
	Credit Decision
	100

	SECTION 8.08
	Lead Arrangers; Syndication Agent; Co-Documentation Agents
	100

	SECTION 8.09
	Tax Indemnification by the Lenders
	100

	 
	 
	 

	ARTICLE IX

	 
	 
	 

	Miscellaneous

	 
	 
	 

	SECTION 9.01
	Notices
	101

	SECTION 9.02
	Waivers; Amendments
	102

	SECTION 9.03
	Waivers; Amendments to Other Loan Documents
	103

	SECTION 9.04
	Expenses; Indemnity; Damage Waiver
	104

	SECTION 9.05
	Successors and Assigns
	105

	SECTION 9.06
	Survival
	108

	SECTION 9.07
	Counterparts; Integration; Effectiveness
	108

	SECTION 9.08
	Severability
	108109

	SECTION 9.09
	Right of Setoff
	109

	SECTION 9.10
	Governing Law; Jurisdiction; Consent to Service of Process
	109

	SECTION 9.11
	WAIVER OF JURY TRIAL
	109110

	SECTION 9.12
	Headings
	110

	SECTION 9.13
	Confidentiality
	110

	SECTION 9.14
	Judgment Currency
	110111

	SECTION 9.15
	USA PATRIOT Act
	111

	SECTION 9.16
	Collateral and Guarantee Matters
	111

	SECTION 9.17
	No Advisory or Fiduciary Relationship
	112

	SECTION 9.18
	Platform; Borrower Materials
	112

	SECTION 9.19
	Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	112113

	
			
	SCHEDULES:
	 
	 

	 
	 
	 

	Schedule 1.01A
	--
	Commitments

	Schedule 1.01B
	--
	Unrestricted Subsidiaries on Closing Date

	Schedule 3.06
	--
	Disclosed Matters

	Schedule 3.12
	--
	Filings

	Schedule 3.14
	--
	Guarantors

	Schedule 4.01
	--
	UCC-3 Termination Statements

	Schedule 5.10
	--
	Post-Closing Delivery of Certificated Equity Interests

	Schedule 6.01
	--
	Existing Indebtedness

	Schedule 6.02
	--
	Existing Liens

	Schedule 6.09
	--
	Existing Restrictions

	 
	 
	 

	EXHIBITS:
	 
	 

	 
	 
	 

	Exhibit A
	--
	Form of Assignment and Assumption

	Exhibit B
	--
	Form of Affiliated Lender Assignment and Assumption

-iii-

	
			
	Exhibit C
	--
	Form of Guarantee Agreement

	Exhibit D
	--
	Form of Pledge Agreement

	Exhibit E
	--
	Form of Secretary Certificate

	Exhibit F
	--
	[Reserved]

	Exhibit G-1
	--
	Form U.S. Tax Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

	Exhibit G-2
	--
	Form U.S. Tax Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

	Exhibit G-3
	--
	Form U.S. Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

	Exhibit G-4
	--
	Form U.S. Tax Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

	Exhibit H
	--
	Form of Perfection Certificate

	Exhibit I
	--
	Form of Solvency Certificate

	Exhibit J
	--
	[Reserved]

	Exhibit K
	--
	Auction Procedures

-iv-

AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 7, 2015, as amended and restated as of November 16, 2015, as further amended as of December 16, 2015, and  as further amended as of December 8, 20162016, and as further amended as of August 14, 2017) (as further amended, restated, extended, supplemented or otherwise modified from time to time, this “Agreement”), among MATCH GROUP, INC., a Delaware corporation, the LENDERS party hereto from time to time, JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and as collateral agent for the Secured Parties (as defined herein) and as an Issuing Bank.
The parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01    Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:
“ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.
“Act” has the meaning assigned to such term in Section 9.15.
“Additional Term B-1 Loans” means the Incremental Term Loans made pursuant to the Additional Term B-1 Loan Commitments. 
“Additional Term B-1 Loan Commitment” means the commitment of the New Term Lender to make Incremental Term Loans to the Borrower on the Amendment No. 4 Effective Date in an aggregate principal amount set forth opposite the New Term Lender’s name on Schedule 1 to Amendment No. 4.
“Adjustment Date” has the meaning assigned to such term in the definition of “Pricing Grid.”
“Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder and, as applicable (including, for the avoidance of doubt, each reference to the Administrative Agent in Article VIII), as Collateral Agent, together with any successors in such capacities.
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Affiliated Lender” means, at any time, any Lender that is an Affiliate of the Borrower (other than any of its subsidiaries) at such time.
“Affiliated Persons” means, with respect to any specified Person, (a) such specified Person’s parents, spouse, siblings, descendants, step children, step grandchildren, nieces and nephews and their respective spouses, (b) the estate, legatees and devisees of such specified Person and each of the Persons referred to in clause (a), and (c) any company, partnership, trust or other entity or investment vehicle Controlled by any of the Persons referred to in clause (a) or (b) or the holdings of which are for the primary benefit of any of such Persons.
“Agent Party” means the Administrative Agent, the Issuing Bank or any other Lender.
“Aggregate Exposure” means, with respect to any Lender at any time, the sum of (a) the aggregate then outstanding principal amount of such Lender’s Term Loans and (b) the amount of such Lender’s Revolving Commitment then in effect or, if such Revolving Commitment has been terminated, such Lender’s Outstanding Revolving Credit.

“Agreement” has the meaning assigned to such term in the preamble to this Agreement.
“Agreement Currency” has the meaning assigned to such term in Section 9.14.
“All-in Yield” means, as to any Loans (or other Indebtedness, if applicable), the yield thereon to Lenders (or other lenders, as applicable) providing such Loans (or other Indebtedness, if applicable) in the primary syndication thereof, as reasonably determined by the Administrative Agent in consultation with the Borrower, whether in the form of interest rate, margin, original issue discount, up-front fees, rate floors or otherwise; provided, that original issue discount and up-front fees shall be equated to interest rate based on an assumed four year average life; and provided, further, that “All-in Yield” shall not include arrangement, commitment, underwriting, structuring or similar fees and customary consent fees for an amendment paid generally to consenting lenders.
“Alternate Base Rate” means, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurocurrency Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed Eurocurrency Borrowing in Dollars with a one-month Interest Period plus 1.00%.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such Eurocurrency Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or such Eurocurrency Rate, respectively.
“Alternative Currency” means Sterling, Yen, Euro, Australian Dollar or Canadian Dollar.
“Alternative Currency Revolving Sublimit” means, with respect to all Alternative Currencies, the Dollar Amount of $100,000,000.
“Amendment No. 3” means Amendment No. 3 to this Agreement dated as of December 8, 2016, among the Borrower, the other Loan Parties thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A.
“Amendment No. 3 Co-Managers” means, collectively, Barclays Bank PLC, Fifth Third Bank, PNC Capital Markets LLC and SG Americas Securities, LLC.
“Amendment No. 3 Effective Date” means December 8, 2016.
“Amendment No. 3 Lead Arrangers” means, collectively, JPMorgan Chase Bank, N.A. Merrill Lynch, Pierce, Fenner & Smith Incorporated, BMO Capital Markets Corp., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Goldman Sachs Bank USA.
“Amendment No. 4” means Incremental Assumption Agreement and Amendment No. 4 to this Agreement dated as of August 14, 2017, among the Borrower, the other Loan Parties thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A.
“Amendment No. 4 Effective Date” means August 14, 2017.
“Amendment No. 4 Co-Managers” means Barclays Bank PLC, Fifth Third Bank, PNC Capital Markets LLC and SG Americas Securities, LLC.  
“Amendment No. 4 Lead Arrangers” means, collectively, JPMorgan Chase Bank, N.A. Merrill Lynch, Pierce, Fenner & Smith Incorporated, BMO Capital Markets Corp., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Goldman Sachs Bank USA.
 “Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder and the Bribery Act 2010 of the United Kingdom, as amended.
“Applicable Rate” means (a) for each Revolving Loan, (i) prior to the first Adjustment Date occurring after the Closing Date, 2.00% for Eurocurrency Loans and 1.00% for ABR Loans and (ii) on and after the first Adjustment Date occurring after the Closing Date, a percentage determined in accordance with the Pricing Grid, (b) for each Term B-1 Loan, 3.252.50% for Eurocurrency Loans and 2.251.50% for ABR Loans and (c) for each Type of 

-2-

Incremental Term Loan, such per annum rates as shall be agreed to by the Borrower and the applicable Incremental Term Lenders as shown in the applicable Incremental Assumption Agreement.
“Applicable Time” means, with respect to any Borrowings and payments in any Alternative Currency the local time in the place of settlement for such Alternative Currency, as may be reasonably determined by the Administrative Agent to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment and notified to the relevant parties hereto.
“Approved Fund” has the meaning assigned to such term in Section 9.05(b).
“Asset Acquisition” means:
(1)    an Investment by the Borrower or any Restricted Subsidiary in any other Person if, as a result of such Investment, such Person shall become a Restricted Subsidiary, or shall be merged with or into the Borrower or any Restricted Subsidiary, or
(2)    the acquisition by the Borrower or any Restricted Subsidiary of all or substantially all of the assets of any other Person or any division or line of business of any other Person.
“Asset Sale” means any sale, issuance, conveyance, transfer, lease, assignment or other disposition by the Borrower or any Restricted Subsidiary to any Person other than the Borrower or any Restricted Subsidiary (including by means of a sale and leaseback transaction or a merger or consolidation) (collectively, for purposes of this definition, a “transfer”), in one transaction or a series of related transactions, of any assets of the Borrower or any of its Restricted Subsidiaries other than in the ordinary course of business. For purposes of this definition, the term “Asset Sale” shall not include:
(1)    transfers of cash or Cash Equivalents;
(2)    transfers of assets (including Equity Interests) that are governed by, and made in accordance with, Section 6.03;
(3)    Restricted Payments permitted under the covenant described under Section 6.05 and Investments not prohibited by Section 6.11;
(4)    the creation of any Lien permitted under this Agreement;
(5)    transfers of assets that are (i) damaged, worn out, uneconomic, obsolete or otherwise deemed to be no longer necessary or useful in the current or anticipated business of the Borrower or its Restricted Subsidiaries or (ii) replaced by assets of similar suitability and value;
(6)    sales or grants of licenses or sublicenses to use the patents, trade secrets, know-how and other intellectual property, and licenses, leases or subleases of other assets, of the Borrower or any Restricted Subsidiary to the extent not materially interfering with the business of the Borrower and the Restricted Subsidiaries;
(7)    any transfer or series of related transfers that, but for this clause, would be Asset Sales, if the aggregate Fair Market Value of the assets transferred in such transaction or any such series of related transactions does not exceed (x) prior to the Term B-1 Loan Repayment Date, $50,000,000 and (y) on or after the Term B-1 Loan Repayment Date, $150,000,000, in each case for such transaction or any such series of related transactions;
(8)    transfers in connection with the Match Transactions; and
(9)    at any time prior to the Term B-1 Loan Repayment Date, transfers of assets of the Princeton Review Group and the Tutor.com Group.

-3-

“Asset Swap” means any exchange of assets of the Borrower or any Restricted Subsidiary (including Equity Interests of a Restricted Subsidiary) for assets of another Person (including Equity Interests of a Person whose primary business is a Related Business) that are intended to be used by the Borrower or any Restricted Subsidiary in a Related Business, including, to the extent necessary to equalize the value of the assets being exchanged, cash of any party to such asset swap.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.05), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent.
“Auction Manager” has the meaning assigned to such term in Section 2.21(a).
“Auction Procedures” means auction procedures with respect to Purchase Offers set forth in Exhibit K hereto.
“Australian Dollar” means the lawful currency of Australia.
“Australian Dollar Bank Bill Reference Rate” means for any Loans in Australian Dollars, the Australian Dollar Screen Rate or, if applicable pursuant to the terms of Section 2.11(a), the applicable Reference Bank Rate.
“Australian Dollar Screen Rate” means, with respect to any Interest Period, the average bid reference rate as administered by the Australian Financial Markets Association (or any other Person that takes over the administration of that rate) for Australian Dollar bills of exchange with a tenor equal in length to such Interest Period, as displayed on page BBSY of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent from time to time in its reasonable discretion.
“Available Revolving Commitment” means, as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect at such time over (b) such Lender’s Outstanding Revolving Credit.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Bankruptcy Event” means, with respect to any Lender, such Lender or any other Person as to which such Lender is a subsidiary (a “Parent Company”) (i) is adjudicated as, or determined by any Governmental Authority having regulatory authority over it or its assets to be, insolvent, (ii) becomes the subject of a bankruptcy or insolvency proceeding, or the Administrative Agent has given written notice to such Lender and the Borrower of its good faith determination that such Lender or its Parent Company has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or (iii) 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 the Administrative Agent has given written notice to such Lender and the Borrower of its good faith determination that such Lender or its Parent Company has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such appointment; provided that a Bankruptcy Event shall not result solely by virtue of any control of or ownership interest in, or the acquisition of any control of or ownership interest in, such Lender or its Parent Company by a Governmental Authority as long as such control or ownership interest does not result in or provide such Lender or its Parent Company 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 Lender or its Parent Company (or such Governmental Authority) to reject, repudiate, disavow or disaffirm such Lender’s obligations under this Agreement.

-4-

“Basel III” means, collectively, those certain agreements on capital requirements, leverage ratios and liquidity standards contained in “Basel III:  A Global Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel III:  International Framework for Liquidity Risk Measurement, Standards and Monitoring,” and “Guidance for National Authorities Operating the Countercyclical Capital Buffer,” each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time), and as implemented by a Lender’s primary U.S. federal banking regulatory authority or primary non-U.S. financial regulatory authority, as applicable.
“Board” means the Board of Governors of the Federal Reserve System of the United States of America.
“Board of Directors” means the Board of Directors of the Borrower or, other than for the purposes of the definition of “Change of Control,” any committee thereof duly authorized to act on behalf of such Board of Directors.
“Borrower” means Match Group, Inc., a Delaware corporation.
“Borrower Materials” has the meaning assigned to such term in Section 9.18.
“Borrowing” means a group of Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect.
“Borrowing Date” means any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder.
“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that when used in connection with (a) a Eurocurrency Loan denominated in Dollars, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market, (b) any Borrowings or LC Disbursements that are the subject of a borrowing, drawing, payment, reimbursement or rate selection denominated in Euro, the term “Business Day” shall also exclude any day on which the Trans-European Real-time Gross Settlement Operating System (or any successor operating system) is not open for the settlement of payments in Euro and (c) a Eurocurrency Loan denominated in an Alternative Currency, the term “Business Day” shall also exclude any day on which banks are not open for dealings in such Alternative Currency deposits in the interbank market in the principal financial center of the country whose lawful currency is such Alternative Currency.
“Canadian Dollar” means the lawful currency of Canada.
“Capital Expenditures” means, for the Borrower and its Restricted Subsidiaries in respect of any period, the aggregate of all expenditures incurred by such person during such period that, in accordance with GAAP, are or should be included in “additions to property, plant or equipment” or similar items reflected in the statement of cash flows of such person; provided, however, that Capital Expenditures for the Borrower and its Restricted Subsidiaries shall not include:
(a) expenditures to the extent made with proceeds of the issuance of Qualified Equity Interests of the Borrower or capital contributions to the Borrower or funds that would have constituted Net Proceeds under clause (a) of the definition of the term “Net Proceeds” (but that will not constitute Net Proceeds as a result of the first or second proviso to such clause (a));
(b) expenditures of proceeds of insurance settlements, condemnation awards and other settlements in respect of lost, destroyed, damaged or condemned assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged or condemned assets, equipment or other property or otherwise to acquire, maintain, develop, construct, improve, upgrade or repair assets or properties useful in the business of the Borrower and its Restricted Subsidiaries to the extent such proceeds are not then required to be applied to prepay Term Loans pursuant to Section 2.08(c)(1);
(c) interest capitalized during such period;

-5-

(d) expenditures that are accounted for as capital expenditures of such person and that actually are paid for by a third party (excluding the Borrower or any Restricted Subsidiary) and for which none of the Borrower or any Restricted Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any other person (whether before, during or after such period);
(e) the book value of any asset owned by such person prior to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such person reusing or beginning to reuse such asset during such period without a corresponding expenditure actually having been made in such period; provided that (i) any expenditure necessary in order to permit such asset to be reused shall be included as a Capital Expenditure during the period that such expenditure actually is made and (ii) such book value shall have been included in Capital Expenditures when such asset was originally acquired;
(f) the purchase price of equipment purchased during such period to the extent that the consideration therefor consists of any combination of (i) used or surplus equipment traded in at the time of such purchase, (ii) the proceeds of a concurrent sale of used or surplus equipment, in each case, in the ordinary course of business or (iii) any Asset Swap;
(g) Investments in respect of an Asset Acquisition; or
(h) the purchase of property, plant or equipment made with proceeds from any Asset Sale or Recovery Event to the extent such proceeds are not then required to be applied to prepay Term Loans pursuant to Section 2.08(c)(1).
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that any obligations relating to a lease that would have been accounted by such Person as an operating lease in accordance with GAAP as of the Closing Date shall be accounted for as an operating lease and not a Capital Lease Obligation for all purposes under this Agreement.
“Cash Equivalents” means (1) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (2) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of one year or less from the date of acquisition issued by any commercial bank organized under the laws of the United States or any state thereof or any Lender or any Affiliate of any Lender; (3) commercial paper of an issuer rated at least A-1 by Standard & Poor’s or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within one year from the date of acquisition; (4) repurchase obligations of any commercial bank satisfying the requirements of clause (2) of this definition with respect to securities issued or fully guaranteed or insured by the United States government; (5) 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 Standard & Poor’s or A by Moody’s; (6) securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause (2) of this definition; (7) money market mutual or similar funds that invest exclusively in assets satisfying the requirements of clauses (1) through (6) of this definition; (8) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA by Standard & Poor’s or Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000; and (9) in the case of any Foreign Subsidiary, investments substantially comparable to any of the foregoing investments with respect to the country in which such Foreign Subsidiary is organized.

-6-

“Cash Management Agreement” means any agreement entered into from time to time by the Borrower or any Restricted Subsidiary in connection with Cash Management Services for collections, other Cash Management Services or for operating, payroll and trust accounts of such Person, including automatic clearing house services, controlled disbursement services, electronic funds transfer services, information reporting services, lockbox services, stop payment services and wire transfer services, unless, when entered into, such agreement is designated in writing by the Borrower and the relevant Cash Management Bank to the Administrative Agent to not be included as a Cash Management Agreement.
“Cash Management Bank” means any Person that (i) at the time it enters into a Cash Management Agreement or provides any Cash Management Services, is a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party or (ii) in the case of any Cash Management Agreement in effect or any Cash Management Services provided, on or prior to the Closing Date, is, as of the Closing Date, a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party and a party to a Cash Management Agreement or provider of Cash Management Services.
“Cash Management Obligations” means obligations owed by the Borrower or any Subsidiary Guarantor to any Cash Management Bank in connection with, or in respect of, any Cash Management Services.
“Cash Management Services” means (a) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, (b) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items and interstate depository network services) and (c) any other demand deposit or operating account relationships or other cash management services, including under any Cash Management Agreements.
“CDOR Rate” means for any Loans in Canadian Dollars, the CDOR Screen Rate or, if applicable pursuant to the terms of Section 2.11(a), the applicable Reference Bank Rate.
“CDOR Screen Rate” means, with respect to any Interest Period, the average rate for bankers acceptances as administered by the Investment Industry Regulatory Organization of Canada (or any other Person that takes over the administration of that rate) with a tenor equal in length to such Interest Period, as displayed on CDOR page of the Reuters screen or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen or service that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected from time to time by the Administrative Agent in its reasonable discretion.
“CFC” means a “controlled foreign corporation” within the meaning of Section 957 of the Code.
“Change in Law” means (a) the adoption of any law, rule, regulation or treaty after the Closing Date, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender 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 Closing Date; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” but only to the extent it is the general policy of a Lender to impose applicable increased costs or costs in connection with capital adequacy requirements similar to those described in clauses (a) and (b) of Section 2.12 generally on other similarly situated borrowers under similar circumstances under agreements permitting such impositions.
“Change of Control” means any of the following events:
(a)    the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Borrower and its subsidiaries, taken as a whole, to any Person other than a Permitted Holder;

-7-

(b)    the acquisition of beneficial ownership by any person or group (excluding any one or more Permitted Holders or group Controlled by any one or more Permitted Holders) of more than 35% of the aggregate voting power of all outstanding classes or series of the Borrower’s Voting Stock and such aggregate voting power exceeds the aggregate voting power of all outstanding classes or series of the Borrower’s Voting Stock beneficially owned by the Permitted Holders collectively;
(c)    during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Borrower (together with any new directors whose election by the Board of Directors or whose nomination for election by the equityholders of the Borrower was approved by a vote of the majority of the directors of the Borrower then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Borrower’s Board of Directors then in office;
(d)    the Borrower shall adopt a plan of liquidation or dissolution or any such plan shall be approved by the stockholders of the Borrower; or
(e)    a “change of control triggering event” (or similar event) shall occur in any document pertaining to the Senior Notes or any Refinancing Indebtedness thereof, in each case, to the extent constituting Material Indebtedness.
Notwithstanding the foregoing, a transaction in which the Borrower becomes a subsidiary of another Person (other than a Person that is an individual or a Permitted Holder) shall not constitute a Change of Control if the shareholders of the Borrower immediately prior to such transaction beneficially own, directly or indirectly through one or more intermediaries, the same proportion of voting power of the outstanding classes or series of the Borrower’s voting stock as such shareholders beneficially own immediately following the consummation of such transaction.
For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement.
“CIM” means the Confidential Information Memorandum dated October 27, 2015 and made available to the Lenders in connection with the Lender meeting held on October 27, 2015 with respect to the Term Facility and this Agreement.
“Class” (a) when used in reference to any Loans or Borrowing, refers to whether such Loans or the Loans comprising such Borrowing, are Revolving Loans, Term B-1 Loans, Incremental Term Loans established pursuant to any Incremental Assumption Agreement, Extended Term Loans or Extended Revolving Loans established pursuant to any Extension Amendment or Refinancing Term Loans or Replacement Revolving Loans established pursuant to any Refinancing Amendment or (b) when used in reference to any Commitments, refers to whether such Commitment is in respect of a commitment to make Revolving Loans, Term B-1 Loans, Incremental Term Loans established pursuant to any Incremental Assumption Agreement, Extended Term Loans or Extended Revolving Loans established pursuant to any Extension Amendment or Refinancing Term Loans or Replacement Revolving Loans established pursuant to any Refinancing Amendment.
“Closing Date” means the date on which the conditions precedent set forth in Section 4.01 shall have been satisfied (or waived in accordance with Section 9.02).
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Co-Documentation Agents” means BMO Capital Markets Corp., Fifth Third Bank, SG Americas Securities, LLC and PNC Capital Markets LLC.
“Collateral” has the meaning assigned to such term or a similar term in each of the Collateral Documents and shall include all property pledged or granted (or purported to be pledged or granted) as collateral pursuant to the Pledge Agreement on the Closing Date or thereafter pursuant to Section 5.09.

-8-

“Collateral Agent” means JPMorgan Chase Bank, N.A. in its capacity as collateral agent under the Guarantee Agreement and the Collateral Documents for the Secured Parties.
“Collateral Documents” means the Pledge Agreement and each other security document, mortgage, pledge agreement or collateral agreement executed and delivered in connection with this Agreement and/or the other Loan Documents to grant a security interest in any property as collateral to secure the Obligations.
“Commitment” means, with respect to each Lender (to the extent applicable), such Lender’s Incremental Commitment, Revolving Commitment, Term Loan Commitment or Extended Revolving Commitment, as applicable.
“Commitment Fee Rate” means (a) prior to the first Adjustment Date occurring after the Closing Date, 0.35% and (b) on and after the first Adjustment Date occurring after the Closing Date, a rate determined in accordance with the Pricing Grid.
“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.
“Consolidated Amortization Expense” for any Test Period means the amortization expense of the Borrower and its Restricted Subsidiaries for such Test Period, determined on a consolidated basis in accordance with GAAP.
“Consolidated Contingent Consideration Fair Value Remeasurement Adjustments” for any period means the contingent consideration fair value remeasurement adjustments, of the Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.
“Consolidated Depreciation Expense” for any Test Period means the depreciation expense of the Borrower and its Restricted Subsidiaries for such Test Period, determined on a consolidated basis in accordance with GAAP.
“Consolidated EBITDA” for any Test Period means, without duplication, the sum of the amounts for such Test Period of
(1)    Consolidated Net Income, plus
(2)    in each case only to the extent (and in the same proportion) deducted in determining Consolidated Net Income,
(a)    Consolidated Income Tax Expense,
(b)    Consolidated Amortization Expense,
(c)    Consolidated Depreciation Expense,
(d)    Consolidated Interest Expense,
(e)    all non-cash compensation, as reported in the Borrower’s financial statements,
(f)    any non-cash charges or losses or realized losses related to the write-offs, write-downs or mark-to-market adjustments or sales or exchanges of any investments in debt or equity securities by the Borrower or any Restricted Subsidiary,
(g)    the aggregate amount of all other non-cash charges, expenses or losses reducing such Consolidated Net Income, including any impairment (including any impairment of intangibles and goodwill) (excluding any non-cash charge, expense or loss that results in an accrual of a reserve for cash charges in any future period and any non-cash charge, expense or loss relating to write-offs, write downs or reserves with respect to accounts receivable or inventory), for such Test Period, and

-9-

(h)    the amount of any restructuring charges or reserves, including any one-time costs incurred in connection with acquisitions, minus
(3)    in each case only to the extent (and in the same proportion) included in determining Consolidated Net Income, any non-cash or realized gains related to mark-to-market adjustments or sales or exchanges of any investments in debt or equity securities by the Borrower or any Restricted Subsidiary,
in each case determined on a consolidated basis in accordance with GAAP; provided that the aggregate amount of all non-cash items, determined on a consolidated basis, to the extent such items increased Consolidated Net Income for such period will be excluded from Consolidated Net Income.
For purposes of this definition, whenever pro forma effect is to be given, the pro forma calculations shall be factually supportable, reasonably identifiable and made in good faith by a Financial Officer.  Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Borrower as set forth in an Officer’s Certificate, to reflect cost savings and other operating improvements or synergies reasonably expected to be realized within 12 months from the applicable event to be given pro forma effect; provided that the aggregate amount of all items added back to Consolidated EBITDA pursuant to this paragraph and clause (A)(2) of the definition of “Consolidated Net Leverage Ratio” shall not exceed 10.0 % of Consolidated EBITDA (prior to giving effect to such adjustment) for such Test Period.
“Consolidated Income Tax Expense” for any Test Period means the provision for taxes of the Borrower and its Restricted Subsidiaries for such Test Period, determined on a consolidated basis in accordance with GAAP.
“Consolidated Interest Expense” for any Test Period means the sum, without duplication, of the total interest expense of the Borrower and its Restricted Subsidiaries for such Test Period, determined on a consolidated basis in accordance with GAAP, minus consolidated interest income of the Borrower and its Restricted Subsidiaries, and including, without duplication,
(1)    imputed interest on Capital Lease Obligations,
(2)    commissions, discounts and other fees and charges owed with respect to letters of credit securing financial obligations, bankers’ acceptance financing and receivables financings,
(3)    the net costs associated with Hedging Obligations related to interest rates,
(4)    amortization of debt issuance costs, debt discount or premium and other financing fees and expenses,
(5)    the interest portion of any deferred payment obligations,
(6)    all other non-cash interest expense,
(7)    capitalized interest,
(8)    all dividend payments on any series of Disqualified Equity Interests of the Borrower or any Preferred Stock of any Restricted Subsidiary (other than any such Disqualified Equity Interests or any Preferred Stock held by the Borrower or a Restricted Subsidiary of the Borrower that is a Wholly Owned Subsidiary or to the extent paid in Qualified Equity Interests),
(9)    all interest payable with respect to discontinued operations, and
(10)    all interest on any Indebtedness described in clause (6) or (7) of the definition of “Indebtedness”,
but excluding, without duplication, interest on any Pre-IPO Note.

-10-

“Consolidated Net Income” for any Test Period means the net income (or loss) of the Borrower and the Restricted Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein), without duplication:
(1)    the net income (or loss) of any Person that is not a Restricted Subsidiary, except to the extent that cash in an amount equal to any such income has actually been received by the Borrower or any Restricted Subsidiary during such period;
(2)    gains and losses due solely to fluctuations in currency values and the related tax effects according to GAAP;
(3)    gains and losses with respect to Hedging Obligations;
(4)    the cumulative effect of any change in accounting principles;
(5)    any extraordinary or nonrecurring gain (or extraordinary or nonrecurring loss), together with any related provision for taxes on any such extraordinary or nonrecurring gain (or the tax effect of any such extraordinary or nonrecurring loss), realized by the Borrower or any Restricted Subsidiary during such period;
(6)     Consolidated Contingent Consideration Fair Value Remeasurement Adjustments;
(7)     any net after-tax income or loss from discontinued operations and any net after-tax gains or losses on disposal of discontinued operations; and
(8)    any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized during such period by the Borrower or any Restricted Subsidiary upon (a) the acquisition of any securities, or the extinguishment of any Indebtedness, of the Borrower or any Restricted Subsidiary or (b) the sale of any financial or equity investment by the Borrower or any Restricted Subsidiary;
provided, further, that the effects of any adjustments in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue, debt line items, any earn-out obligations and any other non-cash charges (other than the amortization of unfavorable operating leases) in the Borrower’s consolidated financial statements pursuant to GAAP in each case resulting from the application of purchase accounting in relation to any consummated acquisition or the amortization or write-off of any such amounts shall be excluded when determining Consolidated Net Income.
“Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Indebtedness of the Borrower and its Restricted Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date of determination (as set forth on the balance sheet and determined on a consolidated basis in accordance with GAAP (but excluding, any Pre-IPO Note) minus the amount of unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries on such date in an amount not to exceed (x) prior to the Term B-1 Loan Repayment Date, $100,000,000 (or, solely with respect to calculating the Consolidated Net Leverage Ratio for purposes of (i) incurring Permitted Unsecured Ratio Debt, unsecured Indebtedness pursuant to Section 6.01(g) and unsecured Indebtedness pursuant to Section 6.01(z), (ii) the Match Transaction Distributions and (iii) the Pricing Grid and actual compliance (and not pro forma compliance or compliance on a pro forma basis) with Section 6.10, $200,000,000) and (y) on or after the Term B-1 Loan Repayment Date, $200,000,000 to (b) Consolidated EBITDA for such Test Period.
(A)    The Consolidated Net Leverage Ratio shall be calculated for any period after giving effect on a pro forma basis (as if they had occurred on the first day of the applicable Test Period) to:
(1)    the incurrence of any Indebtedness of the Borrower or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment, repurchase, defeasance or other discharge of Indebtedness (and the application of the proceeds therefrom) (other than the incurrence or repayment of 

-11-

Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement) occurring during the applicable Test Period  or (except when calculating the Consolidated Net Leverage Ratio for purposes of determining the Applicable Rate or determining actual compliance (and not pro forma compliance or compliance on a pro forma basis) with Section 6.10) at any time subsequent to the last day of such Test Period and on or prior to the date of determination, as if such incurrence, repayment, issuance or redemption, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Test Period; and
(2)    any (w) Asset Sale, (x) asset sale if the Fair Market Value of the assets sold in such transaction or series of related transactions exceeds $2,000,000, which is solely excluded from the definition of Asset Sale pursuant to clause (7) of such definition, (y) Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Borrower or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition or as a result of a Revocation) incurring Indebtedness pursuant to Section 6.01(j) and also including any Consolidated EBITDA associated with any such Asset Acquisition) or (z) operational restructuring (each a “pro forma event”) (including any cost savings and synergies resulting from head count reduction, closure of facilities and similar operational and other cost savings and synergies relating to such pro forma event occurring within 12 months (or expected, in the good faith determination of the Borrower, to occur within 12 months) of such pro forma event and during such period or (except when calculating the Consolidated Net Leverage Ratio for purposes of determining the Applicable Rate or determining actual compliance (and not pro forma compliance or compliance on a pro forma basis) with Section 6.10) subsequent to such period and on or prior to the date of such calculation, in each case that are expected to have a continuing impact and are factually supportable, and which adjustments the Borrower determines are reasonable as set forth in an Officer’s Certificate; provided that the aggregate amount of all such cost savings and synergies pursuant to this clause (A)(2) and the second paragraph of the definition of “Consolidated EBITDA” shall in no event exceed 10 % of Consolidated EBITDA for such period calculated prior to giving effect to such pro forma adjustments) occurring during the Test Period or at any time subsequent to the last day of the Test Period and on or prior to the date of determination, as if such pro forma event occurred on the first day of the Test Period and; provided, further that asset sales described in clause (A)(2)(x) in an aggregate amount not to exceed $50,000,000 in any Test Period shall not be required to be given pro forma effect; and
(B)    in calculating Consolidated Interest Expense for purposes of the Consolidated Net Leverage Ratio with respect to any Indebtedness being given pro forma effect:
(1)    interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the date of determination;
(2)    if interest on any Indebtedness actually incurred on the date of determination may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the date of determination will be deemed to have been in effect during the Test Period;
(3)    notwithstanding clause (1) or (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of the agreements governing such Hedging Obligations;
(4)    interest on any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during the Test Period; and

-12-

(5)    interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting Officer of the Borrower to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.
“Consolidated Working Capital” means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided that increases or decreases in Consolidated Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.
“Continuing Term Lender” means each Term Lender (other than the New Term Lender in its capacity as such) that at or prior to the Amendment No. 34 Effective Date provided the Administrative Agent with a counterpart to Amendment No. 34 executed by such Lender.
“Continuing Term Loans” means the full amount of each Existing Term Loan held by a Continuing Term Lender (or, if less than the full amount, the amount notified to such Lender by the Administrative Agent on or prior to the Amendment No. 34 Effective Date) immediately prior to the effectiveness of Amendment No. 3.4.
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Current Assets” means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all assets (other than cash, Cash Equivalents or other cash equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current assets at such date of determination, other than amounts related to current or deferred taxes based on income or profits.
“Current Liabilities” means, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis at any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any Indebtedness, (b) accruals of Consolidated Interest Expense (excluding Consolidated Interest Expense that is due and unpaid), (c) accruals for current or deferred taxes based on income or profits, (d) accruals, if any, of transaction costs resulting from the Transactions, (e) accruals of any costs or expenses related to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension and other post-retirement benefit obligations, and (f) accruals for exclusions from Consolidated Net Income included in clause (5) of the definition of such term.
“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.
“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Agent Party any amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to such funding or payment has not been satisfied, or, in the case of clause (ii) or clause (iii) above, such Lender notifies the Administrative Agent in writing that such failure is the result of a good faith dispute regarding its obligation to make such funding or payment; (b) has notified the Borrower or any Agent Party in writing, or has made a public statement to the effect, that it does not intend to comply with any of its funding or payment obligations under this Agreement (unless such writing or public 

-13-

statement indicates that such position is based on such Lender’s good faith determination that a condition precedent to such funding or payment under this Agreement cannot be satisfied); (c) has failed, within three Business Days after request by the Administrative Agent or Issuing Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Agent Party’s receipt of such certification; (d) has become the subject of a Bankruptcy Event; or (e) has become the subject of a Bail-In Action.
“Designated Noncash Consideration” means the Fair Market Value of noncash consideration received by the Borrower or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration.
“Designation” has the meaning assigned to such term in the definition of “Unrestricted Subsidiary.”
“Designation Amount” has the meaning assigned to such term in the definition of “Unrestricted Subsidiary.”
“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.
“Disposition” means, with respect to any property, any sale, lease, license, sale and leaseback, assignment, conveyance, transfer or other disposition thereof.  The terms “Dispose” and “Disposed of” shall have correlative meanings.
“Disqualified Equity Interests” of any Person means any class of Equity Interests of such Person that, by its terms, or by the terms of any related agreement or of any security into which it is convertible, puttable or exchangeable, is, or upon the happening of any event or the passage of time would be, required to be redeemed by such Person, whether or not at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, in whole or in part, in each case on or prior to the date that is 91 days after the Revolving Termination Date; provided, however, that any class of Equity Interests of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with respect to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or otherwise) or repurchase thereof or otherwise by the delivery of Equity Interests that are not Disqualified Equity Interests, and that is not convertible, puttable or exchangeable for Disqualified Equity Interests or Indebtedness, will not be deemed to be Disqualified Equity Interests so long as such Person satisfies its obligations with respect thereto solely by the delivery of Equity Interests that are not Disqualified Equity Interests; provided, further, however, that any Equity Interests that would not constitute Disqualified Equity Interests but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests are convertible, exchangeable or exercisable) the right to require the Borrower to redeem such Equity Interests upon the occurrence of a change of control occurring prior to the 91st day after the Revolving Termination Date shall not constitute Disqualified Equity Interests if such Equity Interests specifically provide that the Borrower will not redeem any such Equity Interests pursuant to such provisions prior to the Obligations (other than (x) (i) Cash Management Obligations and (ii) Obligations under Specified Swap Agreements not yet due and payable, and (y) contingent obligations not yet accrued and payable) having been paid in full, all Letters of Credit having been cash collateralized or otherwise back-stopped or having been terminated, and the Total Revolving Commitments having been terminated.
“Dollar Amount” means, at any date, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to any amount denominated in amount other than Dollars, such amount converted to Dollars by the Administrative Agent at the Exchange Rate on such date.
“Dollars” or “$” refers to lawful money of the United States of America.
“Domestic Subsidiary” means any Restricted Subsidiary of the Borrower that is not a Foreign Subsidiary.

-14-

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EMU” means the economic and monetary union in accordance with the Treaty of Rome 1957, as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and the Amsterdam Treaty of 1998.
“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency.
“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.
“Environmental Law” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Restricted Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interests” means, of any Person, (1) any and all shares or other equity interests (including common stock, preferred stock, limited liability company interests and partnership interests) in such Person and (2) all rights to purchase, warrants or options (whether or not currently exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests in such Person, but excluding any debt securities convertible into such shares or other interests.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
“ERISA Event” means (a) any “reportable event” (as defined in Section 4043(c) of ERISA or the regulations issued thereunder) with respect to a Plan other than an event for which the 30-day notice period is waived; (b) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Borrower or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (e) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the 

-15-

imposition of any Lien in favor of the PBGC or any Plan; (f) a determination that any Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Title IV of ERISA); (g) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan; (h) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan (or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA) or Multiemployer Plan; or (i) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization or in endangered or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA.
“Escrow Assumption Agreement” means an assumption agreement in form reasonably satisfactory to the Administrative Agent, among the Borrower and the Administrative Agent.
“Escrow Assumption” means with respect to (i) any Escrow Permitted Ratio Debt, the assumption of the Escrow Borrower’s obligations with respect thereto by the Borrower or (ii) any Incremental Term Loan that is initially established as an Escrow Incremental Term Loan, the assumption of the Escrow Borrower’s obligations with respect thereto by the Borrower pursuant to an Escrow Assumption Agreement.
“Escrow Borrower” means an Unrestricted Subsidiary established to borrow Escrow Permitted Ratio Debt or Escrow Incremental Term Loans (pending assumption of such Escrow Permitted Ratio Debt or Escrow Incremental Term Loans by the Borrower) and that is not engaged in any material operations and does not have any other material assets other than in connection therewith.
“Escrow Incremental Term Loan” means any Indebtedness that is initially borrowed by an Escrow Borrower that would constitute an Incremental Term Loan if borrowed by the Borrower and that is not guaranteed by any other subsidiary of the Borrower and, if secured, is secured only by the proceeds of such Escrow Incremental Term Loan, unless and until the Borrower has assumed all of the obligations of the Escrow Borrower with respect thereto.
“Escrow Permitted Ratio Debt” means any Indebtedness that is initially borrowed by an Escrow Borrower that would constitute Permitted Ratio Debt if borrowed by the Borrower and that is not guaranteed by any other subsidiary of the Borrower and, if secured, is secured only by the proceeds of such Escrow Permitted Ratio Debt, unless and until the Borrower has assumed all of the obligations of the Escrow Borrower with respect thereto.
“Euro” and “EUR” mean the lawful currency of the Participating Member States introduced in accordance with EMU Legislation.
“Eurocurrency” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Eurocurrency Rate.
“Eurocurrency Rate” means, with respect to (A) any Eurocurrency Borrowing in any LIBOR Quoted Currency and for any applicable Interest Period, the  LIBOR Screen Rate as of the Specified Time on the Quotation Day for such currency and Interest Period and (B) any Eurocurrency Borrowing in any Non-Quoted Currency and for any applicable Interest Period, the applicable Local Screen Rate for such Non-Quoted Currency as of the Applicable Time and on the Quotation Day for such currency and Interest Period; provided, that, if a LIBOR Screen Rate or a Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period  (an “Impacted Interest Period”), then the Eurocurrency Rate for such currency and Interest Period shall be the Interpolated  Rate; provided, further, that if the applicable Screen Rate shall not be available for such Interest Period and/or for the applicable currency with respect to such Eurocurrency Borrowing for any reason and the Administrative Agent shall determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error), then the applicable Reference Bank Rate shall be the Eurocurrency Rate for such Interest Period for such Eurocurrency Borrowing; subject to Section 2.11; provided that, (i) if any Eurocurrency Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (ii) solely with respect to the Term B-1 Loans, the Eurocurrency Rate shall not be less than 0.750%.

-16-

“Event of Default” has the meaning assigned to such term in Section 7.01.
“Excess Cash Flow” means, for any period, an amount equal to the excess of:
(a) the sum, without duplication, of
(i) Consolidated Net Income for such period,
(ii) an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income and cash receipts included in clauses (5), (7) and (8) of the definition of Consolidated Net Income and excluded in arriving at such Consolidated Net Income,
(iii) decreases in Consolidated Working Capital for such period (other than any such decreases arising from dispositions outside the ordinary course of business by the Borrower and its Restricted Subsidiaries completed during such period),
(iv) cash receipts by the Borrower and its Restricted Subsidiaries in respect of Hedging Obligations during such fiscal year to the extent not otherwise included in such Consolidated Net Income; and
(v) the amount by which tax expense deducted in determining such Consolidated Net Income for such period exceeded taxes (including penalties and interest) paid in cash or tax reserves set aside or payable (without duplication) by the Borrower and its Restricted Subsidiaries in such period,
over (b) the sum, without duplication, of
(i) an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income and cash charges included in clauses (5), (7) and (8) of the definition of Consolidated Net Income and included in arriving at such Consolidated Net Income,
(ii) without duplication of amounts deducted pursuant to clause (ix) below in prior years, the amount of Capital Expenditures or acquisitions of Intellectual Property made in cash during such period by the Borrower and its Restricted Subsidiaries, except to the extent that such Capital Expenditures or acquisitions were financed with the proceeds of Indebtedness of the Borrower or its Restricted Subsidiaries (other than under the Revolving Facility),
(iii) the aggregate amount of all principal payments of Indebtedness of the Borrower and its Restricted Subsidiaries (including (A) the principal component of payments in respect of Capital Lease Obligations and (B) the amount of any scheduled repayment of Term Loans, but excluding (x) all other prepayments of Term Loans, (y) all prepayments of Revolving Loans and (z) all prepayments in respect of any other revolving credit facility, except in the case of clauses (y) and (z) to the extent there is an equivalent permanent reduction in commitments thereunder), except to the extent financed with the proceeds of other Indebtedness (other than under the Revolving Facility) of the Borrower or its Restricted Subsidiaries,
(iv) increases in Consolidated Working Capital for such period (other than any such increases arising from acquisitions by the Borrower and its Restricted Subsidiaries completed during such period or the application of purchase accounting),
(v) payments by the Borrower and its Restricted Subsidiaries during such period in respect of long-term liabilities of the Borrower and the Subsidiaries other than Indebtedness, to the extent not already deducted from Consolidated Net Income,
(vi) without duplication of amounts deducted pursuant to clause (ix) below in prior fiscal years, the aggregate amount of cash consideration paid by the Borrower and the Subsidiaries (on a consolidated basis) in connection with Investments (including acquisitions) made during such period pursuant to Section 

-17-

6.11 (except for those Investments made under Section 6.11(b) and (d)) to the extent that such Investments were financed with internally generated cash flow of the Borrower and its Restricted Subsidiaries,
(vii) the amount of Restricted Payments during such period (on a consolidated basis) by the Borrower and its Restricted Subsidiaries made in compliance with Section 6.05 (other than Section 6.05(iii), (iv), (vii), (xiii) and (xiv)) to the extent such Restricted Payments were financed with internally generated cash flow of the Borrower and its Restricted Subsidiaries,
(viii) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income,
(ix) without duplication of amounts deducted from Excess Cash Flow in prior periods, the aggregate consideration required to be paid in cash by the Borrower or any of its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”) entered into prior to or during such period relating to Asset Acquisitions, Capital Expenditures or acquisitions of intellectual property to be consummated or made during the period of four consecutive fiscal quarters of the Borrower following the end of such period, provided that to the extent the aggregate amount of internally generated cash actually utilized to finance such Asset Acquisition, Capital Expenditures or acquisitions of intellectual property during such period of four consecutive fiscal quarters is less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters,
(x) the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable (without duplication) in such period to the extent they exceed the amount of tax expense deducted in determining Consolidated Net Income for such period; and
(xi) cash expenditures in respect of Hedging Obligations during such fiscal year to the extent not deducted in arriving at such Consolidated Net Income.
“Excess Cash Flow Period” means each fiscal year of the Borrower, commencing with the fiscal year of the Borrower ending December 31, 2016; provided that the first Excess Cash Flow Period hereunder shall begin on the first day of the first full fiscal quarter to occur on or after the earlier of (x) the date of the Match Offering and (y) the date that is six months after the Term B-1 Effective Date.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Exchange Rate” means, on any day, with respect to Dollars in relation to any Alternative Currency, the rate at which Dollars may be exchanged into such Alternative Currency, as set forth at approximately 11:00 a.m., New York City time, on such day on the applicable Reuters World Spot Page.  In the event that such rate does not appear on the applicable Reuters World Spot Page, the Exchange Rate shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower or, in the absence of such agreement, the Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 11:00 a.m., London time, on such date for the purchase of such Alternative Currency with Dollars, for delivery on such date, in the case where such Alternative Currency is Sterling, or two Business Days later, in the case of each other Alternative Currency; provided that if at the time of any such determination, for any reason, no such spot rate is being reasonably quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Equity Interests” means any Equity Interests (a) of any subsidiary (i) for which the pledge of its Equity Interests is prohibited by applicable law or by Contractual Obligations existing on the Closing Date (or, in the case of a newly acquired subsidiary, in existence at the time of acquisition but not entered into in contemplation 

-18-

thereof) or for which governmental (including regulatory) consent, approval, license or authorization would be required or (ii) that is not a Material Subsidiary or (b) of any Foreign Subsidiary or FSHCO in excess of 65% of each class of outstanding Equity Interests of such Foreign Subsidiary or FSHCO.
“Excluded Indebtedness” means all Indebtedness not incurred in violation of Section 6.01.
“Excluded Subsidiary” means (a) any subsidiary that is not a Wholly Owned Subsidiary, (b) any subsidiary that is prohibited by applicable law or by Contractual Obligations existing on the Closing Date (or, in the case of any newly acquired subsidiary, in existence at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if guaranteeing the Obligations would require governmental (including regulatory) consent, approval, license or authorization, (c) any subsidiary that is not a Material Domestic Subsidiary, (d) any Unrestricted Subsidiary, (e) any FSHCO and (f) any Domestic Subsidiary that is a direct or indirect subsidiary of a Foreign Subsidiary that is a CFC; provided that no subsidiary of the Borrower that Guarantees the IAC Credit Agreement or the IAC Senior Notes shall be deemed to be an Excluded Subsidiary.
“Excluded Swap Obligation” means, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Subsidiary Guarantor of, or the grant by such Subsidiary 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 (a) such Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision thereto), because such Subsidiary Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor provision thereto), in each case at the time the Guarantee of such Subsidiary Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation, unless otherwise agreed between the Administrative Agent and the Borrower.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
“Excluded Taxes” means (a) in the case of each Lender and the Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it in lieu of net income taxes by a jurisdiction (including any political subdivision thereof) as a result of (i) such Lender or the Administrative Agent’s being organized under the laws of or having a principal office in such jurisdiction and, in the case of a Lender, having an applicable lending office in such jurisdiction or (ii) a present or former connection between such Lender or the Administrative Agent and the jurisdiction (other than any connection arising solely from such Lender or the Administrative Agent having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to and/or enforced any Loan Document); (b) any tax in the nature of branch profits taxes imposed by any jurisdiction described in clause (a); (c) in the case of a Non-U.S. Lender, United States federal withholding tax imposed pursuant to laws in effect on the date on which (i) such Non-U.S. Lender becomes a Lender or (ii) such Non-U.S. Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.14, additional amounts with respect to such taxes were payable either to such Non-U.S. Lender’s assignor immediately before such Non-U.S. Lender became a party hereto or to such Non-U.S. Lender immediately before it changed its lending office; (d) any taxes attributable to such Lender’s failure to comply with Section 2.14(e) and (e) any United States federal withholding taxes imposed under FATCA.
“Existing Term Loans” means the Term B-1 Loans outstanding immediately prior to giving effect to Amendment No. 3.4.
“Extended Revolving Commitment” shall have the meaning assigned to such term in Section 2.19(a).
“Extended Revolving Loan” shall have the meaning assigned to such term in Section 2.19(a).
“Extended Term Loan” shall have the meaning assigned to such term in Section 2.19(a).

-19-

“Extending Lender” shall have the meaning assigned to such term in Section 2.19(a).
“Extension” shall have the meaning assigned to such term in Section 2.19(a).
“Extension Amendment” shall have the meaning assigned to that term in Section 2.19(b).
“Facility” means any of (a) the Revolving Facility and (b) the Term Facility.
“Fair Market Value” means, with respect to any asset, as determined by the Borrower, the price (after taking into account any liabilities relating to such assets) that would be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the current Code (or any amended or successor version described above) and any intergovernmental agreements implementing the foregoing.
“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) charged to the Administrative Agent on such day on such transactions from three Federal funds brokers of recognized standing selected by it.
“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.
“Foreign Lender” means any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code.
“Foreign Subsidiary” means any Restricted Subsidiary of the Borrower that is organized under the laws of any jurisdiction other than the United States, any State thereof or the District of Columbia.
“FSHCO” means any Domestic Subsidiary that owns no material assets other than Equity Interests of one or more Foreign Subsidiaries that are CFCs or Equity Interests of one or more other FSHCOs.
“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, consistently applied.
“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state, local, provincial or otherwise and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
“Guarantee” of or by any Person (the “guarantor”) means a direct or indirect guarantee by any Person of any Indebtedness of any other Person and includes any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm’s length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise); or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment 

-20-

thereof or to protect such obligee against loss in respect thereof (in whole or in part); “Guarantee,” when used as a verb, and “Guaranteed” have correlative meanings.
“Guarantee Agreement” means the Guarantee Agreement to be executed and delivered by each Subsidiary Guarantor, substantially in the form of Exhibit C.
“guarantor” has the meaning assigned to such term in the definition of “Guarantee.”
“Hazardous Materials” means 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 regulated pursuant to any Environmental Law.
“Hedging Obligations” of any Person means the obligations of such Person under swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest rates, currency exchange rates or commodity prices, either generally or under specific contingencies.
“IAC” means IAC/InterActiveCorp., a Delaware corporation.
“IAC 2012 Senior Notes” means the $500,000,000 aggregate principal amount of 4.75% senior notes due 2022 issued by IAC on December 21, 2012 and any exchange notes related thereto.
“IAC 2013 Senior Notes” means the $500,000,000 aggregate principal amount of 4.875% senior notes due 2018 issued by IAC on November 15, 2013 and any exchange notes related thereto.
“IAC Credit Agreement” means the credit agreement dated as of December 21, 2012, as amended and restated on or about the Closing Date (as further amended, restated, extended, supplemented or otherwise modified from time to time) among IAC, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A. as administrative agent and collateral agent.
“IAC Group” means IAC and its subsidiaries not including the Match Group.
“IAC Guarantor” means any member of the IAC Group that is an obligor under the IAC Credit Agreement or the IAC Senior Notes.
“IAC/Match Intercompany Debt” means subject to compliance by IAC on a pro forma basis with Section 6.10 of the IAC Credit Agreement as in effect on the Closing Date, the incurrence prior to the Match Offering, extension of existing or settlement of (x) unsecured intercompany loans, intercompany payables and intercompany receivables between the Match Group and the IAC Group or (y) any intercompany contributions from the IAC Group to the Match Group (and, in each case, payments or distributions thereon), in each case  (i) under intercompany arrangements existing as of the Closing Date or put in place in connection with the Match Offering or related transactions, (ii) in connection with the acquisition of Plentyoffish Media Inc. or (iii) in connection with cash management arrangements; provided that, to the extent any IAC/Match Intercompany Debt remains outstanding or is incurred following the Separation Date, the Consolidated Net Leverage Ratio (calculated on a pro forma basis) on the Separation Date (or if incurred after the Separation Date, the date of such incurrence) shall be equal to or less than 4.50 to 1.00.
“IAC Senior Notes” means the IAC 2012 Senior Notes and the IAC 2013 Senior Notes.
“IAC Subordinated Debt Facility” has the meaning assigned to such term in Section 6.01(z).
“Impacted Interest Period” has the meaning assigned to such term in the definition of “Eurocurrency Rate.”

-21-

“Incremental Amount” means, at any time, the greater of:
(a)    the excess (if any) of
(i)    $150,000,000 over
(ii)     the aggregate amount of all Incremental Term Loan Commitments and Incremental Revolving Commitments, in each case, established after the Closing Date and prior to such time and outstanding pursuant to Section 2.02; and
(b)    any amounts so long as immediately after giving pro forma effect to the establishment of the commitments in respect thereof, any Asset Acquisition consummated concurrently therewith and the use of proceeds of the loans thereunder, both (x) the Secured Net Leverage Ratio is equal to or less than (i) prior to the Term B-1 Loan Repayment Date, 2.25 to 1.00 (or, if such Incremental Facility is incurred in connection with the Match Transactions, 4.00 to 1.00) and (ii) on or after the Term B-1 Loan Repayment Date, 3.50 to 1.00 and (y) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00, in each case, only on the date of the initial incurrence of (or commitment in respect of) the applicable Incremental Facility (except as set forth in the final paragraph under Section 6.01) and calculated (x) as if any commitments in respect of Permitted Ratio Debt and Incremental Revolving Commitments were fully drawn on the effective date thereof and (y) excluding any cash constituting proceeds of any such Incremental Facility or any simultaneous incurrence of Permitted Ratio Debt.
“Incremental Assumption Agreement” means an Incremental Assumption Agreement in form and substance reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and, if applicable, one or more Incremental Term Lenders and/or Incremental Revolving Lenders or, in the case of any Escrow Incremental Term Loans, the Escrow Assumption Agreement in respect thereof.
“Incremental Assumption Agreement No. 1” means the Incremental Assumption Agreement and Amendment No. 1 dated as of the Term B-1 Effective Date relating to the Term B-1 Loans.
“Incremental Commitment” means an Incremental Term Loan Commitment or an Incremental Revolving Commitment.
“Incremental Facility” means the Incremental Commitments and the Incremental Loans made thereunder.
“Incremental Loan” means an Incremental Term Loan or an Incremental Revolving Loan.
“Incremental Revolving Commitment” means the commitment of any Lender, established pursuant to Section 2.02, to make Incremental Revolving Loans to the Borrower.
“Incremental Revolving Lender” means a Lender with an Incremental Revolving Commitment or an outstanding Incremental Revolving Loan.
“Incremental Revolving Loan” means Revolving Loans made by one or more Revolving Lenders to the Borrower pursuant to an Incremental Revolving Commitment to make additional Revolving Loans.
“Incremental Term A Facility” means any Incremental Term Facility designated by the Borrower as an “Incremental Term A Facility.”
“Incremental Term A Loans” means any term loans borrowed under an Incremental Term A Facility.
“Incremental Term Facility” means the Incremental Term Loan Commitments and the Incremental Term Loans made thereunder.
“Incremental Term Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

-22-

“Incremental Term Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.02, to make Incremental Term Loans to the Borrower.  Any commitment of any lender established pursuant to Section 2.02(d) to make Escrow Incremental Term Loans to an Escrow Borrower shall not constitute Incremental Term Loan Commitments unless and until the Borrower has assumed all of the obligations of the Escrow Borrower with respect thereto in accordance with Section 2.02(d).
“Incremental Term Loans” means any term loans borrowed in connection with an Incremental Assumption Agreement.  Any Escrow Incremental Term Loans shall not constitute Incremental Term Loans unless and until the Borrower has assumed all of the obligations of the Escrow Borrower with respect thereto in accordance with Section 2.02(d).
“Indebtedness” of any Person at any date means, without duplication:
(1)    all liabilities, contingent or otherwise, of such Person for borrowed money;
(2)    all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;
(3)    all reimbursement obligations of such Person in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar credit transactions;
(4)    all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except (i) trade payables and accrued expenses incurred by such Person in the ordinary course of business and (ii) amounts accrued associated with contingent consideration arrangements;
(5)    all Capital Lease Obligations of such Person;
(6)    all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;
(7)    all Indebtedness of others Guaranteed by such Person to the extent of such Guarantee; provided that Indebtedness of the Borrower or its subsidiaries that is Guaranteed by the Borrower or the Borrower’s subsidiaries shall only be counted once in the calculation of the amount of Indebtedness of the Borrower and its subsidiaries on a consolidated basis; and
(8)    all obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by such Person (excluding obligations arising from inventory transactions in the ordinary course of business).
The amount of any Indebtedness which is incurred at a discount to the principal amount at maturity thereof as of any date shall be deemed to have been incurred at the accreted value thereof as of such date.  The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above, the maximum liability of such Person for any such contingent obligations at such date and, in the case of clause (6), the lesser of (a) the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others on the date that the Lien attaches and (b) the amount of the Indebtedness secured.
“Indemnified Taxes” means all Taxes other than Excluded Taxes.
“Indemnitee” has the meaning assigned to such term in Section 9.04(b).
“Information” has the meaning assigned to such term in Section 9.13.
“Insolvent” with respect to any Multiemployer Plan means the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA.

-23-

“Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, patents, trademarks, service marks, trade dress, internet domain names, software, data, databases, technology, know-how, trade secrets, processes and other confidential or proprietary information, together with all registrations and applications for registration thereof, all licenses thereof or pertaining thereto, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.
“Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the Test Period most recently ended on or prior to such date of determination to (b) Consolidated Interest Expense for such Test Period.
(A)    The Interest Coverage Ratio shall be calculated for any period after giving effect on a pro forma basis (as if they had occurred on the first day of the applicable Test Period) to:
(1)    the incurrence of any Indebtedness of the Borrower or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment, repurchase, defeasance or other discharge of Indebtedness (and the application of the proceeds therefrom) (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement) occurring during the applicable Test Period or (except when calculating the Interest Coverage Ratio for purposes of determining actual compliance (and not pro forma compliance or compliance on a pro forma basis) with Section 6.10) at any time subsequent to the last day of such Test Period and on or prior to the date of determination, as if such incurrence, repayment, issuance or redemption, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Test Period; and
(2)    any (w) Asset Sale, (x) asset sale if the Fair Market Value of the assets sold in such transaction or series of related transactions exceeds $2,000,000 individually, which is solely excluded from the definition of Asset Sale pursuant to clause (7) of such definition, (y) Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Borrower or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition or as a result of a Revocation) incurring Indebtedness pursuant to Section 6.01(j) and also including any Consolidated EBITDA associated with any such Asset Acquisition) or (z) operational restructuring (each a “pro forma event”) (including any cost savings and synergies resulting from head count reduction, closure of facilities and similar operational and other cost savings and synergies relating to such pro forma event occurring within 12 months (or expected, in the good faith determination of the Borrower, to occur within 12 months) of such pro forma event and during such period or (except when calculating the Interest Coverage Ratio for purposes of determining actual compliance (and not pro forma compliance or compliance on a pro forma basis) with Section 6.10) subsequent to such period and on or prior to the date of such calculation, in each case that are expected to have a continuing impact and are factually supportable, and which adjustments the Borrower determines are reasonable as set forth in an Officer’s Certificate; provided that the aggregate amount of all such cost savings and synergies pursuant to this clause (A)(2) and the second paragraph of the definition of “Consolidated EBITDA” shall in no event exceed 10 % of Consolidated EBITDA for such period calculated prior to giving effect to such pro forma adjustments) occurring during the Test Period or at any time subsequent to the last day of the Test Period and on or prior to the date of determination, as if such pro forma event occurred on the first day of the Test Period, and, provided, further, that asset sales described in clause (A)(2)(x) in an aggregate amount not to exceed $50,000,000 in any Test Period shall not be required to be given pro forma effect; and
(B)    in calculating Consolidated Interest Expense for purposes of the Interest Coverage Ratio with respect to any Indebtedness being given pro forma effect:
(1)    interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter shall be deemed to have accrued at a 

-24-

fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the date of determination;
(2)    if interest on any Indebtedness actually incurred on the date of determination may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the date of determination will be deemed to have been in effect during the Test Period;
(3)    notwithstanding clause (1) or (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of the agreements governing such Hedging Obligations;
(4)    interest on any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during the Test Period; and
(5)    interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting Officer of the Borrower to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.
“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.
“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.
“Interest Period” means, as to any Eurocurrency Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurocurrency Loan and ending one week, one month, two months, three months or six months (or, if available to all Lenders under the applicable Facility, twelve months) thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto, and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurocurrency Loan and ending one week, one month, two months, three months or six months (or, if agreed to by all Lenders under the applicable Facility, twelve months or such other, shorter period) thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 12:00 noon, New York City time (or in the case of an Alternative Currency, 11:00 a.m., London time), on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that all of the foregoing provisions relating to Interest Periods are subject to the following:
(i)    if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;
(ii)    the Borrower may not select an Interest Period for a Revolving Loan that would extend beyond the Revolving Termination Date or an Interest Period for a Term Loan that would extend beyond the date the final payment is due on such Term Loan; and
(iii)    any Interest Period of at least one month’s duration that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.
“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the relevant Screen Rates) determined by the Administrative Agent (which 

-25-

determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:  (a) the applicable Screen Rate (for the longest period for which the applicable Screen Rate is available for the applicable currency) that is shorter than the Impacted Interest Period and (b) the applicable Screen Rate for the shortest period (for which such Screen Rate is available for the applicable currency) that exceeds the Impacted Interest Period, in each case, as of the Specified Time on the Quotation Day for such Interest Period.  When determining the rate for a period which is less than the shortest period for which the relevant Screen Rate is available, the applicable Screen Rate for purposes of paragraph (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means, in relation to any currency, the overnight rate for such currency determined by the Administrative Agent from such service as the Administrative Agent may select.
“Investments” has the meaning assigned to such term in Section 6.11.
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
“Issuing Bank” means JPMorgan Chase Bank, N.A., Bank of America, N.A. and each other Issuing Bank designated pursuant to Section 2.17(j), each in its capacity as an issuer of Letters of Credit, and its successors in such capacity as provided in Section 2.17(i).  The Borrower may, with the consent of the Administrative Agent (which consent shall not be unreasonably withheld), arrange for one or more Letters of Credit to be issued by other Lenders, in which case the term “Issuing Bank” shall include such Lender with respect to the Letters of Credit issued by such Lender; provided that no such Lender shall have any obligation to be an Issuing Bank unless it agrees to do so in its sole discretion.
“Judgment Currency” has the meaning assigned to such term in Section 9.14.
“Junior Debt” means Indebtedness for borrowed money that is (x) unsecured, or (y) by its terms subordinated or junior in right of payment or security to the Obligations, in each case with an aggregate outstanding principal amount in excess of $50,000,000.
“Junior Debt Restricted Payment” means, any payment or other distribution (whether in cash, securities or other property), directly or indirectly made by the Borrower or any if its Restricted Subsidiaries, of or in respect of principal of or interest on any Junior Debt (or any Indebtedness incurred as Refinancing Indebtedness in respect thereof); provided, that the following shall not constitute a Junior Debt Restricted Payment:
(a)    refinancings with any Refinancing Indebtedness permitted to be incurred under Section 6.01;
(b)    payments of regularly-scheduled interest and fees due thereunder, other non-principal payments thereunder, any mandatory prepayments of principal, interest and fees thereunder, scheduled payments thereon necessary to avoid the Junior Debt from constituting “applicable high yield discount obligations” within the meaning of Section 163(i)(l) of the Code, and principal on the scheduled maturity date of any Junior Debt;
(c)    payments or distributions in respect of all or any portion of the Junior Debt with the proceeds from the issuance, sale or exchange by the Borrower of Qualified Equity Interests within eighteen months prior thereto; or
(d)    the conversion of any Junior Debt to Qualified Equity Interests of the Borrower.
“Latest Maturity Date” means, at any date of determination, the latest of the latest Revolving Termination Date and the latest maturity date in respect of any Class of Term Loans, in each case then in effect on such date of determination.
“LC Disbursement” means a payment made by the Issuing Bank pursuant to a demand for payment or drawing under a Letter of Credit.

-26-

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time.  The LC Exposure of any Lender at any time shall be its Revolving Commitment Percentage of the total LC Exposure at such time.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
“LC Participation Calculation Date” means, with respect to any LC Disbursement made by the Issuing Bank or any refund of a reimbursement payment made by the Issuing Bank to the Borrower, in each case in a currency other than Dollars, (a) the date on which such Issuing Bank shall advise the Administrative Agent that it purchased with Dollars the currency used to make such LC Disbursement or refund or (b) if such Issuing Bank shall not advise the Administrative Agent that it made such a purchase, the date on which such LC Disbursement or refund is made.
“Lead Arrangers” means, collectively, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Goldman Sachs Lending Partners LLC, as joint lead arrangers and joint bookrunners, together with the Amendment No. 3 Lead Arrangers and, the Amendment No. 3 Co-Managers, Amendment No. 4 Co-Managers and the Amendment No. 4 Lead Arrangers.
“Lender Presentations” means the (i) Lender Presentation made available to the Lenders in connection with the Lender meeting held on September 17, 2015 with respect to the Revolving Facility and this Agreement and (ii) Lender Presentation made available to the Lenders in connection with the Lender meeting held on October 27, 2015 with respect to the Term B-1 Facility and this Agreement.
“Lenders” means the Persons listed on Schedule 1.01A and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or any Incremental Assumption Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
“Letter of Credit” means any letter of credit issued pursuant to Section 2.17.
“LIBOR Quoted Currency” means Dollars, Euros, Sterling and Yen.
“LIBOR Screen Rate” means the London interbank offered rate administered by the ICE Benchmark Association (or any other Person that takes over the administration of such rate) for such LIBOR Quoted Currency for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion.
“Lien” means, with respect to any asset, any mortgage, deed of trust, lien (statutory or other), pledge, easement, charge, security interest or other encumbrance of any kind or nature in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.  “Lien” shall not, however, include any interest of a vendor in any inventory of the Borrower or any of its Restricted Subsidiaries arising out of such inventory being subject to a “sale or return” arrangement with such vendor or any consignment by any third party of any inventory to the Borrower or any of its Restricted Subsidiaries.
“Limited Condition Acquisition” means any acquisition, including by means of a merger, amalgamation or consolidation, by the Borrower or one or more of its Restricted Subsidiaries, the consummation of which is not conditioned upon the availability of, or on obtaining, third party financing or in connection with which any fee or expense would be payable by the Borrower or its Restricted Subsidiaries to the seller or target in the event financing to consummate the acquisition is not obtained as contemplated by the definitive acquisition agreement.

-27-

“Loan Documents” means the collective reference to this Agreement, the Guarantee Agreement, the Collateral Documents, any Incremental Assumption Agreement, the Letters of Credit and any amendments or waivers to any of the foregoing.
“Loan Parties” means the collective reference to the Borrower and the Subsidiary Guarantors.
“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.
“Local Screen Rates” means the Australian Dollar Screen Rate and the CDOR Screen Rate; provided, that, if any Local Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Match Group” means the Borrower and its subsidiaries.
“Match Offering” means the issuance by the Borrower of up to an aggregate of 20% of the economic interest represented by all outstanding capital stock of the Borrower as of the date of the Match Offering (after giving pro forma effect to the issuance of such capital stock in such offering) in an initial underwritten public offering pursuant to an effective registration statement filed with the SEC pursuant to the Securities Act.
“Match Transaction Distributions” means dividends or distributions of cash and other property from the Match Group to the IAC Group (i) of a combination of cash and/or Pre-IPO Notes which, in the aggregate, do not exceed the net cash proceeds of the Match Offering, (ii) of a combination of the net cash proceeds of certain Indebtedness incurred by the Match Group on or prior to the date of the Match Offering and/or debt securities issued by Match or IAC (including the Senior Notes) which, in the aggregate, do not exceed $1,500,000,000, in each case, designated by the Borrower as incurred in connection with the Match Offering, (iii) of any cash on the balance sheet of the Match Group on the Closing Date and any cash flow of the Match Group accruing from and after the Closing Date until the date of the Match Offering and (iv) without duplication, in an amount equal to any proceeds from cash common equity contributions received by the Match Group after the Closing Date and prior to the date of the Match Offering, in each case so long as, on a pro forma basis after giving effect thereto and to the other transactions consummated in connection therewith, (x) the Borrower is in compliance with Section 6.10, (y) no Default or Event of Default shall have occurred and be continuing and (z) in the case of any dividend or distribution under clause (iii) above occurring on or after the Separation Date, on the date of such distribution, (A) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00 and (B) no Loans are outstanding under the Revolving Facility.
“Match Transactions” means, the Match Offering, and in connection therewith, the entry into a number of related transactions and agreements with the IAC Group, including, but not limited to:
(a)    entry into and consummation of the transactions contemplated under a master transaction agreement, an investor rights agreement, a services agreement, a tax sharing agreement, an employee matters agreement and similar agreements and arrangements and the transactions in connection therewith;
(b)    the IAC/Match Intercompany Debt;
(c)    the Match Transaction Distributions;
(d)    the entry into this Agreement and any Incremental Assumption Agreements and performance of the obligations hereunder and thereunder and any related agreements, including any guarantee agreements or pledge agreements; and
(e)    the creation of, and payments under, the IAC Subordinated Debt Facility.
“Material Adverse Effect” means a material adverse effect on (a) the business, operations, property or condition, financial or otherwise, of the Borrower and its Restricted Subsidiaries taken as a whole that results in a material impairment of the ability of the Borrower to perform any payment obligations hereunder or (b) the validity or enforceability of this Agreement or the other Loan Documents or the rights or remedies of the Administrative Agent (including in its capacity as Collateral Agent) or the Lenders hereunder or thereunder.

-28-

“Material Domestic Subsidiary” means any Wholly Owned Subsidiary that is a Domestic Subsidiary of the Borrower, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements have been or are required to have been delivered, that has assets or revenues (including third party revenues but not including intercompany revenues) with a value in excess of 2.50% of the consolidated assets of the Borrower and its Wholly Owned Subsidiaries that are Domestic Subsidiaries or 2.50% of the consolidated revenues of the Borrower and its Wholly Owned Subsidiaries that are Domestic Subsidiaries; provided that in the event Wholly Owned Subsidiaries that are Domestic Subsidiaries that would otherwise not be Material Domestic Subsidiaries shall in the aggregate account for a percentage in excess of 7.50% of the consolidated assets of the Borrower and its Wholly Owned Subsidiaries that are Domestic Subsidiaries or 7.50% of the consolidated revenues of the Borrower and its Wholly Owned Subsidiaries that are Domestic Subsidiaries as of the end of and for the most recently completed fiscal quarter, then one or more of such Domestic Subsidiaries designated by the Borrower (or, if the Borrower shall make no designation, one or more of such Domestic Subsidiaries in descending order based on their respective contributions to the consolidated assets of the Borrower), shall be included as Material Domestic Subsidiaries to the extent necessary to eliminate such excess.
“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of a Swap Agreement, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding $50,000,000.  For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time.
“Material Subsidiary” means any Restricted Subsidiary of the Borrower, as of the last day of the fiscal quarter of the Borrower most recently ended for which financial statements have been, or were required to be, delivered pursuant to Section 5.01, that has assets or revenues (including third party revenues but not including intercompany revenues) with a value in excess of 1.0% of the consolidated assets of the Borrower or 1.0% of the consolidated revenues of the Borrower; provided that in the event Restricted Subsidiaries that would otherwise not be Material Subsidiaries shall in the aggregate account for a percentage in excess of 7.5% of the consolidated assets of the Borrower or 7.5% of the consolidated revenues of the Borrower as of the end of and for the most recently completed fiscal quarter for which financial statements have been, or were required to be, delivered pursuant to Section 5.01, then one or more of such Restricted Subsidiaries designated by the Borrower (or, if the Borrower shall make no designation, one or more of such Restricted Subsidiaries in descending order based on their respective contributions to the consolidated assets of the Borrower), shall be included as Material Subsidiaries to the extent necessary to eliminate such excess.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
“Net Proceeds” means:
(a)    100% of the cash proceeds actually received by the Borrower or any Subsidiary (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) from any Asset Sale, net of (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer Taxes, deed or mortgage recording Taxes, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) required payments of Indebtedness (other than Indebtedness incurred under the Loan Documents or Other First Lien Debt) and required payments of other obligations relating to the applicable asset to the extent such Indebtedness or other obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents, Other First Lien Debt or obligations secured by a Lien that is junior to the Liens securing the Obligations), (iii) repayments of Other First Lien Debt (limited to its proportionate share of such prepayment, based on the amount of such then outstanding debt as a percentage of all then outstanding Indebtedness incurred under the Loan Documents and Other First Lien Debt), (iv) Taxes paid or payable (in the good faith determination of the Borrower) as a direct result thereof, and (v) the amount of any reasonable reserve established in accordance with GAAP against any adjustment to the sale price or 

-29-

any liabilities (other than any Taxes deducted pursuant to clause (i) or (iv) above) (x) related to any of the applicable assets and (y) retained by the Borrower or any of the Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations (provided that (1) the amount of any reduction of such reserve (other than in connection with a payment in respect of any such liability), prior to the date occurring 18 months after the date of the respective Asset Sale, shall be deemed to be cash proceeds of such Asset Sale occurring on the date of such reduction and (2) the amount of any such reserve that is maintained as of the date occurring 18 months after the date of the applicable Asset Sale shall be deemed to be Net Proceeds from such Asset Sale as of such date); provided, that, if the Borrower shall deliver an Officer’s Certificate to the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrower’s intention to use any portion of such proceeds, within 12 months of such receipt, to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower and the Subsidiaries or to make Asset Acquisitions and other Investments permitted hereunder (excluding Cash Equivalents or intercompany Investments in Subsidiaries) or to reimburse the cost of any of the foregoing incurred on or after the date on which the Asset Sale giving rise to such proceeds was contractually committed (other than inventory), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 365 days of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such 365 day period but within such 365 day period are contractually committed to be used, then such remaining portion if not so used within 180 days following the end of such 365 day period shall constitute Net Proceeds as of such date without giving effect to this proviso); provided, further, that no net cash proceeds calculated in accordance with the foregoing realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such net cash proceeds shall exceed (x) prior to the Term B-1 Loan Repayment Date, $50,000,000 and (y) on or after the Term B-1 Loan Repayment Date, $150,000,000 (and in each case thereafter only net cash proceeds in excess of such amount shall constitute Net Proceeds);
(b)    100% of the cash proceeds actually received by the Borrower or any Subsidiary (including casualty insurance settlements and condemnation awards, but only as and when received) from any Recovery Event, net of (i) attorneys’ fees, accountants’ fees, transfer Taxes, deed or mortgage recording Taxes on such asset, other customary expenses and brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) required payments of Indebtedness (other than Indebtedness incurred under the Loan Documents or Other First Lien Debt) and required payments of other obligations relating to the applicable asset to the extent such Indebtedness or other obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents, Other First Lien Debt or obligations secured by a Lien that is junior to the Liens securing the Obligations), (iii) repayments of Other First Lien Debt (limited to its proportionate share of such prepayment, based on the amount of such then outstanding debt as a percentage of all then outstanding Indebtedness incurred under the Loan Documents and Other First Lien Debt, and (iv) Taxes paid or payable (in the good faith determination of the Borrower) as a direct result thereof; provided, that, if the Borrower shall deliver an  Officer’s Certificate to the Administrative Agent promptly following receipt of any such proceeds setting forth the Borrower’s intention to use any portion of such proceeds, within 365 days of such receipt, to acquire, maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrower and the Subsidiaries or to make Asset Acquisitions and other Investments permitted hereunder (excluding Cash Equivalents or intercompany Investments in Subsidiaries) or to reimburse the cost of any of the foregoing incurred on or after the date on which the Recovery Event giving rise to such proceeds was contractually committed (other than inventory, except to the extent the proceeds of such Recovery Event are received in respect of inventory), such portion of such proceeds shall not constitute Net Proceeds except to the extent not, within 365 days of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such 365 day period but within such 365 day period are contractually committed to be used, then such remaining portion if not so used within 180 days following the end of such 365 day period shall constitute Net Proceeds as of such date without giving effect to this proviso); provided, further, that no net cash proceeds calculated in accordance with the foregoing realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such net cash proceeds shall exceed (x) prior to the Term B-1 Loan Repayment Date, $50,000,000 and (y) on or after the Term B-1 Loan Repayment Date, $150,000,000 (and in each case thereafter only net cash proceeds in excess of such amount shall constitute Net Proceeds); and

-30-

(c)    100% of the cash proceeds from the incurrence, issuance or sale by the Borrower or any Subsidiary of any Indebtedness (other than Excluded Indebtedness, except for Refinancing Term Loans), net of all fees (including investment banking fees), commissions, costs and other expenses, in each case incurred in connection with such issuance or sale.
“New Term Lender” means the Person listed on Schedule 1 to Amendment No. 3.4.
“Non-Consenting Lender” has the meaning assigned to such term in Section 2.16(c).
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Non-Defaulting Revolving Lender” means, at any time, each Revolving Lender that is not a Defaulting Lender at such time.
“Non-Loan Party” means any Restricted Subsidiary other than a Loan Party.
“Non-Quoted Currency” means each of Australian Dollars and Canadian Dollars.
“Non-U.S. Lender” means any Lender that is not a U.S. Lender.
“Obligations” means the unpaid principal of and interest on (including interest, fees and expenses accruing after the maturity of the Loans and interest, fees and expenses accruing after the filing of any petition in 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, fees and expenses is allowed in such proceeding) the Loans, the obligations of the Loan Parties to reimburse the Issuing Bank for demands for payment or drawings under a Letter of Credit, and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Secured Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, any Specified Swap Agreement, any Cash Management Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, fees, indemnities, costs, expenses or otherwise (including all fees, charges and disbursements of counsel to the Administrative Agent, the Lead Arrangers or to any Lender that are required to be paid by the Borrower pursuant hereto). Notwithstanding the foregoing, the Obligations shall not include any Excluded Swap Obligations.
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“Officer’s Certificate” means a certificate of a Financial Officer in form and substance reasonably acceptable to the Administrative Agent.
“Other First Lien Debt” means obligations secured by Liens on the Collateral that are equal and ratable with the Liens thereon securing the Term B-1 Loans pursuant to an intercreditor agreement reasonably satisfactory to the Administrative Agent.
“Other Taxes” means all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.
“Outstanding Revolving Credit” means, with respect to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate then outstanding principal amount of such Revolving Lender’s Revolving Loans and (b) such Revolving Lender’s LC Exposure.
“parent” has the meaning assigned to such term in the definition of “subsidiary.”
“Parent Company” has the meaning assigned to such term in the definition of “Bankruptcy Event.”
“Participant” has the meaning assigned to such term in Section 9.05(c).

-31-

“Participant Register” has the meaning assigned to such term in Section 9.05(c).
“Participating Member State” means any member state of the EMU which has the Euro as its lawful currency.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Perfection Certificate” means a certificate in the form of Exhibit H or any other form approved by the Administrative Agent (acting reasonably), as the same shall be supplemented from time to time by any supplement thereto or otherwise.
“Permitted Encumbrances” means:
(a)    Liens imposed by law for taxes, assessments or governmental charges that are not yet due or are being contested in compliance with Section 5.04;
(b)    landlord’s, carriers’, warehousemen’s, mechanics’, supplier’s, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 5.04;
(c)    pledges and deposits made in the ordinary course of business in compliance with workers’ compensation (or pursuant to letters of credit issued in connection with such workers’ compensation compliance), unemployment insurance and other social security laws or regulations;
(d)    deposits to secure the performance of tenders, bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds, leases, subleases, government contracts and return-of-money bonds, letters of credit and other obligations of a like nature, in each case in the ordinary course of business (exclusive of the obligation for the payment of borrowed money);
(e)    judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(j);
(f)    easements, zoning restrictions, rights-of-way, survey exception, minor encumbrances, reservation of, licenses, electric lines, telegraph and telephone lines and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Restricted Subsidiary;
(g)    Liens securing obligations in respect of trade-related letters of credit and covering the goods (or the documents of title in respect of such goods) financed or the purchase of which is supported by such letters of credit and the proceeds and products thereof;
(h)    Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; and
(i)    Liens securing obligations in respect of letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations (other than Obligations in respect of Indebtedness) and trade-related letters of credit, in each case, outstanding on the Closing Date or issued thereafter in and covering the goods (or the documents of title in respect of such goods) financed by such letters of credit, banker’s acceptances or bank guarantees and the proceeds and products thereof.
“Permitted Holders” means any one or more of (a) IAC and its wholly owned subsidiaries, (b) Barry Diller, (c) each of the respective Affiliated Persons of the Person referred to in clause (b) and (d) any Person a majority of 

-32-

the aggregate voting power of all the outstanding classes or series of the equity securities of which are beneficially owned by any one or more of the Persons referred to in clauses (a), (b) or (c).
“Permitted Liens” means Liens permitted by Section 6.02.
“Permitted Mandatory Prepayments” means with respect to any Indebtedness, any requirement to prepay such Indebtedness (i) in connection with any asset sale or event of loss (with associated reinvestment rights), (ii) in respect of Refinancing Indebtedness, (iii) in respect of Indebtedness not permitted to be incurred by the terms of such Indebtedness, (iv) in connection with any cash sweep provisions customary in the determination of the Borrower for term loan B facilities or (v) in connection with any change of control.
“Permitted Ratio Debt” means Permitted Secured Ratio Debt and Permitted Unsecured Ratio Debt.
“Permitted Secured Ratio Debt” means Indebtedness of the Borrower so long as, (I) on a pro forma basis after giving effect thereto and the use of proceeds thereof (calculated (x) as if any outstanding commitments for all such Indebtedness, Permitted Unsecured Ratio Debt and Incremental Commitments were fully drawn on the effective date thereof and (y) excluding any cash constituting proceeds of any such Indebtedness or any simultaneous incurrence of Permitted Unsecured Ratio Debt and/or Incremental Facilities), the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00 and the Secured Net Leverage Ratio is equal to or less than (x) prior to the Term B-1 Loan Repayment Date, 2.25 to 1.00 (or, if such Permitted Secured Ratio Debt is incurred in connection with the Match Transactions, 4.00 to 1.00) and (y) on or after the Term B-1 Loan Repayment Date, 3.50 to 1.00, in each case, only on the date of the initial incurrence of (or commitment in respect of) such Indebtedness, (II) no Default shall have occurred and be continuing after giving effect thereto, (III) the Borrower shall be in compliance with Section 6.10 as of the last day of the most recent Test Period on a pro forma basis after giving effect to the incurrence of any such Indebtedness and the use of proceeds thereof, (IV) the maturity date of such Indebtedness shall be no earlier than 90 days following the Latest Maturity Date then in effect and such Indebtedness shall not require any mandatory prepayments other than Permitted Mandatory Prepayments, (V) such Indebtedness (w) shall not require scheduled amortization payments (excluding the final installment thereof) in excess of 1.00% per annum of the original aggregate principal amount thereof, (x) shall not have a Weighted Average Life to Maturity that is shorter than the then longest remaining Weighted Average Life to Maturity of any then outstanding Term Loans, (y) shall have no financial maintenance covenants of a different type than those set forth in Section 6.10, and no financial maintenance covenants that are more restrictive than those set forth in Section 6.10, and (z) does not have negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to this Agreement as determined in good faith by the Borrower unless, in each case of clauses (y) and (z) such terms become applicable only after the Revolving Facility shall have matured or been terminated and any Term Loans existing at such date have been paid in full, (VI) such Indebtedness is not guaranteed by any subsidiaries of the Borrower that do not guarantee the Obligations and is secured on an equal and ratable or junior lien basis by the same Collateral (and no additional Collateral) securing the Obligations pursuant to an intercreditor agreement reasonably satisfactory to the Administrative Agent and (VII) if such Indebtedness is in the form of term loans, such Indebtedness shall be subject to the “most-favored nations” provision of Section 2.02(b)(v) as if such Indebtedness was incurred as an Incremental Term Loan under this Agreement (and with pricing increases with respect to the Term B-1 Loans to occur as, and to the extent provided in the “most favored nations” provision of Section 2.02(b)(v) as if such Indebtedness was incurred as an Incremental Term Loan hereunder); provided that the Escrow Assumption with respect to any Escrow Permitted Ratio Debt shall not be permitted unless on the date thereof (after giving effect thereto) the conditions set forth above would be satisfied if the Borrower was borrowing such Permitted Ratio Debt on the date of such Escrow Assumption; provided further any Escrow Permitted Ratio Debt shall not constitute Permitted Unsecured Ratio Debt unless the Escrow Assumption with respect thereto shall have occurred.
“Permitted Unsecured Ratio Debt” means unsecured Indebtedness of the Borrower so long as, (I) on a pro forma basis after giving effect thereto and the use of proceeds thereof (calculated (x) as if any outstanding commitments for all such Indebtedness, Permitted Secured Ratio Debt and Incremental Commitments were fully drawn on the effective date thereof and (y) excluding any cash constituting proceeds of such Indebtedness or any simultaneous incurrence of Permitted Secured Ratio Debt and/or Incremental Facilities), the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00 only on the date of the initial incurrence of (or commitment in 

-33-

respect of) such Indebtedness, (II) no Default shall have occurred and be continuing after giving effect thereto, (III) the Borrower shall be in compliance with Section 6.10 on a pro forma basis as of the last day of the most recently completed Test Period after giving effect to the incurrence of any such Indebtedness and the use of proceeds thereof, (IV) other than with respect to either Indebtedness the aggregate principal amount of which does not exceed $50,000,000 or Indebtedness issued in exchange for the IAC 2012 Senior Notes in connection with the Match Transactions, the maturity date of such Indebtedness shall be no earlier than 90 days following the Latest Maturity Date then in effect and such Indebtedness shall not require any mandatory prepayments other than Permitted Mandatory Prepayments, (V) such Indebtedness (w) shall not require scheduled amortization payments (excluding the final installment thereof) in excess of 1.00% per annum of the original aggregate principal amount thereof, (x) shall not have a Weighted Average Life to Maturity that is shorter than the then longest remaining Weighted Average Life to Maturity of any then outstanding Term Loans, (y) shall have no financial maintenance covenants of a different type than those set forth in Section 6.10, and no financial maintenance covenants that are more restrictive than those set forth in Section 6.10, and (z) does not have negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to this Agreement as determined in good faith by the Borrower unless, in each case of clauses (y) and (z) such terms become applicable only after the Revolving Facility shall have matured or been terminated and any Term Loans existing at such date have been paid in full and (VI) such Indebtedness shall not be guaranteed by any subsidiaries of the Borrower other than Guarantees by the Subsidiary Guarantors that by their terms are subordinated in right of payment to the Obligations; provided that the Escrow Assumption with respect to any Escrow Permitted Ratio Debt shall not be permitted unless on the date thereof (after giving effect thereto) the conditions set forth above would be satisfied if the Borrower was borrowing such Permitted Ratio Debt on the date of such Escrow Assumption; provided further, any Escrow Permitted Ratio Debt shall not constitute Permitted Unsecured Ratio Debt until the Escrow Assumption with respect thereto shall have occurred.
“person” and “group” have the meanings given to them for purposes of Section 13(d) and 14(d) of the Exchange Act or any successor provisions, and the term “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of rule 13d-5(b)(1) under the Exchange Act, or any successor provision.
“Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof or other entity of any kind.
“Plan” means an employee pension benefit plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), subject to the provisions of Section 302 and Title IV of ERISA or Section 412 of the Code, and in respect of which the Borrower or any ERISA Affiliate is (or if such plan were terminated, would under Section 4062 or 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Platform” has the meaning assigned to such term in Section 9.18.
“Pledge Agreement” means the Pledge Agreement by the Borrower and the Subsidiary Guarantors, substantially in the form of Exhibit D.
“Pre-IPO Note” means any intercompany debt (i) owed by the Borrower to any member of the IAC Group, (ii) incurred within 30 days prior to the Match Offering, (iii) having a maturity not in excess of 30 days, (iv) that by its terms is subordinated in right of payment to the obligations under the Senior Secured Credit Facilities, and (v) that is designated as such by the Borrower.
“Preferred Stock” means, with respect to any Person, any and all preferred or preference stock or other equity interests (however designated) of such Person whether now outstanding or issued after the Closing Date.
“Pricing Grid” means the table below:

-34-

	
				
	Consolidated Net Leverage Ratio
	Commitment Fee Rate
	Applicable Rate for 
Eurocurrency Loans
	Applicable Rate for 
ABR Loans

	>4.00:1.00
	0.40%
	2.25%
	1.25%

	<4.00:1.00 but >3.00:1.00
	0.35%
	2.00%
	1.00%

	<3.00:1.00 but >2.00:1.00
	0.30%
	1.75%
	0.75%

	<2.00:1.00
	0.25%
	1.50%
	0.50%

For the purposes of the Pricing Grid, changes in the Applicable Rate and Commitment Fee Rate resulting from changes in the Consolidated Net Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to Section 5.01 and shall remain in effect until the next change to be effected pursuant to this paragraph.  Notwithstanding the foregoing, if any financial statements referred to above are not delivered within the time periods specified in Section 5.01, then, until the date on which such financial statements are delivered, the highest rate set forth in each column of the Pricing Grid shall apply.  In addition, at all times while an Event of Default shall have occurred and be continuing, the highest rate set forth in each column of the Pricing Grid shall apply.  Each determination of the Consolidated Net Leverage Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 6.10.
“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.
“Princeton Review Group” means the line of business operated by TPR Education Offshore Holdings LLC and its subsidiaries as of the Term B-1 Effective Date as reasonably determined by the Borrower.
“Pro Rata Extension Offer” has the meaning assigned to such term in Section 2.19(a).
“Public Lender” has the meaning assigned to such term in Section 9.18.
“Purchase Offer” has the meaning assigned to such term in Section 2.21(a).
“Qualified Equity Interests” of any Person means Equity Interests of such Person other than Disqualified Equity Interests.  Unless otherwise specified, Qualified Equity Interests refer to Qualified Equity Interests of the Borrower.
“Quotation Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Sterling, Australian Dollars or Canadian Dollars, the first day of such Interest Period, (ii) if the currency is Euro, two TARGET2 Days before the first day of such Interest Period, (iii) for any other currency, two Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the Eurocurrency Rate for such currency is to be determined, in which case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).
“Recovery Event” means any event that gives rise to the receipt by the Borrower or any of its Subsidiaries of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon).
“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) supplied to the Administrative Agent at its request by the Reference Banks (as the case may be) as of the Specified Time on the Quotation Day for Loans in the applicable currency and the applicable Interest Period:
(a)    in relation to Loans in Australian Dollars, as the bid rate observed by the relevant Reference Bank for Australian Dollars denominated bank accepted bills and negotiable certificates of 

-35-

deposit issued by banks which are for the time being designated “Prime Banks” by the Australian Financial Markets Association that have a remaining maturity equal to the relevant Interest Period;
(b)    in relation to Loans in Canadian Dollars, as the rate at which the relevant Reference Bank is willing to extend credit by the purchase of bankers acceptances which have been accepted by banks which are for the time being customarily regarded as being of appropriate credit standing for such purpose with a term to maturity equal to the relevant period; and
(c)    in relation to Loans in any currency other than AUD, CAD and Euros, as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers in reasonable market size in that currency and for that period;
provided, that if any Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement
“Reference Banks” means such banks as may be selected by the Administrative Agent (subject to consent by each such Reference Bank)  and are reasonably acceptable to the Borrower.
“refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, or to issue other Indebtedness in exchange or replacement for, such Indebtedness.
“Refinanced Indebtedness” has the meaning assigned to such term in the definition of “Refinancing Indebtedness.”
“Refinancing Amendment” has the meaning assigned to such term in Section 2.20(e).
“Refinancing Effective Date” has the meaning assigned to such term in Section 2.20(a).
“Refinancing Indebtedness” means Indebtedness of the Borrower or a Restricted Subsidiary incurred in exchange for, or the proceeds of which are used to redeem or refinance in whole or in part, any Indebtedness of the Borrower or any Restricted Subsidiary (the “Refinanced Indebtedness”); provided that:
(a)    the principal amount (and accreted value, in the case of Indebtedness issued at a discount) of the Refinancing Indebtedness does not exceed the principal amount (and accreted value, as the case may be) of the Refinanced Indebtedness plus the amount of accrued and unpaid interest on the Refinanced Indebtedness, any premium paid to the holders of the Refinanced Indebtedness and expenses incurred in connection with the incurrence of the Refinancing Indebtedness;
(b)    the obligor of Refinancing Indebtedness does not include any Person (other than the Borrower or any Restricted Subsidiary) that is not an obligor of the Refinanced Indebtedness;
(c)    if the Refinanced Indebtedness was by its terms subordinated in right of payment to the Loans or the Guarantee Agreement, as the case may be, then such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Loans or the Guarantee Agreement, as the case may be, at least to the same extent as the Refinanced Indebtedness;
(d)    the Refinancing Indebtedness has a final stated maturity either (a) no earlier than the Refinanced Indebtedness being redeemed or refinanced or (b) after the date that is 90 days after the last maturity date applicable to the Loans at the time the Refinancing Indebtedness is incurred; and
(e)    the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the last maturity date applicable to the Loans at the time the Refinancing Indebtedness is incurred has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion of the Refinanced Indebtedness being redeemed or refinanced that is scheduled to mature on or prior to the last maturity date applicable to 

-36-

the Loans at the time the Refinancing Indebtedness is incurred (provided that Refinancing Indebtedness in respect of Refinanced Indebtedness that has no amortization may provide for amortization installments, sinking fund payments, senior maturity dates or other required payments of principal of up to 1% of the aggregate principal amount per annum).
“Refinancing Term Loans” has the meaning assigned to such term in Section 2.20(a).
“Register” has the meaning assigned to such term in Section 9.05(b)(iv).
“Related Business” means any business in which the Borrower or any Restricted Subsidiary was engaged on the Closing Date or any reasonable extension of such business and any business related, ancillary or complementary to any business of the Borrower or any Restricted Subsidiary in which the Borrower or any Restricted Subsidiary was engaged on the Closing Date or any reasonable extension of such business.
“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates.
“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.
“Replacement Revolving Facilities” has the meaning assigned to such term in Section 2.20(c).
“Replacement Revolving Facility Commitments” has the meaning assigned to such term in Section 2.20(c).
“Replacement Revolving Facility Effective Date” has the meaning assigned to such term in Section 2.20(c).
“Replacement Revolving Loans” has the meaning assigned to such term in Section 2.20(c).
“Repricing Event” means (i) any prepayment or repayment of Term B-1 Loans with the proceeds of, or conversion of all or any portion of the Term B-1 Loans into, any new or replacement term loans bearing interest with an All-in Yield less than the All-in Yield applicable to the Term B-1 Loans subject to such event (as such comparative yields are determined by the Administrative Agent); provided that in no event shall any prepayment or repayment of Term B-1 Loans in connection with a Change of Control constitute a Repricing Event and (ii) any amendment to this Agreement which reduces the All-in Yield applicable to the Term B-1 Loans (it being understood that any prepayment premium with respect to a Repricing Event shall apply to any required assignment by a Non-Consenting Lender in connection with any such amendment pursuant to Section 2.16(c)).
“Required Lenders” means, at any time, Lenders having Term Loans and Revolving Commitments (or, if the Revolving Commitments have terminated, Total Revolving Exposure outstanding) that, taken together, represent more than 50% of the sum of (x) all Term Loans and (y) all Revolving Commitments (or, if the Revolving Commitments have terminated, Total Revolving Exposure outstanding) at such time; provided, that the Term Loans, Revolving Commitments and Total Revolving Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.
“Required Percentage” means, with respect to any Excess Cash Flow Period, 75%; provided, that, if the Secured Net Leverage Ratio as of the end of such Excess Cash Flow Period is (x) less than or equal to 2.25 to 1.00 but greater than 2.00 to 1.00, such percentage shall be 50%, (y) less than or equal to 2.00 to 1.00 but greater than 1.50 to 1.00, such percentage shall be 25% or (z) less than or equal to 1.50 to 1.00, such percentage shall be 0%.
“Required Revolving Lenders” means, at any time, Revolving Lenders having Revolving Commitments (or if the Revolving Commitments have terminated, Total Revolving Exposure outstanding) that, taken together, represent more than 50% of the sum of all Revolving Commitments (or, if the Revolving Commitments have terminated, Total Revolving Exposure outstanding at such time; provided, that the Revolving Commitments and Total Revolving Exposure outstanding of any Defaulting Lender shall be disregarded in determining Required Revolving Lenders at any time.

-37-

“Requirements of Law” means, as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule, regulation or official administrative pronouncement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
“Restricted Payment” means (a) any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower or any Restricted Subsidiary, (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests of the Borrower or any option, warrant or other right to acquire any such Equity Interests or (c) any Junior Debt Restricted Payment.
“Restricted Subsidiary” means any subsidiary of the Borrower other than Unrestricted Subsidiaries.
“Retained Excess Cash Flow Amount” means, as at any date of determination, an amount determined on a cumulative basis equal to, without duplication, (a) the cumulative amount of Excess Cash Flow for all Excess Cash Flow Periods completed prior to such date, plus (b) the cumulative amount of all Declined Prepayment Amounts, plus (c) following the date of the Match Offering, the net cash proceeds of any sale of Qualified Equity Interests by, or capital contribution to the common equity of, the Borrower, minus (d) the amount of such Excess Cash Flow required to be applied to prepay the Loans pursuant to Section 2.08(d) during or with respect to such applicable Excess Cash Flow Periods (without giving effect to any reduction in respect of prepayments of Indebtedness as provided in clauses (ii)(a) and (b) thereof), minus (e) the cumulative amount of Restricted Payments made from the Retained Excess Cash Flow Amount from and after the Term B-1 Effective Date and on or prior to such time, minus (f) the cumulative amount of Investments made from the Retained Excess Cash Flow Amount from and after the Term B-1 Effective Date and on or prior to such time (net of any dividends, distributions, profits, returns or similar amounts in respect of any such Investments).
“Revocation” has the meaning assigned to such term in the definition of “Unrestricted Subsidiary.”
“Revolving Commitment” means, as to any Revolving Lender, the obligation of such Revolving Lender to make Revolving Loans and purchase participation interests in Letters of Credit in an aggregate principal amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.01A or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Revolving Lender became a party hereto, as the same may be changed from time to time pursuant to the terms of this Agreement (including as increased, extended or replaced as provided in Section 2.02, 2.19 and 2.20).  The original aggregate Dollar Amount of all Revolving Commitments is $500,000,000.
“Revolving Commitment Percentage” means, with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Revolving Commitment at such time to the Total Revolving Commitments at such time.
“Revolving Commitment Period” means the period from and including the Closing Date to the Revolving Termination Date.
“Revolving Facility” means the credit facility constituted by the Revolving Commitments and the extensions of credit thereunder.
“Revolving Fee Payment Date” means (a) the third Business Day following the last day of each March, June, September and December during the Revolving Commitment Period and (b) the last day of the Revolving Commitment Period.
“Revolving Lender” means each Lender that has a Revolving Commitment or that holds Revolving Loans.
“Revolving Loans” has the meaning assigned to such term in Section 2.01(a).
“Revolving Termination Date” means the fifth anniversary of the Closing Date.

-38-

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council or the European Union or Her Majesty’s Treasury, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).
“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Screen Rate” means the LIBOR Screen Rate and the Local Screen Rates collectively and individually as the context may require.
“SEC” means the Securities and Exchange Commission or any successor thereto.
“Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (i) Indebtedness of the Borrower and its Restricted Subsidiaries secured by a Lien on any assets of the Borrower and its Restricted Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date of determination (as set forth on the balance sheet and determined on a consolidated basis in accordance with GAAP) minus the amount of unrestricted cash and Cash Equivalents of the Borrower and its Restricted Subsidiaries on such date in an amount not to exceed (x) prior to the Term B-1 Loan Repayment Date, $100,000,000 and (y) on or after the Term B-1 Loan Repayment Date, $200,000,000 to (ii) Consolidated EBITDA for such Test Period.
(A)    The Secured Net Leverage Ratio shall be calculated for any period after giving effect on a pro forma basis (as if they had occurred on the first day of the applicable Test Period) to:
(1)    the incurrence of any Indebtedness of the Borrower or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment, repurchase, defeasance or other discharge of Indebtedness (and the application of the proceeds therefrom) (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit arrangement) occurring during the applicable Test Period  or at any time subsequent to the last day of such Test Period and on or prior to the date of determination, as if such incurrence, repayment, issuance or redemption, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Test Period;
(2)    any (w) Asset Sale, (x) asset sale if the Fair Market Value of the assets sold in such transaction or series of related transactions exceeds $2,000,000, which is solely excluded from the definition of Asset Sale pursuant to clause (7) of such definition ), (y) Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Borrower or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition or as a result of a Revocation)) incurring Indebtedness pursuant to Section 6.01(j) and also including any Consolidated EBITDA associated with any such Asset Acquisition) or (z) operational restructuring (each a “pro forma event”) (including any cost savings and synergies resulting from head count reduction, closure of facilities and similar operational and other cost savings and synergies relating to such pro forma event occurring within 12 months (or expected, in the good faith determination of the Borrower, to occur within 12 months) of such pro forma event and during such period or  subsequent to such period and on or prior to the date of such calculation, in each case that are expected to have a continuing impact and are factually supportable, and which adjustments the Borrower determines are reasonable as set forth in an Officer’s Certificate; provided that the aggregate amount of all such cost savings and synergies pursuant to this clause (A)(2) and the second paragraph of the definition of “Consolidated EBITDA” shall in no event exceed 10% of Consolidated EBITDA for such period calculated 

-39-

prior to giving effect to such pro forma adjustments) occurring during the Test Period or at any time subsequent to the last day of the Test Period and on or prior to the date of determination, as if such pro forma event occurred on the first day of the Test Period and; provided, further, that asset sales described in clause (A)(2)(x) in an aggregate amount not to exceed $50,000,000 in any Test Period shall not be required to be given pro forma effect; and
(B)     in calculating Consolidated Interest Expense for purposes of the Secured Net Leverage Ratio with respect to any Indebtedness being given pro forma effect:
(1)    interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the date of determination;
(2)    if interest on any Indebtedness actually incurred on the date of determination may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the date of determination will be deemed to have been in effect during the Test Period;
(3)    notwithstanding clause (1) or (2) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of the agreements governing such Hedging Obligations;
(4)    interest on any Indebtedness under a revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during the Test Period; and
(5)    interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting Officer of the Borrower to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.
“Secured Parties” has the meaning assigned to such term in the Pledge Agreement.
“Separation Date” means the date on which the Borrower is designated as an Unrestricted Subsidiary under and in accordance with the IAC Credit Agreement and each of the indentures governing the IAC Senior Notes, as applicable, in connection with the Match Transactions.
“Senior Notes” means the up to $500,000,000 aggregate principal amount of 6.75% Senior Notes due 2022 issued by the Borrower in connection with the offer to exchange any and all outstanding IAC 2012 Senior Notes launched on October 16, 2015, and any exchange notes related thereto.
“Shortfall Term Loans” means the Refinancing Term Loans made pursuant to the Shortfall Term Loan Commitments. 
“Shortfall Term Loan Commitment” means the commitment of the New Term Lender to make Refinancing Term Loans to the Borrower on the Amendment No. 3 Effective Date in an aggregate principal amount set forth opposite the New Term Lender’s name on Schedule 1 to Amendment No. 3.
“Specified Swap Agreement” means any Swap Agreement in respect of interest rates or currency exchange rates entered into by the Borrower or any Subsidiary Guarantor and any Person that (i) at the time such Swap Agreement is entered into is a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party or (ii) in the case of any such Swap Agreement in effect on or prior to the Closing Date, is, as of the Closing Date, a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party, unless, when entered into, such Swap Agreement is designated in writing by the Borrower and such Lender or Agent Party or Affiliate of a Lender or Agent Party to the Administrative Agent to not be included as a Specified Swap Agreement.

-40-

“Specified Time” means approximately 11:00 a.m., London time.
“Standard & Poor’s” means Standard & Poor’s Rating Services a division of The McGraw-Hill Companies, Inc.
“Sterling” and “£” mean the lawful currency of the United Kingdom.
“subsidiary” means, with respect to any Person (the “parent”):
(1)    any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of the Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors thereof is at the time 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 (a) the sole general partner or the managing general partner of which is such Person or a subsidiary of such Person or (b) the only general partners of which are such Person or one or more subsidiaries of such Person (or any combination thereof).
“Subsidiary Guarantor” means each Domestic Subsidiary that is a party to the Guarantee Agreement; provided that no Excluded Subsidiary shall be required to be a Subsidiary Guarantor of any obligations under this Agreement.
“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Restricted Subsidiaries shall be a Swap Agreement.
“Swap Obligation” means, with respect to any Subsidiary 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.
“Syndication Agent” means Bank of America, N.A..
“TARGET2 Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system (or, if such payment system ceases to be operative, such other payment system reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term B-1 Commitment” means, as to any Term B-1 Lender, the obligation of such Term B-1 Lender to make Term B-1 Loans in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on Schedule I of the Incremental Assumption Agreement No. 1 or in the Assignment and Assumption or Incremental Assumption Agreement pursuant to which such Term B-1 Lender became a party hereto as the same may be changed from time to time pursuant to the terms of this Agreement (including as increased, extended or replaced as provided in Section 2.02, 2.19 and 2.20).  The original aggregate amount of all Term B-1 Commitments is $800,000,000.
“Term B-1 Effective Date” means November 16, 2015.

-41-

“Term B-1 Facility” means the credit facility constituted by the Term B-1 Commitments and the Term B-1 Loans thereunder.
“Term B-1 Lender” means each Lender that has a Term B-1 Commitment or that holds Term B-1 Loans.
“Term B-1 Loan Repayment Date” means the date on which all Term B-1 Loans are no longer outstanding.
“Term B-1 Loans” means the Term Loans made pursuant to the Term B-1 Commitment, including all Continuing Term Loans and all ShortfallAdditional Term B-1 Loans.
“Term B-1 Maturity Date” means the date that is seven years from the Term B-1 Effective Date; provided that, if any Senior Notes remain outstanding on the date that is 91 days prior to the maturity date of the Senior Notes, the Term B-1 Maturity Date shall be the date that is 91 days prior to the maturity date of the Senior Notes.
“Term Facility” means a credit facility in respect of Term Loans hereunder including the Term B-1 Facility.
“Term Lender” means each Lender that holds Term Loans, including the New Term Lender.
“Term Loan Commitment” means any Commitment in respect of Term Loans including the Term B-1 Commitments.
“Term Loan Standstill Period” has the meaning assigned to such term in Section 7.01(d).
“Term Loans” means the Term B-1 Loans, any Incremental Term Loan, Extended Term Loan or Refinancing Term Loans incurred hereunder; provided that no Escrow Incremental Term Loan shall be deemed to be a Term Loan outstanding hereunder until the Escrow Assumption with respect thereto shall have occurred.
“Test Period” means the four consecutive fiscal quarter period most recently ended; provided that, prior to the first date that financial statements shall have been delivered pursuant to Section 5.01, the Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower ended June 30, 2015.  A Test Period may be designated by reference to the last day thereof (i.e. the June 30, 2015 Test Period refers to the period of four consecutive fiscal quarters of the Borrower ended June 30, 2015), and a Test Period shall be deemed to end on the last day thereof.
“Total Assets” means, as of any date of determination, the total assets of the Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as set forth on the most recent consolidated balance sheet of the Borrower as of such date (which calculation shall give pro forma effect to any acquisition or asset sale by the Borrower or any of its Restricted Subsidiaries, in each case involving the payment or receipt by the Borrower or any of its Restricted Subsidiaries of consideration (whether in the form of cash or non-cash consideration) in excess of $50,000,000 that has occurred since the date of such consolidated balance sheet, as if such acquisition or Asset Sale had occurred on the last day of the fiscal period covered by such balance sheet).
“Total Percentage” means, 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.
“Total Revolving Commitments” means, at any time, the aggregate principal amount of the Revolving Commitments then in effect.
“Total Revolving Exposure” means, at any time, the sum of the Total Revolving Loans and LC Exposure outstanding at such time.
“Total Revolving Loans” means, at any time, the aggregate principal amount of the Revolving Loans of the Revolving Lenders outstanding at such time.
“Transactions” means the execution, delivery and performance by the Borrower of this Agreement, the execution, delivery and performance by the Loan Parties of the other Loan Documents, the borrowing of Loans and the use of proceeds thereof.

-42-

“Tutor.com Group” means the line of business operated by Tutor.com, Inc. and its subsidiaries as of the Term B-1 Effective Date as reasonably determined by the Borrower.
“Type” means, as to any Loan, its nature as an ABR Loan or a Eurocurrency Loan.
“Unrestricted Subsidiary” means (a) any subsidiary of the Borrower listed on Schedule 1.01B, (b) any subsidiary of the Borrower that is designated as an Unrestricted Subsidiary by the Borrower after the Closing Date in a written notice to the Administrative Agent and (c) any subsidiary of any subsidiary described in clause (a) or (b) above; provided that (i) no Default shall have occurred and be continuing at the time of or after giving effect to the designation of a subsidiary as an Unrestricted Subsidiary (a “Designation”) and (ii) at the time of and immediately after giving effect to such Designation, the Borrower shall be in compliance with Section 6.10; provided, further, that no subsidiary shall be designated as an Unrestricted Subsidiary unless (w) no creditor of such subsidiary shall have any claim (whether pursuant to a Guarantee or otherwise) against the Borrower or any of its Restricted Subsidiaries in respect of any Indebtedness or other obligation (except for obligations arising by operation of law, including joint and several liability for taxes, ERISA and similar items) of such subsidiary (collectively, “Unrestricted Subsidiary Support Obligations”), except pursuant to Investments which are made in accordance with Section 6.11; (x) such subsidiary is not party to any transaction with the Borrower or any Restricted Subsidiary unless the terms of such transaction complies with Section 6.06 and (y) no Investments may be made in any such subsidiary by the Borrower or any Restricted Subsidiary except to the extent permitted under Section 6.11 other than Section 6.11(e) (it being understood that, if a subsidiary is designated as an Unrestricted Subsidiary after the Closing Date, the aggregate Fair Market Value of all outstanding Investments owned by the Borrower and its Restricted Subsidiaries in the subsidiary so designated shall be deemed to be an Investment made as of the time of such designation and shall be subject to the limits set forth in Section 6.11 (other than Section 6.11(e))).  It is understood that Unrestricted Subsidiaries shall be disregarded for the purposes of any calculation pursuant to this Agreement relating to financial matters with respect to the Borrower.
The Borrower may revoke the designation of a subsidiary as an Unrestricted Subsidiary pursuant to a written notice to the Administrative Agent so long as, after giving pro forma effect to such revocation, (i) (x) the Consolidated Net Leverage Ratio shall be less than or equal to the Consolidated Net Leverage Ratio and (y) the Interest Coverage Ratio shall be equal to or higher than the Interest Coverage Ratio, in each case, then required to be maintained by the Borrower pursuant to Section 6.10 and (ii) no Default shall be in existence ( a “Revocation”).  Upon any Revocation, such Unrestricted Subsidiary shall constitute a Restricted Subsidiary for all purposes of this Agreement and the Borrower shall comply with Section 5.09 if such subsidiary is a Material Domestic Subsidiary.  In the case of any Revocation, if the designation of such subsidiary as an Unrestricted Subsidiary caused the available basket amount referred to in Section 6.11 (other than Section 6.11(e)) to be utilized by an amount equal to the aggregate Fair Market Value of all outstanding Investments owned by the Borrower and its Restricted Subsidiaries in the subsidiary so designated (the amount so utilized, the “Designation Amount”), then, effective upon such Revocation, such available basket amount shall be increased by the lesser of (i) the Designation Amount and (ii) the aggregate Fair Market Value of all outstanding Investments owned by the Borrower and its Restricted Subsidiaries in such subsidiary at the time of such Revocation.
“Unrestricted Subsidiary Support Obligations” has the meaning assigned to such term in the definition of “Unrestricted Subsidiary.”
“U.S. Lender” means any Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.14(e)(ii)(B)(3).
“Voting Stock” means the stock of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of the Borrower (irrespective of whether or not at the time stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).
“Weighted Average Life to Maturity” when applied to any Indebtedness at any date, means the number of years obtained by dividing (a) the sum of the products obtained by multiplying (i) the amount of each then 

-43-

remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof by (ii) the number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment by (b) the then outstanding principal amount of such Indebtedness.
“Wholly Owned Subsidiary” means a subsidiary of which 100% of the Equity Interests (except for directors’ qualifying shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what is required for such purpose) are owned directly by the Borrower or through one or more Wholly Owned Subsidiaries and, solely for the purpose of the definition of “Material Domestic Subsidiary,” excluding any subsidiary whose sole assets are Equity Interests in one or more subsidiaries that are not Wholly Owned Subsidiaries.
“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
“Yen” and “¥” mean the lawful currency of Japan.
SECTION 1.02    Classification of Loans and Borrowings.  For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).  Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”).
SECTION 1.03    Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “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, supplemented, restated, amended and restated, extended or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (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.  The foregoing standards shall also apply to the other Loan Documents.
SECTION 1.04    Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that for purposes of any determinations associated with leases, including, without limitation, determinations of whether such leases are capital leases, whether obligations under such leases are Capital Lease Obligations, the amount of any Capital Lease Obligations associated with such leases, and the amount of operating expenses associated with such leases, Consolidated EBITDA, Consolidated Interest Expense, Indebtedness, the Consolidated Net Leverage Ratio, the Secured Net Leverage Ratio and the Interest Coverage Ratio shall be determined based on generally accepted accounting principles in the United States of America in effect on the Closing Date; provided, further, 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 Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower 

-44-

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.
SECTION 1.05    Change of Currency.  Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify after consultation with the Borrower to be appropriate to the extent necessary to reflect a change in currency of any country and any relevant market conventions or practices relating to such change in currency.
SECTION 1.06    Currency Equivalents Generally.
(a)    Unless the context otherwise requires, any amount specified in this Agreement to be in Dollars shall also include the Dollar Amount of any Alternative Currency.  The maximum amount of Indebtedness and other threshold amounts that the Borrower and its Restricted Subsidiaries may incur under Article VI shall not be deemed to be exceeded, with respect to any outstanding Indebtedness and other threshold amounts solely as a result of fluctuations in the exchange rate of currencies.  When calculating capacity for the incurrence of additional Indebtedness and other threshold amounts by the Borrower and any Restricted Subsidiary, the exchange rate of currencies shall be measured as of the date of such calculation.
(b)    (i)The Administrative Agent shall determine the Dollar Amount of any Letter of Credit denominated in an Alternative Currency as of the date of the issuance thereof and on the first Business Day of each calendar month on which such Letter of Credit is outstanding, in each case using the Exchange Rate in effect on the date of determination, and each such amount shall be the Dollar Amount of such Letter of Credit until the next required calculation thereof pursuant to this Section.  The Administrative Agent shall in addition determine the Dollar Amount of any Letter of Credit denominated in an Alternative Currency as provided in Sections 2.17(e) and 2.17(l).
(ii)    The Administrative Agent shall determine the Dollar Amount of any Borrowing denominated in an Alternative Currency on or about the date of the commencement of the initial Interest Period therefor and as of the date of the commencement of each subsequent Interest Period therefor, in each case using the Exchange Rate in effect on the date of determination, and each such amount shall, except as provided in the next sentence, be the Dollar Amount of such Borrowing until the next required calculation thereof pursuant to this Section.
(iii)    The Administrative Agent may also determine the Dollar Amount of any Borrowing or Letters of Credit denominated in an Alternative Currency as of such other dates as the Administrative Agent shall determine, in each case using the Exchange Rate in effect on the date of determination, and each such amount shall be the Dollar Amount of such Borrowing or Letter of Credit until the next calculation thereof pursuant to this Section.
(iv)    The Administrative Agent shall notify the Borrower, the applicable Lenders and the Issuing Bank of each determination of the Dollar Amount of each Letter of Credit, Borrowing and LC Disbursement.
(c)    Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any other document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such times.
ARTICLE II
The Credits
SECTION 2.01    Commitments.
(a)    Subject to the terms and conditions hereof, from time to time during the Revolving Commitment Period, each Revolving Lender severally agrees to make to the Borrower revolving credit loans denominated in 

-45-

Dollars or an Alternative Currency (“Revolving Loans”) in an aggregate principal amount that will not result at the time of such Borrowing in (A) the Dollar Amount of such Lender’s Outstanding Revolving Credit under the Revolving Commitments exceeding such Lender’s Revolving Commitment or (B) the Dollar Amount of Revolving Loans in Alternative Currencies exceeding the Alternative Currency Revolving Sublimit.  During the Revolving Commitment Period the Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.  The Revolving Loans may from time to time be Eurocurrency Loans or, in the case of Revolving Loans in Dollars, ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.03 and 2.05. Each Revolving Loan under the Revolving Commitments shall be made as part of a Borrowing consisting of Revolving Loans made by the Revolving Lenders thereunder ratably in accordance with their respective Revolving Commitments.  The failure of any Revolving Lender to make any Revolving Loan required to be made by it shall not relieve any other Revolving Lender of its obligations hereunder; provided that the Revolving Commitments of the Revolving Lenders are several and no Revolving Lender shall be responsible for any other Revolving Lender’s failure to make Revolving Loans as required.  When more than one Class of Revolving Loans exists, each Borrowing of Revolving Loans shall be made pro rata across each Class.
(b)    Subject to the terms and conditions hereof and in Amendment No. 3,4, (i) the New Term Lender agrees to make a Shortfallan Additional Term B-1 Loan in Dollars to the Borrower on the Amendment No. 34 Effective Date in an aggregate principal amount equal to its ShortfallAdditional Term B-1 Loan Commitment and (ii) each Continuing Term Lender agrees to continue all of its Existing Term Loans (or such lesser amount as the Administrative Agent may allocate, as agreed by the Borrower) as Term B-1 Loans under this Agreement as amended by Amendment No. 34 on the Amendment No. 34 Effective Date.  Term B-1 Loans that are repaid or prepaid may not be reborrowed.
(c)    At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or comparable amounts determined by the Administrative Agent in the case of Alternative Currency).  At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Borrowing may be in an aggregate principal amount that is equal to the entire unused balance of the applicable outstanding Commitment.  Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of 15 Eurocurrency Borrowings outstanding.
SECTION 2.02    Incremental Revolving Commitments and Incremental Term Loans.
(a)    The Borrower may, by written notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments and/or Incremental Revolving Commitments, as applicable, in an amount not to exceed the Incremental Amount available at the time such Incremental Term Loans are funded or established (if commitments in respect of such Incremental Term Loans are established on a date prior to funding) or Incremental Revolving Commitments are established (except, in each case, as set forth in the final paragraph under Section 6.01) from one or more Incremental Term Lenders and/or Incremental Revolving Lenders (which, in each case, may include any existing Lender (but no such Lender shall be required to participate in any such Incremental Facility without its consent), but shall be required to be persons which would qualify as assignees of a Lender in accordance with Section 9.05) willing to provide such Incremental Term Loans and/or Incremental Revolving Commitments, as the case may be, in their sole discretion; provided that (i) each Incremental Revolving Lender providing a commitment to make revolving loans shall be subject to the approval of the Administrative Agent and, to the extent the same would be required for an assignment under Section 9.05, the Issuing Bank (which approvals shall not be unreasonably withheld, conditioned or delayed) and (ii) the aggregate principal amount of Incremental Term A Loans permitted to be incurred hereunder shall not exceed $250,000,000.  Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments and/or Incremental Revolving Commitments being requested (which shall be in minimum increments of $5,000,000 and a minimum amount of $10,000,000, or equal to the remaining Incremental Amount or, in each case, such lesser amount approved by the Administrative Agent), (ii) the date on which such Incremental Term Loan Commitments and/or Incremental Revolving Commitments are requested to become effective and (iii) whether such Incremental Facility is an Incremental Term A Facility.

-46-

(b)    The Borrower and each Incremental Term Lender and/or Incremental Revolving Lender shall execute and deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation (including, without limitation, amendments to this Agreement) as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental Term Lender and/or Incremental Revolving Commitment of such Incremental Revolving Lender.  Each Incremental Assumption Agreement shall specify the terms of the applicable Incremental Term Loans and/or Incremental Revolving Commitments; provided that:
(i)    any Incremental Revolving Commitments shall have the same terms as the Revolving Commitments, shall require no scheduled amortization or mandatory commitment reduction prior to the Revolving Termination Date and shall be on the same terms and pursuant to the same documentation applicable to the Revolving Commitments,
(ii)    except with respect to any Escrow Incremental Term Loans until the assumption by the Borrower thereof, the Incremental Term Loans shall not be guaranteed by any subsidiaries of the Borrower that do not guarantee the Obligations and shall be secured on a pari passu basis by the same Collateral (and no additional Collateral) securing the Obligations,
(iii)    the scheduled final maturity date of any Incremental Term A Facility shall be no earlier than the Revolving Termination Date and the scheduled final maturity date of any other Incremental Term Facility shall be no earlier than the later of (x) 90 days following the Revolving Termination Date and (y) the scheduled final maturity date of any then outstanding Term Loans,
(iv)    no Incremental Facility (other than the Term B-1 Loans incurred on the Term B-1 Effective Date and an Incremental Term A Facility) shall require scheduled amortization payments (excluding the final installment thereof) in excess of 1.00% per annum of the original aggregate principal amount thereof; and
(v)    any Incremental Term Facility shall be on terms (other than pricing, amortization, maturity, prepayment premiums and mandatory prepayments) and pursuant to documentation substantially similar to the Revolving Facility or otherwise reasonably acceptable to the Administrative Agent; provided that such Incremental Facilities (x) shall have no financial maintenance covenants of a different type than the financial covenants set forth in Section 6.10, and no financial maintenance covenants that are more restrictive than the financial covenants set forth in Section 6.10 and (y) shall not have negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to the Revolving Facility as determined in good faith by the Borrower unless, in each case of clauses (x) and (y) such terms (I) (if favorable to all then existing Lenders) are in consultation with the Administrative Agent, incorporated into this Agreement for the benefit of all then existing Lenders (without further amendment requirements); (II) become applicable only after the Revolving Facility shall have matured or been terminated and any Term Loans existing at such date have been paid in full or (III) apply to Escrow Incremental Term Loans solely until the Escrow Assumption with respect thereto occurs; provided, however, with respect to any Incremental Term Loans, the All-in Yield shall be as agreed by the respective Incremental Term Lenders and the Borrower, except that the All-in Yield in respect of any such Incremental Term Loans may exceed the All-in Yield in respect of the Term B-1 Loans by no more than 0.50%, or if it does so exceed such All-in Yield (such difference, the “Term Yield Differential”) then the Applicable Rate (or the “LIBOR floor” as provided in the following proviso) applicable to such Term B-1 Loans shall be increased such that after giving effect to such increase, the Term Yield Differential shall not exceed 0.50%; provided, that to the extent any portion of the Term Yield Differential is attributable to a higher “LIBOR floor” being applicable to such Incremental Term Loans, such floor shall only be included in the calculation of the Term Yield Differential to the extent such floor is greater than the Eurocurrency Rate in effect for an Interest Period of three months’ duration at such time, and, with respect to such excess, the “LIBOR floor” applicable to the outstanding Term B-1 Loans shall be increased to an amount not to exceed the “LIBOR floor” applicable to such Incremental Term Loans prior to any increase in the Applicable Rate applicable to such Term B-1 Loans then outstanding.

-47-

(c)    Each party hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended or amended and restated to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental Revolving Commitments evidenced thereby as provided for in Section 9.02.  Any amendment or amendment and restatement to this Agreement or any other Loan Document that is necessary to effect the provisions of this Section 2.02 (including, without limitation, to provide for the establishment of Incremental Term Loans) and any such collateral and other documentation shall be deemed “Loan Documents” hereunder and may be memorialized in writing between the Administrative Agent and the Borrower and furnished to the other parties hereto.
(d)    The Borrower may, by written notice to the Administrative Agent from time to time, request Escrow Incremental Term Loans which shall be incurred by an Escrow Borrower.  Such notice shall set forth (i) the amount of the Escrow Incremental Term Loans being requested (which shall be in minimum increments of $5,000,000 and a minimum amount of $10,000,000, or equal to the then remaining Incremental Amount or, in each case, such lesser amount approved by the Administrative Agent), (ii) the date on which such Escrow Incremental Term Loans are requested to be borrowed by the Escrow Borrower and (iii) the identity of the Escrow Borrower.  The Escrow Incremental Term Loans shall be incurred by an Escrow Borrower; provided that:
(i)    prior to the Escrow Assumption thereof, the Escrow Incremental Term Loans shall be incurred pursuant to and governed by loan documentation and escrow documentation, if any, separate from this Agreement and the other Loan Documents, which such loan documentation shall specify (A) the terms of the Escrow Assumption Agreement, (B) the terms of the Incremental Term Loans following the Escrow Assumption of such Escrow Incremental Term Loans and (C) that following the Escrow Assumption, the lenders thereunder shall agree to be bound by this Agreement and the other Loan Documents as permitted to be amended by Section 2.02(c) and Section 9.02;
(ii)    unless otherwise agreed by the Administrative Agent, the administrative agent and escrow agent, if any, for such Escrow Incremental Term Loans shall be the Administrative Agent; provided that if the Administrative Agent acts as administrative agent for such Escrow Incremental Term Loans, the Administrative Agent in its capacity as administrative agent for such Escrow Incremental Term Loans shall receive (A) documentation and other information requested by the Lenders that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation, the Act, in each case as requested at least three Business Days prior to the date on which such Escrow Incremental Term Loans are requested to become effective  and (B) all documents and legal opinions consistent with those delivered on the Closing Date as to such matters as are reasonably requested by the Administrative Agent in its capacity as administrative agent for such Escrow Incremental Term Loans;
(iii)    Escrow Incremental Term Loans shall not be deemed to be outstanding under this Agreement or any other Loan Document for any purposes hereof (including, without limitation, for purposes of any financial calculation, the definition of “Obligations,” the definition of “Required Lenders” or Section 7.01, 9.02 or 9.03 hereof) and the obligations with respect thereto shall not be recourse to the Borrower or any Restricted Subsidiary, in each case, unless and until the Escrow Assumption with respect thereto shall have occurred;
(iv)    at the time of the Escrow Assumption (A) the conditions specified in clauses (b) and (e) of this Section 2.02 (other than the condition in 2.02(e)(ii) with respect to complying with 4.02(c)) shall be satisfied as if the Borrower was borrowing such Escrow Incremental Term Loans on the date of such Escrow Assumption, (B) the Incremental Term Loan Commitments and/or Incremental Revolving Commitments plus  such Escrow Incremental Term Loans then outstanding do not exceed the Incremental Amount at such time and (C) the aggregate principal amount of Incremental Term A Loans outstanding (including, if applicable, such Escrow Incremental Term Loans) incurred on or prior to such time do not exceed $250,000,000; and
(v)    following any Escrow Assumption (A) each Escrow Incremental Term Loan assumed by the Borrower shall be deemed outstanding under this Agreement as an Incremental Term Loan, (B) each of the lenders of such Escrow Incremental Term Loan shall be deemed to be Lenders hereunder, (C) Escrow 

-48-

Incremental Term Loans that were Eurocurrency Loans of a particular Borrowing shall initially be Eurocurrency Loans of a Borrowing under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Borrowing under this Agreement (and with the same Eurocurrency Rate) and (D) Escrow Incremental Term Loans assumed by the Borrower that were ABR Loans shall initially be ABR Loans under this Agreement.
(e)    Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Commitment shall become effective under this Section 2.02 unless (i) no Default or Event of Default shall exist after giving pro forma effect to such Incremental Term Loan Commitment or Incremental Revolving Commitment and the incurrence of Indebtedness thereunder and use of proceeds therefrom; provided, that in the event that any tranche of Incremental Facilities that are used to finance an acquisition permitted hereunder, to the extent the Incremental Lenders participating in such Incremental Facility agree, the foregoing clause (i) shall be tested at the time of the execution of the acquisition agreement related to such acquisition (provided, that such Incremental Lenders shall not be permitted to waive any Default or Event of Default then existing or existing after giving effect to such Incremental Facility); (ii) the conditions set forth in Section 4.02 have been complied with whether or not a Borrowing is made under the Incremental Facility on such date (other than clause (c) thereof which shall only be required to be complied with if a Borrowing is made on such date); (iii) after giving pro forma effect to such Incremental Term Loan Commitment or Incremental Revolving Commitment and the incurrence of Indebtedness thereunder (assuming such commitments are fully drawn on such date) and use of proceeds therefrom the Borrower would be in compliance with Section 6.10 as of the last day of the most recently ended Test Period only on the date of the initial incurrence of (or commitment in respect of) such Indebtedness; and (iv) the Administrative Agent shall have received documents and legal opinions consistent with those delivered on the Closing Date as to such matters as are reasonably requested by the Administrative Agent.  The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption Agreement.
(f)    Upon each increase in the establishment of any Incremental Revolving Commitments pursuant to this Section 2.02, each Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Incremental Revolving Lender providing a portion of the Incremental Revolving Commitments in respect of such increase, and each such Incremental Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit held by each Lender (including each such Incremental Revolving Lender) will equal such Lender’s Revolving Commitment Percentage and if, on the date of such increase, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of such Incremental Revolving Commitments either be prepaid from the proceeds of additional Revolving Loans made hereunder or assigned to an Incremental Revolving Lender (in each case, reflecting such Incremental Revolving Commitments, such that Revolving Loans are held ratably in accordance with each Lender’s pro rata share, after giving effect to such increase), which prepayment or assignment shall be accompanied by accrued interest on the Revolving Loans being prepaid.  The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.  If there is a new Revolving Borrowing on such Incremental Revolving Commitment Closing Date, the Revolving Lenders after giving effect to such Incremental Revolving Commitments shall make such Revolving Loans in accordance with Section 2.01.
SECTION 2.03    Procedure for Borrowing.
(a)    To request a Revolving Borrowing or a Term B-1 Loan Borrowing on any Business Day, the Borrower shall notify the Administrative Agent of such request (x) in the case of ABR Loans, by telephone (which notice must be received by the Administrative Agent prior to 12:00 noon, New York City time on the requested Borrowing Date) or (y) in the case of Eurocurrency Loans, in writing (which notice must be received by the Administrative Agent prior to 12:00 noon, New York City time not less than (A) three Business Days prior to the requested Borrowing Date for Dollar Borrowing requests and (B) four Business Days prior to the requested Borrowing Date for Alternative Currency Revolving Borrowing requests).  Any borrowing request shall be irrevocable (but may be conditioned on the occurrence of any event if the borrowing request includes a description 

-49-

of such event; provided that the relevant Lenders shall still be entitled to the benefits of Section 2.13)  and any telephonic borrowing request shall be confirmed promptly in writing.  Each such telephonic and written borrowing request shall specify the amount, currency and Type of Borrowing to be borrowed and the requested Borrowing Date.  Upon receipt of such notice, the Administrative Agent shall promptly notify each relevant Lender thereof.  For the avoidance of doubt, subject to Section 2.11, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower may request in accordance herewith and all Revolving Loans made in Alternative Currencies shall be Eurocurrency Loans.
(b)    If no election as to the Type of Borrowing is specified for a Borrowing in Dollars, then the requested Borrowing shall be an ABR Borrowing.  If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  If no currency is specified for a Revolving Borrowing, the requested Borrowing shall be in Dollars.  In making any determination of the Dollar Amount for purposes of calculating the amount of Revolving Loans to be borrowed from the respective Lenders on any date, the Administrative Agent shall use the relevant Exchange Rate in effect on the date on which the Borrower delivers a borrowing request for such Revolving Loans pursuant to the provisions of Section 2.03(a).
SECTION 2.04    Funding of Borrowings.
(a)    Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds (x) in the case of any Loan denominated in Dollars, by 3:00 p.m. New York City time and (y) in the case of any Loan denominated in an Alternative Currency, by 12:00 noon local time in the place of settlement for such Alternative Currency, in each case to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.  The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City or to any other account as shall have been designated by the Borrower in writing to the Administrative Agent in the applicable borrowing request.  Each Lender at its option may make any Eurocurrency 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.
(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation in the relevant currency or (ii) in the case of the Borrower, the interest rate applicable to such Loans in the case of a Loan in Dollars or the applicable Eurocurrency Rate in the case of a Revolving Loan in an Alternative Currency.  If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.
(c)    The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make payments pursuant to Sections 8.09 and 9.04(c) are several and not joint.  The failure of any Lender to make any Loan or to fund any such participation or to make any payment under Sections 8.09 or 9.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and, other than pursuant to Section 2.18, no Lender shall be responsible for the failure of any other Lender to so make its Loan or, to fund its participation or to make its payment under Sections 8.09 or 9.04(c).
SECTION 2.05    Interest Elections.
(a)    Each Borrowing denominated in Dollars initially shall be of the Type specified in the applicable borrowing request, and each Eurocurrency Borrowing in Dollars or an Alternative Currency shall have an initial 

-50-

Interest Period as specified in such borrowing request.  Thereafter, the Borrower may elect to convert any Borrowing denominated in Dollars to a different Type or to continue such Borrowing as the same Type and may elect successive Interest Periods for any Eurocurrency Borrowing in Dollars or, in the case of Revolving Loans, an Alternative Currency, all as provided in this Section.  The Borrower may elect different Types or Interest Periods, as applicable, with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the relevant Lenders holding the Loans comprising the relevant portion of such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.
(b)    To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a request for a Borrowing would be required under Section 2.03, if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.  Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly in writing.
(c)    Each telephonic and written Interest Election Request shall specify (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day, (iii) in the case of a Borrowing denominated in Dollars, whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing, and (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.”  If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
(d)    Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each relevant Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.
(e)    If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as such for an Interest Period of one month.  Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing in Dollars may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) each Eurocurrency Borrowing in an Alternative Currency shall be continued as such for an Interest Period of not more than one month.
SECTION 2.06    Termination and Reduction of Commitments.  The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Commitments of any Class or, from time to time, to reduce the amount of the Commitments of any Class; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the Outstanding Revolving Credits would exceed the Total Revolving Commitments.  Any such reduction shall be in an amount equal to an integral multiple of $1,000,000 and not less than $5,000,000 and shall reduce permanently the Commitments of such Class then in effect.
SECTION 2.07    Repayment of Loans; Evidence of Debt.
(a)    Any Lender may request that Loans made by it be evidenced by a promissory note.  In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.  Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.05) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

-51-

(b)    The Borrower unconditionally promises to pay the then unpaid principal amount of each Revolving Loan on the Revolving Termination Date.
(c)    The Borrower shall repay the aggregate principal amount of outstanding Term B-1 Loans on the Term B-1 Maturity Date.
(d)    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.
(e)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the currency and 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 relevant Lenders and each relevant Lender’s share thereof.
(f)    The entries made in the accounts maintained pursuant to paragraph (c) or (d) of this Section shall be conclusive absent manifest error 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.
SECTION 2.08    Prepayments.
(a)    The Borrower may at any time and from time to time prepay Loans, in whole or in part, without premium or penalty (except as specifically provided in the last sentence of this Section 2.08(a)), upon notice delivered to the Administrative Agent no later than 12:00 noon, New York City time (or in the case of an Alternative Currency, 11:00 a.m., London time), not less than three Business Days prior thereto, in the case of Eurocurrency Loans, no later than 12:00 noon, New York City time, on the date of such notice, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and the Loans to be prepaid; provided that, if a Eurocurrency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.13.  Each such notice may be conditioned on the occurrence of one or more events (it being understood that the Administrative Agent and Lenders shall be entitled to assume that the Loans contemplated by such notice are to be made unless the Administrative Agent shall have received written notice revoking such notice of prepayment on or prior to the date of such prepayment).  Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.  If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid.  Partial prepayments of Loans shall be in an aggregate principal amount that is an integral multiple of $1,000,000 and not less than $5,000,000 (or comparable amounts determined by the Administrative Agent in the case of Alternative Currency).  In the case of each prepayment of Loans pursuant to this Section 2.08(a), the Borrower may in its sole discretion select the Loans (of any Class) to be repaid, and such prepayment shall be paid to the appropriate Lenders in accordance with their respective pro rata share of such Loans.  If any Repricing Event occurs prior to the date occurring 6 months after the Amendment No. 34 Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with Term B-1 Loans that are subject to such Repricing Event (including any Lender which is replaced pursuant to Section 2.16(c) as a result of its refusal to consent to an amendment giving rise to such Repricing Event), a fee in an amount equal to 1.00% of the aggregate principal amount of the Term B-1 Loans subject to such Repricing Event.  Such fees shall be earned, due and payable upon the date of the occurrence of such Repricing Event.
(b)    If at any time for any reason the sum of the Dollar Amount of Outstanding Revolving Credit exceeds the Total Revolving Commitments, the Borrower shall upon learning thereof, or upon the request of the Administrative Agent, immediately prepay the Revolving Loans in an aggregate principal amount at least equal to the amount of such excess; provided that solely with respect to any excess resulting from currency exchange rate fluctuations, this Section 2.08(b) shall not apply unless, on the last day of any fiscal quarter of the Borrower, the Dollar Amount of Outstanding Revolving Credit exceeds the Total Revolving Commitments by more than 2.5% as a result of such fluctuations.

-52-

(c)    Beginning on the Term B-1 Effective Date, the Borrower shall apply (1) all Net Proceeds (other than Net Proceeds of the kind described in the following clause (2)) within five (5) Business Days after receipt thereof to prepay Term Loans in accordance with clauses (e) and (f) below; provided that no such prepayment shall be required if, on a pro forma basis after giving effect to such Asset Sale or Recovery Event, the Secured Net Leverage Ratio is less than 1.50 to 1.00 and (2) all Net Proceeds from any issuance or incurrence of Refinancing Term Loans and Replacement Revolving Facility Commitments, no later than three (3) Business Days after the date on which such Refinancing Term Loans and/or Replacement Revolving Facility Commitments are incurred, to prepay Term Loans and/or Revolving Commitments in accordance with Section 2.20.
(d)    Not later than five (5) Business Days after the date on which the annual financial statements are, or are required to be, delivered under Section 5.01(a) with respect to each Excess Cash Flow Period, the Borrower shall calculate Excess Cash Flow for such Excess Cash Flow Period and, if and to the extent the amount of such Excess Cash Flow is greater than $0, the Borrower shall apply an amount to prepay Term Loans equal to (i) the Required Percentage of such Excess Cash Flow minus (ii) the sum of (a) to the extent not financed using the proceeds of funded Indebtedness, the amount of any voluntary payments of Term Loans and amounts used to repurchase outstanding principal of Term Loans during such Excess Cash Flow Period (plus, without duplication of any amounts previously deducted under this clause (ii), the amount of any such voluntary payments and amounts so used to repurchase principal of Term Loans after the end of such Excess Cash Flow Period but before the date of prepayment under this clause (d)) pursuant to Sections 2.08(a) and Section 2.21 (it being understood that the amount of any such payments pursuant to Section 2.21 shall be calculated to equal the amount of cash used to repay principal and not the principal amount deemed prepaid therewith) and (b) to the extent not financed using the proceeds of funded Indebtedness, the amount of any voluntary payments of Revolving Loans to the extent that Revolving Commitments are terminated or reduced pursuant to Section 2.06 by the amount of such payments.  Such calculation will be set forth in an Officer’s Certificate delivered to the Administrative Agent setting forth the amount, if any, of Excess Cash Flow for such Excess Cash Flow Period, the amount of any required prepayment in respect thereof and the calculation thereof in reasonable detail.
(e)    Amounts to be applied in connection with prepayments of Term Loans pursuant to this Section 2.08 shall be applied to the prepayment of the Term Loans in accordance with Section 2.15(b) until paid in full.  In connection with any mandatory prepayments by the Borrower of the Term Loans pursuant to this Section 2.08, such prepayments shall be applied on a pro rata basis to the then outstanding Term Loans being prepaid irrespective of whether such outstanding Term Loans are ABR Loans or Eurocurrency Loans; provided that with respect to such mandatory prepayment, the amount of such mandatory prepayment shall be applied (i) first to Term Loans that are ABR Loans to the full extent thereof before application to Term Loans that are Eurocurrency Loans in a manner that minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.13 and (ii) on a pro rata basis with respect to each Class of Term Loans except to the extent any Incremental Assumption Agreement, Extension Amendment or Refinancing Amendment provides that the Class of Term Loans incurred thereunder is to receive less than its pro rata share, in which case such prepayment shall be allocated to such Class of Term Loans as set forth in such Incremental Assumption Agreement, Extension Amendment or Refinancing Amendment and to the other Classes of Term Loans on a pro rata basis.  Each prepayment of the Term Loans under this Section 2.08 shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.
(f)    The Borrower shall notify the Administrative Agent in writing of any mandatory prepayment of Term Loans required to be made pursuant to Section 2.08(c)(1) or 2.08(d) at least four (4) Business Days prior to the date of such prepayment.  Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the amount of such prepayment.  The Administrative Agent will promptly notify each Term Lender of the contents of any such prepayment notice and of such Term Lender’s ratable portion of such prepayment (based on such Lender’s pro rata share of each relevant Class of the Term Loans). Any Term Lender (a “Declining Term Lender,” and any Term Lender which is not a Declining Term Lender, an “Accepting Term Lender”) may elect, by delivering written notice to the Administrative Agent and the Borrower no later than 5:00 p.m. one (1) Business Day after the date of such Term Lender’s receipt of notice from the Administrative Agent regarding such prepayment, that the full amount of any mandatory prepayment otherwise required to be made with respect to the Term Loans held by such Term Lender pursuant to Section 2.08(c)(1) or 2.08(d) not be made (the aggregate amount of such prepayments declined by the Declining Term Lenders, the “Declined Prepayment Amount”). If a Term 

-53-

Lender fails to deliver notice setting forth such rejection of a prepayment to the Administrative Agent within the time frame specified above or such notice fails to specify the principal amount of the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of Term Loans.  In the event that the Declined Prepayment Amount is greater than $0, the Administrative Agent will promptly notify each Accepting Term Lender of the amount of such Declined Prepayment Amount and of any such Accepting Term Lender’s ratable portion of such Declined Prepayment Amount (based on such Lender’s pro rata share of the Term Loans (excluding the pro rata share of Declining Term Lenders)). Any such Accepting Term Lender may elect, by delivering, no later than 5:00 p.m. one (1) Business Day after the date of such Accepting Term Lender’s receipt of notice from the Administrative Agent regarding such additional prepayment, a written notice, that such Accepting Term Lender’s ratable portion of such Declined Prepayment Amount not be applied to repay such Accepting Term Lender’s Term Loans, in which case the portion of such Declined Prepayment Amount which would otherwise have been applied to such Term Loans of the Declining Term Lenders shall instead be retained by the Borrower.  Each Term Lender’s ratable portion of such Declined Prepayment Amount (unless declined by the respective Term Lender as described in the preceding sentence) shall be applied to the respective Term Loans of such Lenders.  For the avoidance of doubt, the Borrower may, at its option, apply any amounts retained in accordance with the immediately preceding sentence to prepay loans in accordance with Section 2.08(a).
(g)    Any prepayment of Term Loans of any Class shall be applied (i) in the case of prepayments made pursuant to Section 2.08(a), to reduce the subsequent scheduled repayments of the Term Loans of such Class to be made pursuant to Section 2.07 as directed by the Borrower, or as otherwise provided in any Extension Amendment, any Incremental Assumption Amendment or Refinancing Amendment, and (ii) in the case of prepayments made pursuant to Section 2.08(c) or Section 2.08(d), to reduce the subsequent scheduled repayments of the Term Loans of such Class to be made pursuant to this Section in direct order of maturity, or as otherwise provided in any Extension Amendment, any Incremental Assumption Amendment or Refinancing Amendment.  
(h)    The Borrower shall prepay all Existing Term Loans that are not Continuing Term Loans on the Amendment No. 34 Effective Date.
SECTION 2.09    Fees.
(a)    The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee in Dollars for the period from and including the Closing Date to the last day of the Revolving Commitment Period, computed at the applicable Commitment Fee Rate on the average daily Dollar Amount of the Available Revolving Commitment of such Lender during the period for which payment is made, payable quarterly in arrears on each Revolving Fee Payment Date, commencing on December 31, 2015.
(b)    The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Loans on the average daily Dollar Amount of such Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125 % per annum on the average daily Dollar Amount of the LC Exposure of the Letters of Credit issued by it (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any such LC Exposure, as well as the fees agreed by the Issuing Bank and the Borrower with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder.  Participation fees and fronting fees will be payable in Dollars quarterly in arrears on each Revolving Fee Payment Date, commencing on December 31, 2015; provided that any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand.  Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand.  All participation fees and fronting fees shall be computed on the basis of a year of 365/366 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

-54-

(c)    The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations contained therein.
(d)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Revolving Lenders.  Fees paid shall not be refundable under any circumstances.  All per annum fees shall be computed on the basis of a year of 365/366 days for actual days elapsed; provided that commitment fees shall be computed on the basis of a year of 360 days.
SECTION 2.10    Interest.
(a)    The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.
(b)    The Loans comprising each Eurocurrency Borrowing in any currency shall bear interest at the Eurocurrency Rate for such currency for the Interest Period in effect for such Borrowing plus the Applicable Rate.
(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section (in the case of such other amount in Dollars) or 2% plus the daily weighted average rate of all Loans in the relevant Alternative Currency (in the case of any such other amount in such Alternative Currency).
(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in addition, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(e)    All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) (A) interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate and (B) interest computed by reference to the Australian Dollar Bank Bill Reference Rate and the CDOR Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) interest in respect of Borrowings in Sterling shall be computed on the basis of 365 days, and in each case of the foregoing clauses (i) and (ii) shall be payable for the actual number of days elapsed (including the first day but excluding the last day).  The applicable Alternate Base Rate or Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
SECTION 2.11    Alternate Rate of Interest.
(a)    If at the time that the Administrative Agent shall seek to determine the Reference Bank Rate less than two Reference Banks shall supply a rate to the Administrative Agent for purposes of determining the Eurocurrency Rate for such Eurocurrency Borrowing, then (a) the Borrower and the Administrative Agent may mutually agree in their reasonable discretion to appoint one or more additional Reference Banks (subject to consent by such Reference Bank(s)) for purposes of establishing the Reference Bank Rate that shall be the Eurocurrency Rate for such Interest Period for such Eurocurrency Borrowing, or (b) if no additional Reference Banks are so appointed or if additional Reference Banks are so appointed and less than two Reference Banks supply such a rate, then the Administrative Agent shall be deemed to have determined that adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Eurocurrency Borrowing and Section 2.11(b)(i) shall apply.

-55-

(b)    If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:
(i)    the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for a Loan in the applicable currency or for the applicable Interest Period; or
(ii)    the Administrative Agent is advised by the Required Lenders that the Eurocurrency Rate for a Loan in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing in Dollars to, or continuation of any Borrowing in Dollars as, a Eurocurrency Borrowing shall be ineffective and the Loans shall be converted to an ABR Borrowing and (ii) if any borrowing request requests a Eurocurrency Borrowing, such Borrowing, if denominated in Dollars, shall be made as an ABR Borrowing, and if such borrowing request requests a Borrowing denominated in an Alternative Currency or if any Interest Election Request requests the continuation of a Eurocurrency Borrowing in an Alternative Currency, such Borrowing or continuation shall be made or continued as a Borrowing bearing interest at an interest rate reasonably determined by the Administrative Agent, after consultation with the Borrower and the applicable Lenders, to compensate the applicable Lenders for such Borrowing in such currency for the applicable period plus the Applicable Rate; provided that if the circumstances giving rise to such notice affect only Borrowings in one currency, then Borrowings in other currencies will not be affected by the provisions of this Section.
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 (including any reserve for eurocurrency funding that may be established or reestablished under Regulation D of the Board);
(ii)    impose on any Lender any Taxes other than (A) Indemnified Taxes or Other Taxes indemnified under Section 2.14 or (B) Excluded Taxes; or
(iii)    impose on any Lender or the London interbank market any other condition affecting this Agreement or Eurocurrency Loans made by such Lender;
and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting into or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then 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 determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

-56-

(c)    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 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 10 days after receipt thereof.
(d)    Failure or delay on the part of any Lender to demand compensation pursuant to this Section 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 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.
SECTION 2.13    Break Funding Payments.  In the event of (a) the payment of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency 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, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event.  In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Eurocurrency Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency market (but not less than the available Eurocurrency rate quoted for the Eurocurrency interest period equal to the period from the date of such event to the last day of the then current Interest Period, or if there is no such Eurocurrency interest period, the lower of the Eurocurrency rates quoted for the closest Eurocurrency interest periods that are longer and shorter than such period).  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 10 days after receipt thereof.
SECTION 2.14    Taxes.
(a)    All payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Taxes unless required by applicable Requirements of Law; provided that if any applicable withholding agent shall be required by applicable Requirements of Law to deduct any Taxes in respect of any such payments, then (i) if such Tax is an Indemnified Tax or Other Tax, the sum payable shall be increased by the applicable Loan Party as necessary so that after all required deductions (including deductions applicable to additional sums payable under this Section 2.14) have been made the applicable Lender (or, in the case of a payment made to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions and (iii) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law.
(b)    In addition, without duplication of any obligation set forth in subsection (a), the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Law.
(c)    Without duplication of any obligation set forth in subsection (a), the Loan Parties shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any 

-57-

payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document and any Other Taxes paid by the Administrative Agent or such Lender (including Indemnified Taxes or Other Taxes imposed on asserted on or attributable to amounts payable under this Section 2.14) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.  If the Borrower determines that there is a reasonable basis to contest any Indemnified Tax or Other Tax for which it is responsible hereunder, without limiting Borrower’s indemnification obligations hereunder, such Administrative Agent or Lender (as applicable) shall reasonably cooperate in pursuing such contest (at Borrower’s expense) so long as pursuing such contest would not, in the sole reasonable determination of the Administrative Agent or Lender, result in any additional unreimbursed costs or expenses or be otherwise disadvantageous to the Administrative Agent or such Lender.  This Section shall not be construed to require the Administrative Agent or 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.
(d)    As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent a copy, or if reasonably available to the Borrower a certified copy, of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(e)    (i)Each Lender shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding Tax or at a reduced rate of withholding.
(ii)    Without limiting the generality of the foregoing,
(A)    any U.S. Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), properly executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax;
(B)    any Non-U.S. Lender shall, to the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable to establish such Non-U.S. Lender’s entitlement to a reduced rate of, or exemption from, withholding:
(1)    two properly executed originals of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to an income tax treaty to which the United States is a party;
(2)    two properly executed originals of IRS Form W-8ECI;
(3)    (x) executed originals of a certificate substantially in the form of Exhibit G-1 to the effect that such Non-U.S. 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, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no payments to be received by such Lender will be effectively connected income (a “U.S. Tax Compliance Certificate”) and (y) two properly executed originals of IRS Form W-8BEN or W-8BEN-E; or
(4)    to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or has sold a participation), two properly executed originals of IRS Form W-8IMY, accompanied by properly executed IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-

-58-

E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership (and not a participating Lender), and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of such direct and indirect partner(s); and
(5)    any Non-U.S. Lender shall, to the extent it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Requirements of Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.
(iii)    If a payment made to a Lender under this Agreement or the other Loan Documents 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 or 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 Requirements of 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 whether such Lender has or has not complied with such Lender's obligations under FATCA and, as necessary, to determine the amount, if any, to deduct and withhold from such payment.  Solely for purposes of this Section 2.14(e)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(iv)    Each Lender agrees that if any documentation it previously delivered pursuant to this Section 2.14(e) expires or becomes obsolete or inaccurate in any respect, it shall update such documentation or promptly notify the Borrower and the Administrative Agent in writing of its legal ineligibility to do so.
(v)    Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 2.14(e).
(f)    If the Administrative Agent or a Lender determines, in its reasonable discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Loan Party or with respect to which the Loan Party has paid additional amounts pursuant to this Section 2.14, it shall pay over such refund to the Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by the Loan Party under this Section 2.14 with respect to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including any Taxes) of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Loan Party agrees to repay the amount paid over to the Loan Party (plus any penalties, interest or other charges 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.  This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any other Person.
SECTION 2.15    Pro Rata Treatment and Payments.
(a)    Each borrowing of Revolving Loans by the Borrower from the Revolving Lenders and any reduction of the Revolving Commitments of the Revolving Lenders shall be made pro rata according to the 

-59-

respective Revolving Commitments then held by the Revolving Lenders.  Each payment by the Borrower on account of any commitment fee or any letter of credit fee shall be paid ratably to the Revolving Lenders entitled thereto.
(b)    Each prepayment by the Borrower on account of principal of any Loans of any Class shall be made pro rata according to the respective outstanding principal amounts of Loans of such Class then held by the Lenders entitled to such payment (subject in the case of Term B-1 Loans to Section 2.08(f)).  All repayments of principal of any Loans at stated maturity or upon acceleration shall be allocated pro rata according to the respective outstanding principal amounts of the matured or accelerated Loans then held by the relevant Lenders.  All payments of interest in respect of any Loans shall be allocated pro rata according to the outstanding interest payable then owed to the relevant Lenders.  Notwithstanding the foregoing, (A) any amount payable to a Defaulting Lender under this Agreement (whether on account of principal, interest, fees or otherwise but excluding any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.16 and Section 9.05) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated interest-bearing account and, subject to any applicable Requirements of Law, be applied at such time or times as may be determined by the Administrative Agent:  (1) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent and the Issuing Bank hereunder (including amounts owed under Section 2.09(b) or 9.04(c)), (2) second, to the funding of any Loan or LC Disbursement required by this Agreement, as determined by the Administrative Agent, (3) third, if so determined by the Administrative Agent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, (4) fourth, pro rata, to the payment of any amounts owing to the Borrower or the Lenders as a result of such Defaulting Lender’s breach of its obligations under this Agreement and (5) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, and (B) if such payment is a prepayment of the principal amount of Loans, such payment shall be applied solely to prepay the Loans of all Non-Defaulting Lenders pro rata (based on the amounts owing to each) prior to being applied to the prepayment of any Loan of any Defaulting Lender.
(c)    All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00 p.m., New York City time (or as specified in the next sentence in the case of Loans in an Alternative Currency), on the date when due.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder with respect to principal and interest on Loans in an Alternative Currency shall be made on the dates specified herein for the pro rata account of the relevant Lenders to which such payment is owed, in such Alternative Currency and in immediately available funds not later than the Applicable Time specified by the Administrative Agent to the Borrower by the same time at least one Business Day prior to the date when due.  All payments received by the Administrative Agent (i) after 2:00 p.m., New York City time, in the case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the case of payments in an Alternative Currency, may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest and fees thereon.  All such payments shall be made to the Administrative Agent at its offices at 500 Stanton Christiana Road, Ops Building 2, 3rd Floor, Newark, Delaware except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.04 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall distribute such payments to the relevant Lenders promptly upon receipt in like funds as received.  If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day.  In the case of any extension of any payment of principal, interest thereon shall be payable at the then applicable rate during such extension.
(d)    If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (subject to the rights of the Administrative Agent to hold and apply amounts to be paid to a Defaulting Lender in accordance with Section 2.15(b)) (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.  To the extent necessary, the Administrative Agent shall enter into foreign currency exchange transactions on customary terms to effect any such ratable payment and the payments made by the Administrative Agent following such transactions shall be deemed to be payments made by or on behalf of the Borrower hereunder.

-60-

(e)    If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements of a given Class resulting in such Lender receiving payment of a greater proportion of the aggregate principal amount of its Loans and participations in LC Disbursements of such Class and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of such Class of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements of such Class; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower or any other Loan Party pursuant to and in accordance with the express terms of this Agreement and the other Loan Documents or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant.
SECTION 2.16    Mitigation Obligations; Replacement of Lenders.
(a)    If 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, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. Each Lender may designate a different lending office for funding or booking its Loans hereunder or assign its rights and obligations hereunder to another of its offices, branches or affiliates; provided that the exercise of this option shall not affect the obligations of the Borrower to repay the Loan in accordance with the terms of this Agreement.
(b)    If 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 is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.05), 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); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in unreimbursed LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments.  A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
(c)    If any Lender (such Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.02 requires the consent of all of the Lenders affected and with respect to which the Required Lenders shall have granted their consent, then the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Revolving Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent, provided that:  (a) all amounts owing to such Non-Consenting Lender being replaced (other than principal and interest) shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender (each such 

-61-

Lender, a “Replacement Lender”) shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the Replacement Lender shall otherwise comply with Section 9.05.
(d)    Notwithstanding anything herein to the contrary, each party hereto agrees that any assignment pursuant to the terms of Section 2.16(c) may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender making such assignment need not be a party thereto.
SECTION 2.17    Letters of Credit.
(a)    General.  Subject to the terms and conditions set forth herein, the Borrower may request that standby letters of credit denominated in Dollars or an Alternative Currency be issued under this Agreement for its own account or the account of any Restricted Subsidiary, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Revolving Commitment Period.  In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
(b)    Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions.  To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no later than two Business Days prior to such date unless otherwise agreed by the Issuing Bank and the Administrative Agent) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount and currency of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit.  If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended, renewed or extended only if, after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $40,000,000, (ii) the Dollar Amount of the total Outstanding Revolving Credits shall not exceed the Total Revolving Commitments and (iii) with respect to such Issuing Bank, the sum of the aggregate face amount of Letters of Credit issued by such Issuing Bank, when aggregated with the outstanding Revolving Loans funded by such Issuing Bank, shall not exceed its Revolving Commitment.  If the Borrower so requests in any applicable letter of credit application, the Issuing Bank may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the Issuing Bank, the Borrower shall not be required to make a specific request to the Issuing Bank for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit expiration date referenced in clause (c) below; provided, however, that the Issuing Bank shall not permit any such extension if (A) the Issuing Bank has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing the Issuing Bank not to permit such extension. The Issuing Bank shall not be under any obligation to issue any Letter of Credit if:  (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing the Letter of Credit, or any 

-62-

Law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Bank with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Issuing Bank in good faith deems material to it; (B) the issuance of the Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally.
(c)    Expiration Date.  Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Termination Date.
(d)    Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender’s Revolving Commitment Percentage of the aggregate amount available to be drawn under such Letter of Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender’s Revolving Commitment Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason.  Such payment by the Lenders shall be made (i) if the currency of the applicable LC Disbursement or reimbursement payment shall be Dollars, then in the currency of such LC Disbursement and (ii) subject to clause (l) of this Section, if the currency of the applicable LC Disbursement or reimbursement payment shall be an Alternative Currency, in Dollars in an amount equal to the Dollar Amount of such LC Disbursement or reimbursement payment, calculated by the Administrative Agent using the Exchange Rate on the applicable LC Participation Calculation Date.  Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e)    Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent in the currency of such LC Disbursement an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice; provided that if such LC Disbursement is denominated in Dollars and is not less than $1,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing.  If the Borrower fails to make such payment when due, (A) if such payment relates to a Letter of Credit denominated in an Alternative Currency, automatically and no further action required, the obligations of the Borrower to reimburse the applicable LC Disbursement shall be permanently converted into an obligation to reimburse the Dollar Amount, calculated using the Exchange Rate on the applicable LC Participation Calculation Date, of such LC Disbursement and (B) in the case of each LC Disbursement, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender’s Revolving Commitment Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Revolving Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.04 with respect to Loans made by such Revolving Lender (and Section 2.04 shall apply, mutatis mutandis, to such payment obligations of the Revolving Lenders), and the Administrative Agent 

-63-

shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear.  Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject the Administrative Agent, the Issuing Bank or any Revolving Lender to any stamp duty, ad valorem charge or similar Tax that would not be payable if such reimbursement were made or required to be made in Dollars, such Revolving Borrower shall pay the amount of any such Tax requested by the Administrative Agent, the Issuing Bank or such Revolving Lender.
(f)    Obligations Absolute.  The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder; provided that, subject to the penultimate sentence of this clause (f), reimbursement obligations of the Borrower with respect to a Letter of Credit may be subject to avoidance by the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower or any Restricted Subsidiary that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  Neither the Administrative Agent, the Revolving Lenders nor the Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.
(g)    Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.  The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

-64-

(h)    Interim Interest.  If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date set forth in paragraph (e) of this Section 2.17, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is required to be reimbursed to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum set forth in Section 2.10(c)(ii).  Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment.
(i)    Replacement of the Issuing Bank.  The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.  The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.09(b).  From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to include such successor and any previous Issuing Bank, or such successor and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.
(j)    Additional Issuing Banks.  From time to time, the Borrower may by notice to the Administrative Agent designate any Lender (in addition to the initial Issuing Bank) which agrees (in its sole discretion) to act in such capacity and is reasonably satisfactory to the Administrative Agent as an Issuing Bank.  Each such additional Issuing Bank shall execute a counterpart of this Agreement upon the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and shall thereafter be an Issuing Bank hereunder for all purposes.
(k)    Cash Collateralization.  If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in Dollars equal to 102% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that (i) amount payable in respect of any Letter of Credit or LC Disbursement shall be payable in the currency of such Letter of Credit or LC Disbursement, except that LC Disbursements in an Alternative Currency in respect of which the Borrower’s reimbursement obligations have been converted in Dollars as provided in paragraph (e) or (l) of this Section and interest accrued thereon shall be payable in Dollars, and (ii) the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII.  Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement with respect to the Revolving Facility.  The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.  Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.  Interest or profits, if any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement with respect to the Revolving Facility.  If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived.

-65-

(l)    Conversion. In the event that the Loans become immediately due and payable on any date pursuant to Section 7.01, all amounts (i) that the Borrower are at the time or become thereafter required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any Letter of Credit denominated in an Alternative Currency, (ii) that the Revolving Lenders are at the time or become thereafter required to pay to the Administrative Agent (and the Administrative Agent is at the time or becomes thereafter required to distribute to the Issuing Bank) pursuant to paragraph (e) of this Section in respect of unreimbursed LC Disbursements made under any Letter of Credit denominated in an Alternative Currency and (iii) of each Revolving Lender’s participation in any Letter of Credit denominated in an Alternative Currency under which an LC Disbursement has been made shall, automatically and with no further action required, be converted into the Dollar Amount, calculated using the Exchange Rate on such date (or in the case of any LC Disbursement made after such date, on the date such LC Disbursement is made), of such amounts. On and after such conversion, all amounts accruing and owed to the Administrative Agent, the Issuing Bank or any Revolving Lender in respect of the obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.
(m)    Applicability of ISP; Limitation of Liability.  Unless otherwise expressly agreed by the Issuing Bank and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit.  Notwithstanding the foregoing, the Issuing Bank shall not be responsible to the Borrower for, and the Issuing Bank’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Issuing Bank required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Issuing Bank or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.
(n)    Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Letter of Credit or related document, the terms hereof shall control.
SECTION 2.18    Defaulting Lenders.  Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)    Fees shall cease to accrue on the Available Revolving Commitment of such Defaulting Lender pursuant to Section 2.09(a).
(b)    The Commitments, Loans and Outstanding Revolving Credit of such Defaulting Lender shall not be included in determining whether the Required Lenders or Required Revolving Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02 or Section 9.03); provided that this Section 2.18(b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification effecting (i) an increase or extension of such Defaulting Lender’s Revolving Commitment or (ii) the reduction or excuse of principal amount of, or interest or fees payable on, such Defaulting Lender’s Loans or the postponement of the scheduled date of payment of such principal amount, interest or fees to such Defaulting Lender.
(c)    If any Letters of Credit exist at the time such Lender becomes a Defaulting Lender then:
(i)    Such Defaulting Lender’s LC Exposure shall be reallocated among the Non-Defaulting Revolving Lenders in accordance with their respective Revolving Commitment Percentages (but excluding the Revolving Commitments of all the Defaulting Lenders from both the numerator and the denominator) but only to the extent (x) the sum of all the Outstanding Revolving Credits owed to all Non-Defaulting Lenders does not exceed the total of all Non-Defaulting Lenders’ Available Revolving Commitments, (y) the representations and warranties of each Loan Party set forth in the Loan Documents to which it is a party are true and correct at such time, except to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty shall be true and correct as of such earlier date), and (z) no Default shall have occurred and be continuing at such time;

-66-

(ii)    If the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall, within two Business Days following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Bank such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as any Letters of Credit are outstanding;
(iii)    If the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.09(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized by the Borrower;
(iv)    If LC Exposures of the Non-Defaulting Lenders are reallocated pursuant to clause (i) above, then the fees payable to the Revolving Lenders pursuant to Section 2.09(a) and Section 2.09(b) shall be adjusted to reflect such Non-Defaulting Lenders’ LC Exposure as reallocated; and
(v)    If any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to clauses (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any Revolving Lender hereunder, all letter of credit fees payable under Section 2.09(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated.
(d)    So long as such Defaulting Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related LC Exposure will be 100% covered by the Available Revolving Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.18(c)(ii), and the participating interests in any such newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.18(c)(i) (and such Defaulting Lender shall not participate therein).
The rights and remedies against a Defaulting Lender under this Agreement are in addition to other rights and remedies that Borrower may have against such Defaulting Lender with respect to any funding default and that the Administrative Agent or any Lender may have against such Defaulting Lender with respect to any funding default.  In the event that the Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Total Revolving Exposure shall be readjusted to reflect the inclusion of such Lender’s Available Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause such outstanding Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Revolving Lenders (including such Lender) in accordance with their applicable percentages, whereupon such Lender will cease to be a Defaulting Lender and will be a Non-Defaulting Lender and any applicable cash collateral shall be promptly returned to the Borrower and any LC Exposure of such Lender reallocated pursuant to the requirements above shall be reallocated back to such Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; provided that, except to the extent otherwise expressly agreed by the affected parties, and subject to Section 9.19, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.
SECTION 2.19    Extensions of Commitments
(a)    Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers made from time to time by the Borrower to all Lenders of any Class of Term Loans and/or Revolving Commitments on a pro rata basis (based, in the case of an offer to the Lenders under any Class of Term Loans, on the aggregate outstanding Term Loans of such Class and, in the case of an offer to the Lenders under any Revolving Facility, on the aggregate outstanding Revolving Commitments under such Revolving Facility, as applicable), and on the same 

-67-

terms to each such Lender (“Pro Rata Extension Offers”), the Borrower is hereby permitted to consummate transactions with individual Lenders that agree to such transactions from time to time to extend the maturity date of such Lender’s Loans and/or Commitments of such Class and to otherwise modify the terms of such Lender’s Loans and/or Commitments of such Class pursuant to the terms of the relevant Pro Rata Extension Offer (including, without limitation, increasing the interest rate or fees payable in respect of such Lender’s Loans and/or Commitments and/or modifying the amortization schedule in respect of such Lender’s Loans).  For the avoidance of doubt, the reference to “on the same terms” in the preceding sentence shall mean, (i) in the case of an offer to the Lenders under any Class of Term Loans, that all of the Term Loans of such Class are offered to be extended for the same amount of time and that the interest rate changes and fees payable with respect to such extension are the same and (ii) in the case of an offer to the Lenders under any Revolving Facility, that all of the Revolving Commitments of such Facility are offered to be extended for the same amount of time and that the interest rate changes and fees payable with respect to such extension are the same.  Any such extension (an “Extension”) agreed to between the Borrower and any such Lender (an “Extending Lender”) will be established under this Agreement by implementing a Term Loan for such Lender if such Lender is extending an existing Term Loan (such extended Term Loan, an “Extended Term Loan”) or an Extended Revolving Commitment for such Lender if such Lender is extending an existing Revolving Commitment (such extended Revolving Commitment, an “Extended Revolving Commitment,” and any Revolving Loan made pursuant to such Extended Revolving Commitment, an “Extended Revolving Loan”).  Each Pro Rata Extension Offer shall specify the date on which the Borrower proposes that the Extended Term Loan shall be made or the proposed Extended Revolving Commitment shall become effective, which shall be a date not earlier than five (5) Business Days after the date on which the Pro Rata Extension Offer is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent in its reasonable discretion).
(b)    The Borrower and each Extending Lender shall execute and deliver to the Administrative Agent an amendment to this Agreement (an “Extension Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended Revolving Commitments of such Extending Lender.  Each Extension Amendment shall specify the terms of the applicable Extended Term Loans and/or Extended Revolving Commitments; provided, that (i) except as to interest rates, fees and any other pricing terms, and amortization, final maturity date and participation in prepayments and commitment reductions (which shall be determined by the Borrower and set forth in the Pro Rata Extension Offer), the Extended Term Loans shall, subject to clauses (ii) and (iii) of this proviso, have (x) the same terms as the existing Class of Term Loans from which they are extended or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended Term Loans shall be no earlier than the Latest Maturity Date in effect on the date of incurrence, (iii) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans to which such offer relates, (iv) except as to interest rates, fees, any other pricing terms and final maturity (which shall be determined by the Borrower and set forth in the Pro Rata Extension Offer), any Extended Revolving Commitment shall have (x) the same terms as the existing Class of Revolving Commitments from which they are extended or (y) have such other terms as shall be reasonably satisfactory to the Administrative Agent and, in respect of any other terms that would affect the rights or duties of any Issuing Bank, such terms as shall be reasonably satisfactory to such Issuing Bank, (v) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis) than the Term Loans in any mandatory prepayment thereunder and (vi) such Extended Term Loans shall not have at any time (x) any financial maintenance covenants of a different type than the financial covenants set forth in Section 6.10, or any financial maintenance covenants that are more restrictive than the financial covenants set forth in Section 6.10 or (y) negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to the Revolving Facility as determined in good faith by the Borrower unless, in each case of clauses (x) and (y) such terms (I) (if favorable to all then existing Lenders) are in consultation with the Administrative Agent, incorporated into this Agreement for the benefit of all then existing Lenders (without further amendment requirements) for so long as any such Extended Term Loans are outstanding or (II) become applicable only after the Revolving Facility shall have matured or been terminated.  Upon the effectiveness of any Extension Amendment, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Commitments evidenced thereby as provided for in Section 9.02(c).  Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other parties hereto.  If provided in any Extension Amendment with respect to any Extended Revolving Commitments, and with the consent of each 

-68-

Issuing Bank, participations in Letters of Credit shall be reallocated to lenders holding such Extended Revolving Commitments in the manner specified in such Extension Amendment, including upon effectiveness of such Extended Revolving Commitment or upon or prior to the maturity date for any Class of Revolving Commitments.
(c)    Upon the effectiveness of any such Extension, the applicable Extending Lender’s Term Loan will be automatically designated an Extended Term Loan and/or such Extending Lender’s Revolving Commitment will be automatically designated an Extended Revolving Commitment.  For purposes of this Agreement and the other Loan Documents, (i) if such Extending Lender is extending a Term Loan, such Extending Lender will be deemed to have a Term Loan having the terms of such Extended Term Loan and (ii) if such Extending Lender is extending a Revolving Commitment, such Extending Lender will be deemed to have a Revolving Commitment having the terms of such Extended Revolving Commitment.
(d)    Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.19), (i) the aggregate amount of Extended Term Loans and Extended Revolving Commitments will not be included in the calculation of clause (a) of the definition of Incremental Amount, (ii) no Extended Term Loan or Extended Revolving Commitment is required to be in any minimum amount or any minimum increment, (iii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Commitment pursuant to one or more Pro Rata Extension Offers (subject to applicable proration in the case of over participation) (including the extension of any Extended Term Loan and/or Extended Revolving Commitment), (iv) there shall be no condition to any Extension of any Loan or Commitment at any time or from time to time other than notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving Commitment implemented thereby, (v) all Extended Term Loans, Extended Revolving Commitments and all obligations in respect thereof shall be Obligations of the relevant Loan Parties under this Agreement and the other Loan Documents that rank equally and ratably in right of security with all other Obligations of the Class being extended, (vi) no Issuing Bank shall be obligated to issue Letters of Credit under such Extended Revolving Commitments unless it shall have consented thereto and (vii) there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of any such Extended Term Loans or Extended Revolving Commitments.
(e)    Each Extension shall be consummated pursuant to procedures set forth in the associated Pro Rata Extension Offer; provided, that the Borrower shall cooperate with the Administrative Agent prior to making any Pro Rata Extension Offer to establish reasonable procedures with respect to mechanical provisions relating to such Extension, including, without limitation, timing, rounding and other adjustments.
SECTION 2.20    Refinancing Amendments.
(a)    Notwithstanding anything to the contrary in this Agreement, the Borrower may by written notice to the Administrative Agent establish one or more additional tranches of term loans under this Agreement (such loans, “Refinancing Term Loans”) to refinance in whole or in part any Class of Term Loans.  Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not earlier than five (5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent in its sole discretion); provided, that:
(i)    before and after giving effect to the Borrowing of such Refinancing Term Loans on the Refinancing Effective Date each of the conditions set forth in Section 4.02 shall be satisfied;
(ii)    the final maturity date of the Refinancing Term Loans shall be no earlier than the maturity date of the refinanced Term Loans;
(iii)    the Weighted Average Life to Maturity of such Refinancing Term Loans shall be no shorter than the then-remaining Weighted Average Life to Maturity of the refinanced Term Loans;
(iv)    the aggregate principal amount of the Refinancing Term Loans shall not exceed the outstanding principal amount of the refinanced Term Loans plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith;

-69-

(v)    all other terms applicable to such Refinancing Term Loans (other than provisions relating to original issue discount, upfront fees, interest rates and any other pricing terms (optional prepayment or mandatory prepayment or redemption terms shall be as agreed between the Borrower and the Lenders providing such Refinancing Term Loans) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or no more restrictive to the Borrower and its Restricted Subsidiaries than, the terms, taken as a whole, applicable to the Term Loans being refinanced (except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date or are otherwise reasonably acceptable to the Administrative Agent);
(vi)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Refinancing Term Loans;
(vii)    Refinancing Term Loans shall not be secured by any asset of the Borrower and its subsidiaries other than the Collateral;
(viii)    Refinancing Term Loans may participate on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments (other than as provided otherwise in the case of such prepayments pursuant to Section 2.08(c)) hereunder, as specified in the applicable Refinancing Amendment; 
(ix)    Refinancing Term Loans shall not at any time have (x) any financial maintenance covenants of a different type than the financial covenants set forth in Section 6.10, or any financial maintenance covenants that are more restrictive than the financial covenants set forth in Section 6.10 or (y) negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to the Revolving Facility as determined in good faith by the Borrower unless, in each case of clauses (x) and (y) such terms (I) (if favorable to all then existing Lenders) are in consultation with the Administrative Agent, incorporated into this Agreement for the benefit of all then existing Lenders (without further amendment requirements) for so long as any such Refinancing Term Loans are outstanding or (II) become applicable only after the Revolving Facility shall have matured or been terminated and 
(x)    the Net Proceeds, if any, of such Refinancing Term Loans shall be applied in accordance with Section 2.08(c).
(b)    The Borrower may approach any Lender or any other person that would be a permitted assignee pursuant to Section 9.05 to provide all or a portion of the Refinancing Term Loans; provided, that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan.  Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated an additional Class of Term Loans for all purposes of this Agreement; provided, further, that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment governing such Refinancing Term Loans, be designated as an increase in any previously established Class of Term Loans made to the Borrower.
(c)    Notwithstanding anything to the contrary in this Agreement, the Borrower may by written notice to the Administrative Agent establish one or more additional Facilities (“Replacement Revolving Facilities”) providing for revolving commitments (“Replacement Revolving Facility Commitments” and the revolving loans thereunder, “Replacement Revolving Loans”), which replace in whole or in part any Class of Revolving Commitments under this Agreement.  Each such notice shall specify the date (each, a “Replacement Revolving Facility Effective Date”) on which the Borrower proposes that the Replacement Revolving Facility Commitments shall become effective, which shall be a date not less than five (5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent in its reasonable discretion); provided, that:
(i)    before and after giving effect to the establishment of such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective Date, each of the conditions set forth in Section 4.02 shall be satisfied;

-70-

(ii)    after giving effect to the establishment of any Replacement Revolving Facility Commitments and any concurrent reduction in the aggregate amount of any other Revolving Commitments, the aggregate amount of Revolving Commitments shall not exceed the aggregate amount of the Revolving Commitments outstanding immediately prior to the applicable Replacement Revolving Facility Effective Date plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith;
(iii)    no Replacement Revolving Facility Commitments shall have a final maturity date (or require commitment reductions or amortizations) prior to the Revolving Termination Date for the Revolving Commitments being replaced;
(iv)    all other terms applicable to such Replacement Revolving Facility (other than provisions relating to (x) fees, interest rates and other pricing terms and prepayment and commitment reduction and optional redemption terms which shall be as agreed between the Borrower and the Lenders providing such Replacement Revolving Facility Commitments and (y) the amount of any letter of credit sublimit under such Replacement Revolving Facility, which shall be as agreed between the Borrower, the Lenders providing such Replacement Revolving Facility Commitments, the Administrative Agent and the replacement issuing bank, if any, under such Replacement Revolving Facility Commitments) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or no more restrictive to the Borrower and its Restricted Subsidiaries than, those, taken as a whole, applicable to the Revolving Commitments so replaced (except to the extent such covenants and other terms apply solely to any period after the Revolving Termination Date or are otherwise reasonably acceptable to the Administrative Agent);
(v)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Replacement Revolving Facility; and
(vi)    Replacement Revolving Facility Commitments and extensions of credit thereunder shall not be secured by any asset of the Borrower and its subsidiaries other than the Collateral.
In addition, the Borrower may establish Replacement Revolving Facility Commitments to refinance and/or replace all or any portion of a Term Loan hereunder (regardless of whether such Term Loan is repaid with the proceeds of Replacement Revolving Loans or otherwise), so long as the aggregate amount of such Replacement Revolving Facility Commitments does not exceed the aggregate amount of Term Loans repaid at the time of establishment thereof plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith (it being understood that such Replacement Revolving Facility Commitment may be provided by the Lenders holding the Term Loans being repaid and/or by any other person that would be a permitted assignee hereunder) so long as:
(i)before and after giving effect to the establishment of such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective Date each of the conditions set forth in Section 4.02 shall be satisfied to the extent required by the relevant agreement governing such Replacement Revolving Facility Commitments,
(ii)the remaining life to termination of such Replacement Revolving Facility Commitments shall be no shorter than the Weighted Average Life to Maturity then applicable to the refinanced Term Loans,
(iii)    the final termination date of the Replacement Revolving Facility Commitments shall be no earlier than the scheduled final maturity date of the refinanced Term Loans,
(iv)    there shall be no borrower (other than the Borrower) and no guarantors (other than the Subsidiary Guarantors) in respect of such Replacement Revolving Facility; and
(v)        all other terms applicable to such Replacement Revolving Facility (other than provisions relating to (x) fees, interest rates and other pricing terms and prepayment and commitment reduction and optional redemption terms which shall be as agreed between the Borrower and the Lenders providing such 

-71-

Replacement Revolving Facility Commitments and (y) the amount of any letter of credit sublimit and swingline commitment under such Replacement Revolving Facility, which shall be as agreed between the Borrower, the Lenders providing such Replacement Revolving Facility Commitments, the Administrative Agent and the replacement issuing bank, if any, under such Replacement Revolving Facility Commitments) taken as a whole shall (as determined by the Borrower in good faith) be substantially similar to, or no more restrictive to the Borrower and its Restricted Subsidiaries than, those, taken as a whole, applicable to the Term Loans being refinanced (except to the extent such covenants and other terms apply solely to any period after the latest scheduled final maturity date of any Loans then outstanding or are otherwise reasonably acceptable to the Administrative Agent).
Solely to the extent that an Issuing Bank is not a replacement issuing bank, as the case may be, under a Replacement Revolving Facility, it is understood and agreed that such Issuing Bank shall not be required to issue any letters of credit under such Replacement Revolving Facility and, to the extent it is necessary for such Issuing Bank to withdraw as an Issuing Bank, as the case may be, at the time of the establishment of such Replacement Revolving Facility, such withdrawal shall be on terms and conditions reasonably satisfactory to such Issuing Bank, as the case may be, in its sole discretion.  The Borrower agrees to reimburse each Issuing Bank, as the case may be, in full upon demand, for any reasonable and documented out-of-pocket cost or expense attributable to such withdrawal.
(d)    The Borrower may approach any Lender or any other person that would be a permitted assignee of a Revolving Commitment pursuant to Section 9.05 to provide all or a portion of the Replacement Revolving Facility Commitments; provided, that any Lender offered or approached to provide all or a portion of the Replacement Revolving Facility Commitments may elect or decline, in its sole discretion, to provide a Replacement Revolving Facility Commitment. Any Replacement Revolving Facility Commitment made on any Replacement Revolving Facility Effective Date shall be designated an additional Class of Revolving Commitments for all purposes of this Agreement; provided, that any Replacement Revolving Facility Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Class of Revolving Commitments.
(e)    The Borrower and each Lender providing the applicable Refinancing Term Loans shall execute and deliver to the Administrative Agent an amendment to this Agreement (a “Refinancing Amendment”) and such other documentation as the Administrative Agent shall reasonably specify to evidence such Refinancing Term Loans and/or Replacement Revolving Facility Commitments.  For purposes of this Agreement and the other Loan Documents, (A) if a Lender is providing a Refinancing Term Loan, such Lender will be deemed to have a Term Loan having the terms of such Refinancing Term Loan and (B) if a Lender is providing a Replacement Revolving Facility Commitment, such Lender will be deemed to have a Revolving Commitment having the terms of such Replacement Revolving Facility Commitment.  Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.20), (i) the aggregate amount of Refinancing Term Loans and Replacement Revolving Facility Commitments will not be included in the calculation of clause (a) of the definition of Incremental Amount, (ii) no Refinancing Term Loan or Replacement Revolving Facility Commitment is required to be in any minimum amount or any minimum increment, (iii) there shall be no condition to any incurrence of any Refinancing Term Loan or Replacement Revolving Facility Commitment at any time or from time to time other than those set forth in clause (a) or (c) above, as applicable and (iv) all Refinancing Term Loans, Replacement Revolving Facility Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that rank equally and ratably in right of security with the Term Loans and other Obligations.
(f)    Each party hereto hereby agrees that, upon the Refinancing Effective Date of any Refinancing Term Loans or Replacement Revolving Facility Commitments, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Refinancing Term Loans or Replacement Revolving Facility Commitments evidenced thereby as provided for in Section 9.02.  Any amendment to this Agreement or any other Loan Document that is necessary to effect the provisions of this Section 2.20 (including, without limitation, to provide for the establishment of Incremental Term Loans) and any such collateral and other documentation shall be deemed “Loan Documents” hereunder and may be memorialized in writing between the Administrative Agent and the Borrower and furnished to the other parties hereto.

-72-

(g)    No term loan established and outstanding under this Agreement pursuant to (i) any of Sections 2.02, 2.19 or 2.20 or (ii) an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders shall at any time have (x) any financial maintenance covenants of a different type than the financial covenants set forth in Section 6.10, or any financial maintenance covenants that are more restrictive than the financial covenants set forth in Section 6.10 or (y) have negative covenants and/or default provisions that, taken as a whole, are materially more restrictive than those applicable to the Revolving Facility as determined in good faith by the Borrower unless, in each case of clauses (x) and (y) such terms (I) (if favorable to all then existing Lenders) are in consultation with the Administrative Agent, incorporated into this Agreement for the benefit of all then existing Lenders (without further amendment requirements) for so long as any such term loans are outstanding or (II) become applicable only after the Revolving Facility shall have matured or been terminated. This Section 2.20(g) shall not be waived, amended, amended and restated or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Revolving Lenders or by the Borrower and the Administrative Agent with the consent of the Required Revolving Lenders.
SECTION 2.21    Loan Repurchases.
(a)    Subject to the terms and conditions set forth or referred to below, the Borrower may from time to time, at its discretion, conduct modified Dutch auctions in order to purchase its Term Loans of one or more Classes (as determined by the Borrower) (each, a “Purchase Offer”), each such Purchase Offer to be managed exclusively by the Administrative Agent (or such other financial institution chosen by the Borrower and reasonably acceptable to the Administrative Agent) (in such capacity, the “Auction Manager”), so long as the following conditions are satisfied:
(i)    each Purchase Offer shall be conducted in accordance with the procedures, terms and conditions set forth in this Section 2.21 and the Auction Procedures;
(ii)    no Default or Event of Default shall have occurred and be continuing on the date of the delivery of each notice of an auction and at the time of (and immediately after giving effect to) the purchase of any Term Loans in connection with any Purchase Offer;
(iii)    the principal amount (calculated on the face amount thereof) of each and all Classes of Term Loans that the Borrower offers to purchase in any such Purchase Offer shall be no less than $25,000,000 (unless another amount is agreed to by the Administrative Agent) (across all such Classes);
(iv)    the aggregate principal amount (calculated on the face amount thereof) of all Term Loans of the applicable Class or Classes so purchased by the Borrower shall automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be resold) (without any increase to Consolidated EBITDA as a result of any gains associated with cancellation of debt), and in no event shall the Borrower be entitled to any vote hereunder in connection with such Term Loans;
(v)    no more than one Purchase Offer with respect to any Class may be ongoing at any one time;
(vi)    the Borrower represents and warrants that no Loan Party shall have any material non-public information with respect to the Loan Parties or their subsidiaries, or with respect to the Loans or the securities of any such person, that (A) has not been previously disclosed in writing to the Administrative Agent and the Lenders (other than because such Lender does not wish to receive such material non-public information) prior to such time and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, a Lender’s decision to participate in the Purchase Offer;
(vii)    at the time of each purchase of Term Loans through a Purchase Offer, the Borrower shall have delivered to the Auction Manager an officer’s certificate of an officer certifying as to compliance with the preceding clause (vi);

-73-

(viii)    any Purchase Offer with respect to any Class shall be offered to all Term Lenders holding Term Loans of such Class on a pro rata basis;
(ix)    no purchase of any Term Loans shall be made from the proceeds of any Revolving Facility Loan; and
(x)    the Borrower is in pro forma compliance with the financial covenants set forth in Section 6.10.
(b)    The Borrower must terminate any Purchase Offer if it fails to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of purchase of Term Loans pursuant to such Purchase Offer.  If the Borrower commences any Purchase Offer (and all relevant requirements set forth above which are required to be satisfied at the time of the commencement of such Purchase Offer have in fact been satisfied), and if at such time of commencement the Borrower reasonably believes that all required conditions set forth above which are required to be satisfied at the time of the consummation of such Purchase Offer shall be satisfied, then the Borrower shall have no liability to any Lender for any termination of such Purchase Offer as a result of its failure to satisfy one or more of the conditions set forth above which are required to be met at the time which otherwise would have been the time of consummation of such Purchase Offer, and any such failure shall not result in any Default or Event of Default hereunder.  With respect to all purchases of Term Loans of any Class or Classes made by the Borrower pursuant to this Section 2.21, (x) the Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loans of the applicable Class or Classes up to the settlement date of such purchase and (y) such purchases (and the payments made by the Borrower and the cancellation of the purchased Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of Section 2.08 hereof.
(c)    The Administrative Agent and the Lenders hereby consent to the Purchase Offers and the other transactions effected pursuant to and in accordance with the terms of this Section 2.21; provided, that notwithstanding anything to the contrary contained herein, no Lender shall have an obligation to participate in any such Purchase Offer.  For the avoidance of doubt, it is understood and agreed that the provisions of Sections 2.13, 2.15 and 9.05 will not apply to the purchases of Term Loans pursuant to Purchase Offers made pursuant to and in accordance with the provisions of this Section 2.21.  The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article VIII and Section 9.04 to the same extent as if each reference therein to the “Agents” were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Purchase Offer.
ARTICLE III
Representations and Warranties
The Borrower represents and warrants to the Lenders that:
SECTION 3.01    Organization; Powers.Each of the Borrower and its Material Subsidiaries is duly organized, validly existing and, if applicable, in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.02    Authorization; Enforceability.  The Transactions (excluding use of proceeds) are within the corporate or other organizational powers of the Loan Parties and have been duly authorized by all necessary corporate or other organizational action.  This Agreement has been and each other Loan Document will be duly executed and delivered by each Loan Party party thereto.  This Agreement constitutes, and each other Loan Document when executed and delivered will constitute a legal, valid and binding obligation of each Loan Party party thereto, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, 

-74-

moratorium or other laws affecting creditors’ rights or remedies generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
SECTION 3.03    Governmental Approvals; No Conflicts.  The Transactions (excluding use of proceeds) (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect or those which the failure to obtain would not be reasonably expected to result in a Material Adverse Effect and (ii) the filings referred to in Section 3.12, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any other Loan Party or any order of any Governmental Authority except where any such violation would not reasonably expected to result in a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any other Loan Party or its assets except as would not reasonably expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries (other than any Permitted Lien).
SECTION 3.04    Financial Position.  The Borrower has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of and for (a) the fiscal years ended December 31, 2014 and 2013 reported on by Ernst & Young LLP, independent public accountants and (b) the six months ended June 30, 2015.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (b) above.
SECTION 3.05    Properties.
(a)    Each of the Borrower and its Material Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title and Permitted Liens that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes or as, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
(b)    Each of the Borrower and its Material Subsidiaries owns, or is validity licensed to use, all Intellectual Property used or held for use by such entities or necessary to operate their respective business as currently conducted and contemplated to be conducted, and the operation of their respective businesses by the Borrower and its Material Subsidiaries does not infringe upon or otherwise violate the rights of any other Person, except for any such Intellectual Property or infringements or violations that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.06    Litigation and Environmental Matters.
(a)    There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Restricted Subsidiaries (i) that would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) on the Closing Date, that involve this Agreement or the Transactions (excluding use of proceeds).
(b)    Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Restricted Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice of any claim with respect to any Environmental Liability or (iv) knows of any basis reasonably likely to result in Environmental Liability.
SECTION 3.07    Compliance with Laws and Agreements.  Each of the Borrower and its Material Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or 

-75-

its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing.
SECTION 3.08    Investment Company Status.  No Loan Party is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.  No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.
SECTION 3.09    Taxes.  Each of the Borrower and its Material Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Material Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect.
SECTION 3.10    ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect.  The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by an amount which, if it were to become due, would cause a Material Adverse Effect.
SECTION 3.11    Disclosure.  To the best of the Borrower’s knowledge, neither the Lender Presentations, the CIM, nor any of the other reports, financial statements, certificates or other written information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished), taken as a whole, contained any material misstatement of fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading as of the date furnished; provided that with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.
SECTION 3.12    Pledge Agreement.  The Pledge Agreement will (to the extent required thereby) create in favor of the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral described therein (subject to any limitations specified therein).  In the case of the certificated pledged stock constituting securities described in Section 5.09(a) as of the Closing Date, when stock certificates representing such pledged stock are delivered to the Collateral Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other Collateral described in the Pledge Agreement as of the Closing Date, when financing statements specified on Schedule 3.12 in appropriate form are filed in the offices specified on Schedule 3.12, the Collateral Agent shall have a perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (subject to any limitations specified therein) to the extent perfection of such security interest can be perfected by control of securities or the filing of a financing statement, as security for the Obligations, in each case prior and superior in right to any other Person (except Permitted Liens).
SECTION 3.13    No Change.  Since December 31, 2014, there has been no event that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
SECTION 3.14    Guarantors.  Set forth on Schedule 3.14 is a list of all Subsidiary Guarantors on the Term B-1 Effective Date, together with the jurisdiction of organization, and ownership and ownership percentages of Equity Interests held by each such Subsidiary Guarantor in each direct subsidiary of such Subsidiary Guarantor as of the Term B-1 Effective Date.
SECTION 3.15    Solvency.  Immediately after the consummation of the Transactions to occur on the Closing Date, including the making of each Loan to be made on the Closing Date and the application of the proceeds 

-76-

of such Loans, and after giving effect to the rights of subrogation and contribution under the Guarantee Agreement, (a) the fair value of the assets of the Borrower and its subsidiaries on a consolidated basis will exceed their debts and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the assets of the Borrower and its subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Borrower and its subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d) the Borrower and its subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the business in which they are engaged, as such business is now conducted and is proposed to be conducted following the Closing Date.
SECTION 3.16    No Default.  No Default or Event of Default has occurred and is continuing.
SECTION 3.17    Anti-Corruption Laws and Sanctions.  The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its subsidiaries and to their knowledge their respective officers, directors and employees are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) the Borrower or any subsidiary  or (b) to the knowledge of the Borrower, any director, officer or employee of the Borrower or any subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No proceeds of the Loans and no Letter of Credit shall be used by the Borrower in violation of any Anti-Corruption Law or applicable Sanctions.  No representation is made under this Section 3.17 with respect to any of the end-user individuals of the internet services.
ARTICLE IV
Conditions
SECTION 4.01    Closing Date.  The obligations of the Lenders to make the initial Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a)    The Administrative Agent (or its counsel) shall have received (including by telecopy or email transmission) from each Loan Party party to the relevant Loan Document, a counterpart of such Loan Document signed on behalf of such Loan Party.
(b)    The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders as of the Closing Date and dated the Closing Date) of (i) Wachtell, Lipton, Rosen & Katz, counsel for the Borrower and certain of the Loan Parties and (ii) local counsel in each jurisdiction in which a Loan Party is organized and the laws of which are not covered by the opinion referred to in (i) above, in each case in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(c)    The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Loan Parties, the authorization of the Transactions (excluding use of proceeds) and any other legal matters relating to the Loan Parties, this Agreement or the Transactions (excluding use of proceeds), including a certificate of each Loan Party substantially in the form of Exhibit E, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(d)    The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the Chief Executive Officer, a Vice President, a Financial Officer of the Borrower or any other executive officer of the Borrower who has specific knowledge of the Borrower’s financial matters and is satisfactory to the Administrative Agent, confirming that (a) the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct as of the Closing Date and (b) as of the Closing Date, no Default has occurred and is continuing.

-77-

(e)    There shall have been delivered to the Administrative Agent an executed Perfection Certificate.
(f)    The Administrative Agent shall have received a solvency certificate in the form of Exhibit I, dated the Closing Date and signed by the chief financial officer of the Borrower.
(g)    The Administrative Agent, the Lead Arrangers and the Lenders shall have received all fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including fees of legal counsel to the Administrative Agent, the Lead Arrangers and the Lenders) required to be reimbursed or paid by the Borrower hereunder.
(h)    Since December 31, 2014, there shall have been no event that has had or would reasonably be expected to have a Material Adverse Effect.
(i)    The Administrative Agent shall have received the results of a recent Lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 or discharged on or prior to the Closing Date pursuant to documentation satisfactory to the Administrative Agent.
(j)    Other than the items set forth on Schedule 5.10, the Collateral Agent shall have received the certificates representing the certificated Equity Interests pledged pursuant to the Pledge Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof.
(k)    Each Uniform Commercial Code financing statement or other filing required by the Pledge Agreement shall be in proper form for filing.
(l)    Each Loan Party shall have provided the documentation and other information requested by the Lenders that is required by regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including without limitation, the Act, in each case as requested at least three Business Days prior to the Closing Date.
(m)    The Administrative Agent shall have received an executed promissory note payable to the order of each Lender that requested such promissory note at least one Business Day prior to the Closing Date (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.
(n)    The Borrower shall have paid as of the Closing Date immediately after giving effect thereto to the Administrative Agent for the account of each of the Revolving Lenders, an upfront fee as separately agreed.
(o)    The Administrative Agent shall have received copies of the UCC-3s set forth on Schedule 4.01.
(p)    The entry into and effectiveness of the IAC Credit Agreement shall have occurred substantially concurrently with the effectiveness of this Agreement.
The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding.
SECTION 4.02    Each Credit Event.  The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a continuation or conversion of an existing Borrowing) and the obligation of the Issuing Bank to issue any Letter of Credit is subject to the satisfaction of the following conditions:
(a)    The representations and warranties of each Loan Party set forth in this Agreement shall be true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty shall be 

-78-

true and correct in all respects) on and as of the date of such Borrowing, except to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty shall have been true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects) as of such earlier date); provided that in the case of any Incremental Term Facility used to finance an acquisition permitted hereunder, to the extent the Lenders participating in such Incremental Term Facility agree, this Section 4.02(a) shall require only customary “specified representations” and “acquisition agreement representations” (i.e., those representations of the seller or the target (as applicable) in the applicable acquisition agreement that are material to the interests of the Lenders and only to the extent that the Borrower or its applicable subsidiary has the right to terminate its obligations under the applicable acquisition agreement as a result of the failure of such representations to be accurate) be true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects).
(b)    At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing.
(c)    The Administrative Agent or Issuing Bank shall have received a borrowing notice in accordance with Section 2.03 or a Letter of Credit request in accordance with Section 2.17(b), as applicable.
Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower or other applicable Loan Party on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.
ARTICLE V
Affirmative Covenants
Until the Revolving Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit have expired or been cash collateralized, the Borrower covenants and agrees with the Lenders that:
SECTION 5.01    Financial Statements; Other Information.  The Borrower will furnish to the Administrative Agent and each Lender:
(a)    within 90 days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Ernst & Young LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit except as to the effectiveness of internal control over financial reporting with respect to any subsidiary acquired during such fiscal year in accordance with Regulation S-X under the Exchange Act, as interpreted by the implementation guidance of the U.S. Securities Exchange Commission) to the effect that such consolidated financial statements present fairly in all material respects the financial position and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied (except as approved by such accountants and disclosed therein), and a schedule eliminating Unrestricted Subsidiaries and reconciling to the financial statements in reasonable detail, as determined by the Borrower;
(b)    within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statement of operations as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year and the statements of stockholders’ equity and cash flows for the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) 

-79-

the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial position and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied (except as approved by such officer and disclosed therein), subject to normal year-end audit adjustments and the absence of footnotes, and a schedule eliminating Unrestricted Subsidiaries and reconciling to the financial statements;
(c)    within 90 days after the end of each fiscal year of the Borrower, forecasts of the cash and cash equivalents and long-term debt line items on the consolidated balance sheets and forecasts of the statements of operations and cash flows, in each case of the Borrower and the Restricted Subsidiaries on a quarterly basis for the then current fiscal year, in each case prepared by management of Borrower and substantially in the form as the forecasts delivered by the Borrower to the Lead Arrangers prior to the Closing Date;
(d)    concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.10, (iii) stating whether any change in GAAP or in the application thereof that materially affects such financial statements has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, (iv) setting forth a description of any change in the jurisdiction of organization of the Borrower or any Material Domestic Subsidiary since the date of the most recent certificate delivered pursuant to this paragraph (d) (or, in the case of the first such certificate so delivered, since the Closing Date) and (v) setting forth a calculation in reasonable detail indicating which Domestic Subsidiaries are Material Domestic Subsidiaries;
(e)    concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines and may be limited to accounting matters and disclaim responsibility for legal interpretations);
(f)    promptly following receipt thereof, copies of any documents described in Section 101(k) or 101(l) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if the Borrower and/or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan then, upon reasonable request of the Administrative Agent, the Borrower and/or its ERISA Affiliates shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative Agent (on behalf of each requesting Lender) promptly after receipt thereof; and
(g)    promptly following any reasonable request therefor, such other information regarding the operations, business affairs and financial position of the Borrower or any Restricted Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent (on its own behalf or at the request of any Lender) may reasonably request.
Information required to be delivered pursuant to this Section 5.01 shall be deemed to have been delivered if such information (including, in the case of certifications required pursuant to clause (b) above, the certifications accompanying any such quarterly report pursuant to Section 302 of the Sarbanes-Oxley Act of 2002), or one or more annual or quarterly reports containing such information, shall have been posted by the Administrative Agent on IntraLinks or a similar site to which the Lenders have been granted access or shall be available on the website of the SEC at http://www.sec.gov; provided that the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e. soft copies) of such documents.  Information required to be delivered pursuant to this Section 5.01 may also be delivered by electronic communications pursuant to procedures approved by the 

-80-

Administrative Agent.  In the event any financial statements delivered under clause (a) or (b) above shall be restated, the Borrower shall deliver, promptly after such restated financial statements become available, revised completed certificates with respect to the periods covered thereby that give effect to such restatement, signed by a Financial Officer.
The Borrower acknowledges and agrees that all financial statements furnished pursuant to paragraphs (a) and (b) above are hereby deemed to be Borrower Materials suitable for distribution, and to be made available, to Public Lenders as contemplated by Section 9.18 and may be treated by the Administrative Agent and the Lenders as if the same had been marked “PUBLIC” in accordance with such paragraph (unless the Borrower otherwise notifies the Administrative Agent in writing on or prior to delivery thereof).
SECTION 5.02    Notices of Material Events.  The Borrower will furnish to the Administrative Agent for delivery to each Lender prompt written notice of the following:
(a)    the occurrence of any Default;
(b)    the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against the Borrower or any Restricted Subsidiary thereof as to which there is a reasonable likelihood of an adverse determination that would reasonably be expected to result in a Material Adverse Effect;
(c)    the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower or its Restricted Subsidiaries in an amount which would constitute a Material Adverse Effect; and
(d)    any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
SECTION 5.03    Existence; Conduct of Business.  The Borrower will, and will cause each of its Restricted Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business except in each case (i) where the failure to do so would not reasonably be expected to result in a Material Adverse Effect or (ii) as such action is not prohibited under Sections 6.03, 6.04 or 6.05.
SECTION 5.04    Payment of Obligations.  The Borrower will, and will cause each of its Restricted Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect.
SECTION 5.05    Maintenance of Properties; Insurance.  The Borrower will, and will cause each of its Restricted Subsidiaries to (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b) maintain, with financially sound and reputable insurance companies or in accordance with acceptable self insurance practices, insurance in such amounts and against such risks as are customarily maintained by companies of similar size engaged in the same or similar businesses operating in the same or similar locations, and (c) and use commercially reasonable efforts to maintain, prosecute and enforce its material Intellectual Property, in each case except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.
SECTION 5.06    Books and Records; Inspection Rights.  The Borrower will, and will cause each of its Restricted Subsidiaries to, keep proper books of record and account in which full, true and correct entries in all material respects are made of all dealings and transactions in relation to its business and activities.  The Borrower 

-81-

will, and will cause each of its Restricted Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants all at such reasonable times and as often as reasonably requested, provided that such visits, inspections, examinations and discussions shall, so long as no Default or Event of Default has occurred and is continuing, take place no more often than one time per fiscal year on a date to be determined by, and shall be coordinated by, the Borrower and the Administrative Agent.
SECTION 5.07    Compliance with Laws.  The Borrower will, and will cause each of its Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.
SECTION 5.08    Use of Proceeds.  The proceeds of the Loans will be used only to finance the general corporate purposes of the Borrower and its Restricted Subsidiaries, including to fund dividends and other distributions to IAC.
SECTION 5.09    Guarantors and Collateral.
(a)    On the Closing Date (or such longer period as the Collateral Agent may agree in its sole discretion) each Restricted Subsidiary (other than an Excluded Subsidiary) will (A) become a party to the Guarantee Agreement and (B) become a party to the Pledge Agreement and pledge all of the Equity Interests of any Restricted Subsidiary (other than Excluded Equity Interests) directly owned by such Restricted Subsidiary and any other shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the Equity Interests of any Restricted Subsidiary (other than Excluded Equity Interests) that may be issued or granted to, or held by, such Restricted Subsidiary while this Agreement is in effect; provided that such Restricted Subsidiary shall not be required to take any action (including entry into any foreign pledge agreement or similar document) other than those actions expressly set forth in this clause (B) and deliver to the Collateral Agent any and all certificates representing such Equity Interests (to the extent certificated), accompanied by undated stock powers or other appropriate instruments of transfer executed in blank.
(b)    With respect to any Person that becomes a Restricted Subsidiary (other than an Excluded Subsidiary) after the Closing Date, or any Excluded Subsidiary that ceases to constitute an Excluded Subsidiary after the Closing Date, the Borrower will, within 30 days thereafter (or such longer period as the Collateral Agent may agree in its sole discretion) (i) cause such Restricted Subsidiary to (A) become a party to the Guarantee Agreement, (B) become a party to the Pledge Agreement or such other Collateral Document as may be reasonably requested by the Collateral Agent, (C) pledge all of the Equity Interests of any Restricted Subsidiary (other than Excluded Equity Interests) directly owned by such Restricted Subsidiary and any other shares, stock certificates, options, interests or rights of any nature whatsoever in respect of the Equity Interests of any Restricted Subsidiary (other than Excluded Equity Interests) that may be issued or granted to, or held by, such Restricted Subsidiary while this Agreement is in effect, (D) deliver to the Collateral Agent any and all certificates representing such Equity Interests (to the extent certificated), accompanied by undated stock powers or other appropriate instruments of transfer executed in blank and (E) deliver to the Administrative Agent a certificate of such Restricted Subsidiary substantially in the form of Exhibit E, with appropriate insertions and attachments, and (ii) if requested by the Administrative Agent, deliver to the Administrative Agent one or more legal opinions relating to the matters described above, which shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent.
SECTION 5.10    Post-Closing Delivery of Certificated Equity Interests. Within 30 days of the Closing Date (or such later date as the Administrative Agent may reasonably agree), to the extent not previously delivered, the Borrower agrees that it will deliver to the Collateral Agent the certificates representing the certificated Equity Interests pledged pursuant to the Pledge Agreement listed on Schedule 5.10, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof.
SECTION 5.11    Further Assurances.  Promptly upon the reasonable request by the Administrative Agent, or any Lender through the Administrative Agent, the Borrower shall, shall cause the Subsidiary Guarantors to 

-82-

(a) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any Loan Document, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable law, subject any Loan Party’s Equity Interests to the Liens granted by the Pledge Agreement to the extent required thereunder and (iii) perfect and maintain the validity, effectiveness and priority of the Pledge Agreement and any of the Liens created thereunder.
SECTION 5.12    Ratings.  The Borrower shall use commercially reasonable efforts to obtain and to maintain public ratings from Moody’s and Standard & Poor’s for the Term B-1 Loans; provided, however, that the Borrower shall not be required to obtain or maintain any specific rating.
ARTICLE VI
Negative Covenants
Until the Revolving Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or have been cash collateralized, the Borrower covenants and agrees with the Lenders that:
SECTION 6.01    Indebtedness.  The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:
(a)    Indebtedness incurred under the Loan Documents;
(b)    Indebtedness in respect of the Senior Notes and Permitted Ratio Debt and any Refinancing Indebtedness thereof;
(c)    (i) Indebtedness of the Borrower or any other subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such assets (provided that such Indebtedness is incurred or assumed prior to or within 90 days after such acquisition or the completion of such construction or improvement and the principal amount of such Indebtedness does not exceed the cost of acquiring, constructing or improving such fixed or capital assets) in an aggregate amount under this clause (c) not to exceed the greater of $50,000,000 and 2.0% of Total Assets as of the time of incurrence; provided that (x) no Default shall have occurred and be continuing and (y) the Borrower shall be in pro forma compliance with Section 6.10 and (ii) any Refinancing Indebtedness thereof;
(d)    Indebtedness of Foreign Subsidiaries in an aggregate principal amount at any time outstanding not to exceed the multiple of (x) $50,000,000 and (y) the sum of 100% plus the percentage (which shall not be less than 0%) by which Consolidated EBITDA of the Borrower for the most recently ended Test Period exceeds Consolidated EBITDA of the Borrower for the most recent Test Period on the Closing Date;
(e)    Indebtedness of any Non-Loan Party in an aggregate principal amount at any time outstanding not to exceed $25,000,000;
(f)    Guarantees of any Indebtedness permitted pursuant to this Section 6.01 and any Refinancing Indebtedness thereof, so long as in the case of clause (b), the Loans are guaranteed by such Restricted Subsidiary to at least the same extent and, in the case of any Guarantees of Permitted Unsecured Ratio Debt or the Senior Notes, such Guarantees are by their terms subordinated in right of payment to the Obligations;
(g)    IAC/Match Intercompany Debt;

-83-

(h)    (x) Indebtedness of the Borrower owed to any Restricted Subsidiary or of a Restricted Subsidiary owed to any other Restricted Subsidiary or the Borrower and (y) guarantees by any Restricted Subsidiary or the Borrower of any Indebtedness of the Borrower or any other Restricted Subsidiary; provided, however, that upon any such Indebtedness being owed to any Person other than the Borrower or a Restricted Subsidiary or any such guarantee being of Indebtedness of any Person other than the Borrower or a Restricted Subsidiary, as applicable, the Borrower or such Restricted Subsidiary, as applicable, shall be deemed to have incurred Indebtedness not permitted by this clause (h);
(i)    Indebtedness outstanding on the Closing Date and set forth on Schedule 6.01 and any Refinancing Indebtedness thereof;
(j)    (i) Indebtedness of any Person which becomes a Restricted Subsidiary after the Closing Date or is merged with or into or consolidated or amalgamated with the Borrower or any Restricted Subsidiary after the Closing Date and Indebtedness expressly assumed in connection with the acquisition of an asset or assets from any other Person; provided that (A) such Indebtedness existed at the time such Person became a Restricted Subsidiary or of such merger, consolidation, amalgamation or acquisition and was not created in anticipation thereof and (B) immediately after such Person becomes a Restricted Subsidiary or such merger, consolidation, amalgamation or acquisition, (x) no Default shall have occurred and be continuing, and (y) the Borrower shall be in pro forma compliance with Section 6.10 and (ii) any Refinancing Indebtedness of such Indebtedness described in clause (i);
(k)    Indebtedness constituting Investments not prohibited under Section 6.11 (other than Section 6.11(g));
(l)    Indebtedness in respect of bid, performance, surety bonds or completion bonds issued for the account of the Borrower or any Restricted Subsidiary in the ordinary course of business, including guarantees or obligations of the Borrower or any Restricted Subsidiary with respect to letters of credit supporting such bid, performance, surety or completion obligations;
(m)    Indebtedness owed to any officers or employees of the Borrower or any Restricted Subsidiary; provided that the aggregate principal amount of all such Indebtedness shall not exceed $5,000,000 at any time outstanding;
(n)    Indebtedness arising or incurred as a result of or from the adjudication or settlement of any litigation or from any arbitration or mediation award or settlement, in any case involving the Borrower or any Restricted Subsidiary, provided that the judgment, award(s) and/or settlements to which such Indebtedness relates would not constitute an Event of Default under Section 7.01(j);
(o)    indemnification, adjustment of purchase price, deferred purchase price, contingent consideration or other compensation or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business or assets of the Borrower or any Restricted Subsidiary or Equity Interests of a Restricted Subsidiary, other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Equity Interests for the purpose of financing or in contemplation of any such acquisition; provided that, in the case of a disposition, the maximum aggregate liability in respect of all such obligations incurred or assumed in connection with such disposition outstanding under this clause (o) shall at no time exceed the gross proceeds (including Fair Market Value of noncash proceeds measured at the time such noncash proceeds are received) actually received by the Borrower and the Restricted Subsidiaries in connection with such disposition;
(p)    unsecured Indebtedness in respect of obligations of the Borrower or any of its Restricted Subsidiaries to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms (which require that all such payments be made within 60 days after the incurrence of the related obligations) in the ordinary course of business and not in connection with the borrowing of money;

-84-

(q)    letters of credit, bank guarantees, warehouse receipts or similar instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business;
(r)    Indebtedness arising (A) from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of incurrence or (B) under any customary cash pooling or cash management agreement with a bank or other financial institution in the ordinary course of business;
(s)    Indebtedness representing deferred compensation incurred in the ordinary course of business;
(t)    Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;
(u)    Indebtedness supported by a letter of credit, bank guarantee or similar instrument, in principal amount not in excess of the stated amount of such letter of credit, bank guarantee or similar instrument;
(v)    the disposition of accounts receivable in connection with receivables factoring arrangements in the ordinary course of business;
(w)    Indebtedness of the Borrower consisting of obligations for the payment of letters of credit in commitment amounts not to exceed $10,000,000 in the aggregate at any one time outstanding, excluding any commitment amounts for letters of credit issued pursuant to Indebtedness incurred under any other clause of this Section 6.01;
(x)    any guarantee by the Borrower or any of its Restricted Subsidiaries, in the ordinary course of business, of obligations of suppliers, customers, franchisees and licensees of the Borrower or any of its Restricted Subsidiaries;
(y)    [reserved];
(z)    unsecured intercompany Indebtedness owed by a member of the Match Group to a member of the IAC Group that is by its terms subordinated in right of payment to the Obligations (the “IAC Subordinated Debt Facility”), so long as, (I) in respect of each borrowing, on a pro forma basis after giving effect thereto and the use of proceeds thereof the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00 (excluding any cash constituting proceeds of such Indebtedness), (II) no Default or Event of Default shall have occurred and be continuing or would exist after giving effect thereto, (III) the Borrower shall be in compliance with Section 6.10 on a pro forma basis after giving effect to the incurrence of any such borrowing and the use of proceeds thereof, (IV) such Indebtedness has a scheduled final maturity date of at least 90 days after the Revolving Termination Date and any then outstanding Incremental Facility and such indebtedness shall not require any mandatory prepayments other than in connection with a change of control, (V) such indebtedness (x) shall not require scheduled amortization payments, (y) shall have no financial maintenance covenants of a different type than the financial covenants set forth in Section 6.10, and no financial maintenance covenants that are more restrictive than the financial covenants set forth in Section 6.10, and (z) does not have negative covenants and/or default provisions that are, taken as a whole, materially more restrictive than those applicable to the Senior Secured Credit Facilities as determined in good faith by the Borrower, and (VI) such Indebtedness shall not be guaranteed by any subsidiaries of the Borrower other than guarantees by the Subsidiary Guarantors that by their terms are subordinated in right of payment to the obligations under the Senior Secured Credit Facilities;
(aa)    Indebtedness of Loan Parties in an aggregate principal amount at any time outstanding not to exceed $25,000,000;

-85-

(bb)    any Pre-IPO Notes; and
(cc)    to the extent constituting Indebtedness, the Match Transactions.
Further, for purposes of determining compliance with this Section 6.01 and Section 6.02, at the option of the Borrower by written notice to the Administrative Agent, any Indebtedness and/or Lien incurred to finance a Limited Condition Acquisition permitted hereunder shall be deemed to have been incurred on the date the definitive acquisition agreement relating to such Limited Condition Acquisition was entered into (and not at the time such Limited Condition Acquisition is consummated) and the Secured Net Leverage Ratio and/or the Consolidated Net Leverage Ratio shall be tested (x) in connection with such incurrence, as of the date the definitive acquisition agreement relating to such Limited Condition Acquisition was entered into, giving pro forma effect to such Limited Condition Acquisition, to any such Indebtedness or Lien, and to all transactions in connection therewith and (y) in connection with any other incurrence after the date the definitive acquisition agreement relating to such Limited Condition Acquisition was entered into and prior to the earlier of the consummation of such Limited Condition Acquisition or the termination of such definitive agreement prior to the incurrence (but not, for the avoidance of doubt, for purposes of determining the Applicable Rate or actual compliance with the financial covenants set forth in Section 6.10), both (i) on the basis set forth in clause (x) above and (ii) without giving effect to such acquisition or the incurrence of any such Indebtedness or Liens or the other transactions in connection therewith.
SECTION 6.02    Liens.  The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:
(a)    Permitted Encumbrances;
(b)    any Lien on any property or asset of the Borrower or any Restricted Subsidiary (or any improvements or accession thereto or proceeds therefrom) existing on the Closing Date and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Restricted Subsidiary and (ii) such Lien shall secure only those obligations which it secures on the Closing Date and any Refinancing Indebtedness in respect thereof;
(c)    any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the Closing Date prior to the time such Person becomes a Restricted Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be, and any Refinancing Indebtedness in respect thereof;
(d)    Liens securing Indebtedness of the Borrower or any Restricted Subsidiary incurred pursuant to Section 6.01(c); provided that (i) such Liens are incurred prior to or within 90 days after such acquisition or the completion of such construction and improvement with the acquisition of such fixed or capital assets, and (ii) such Liens do not at any time encumber any of its existing property other than the property financed by such Indebtedness;
(e)    deposits, reserves and other Liens securing credit card operations of the Borrower and its Restricted Subsidiaries;
(f)    Liens created by the Collateral Documents or otherwise securing the Obligations;
(g)    Liens on the Collateral securing Permitted Secured Ratio Debt;
(h)    [reserved];

-86-

(i)    Liens securing Guarantees of Permitted Secured Ratio Debt and Indebtedness permitted pursuant to Section 6.01(a); provided that, with respect to any such Liens securing Guarantees of Permitted Secured Ratio Debt an intercreditor agreement reasonably satisfactory to the Administrative Agent with respect to such Liens is in effect at such time;
(j)    Liens that do not secure Indebtedness and do not interfere with the material operations of the Borrower and the Restricted Subsidiaries and do not individually or in the aggregate materially impair the value of the assets of the Borrower and the Restricted Subsidiaries;
(k)    Liens deemed to secure Capital Lease Obligations incurred in connection with any sale and leaseback transaction permitted by Section 6.08;
(l)    licenses, sublicenses, leases or subleases that do not interfere in any material respect with the business of the Borrower or any Restricted Subsidiary;
(m)    any interest or title of a lessor or sublessor under, and Liens arising from Uniform Commercial Code financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, leases and subleases permitted hereunder;
(n)    normal and customary rights of setoff upon deposits of cash or other Liens originating solely by virtue of any statutory or common law provision relating to bankers liens, rights of setoff or similar rights in favor of banks or other depository institutions and not securing any Indebtedness;
(o)    Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;
(p)    Liens solely on any cash earnest money deposits made by the Borrower or any Restricted Subsidiary in connection with any letter of intent or purchase agreement in respect of any acquisition or other investment by the Borrower or any Restricted Subsidiary;
(q)    Liens on assets of Non-Loan Parties securing Indebtedness permitted pursuant to Sections 6.01(d) and (e);
(r)    any extension, renewal or replacement (or successive renewals or replacements) in whole or in part of any Lien referred to in clause (b), (c), (d), (g), (i) or (q); provided that with respect to (b), (c) and (d), (x) the obligations secured thereby shall be limited to the obligations secured by the Lien so extended, renewed or replaced (and, to the extent provided in such clauses, extensions, renewals and replacements thereof) and (y) such Lien shall be limited to all or a part of the assets that secured the Lien so extended, renewed or replaced;
(s)    Liens encumbering deposits made to secure obligations arising from common law, statutory, regulatory, contractual or warranty requirements of the Borrower or any Restricted Subsidiary, including rights of offset and setoff;
(t)    Liens securing Hedging Obligations entered into for bona fide hedging purposes of the Borrower or any Restricted Subsidiary not for the purpose of speculation;
(u)    Liens in favor of a Loan Party;
(v)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods and Liens in the ordinary course of business in favor of issuers of performance and surety bonds or bid bonds or with respect to health, safety and environmental regulations (other than for borrowed money) or letters of credit or bank guarantees issued to support such bonds or requirements pursuant to the request of and for the account of such Person in the ordinary course of business;

-87-

(w)    Interests of vendors in inventory arising out of such inventory being subject to a “sale or return” arrangement with such vendor or any consignment by any third party of any inventory;
(x)    Liens securing Indebtedness owed by (a) a Restricted Subsidiary to the Borrower or to any other Restricted Subsidiary that is a Subsidiary Guarantor or (b) the Borrower to a Subsidiary Guarantor;
(y)    Liens securing obligations pursuant to cash management agreements and treasury transactions; and
(z)    Liens arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to the Borrower and its Restricted Subsidiaries in the ordinary course of trading and on the supplier’s standard or usual terms.
provided that, at any time, no voluntary Lien shall be created, incurred, assumed or permitted to exist on any Equity Interests of any Restricted Subsidiary required to be pledged to secure the Obligations hereunder other than (i) Permitted Encumbrances described in clauses (a), (b) and (e) of the definition of “Permitted Encumbrances,” (ii) Liens securing the Obligations and (iii) Liens securing Permitted Secured Ratio Debt (and Liens securing Guarantees thereof permitted by Section 6.01(f)).
SECTION 6.03    Fundamental Changes.  The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or Dispose of (in one transaction or in a series of related transactions) all or substantially all of its assets, or all or substantially all of the stock of any of its Restricted Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing:
(i)    any Person may merge or be consolidated with or into the Borrower in a transaction in which the Borrower is the continuing or surviving Person;
(ii)    any Person (other than the Borrower) may merge or consolidate with or into any Restricted Subsidiary in a transaction in which the surviving entity is or becomes a Restricted Subsidiary; provided that, if such Person is a Subsidiary Guarantor, the surviving entity is the Borrower or is or substantially concurrently becomes a Subsidiary Guarantor;
(iii)    any merger, consolidation, Disposition, liquidation or dissolution not prohibited by Sections 6.04, 6.05 and 6.11 shall be permitted;
(iv)    any Restricted Subsidiary may Dispose of its assets, and the Borrower or any Restricted Subsidiary may Dispose of any stock of any of its Restricted Subsidiaries, in each case to the Borrower or to another Restricted Subsidiary; and
(v)    any Restricted Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders.
SECTION 6.04    Disposition of Property.  The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless at the time of such transaction and after giving effect thereto and to the use of proceeds thereof, (i) no Default shall have occurred and be continuing and (ii) the Borrower or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value of the assets sold or otherwise disposed of, and (iii) in the case of an Asset Sale other than an Asset Swap if after giving pro forma effect to such Asset Sale (x) prior to the Term B-1 Loan Repayment Date, the Secured Net Leverage Ratio is greater than 1.50 to 1.00 and (y) on or after the Term B-1 Loan Repayment Date, the Consolidated Net Leverage Ratio is greater than 4.50 to 1.00, at least 75% of the consideration therefor received by the Borrower or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:

-88-

(i)    any liabilities (as reflected in the Borrower’s or such Restricted Subsidiary’s most recent balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on the Borrower’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on the date of such balance sheet) of the Borrower or such Restricted Subsidiary other than liabilities that are by their terms subordinated in right of payment to the Loans, that are assumed by the transferee of any such assets and for which the Borrower and all of its Restricted Subsidiaries have been validly released by all creditors in writing,
(ii)    any securities, notes or other similar obligations received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into cash or Cash Equivalents (to the extent so converted) within 180 days following the closing of such Asset Sale, and
(iii)    any Designated Noncash Consideration received by the Borrower or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed the greater of $75,000,000 and 3.0% of Total Assets at the time of the receipt of such Designated Noncash Consideration, with the Fair Market Value of each item of Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value,
shall be deemed to be cash or Cash Equivalents for purposes of this provision and for no other purpose.
SECTION 6.05    Restricted Payments.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, declare or make, directly or indirectly, any Restricted Payment, except:
(i)    the payment by the Borrower or any Restricted Subsidiary of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or giving the notice of the redemption, if on the date of declaration or notice the payment would have complied with the provisions of this Agreement (assuming, in the case of redemption, the giving of the notice would have been deemed to be a Restricted Payment at such time and such deemed Restricted Payment would have been permitted at such time);
(ii)    the Borrower may declare or make a Restricted Payment with respect to its Equity Interest payable solely in Qualified Equity Interests or redeem any of its Equity Interests in exchange for, or out of the proceeds of the substantially concurrent issuance and sale of, Qualified Equity Interests or through accretion or accumulation of such dividends on such Equity Interests; provided that the issuance of such Equity Interests are not included in any determination of the Retained Excess Cash Flow Amount;
(iii)    repurchase, redemption or other acquisition for value by the Borrower of, Equity Interests of the Borrower held by officers, directors or employees or former officers, directors or employees of the Borrower and any Restricted Subsidiary (or their transferees, estates or beneficiaries under their estates), upon their death, disability, retirement, severance or termination of employment or service; provided that the aggregate cash consideration paid for all such redemptions shall not exceed $10,000,000 during any twelve consecutive months (with unused amounts in any period being carried over to succeeding periods); provided, further, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from any current or former officer, director or employee (or any permitted transferees thereof) of the Borrower or any of its Restricted Subsidiaries (or any direct or indirect parent company thereof), in connection with a repurchase of Equity Interests of the Borrower from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provisions of this Agreement;
(iv)    repurchases of Equity Interests deemed to occur (a) upon the exercise of stock options, warrants, or similar rights if the Equity Interests represent all or a portion of the exercise price thereof or (b) in connection with the satisfaction of any withholding Tax obligations incurred relating to the vesting or exercise of stock options, warrants, restricted stock units or similar rights;

-89-

(v)    any Restricted Payment made out of the net cash proceeds of the substantially concurrent sale of, or made by exchange for, Qualified Equity Interests of the Borrower (other than Qualified Equity Interests issued or sold to a Restricted Subsidiary of the Borrower or an employee stock ownership plan or to a trust established by the Borrower or any of its Restricted Subsidiaries for the benefit of their employees) or a substantially concurrent cash capital contribution received by the Borrower from its stockholders; provided that such net cash proceeds are not included in any determination of the Retained Excess Cash Flow Amount;
(vi)    payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of all or substantially all of the assets of the Borrower and its Restricted Subsidiaries that complies with the provisions of Section 6.03;
(vii)    any Restricted Subsidiary may declare or make a Restricted Payment with respect to the Equity Interests of such Restricted Subsidiary to the Borrower or any other Restricted Subsidiary (and, in the case of a Restricted Subsidiary that is not a Wholly Owned Subsidiary, to each owner of Equity Interests of such Restricted Subsidiary such that the Borrower or Restricted Subsidiary receives at least its pro rata share of such dividend or distribution);
(viii)    Restricted Payments in an aggregate amount not to exceed in any fiscal year the greater of (x) $50,000,000 and (y) 10.0% of Consolidated EBITDA for the then most recently ended Test Period less any Investments made under this clause pursuant to Section 6.11(t); provided that after giving effect thereto on a pro forma basis (i) no Default shall have occurred and be continuing and (ii) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00;
(ix)    Restricted Payments up to an aggregate amount not to exceed $100,000,000 less any Investments made under this clause pursuant to Section 6.11(t);
(x)    Restricted Payments so long as after giving effect thereto on a pro forma basis, (i)(x) prior to the Term B-1 Loan Repayment Date, the Secured Net Leverage Ratio is equal to or less than 2.00 to 1.00 and (y) on or after the Term B-1 Loan Repayment Date, the Consolidated Net Leverage Ratio is equal to or less than 3.50 to 1.00 and (ii) no Default shall have occurred and be continuing;
(xi)    the Borrower and its Restricted Subsidiaries may make Restricted Payments to any member of the IAC Group that is a direct or indirect parent of the Borrower:
(A)        the proceeds of which will be used to pay the consolidated, combined or similar income tax liability of such parent’s income tax group that is attributable to the income of the Borrower or its subsidiaries; provided that (x) no such payments with respect to any taxable year shall exceed the amount of such income tax liability that would have been imposed on the Borrower and/or the applicable Subsidiaries had such entity(ies) filed on a stand-alone basis and (y) any such payments attributable to an Unrestricted Subsidiary shall be limited to the amount of any cash paid by such Unrestricted Subsidiary to the Borrower or any Restricted Subsidiary for such purpose;
(B)        the proceeds of which shall be used to pay such equity holder’s operating costs and expenses, other overhead costs and expenses and fees, in each case, which are directly attributable to the ownership or operations of the Borrower and its subsidiaries; or
(C)        the proceeds of which shall be used to pay customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of the Borrower to the extent such salaries, bonuses, other benefits and indemnities are directly attributable to the ownership or operation of the Borrower and its Restricted Subsidiaries;

-90-

(xii)    any Junior Debt Restricted Payments; provided that, at the time of, and after giving effect thereto on a pro forma basis (x) no Default shall have occurred and be continuing and (y) the Borrower shall be in compliance with Section 6.10 as of the end of the most recently ended Test Period;
(xiii)    Restricted Payments in connection with the Match Transactions; and
(xiv)    prior to the Term B-1 Loan Repayment Date, Restricted Payments in an amount not to exceed the portion of the Retained Excess Cash Flow Amount on the date of such election that the Borrower elects to apply to this Section 6.05(xiv) in a written notice of a Responsible Officer thereof, which notice shall set forth the Retained Excess Cash Flow Amount (and the calculation thereof in reasonable detail) immediately prior to such election and the amount thereof elected to be so applied; provided that after giving effect thereto on a pro forma basis (i) no Default shall have occurred and be continuing and (ii) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00.
SECTION 6.06    Transactions with Affiliates.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions (including amendments or modifications to prior or existing transactions) with, any of its Affiliates involving payment or consideration in excess of $5,000,000, except:
(a)    for transactions at prices and on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, as determined by the Borrower;
(b)    transactions between or among the Borrower and its Restricted Subsidiaries not involving any other Affiliate;
(c)    pursuant to, as determined by the Borrower, reasonable director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, and stock compensation plans) and indemnification arrangements and performance of such arrangements;
(d)    any Restricted Payment permitted by Section 6.05;
(e)    ordinary course overhead arrangements in which any Restricted Subsidiary or Unrestricted Subsidiary participates;
(f)    any Investment permitted by Section 6.11;
(g)    (x) any agreement or arrangement in effect on the Closing Date and any amendment or replacement thereof that is not more disadvantageous to the Lenders in any material respect than the agreement or arrangement in effect on the Closing Date; or (y) any transaction pursuant to any agreement or arrangement referred to in the immediately preceding clause (x).
(h)    any transaction with a joint venture or similar entity which would be subject to this Section 6.06 solely because the Borrower or a Restricted Subsidiary owns an equity interest in or otherwise controls such joint venture or similar entity;
(i)    any transaction entered into by a Person prior to the time such Person becomes a Restricted Subsidiary or is merged or consolidated with or into the Borrower or a Restricted Subsidiary;
(j)    any transaction with an Affiliate where the only consideration paid by the Borrower or any Restricted Subsidiary is Qualified Equity Interests;
(k)    the issuance or sale of any Qualified Equity Interests;

-91-

(l)    any issuance of securities, or other payments, awards or grants in cash, securities or otherwise, in each case pursuant to, or the funding of, employment arrangements, stock options and stock ownership plans in the ordinary course of business;
(m)    any employment agreements entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business and the transactions pursuant thereto;
(n)    transactions between any one or more members of the IAC Group and any one or more members of the Match Group in connection with the Match Transactions; and
(o)    transactions with an Escrow Borrower, including any Escrow Assumption and the entrance into any agreements related thereto so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom.
SECTION 6.07    Changes in Fiscal Periods.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, change its fiscal year to end on a day other than December 31 or change its method of determining fiscal quarters.
SECTION 6.08    Sales and Leasebacks.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person (other than the Borrower or a Restricted Subsidiary) providing for the leasing by the Borrower or any Restricted Subsidiary of real or personal property that has been or is to be sold or transferred by the Borrower or any Restricted Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the Borrower or any Restricted Subsidiary unless (i) the lease in such arrangement is a capital lease and such capital lease may be entered into at such time pursuant to Sections 6.01 and 6.02 or (ii) the lease in such arrangement is not a capital lease and the aggregate proceeds from such arrangement and other such arrangements since the Closing Date do not exceed the greater of $15,000,000 and 3.0% of Consolidated EBITDA after giving effect thereto on a pro forma basis for the then most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b).
SECTION 6.09    Clauses Restricting Subsidiary Distributions.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on or in respect of its Equity Interests held by the Borrower or a Restricted Subsidiary, (b) make loans or advances or pay any Indebtedness or other obligation owed to the Borrower or any Subsidiary Guarantor or (c) transfer any of its assets to the Borrower or any Subsidiary Guarantor, except for such encumbrances or restrictions existing under or by reason of:
(i)    any encumbrances or restrictions existing under this Agreement and the other Loan Documents;
(ii)    encumbrances or restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the capital stock or assets of such Restricted Subsidiary;
(iii)    encumbrances or restrictions under any agreement governing Capital Lease Obligations secured by Liens permitted by Section 6.02, so long as such restrictions apply only to the assets subject to such Liens or relating to such Capital Lease Obligations, as the case may be;
(iv)    encumbrances or restrictions under any agreement listed on Schedule 6.09 as in effect on the Closing Date;
(v)    encumbrances or restrictions under any agreement of any Person that becomes a Restricted Subsidiary after the Closing Date that existed prior to the time such Person became a Restricted Subsidiary; provided that such restrictions are not created in contemplation of or in connection with such acquisition;

-92-

(vi)    any other instrument or agreement entered into after the Closing Date that contains encumbrances and restrictions that, as determined by the Borrower, will not materially adversely affect the Borrower’s ability to make payments on the Loans;
(vii)    encumbrances or restrictions existing under or by reason of applicable law, regulation or order;
(viii)    non-assignment provisions of any contract or lease entered into in the ordinary course of business;
(ix)    encumbrances or restrictions imposed under any agreement to sell assets, including Qualified Equity Interests of such Restricted Subsidiary, permitted under this Agreement to any Person pending the closing of such sale;
(x)    encumbrances or restrictions relating to any Lien permitted under this Agreement imposed by the holder of such Lien that limit the right of the relevant obligor to transfer assets that are subject to such Lien;
(xi)    encumbrances or restrictions relating to any Lien on any asset or property at the time of acquisition of such asset or property by the Borrower or any Restricted Subsidiary;
(xii)    customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements, shareholder agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture, corporation or similar Person;
(xiii)    encumbrances or restrictions on cash or other deposits or net worth imposed by suppliers, customers or landlords under contracts entered into in the ordinary course of business;
(xiv)    Indebtedness incurred in compliance with Section 6.01(c) that imposes restrictions of the nature described in clause (c) above on the assets acquired;
(xv)    with respect to clause (c) only, any encumbrance or restriction consisting of customary nonassignment provisions in leases governing leasehold interests, licenses, joint venture agreements and agreements similar to any of the foregoing to the extent such provisions restrict the transfer of the property subject to such leases, licenses, joint venture agreements or similar agreements;
(xvi)    with respect to clause (c) only, any encumbrance or restriction contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the transfer of the property subject to such security agreements or mortgages;
(xvii) any encumbrances or restrictions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, agreements, instruments or obligations referred to in this Section 6.09; provided that, as determined by the Borrower, such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings (a) are not materially more restrictive with respect to such encumbrances and restrictions than those prior to such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings or (b) will not materially adversely affect the Borrower’s ability to make payments on the Loans;
(xviii) encumbrances or restrictions imposed by the Senior Notes; and
(xix)    encumbrances or restrictions imposed on any member of the Match Group in connection with the Match Transactions.

-93-

SECTION 6.10    Consolidated Net Leverage Ratio; Interest Coverage Ratio.  For so long as Revolving Commitments, Revolving Loans or LC Exposure remain outstanding, with respect to the Revolving Facility only, the Borrower will not permit the Consolidated Net Leverage Ratio as of the last day of any Test Period to be more than 5.00 to 1.00.  For so long as Revolving Commitments, Revolving Loans or LC Exposure remain outstanding, with respect to the Revolving Facility only, the Borrower will not permit the Interest Coverage Ratio as of the last day of any Test Period to be less than 2.50 to 1.00
SECTION 6.11    Investments.  The Borrower will not, and will not permit any of its Restricted Subsidiaries to, make any advance, loan, extension of credit (by way of Guarantee or otherwise) or capital contribution to, or purchase any Equity Interests, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or incur any Unrestricted Subsidiary Support Obligations with respect to, any other Person (all of the foregoing, “Investments”) except:
(a)    extensions of trade credit and credit to customers in the ordinary course of business;
(b)    Investments in cash and Cash Equivalents and Investments that were Cash Equivalents when made;
(c)    loans and advances to directors, employees and officers of the Borrower or any Restricted Subsidiary in the ordinary course of business (including for travel, entertainment and relocation expenses) in an aggregate principal amount for the Borrower and its Restricted Subsidiaries not to exceed $10,000,000 at any one time outstanding;
(d)    Investments made by the Borrower or any Restricted Subsidiary in the Borrower, any Restricted Subsidiary or a Person that will, upon the making of such Investment become a Restricted Subsidiary;
(e)    Investments (other than Investments directly or indirectly in Unrestricted Subsidiaries) made at any time if, after giving pro forma effect thereto, (i) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00 and (ii) no Default shall have occurred and be continuing;
(f)    any Investment existing on, or made pursuant to binding commitments existing on, the Closing Date and disclosed to the Lenders in writing on the Closing Date;
(g)    Investments not prohibited by Section 6.05;
(h)    Investments in Unrestricted Subsidiaries in an aggregate amount not to exceed  (x) prior to the Term B-1 Loan Repayment Date, $50,000,000 and (y) on or after the Term B-1 Loan Repayment Date, $150,000,000, in each case, in any fiscal year (with unused amounts in any fiscal year being carried over to succeeding fiscal years up to an aggregate amount not to exceed (i) prior to the Term B-1 Loan Repayment Date, $150,000,000 and (ii) on or after the Term B-1 Loan Repayment Date, $450,000,000, in each case, in any one fiscal year), determined net of any cash recoveries actually received in respect of such Investments (it being understood that, if an Unrestricted Subsidiary becomes a Restricted Subsidiary, there will be deemed to have occurred a cash recovery of all Investments made in such subsidiary on or after the Closing Date); provided that after giving pro forma effect to each such Investment, no Default shall have occurred and be continuing;
(i)    Guarantees not prohibited by Section 6.01;
(j)    Investments to the extent that payment for such Investments is made with Qualified Equity Interests of the Borrower; provided that the issuance of such Equity Interests are not included in any determination of the Retained Excess Cash Flow Amount;
(k)    accounts, chattel paper and notes receivable arising from the sale or lease of goods or the performance of services in the ordinary course of business;

-94-

(l)    Investments received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, suppliers and customers arising in the ordinary course of business;
(m)    Investments, including in joint ventures of the Borrower or any Restricted Subsidiary, in an amount not to exceed at any one time outstanding the greater of $50,000,000 or 2.00% of Total Assets;
(n)    Investments arising out of the receipt by the Borrower or a Restricted Subsidiary of noncash consideration for the sale of assets permitted under Section 6.04;
(o)    Guarantees by the Borrower or any Restricted Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrower or Restricted Subsidiary in the ordinary course of business;
(p)    lease, utility and other similar deposits in the ordinary course of business;
(q)    to the extent constituting Investments, the Match Transactions;
(r)    Investments by the Borrower and its Restricted Subsidiaries in any Escrow Borrower for purposes of funding original issue discount, upfront fees, redemption or repayment premium and interest with respect to any Escrow Permitted Ratio Debt or Escrow Incremental Term Loans, in each case, to the extent such Escrow Permitted Ratio Debt and/or such Escrow Incremental Term Loans are  incurred in connection with the Match Transactions; provided that after giving pro forma effect to such Investment, no Default shall have occurred and be continuing;
(s)    prior to the Term B-1 Loan Repayment Date, Investments in an amount not to exceed the portion of the Retained Excess Cash Flow Amount on the date of such election that the Borrower elects to apply to this Section 6.11(s) in a written notice of a Responsible Officer thereof, which notice shall set forth the Retained Excess Cash Flow Amount (and the calculation thereof in reasonable detail) immediately prior to such election and the amount thereof elected to be so applied; provided that after giving effect thereto on a pro forma basis (i) no Default shall have occurred and be continuing and (ii) the Consolidated Net Leverage Ratio is equal to or less than 4.50 to 1.00; and
(t)    prior to the Term B-1 Loan Repayment Date, Investments by the Borrower and its Restricted Subsidiaries, if the Borrower or any Restricted Subsidiary would otherwise be permitted to make a Restricted Payment under Section 6.05(viii), (ix) or (x) in such amount; provided that the amount of any such Investment shall be deemed to be a Restricted Payment under the applicable clause for all purposes under this Agreement).
SECTION 6.12    Activities of Match Group, Inc.  Match Group, Inc. (i) shall not engage in any material operational activity other than (1) the ownership of Equity Interests in its subsidiaries or entities that become its subsidiaries (or, indirectly through its subsidiaries, other Equity Interests in accordance with clause (ii) below) and activities incidental thereto, including making Investments in its subsidiaries or entities that become its subsidiaries and owing Indebtedness to its subsidiaries, (2) activities in connection with the Transactions and the Match Transactions, (3) corporate maintenance activities and incurring fees, costs and expenses relating to overhead and general operating including professional fees for legal, tax and accounting issues and paying taxes, (4) the performance of its obligations and rights under and in connection with the Loan Documents and Transactions, any documentation governing any Indebtedness or Guarantee and the other agreements contemplated hereby, (5) entering into and performing employment, severance and similar arrangements with, and providing indemnification to, officers, employees and members of the Board of Directors of the Borrower and boards of directors and officers and employees of its subsidiaries, (6) the performing of activities in preparation for and consummating any public offering of its common stock or any other issuance or sale of its Equity Interests, (7) activities that arise as a result of its status as a public company and a SEC registrant, (8) repurchases of Indebtedness through open market purchases or Dutch auctions permitted under this Agreement and (9) activities otherwise permitted pursuant to this Section 6.12,6.12 and (ii) shall not own or acquire any material assets (other than Equity Interests of its subsidiaries, Indebtedness through open market purchases or Dutch auctions permitted hereunder and cash and Cash 

-95-

Equivalents), (iiiexcept  in connection with activities otherwise permitted pursuant to this Section 6.12.  Notwithstanding anything to the contrary in this Section 6.12, Match Group, Inc. (i) may engage in financing activities, including the incurrence of Indebtedness, entry into and performance of Swap Agreements, issuance of equity, payment of Restricted Payments, contribution to the capital of its subsidiaries and guarantee the obligations of its subsidiaries in each case as otherwise not prohibited hereunder, (ivii) may participateengage in and contract for tax, accounting, human resources, information technology, internal restructurings and other administrative mattersactivities as a member of the Match Group and as a subsidiary of IAC, (viii) may engage in any activities required by law, rule or regulation (or any activities in connection with, or that arise as part of, any litigation) and (viiv) may engage in activities or own and acquire assets incidental or reasonably related to the foregoing.
ARTICLE VII
Events of Default
SECTION 7.01    Events of Default.  If any of the following events (“Events of Default”) shall occur:
(a)    the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)    the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Section 7.01) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days;
(c)    any representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party in this Agreement or any other Loan Document or any amendment, modification or waiver in respect thereof, or in any certificate furnished pursuant to this Agreement or any other Loan Document or any amendment, modification or waiver in respect thereof, shall prove to have been incorrect in any material respect when made or deemed made;
(d)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect to the Borrower’s existence) or 5.08 or in Article VI; provided that unless any Incremental Term Facility expressly provides otherwise, the Borrower’s failure to perform or observe the covenants set forth in Section 6.10 shall not constitute an Event of Default for purposes of any Term Facilities unless and until the Required Revolving Lenders have actually declared all such obligations to be immediately due and payable in accordance with the Loan Documents and such declaration has not been rescinded on or before the date on which the Lenders in respect of the Incremental Term Facilities declare an Event of Default in connection therewith (the “Term Loan Standstill Period”);
(e)    any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party (other than those specified in clause (a), (b), (c) or (d) of this Section 7.01), and such failure shall continue unremedied for a period of 30 days after written notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);
(f)    the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after any applicable grace period therefor;
(g)    any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that 

-96-

becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness;
(h)    an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any  Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
(i)    the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Section 7.01, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;
(j)    one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 (to the extent not adequately covered by insurance) shall be rendered against the Borrower, any Material Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed;
(k)    an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect;
(l)    at any time, the Pledge Agreement shall cease, for any reason, to be in full force and effect, or any Loan Party shall so assert in writing, or any material Lien created by the Pledge Agreement shall cease to be enforceable and of the same effect and priority purported to be created thereby (except, in each case, as permitted under the Loan Documents);
(m)    this Agreement or the Guarantee Agreement shall cease, for any reason, to be in full force and effect, or any Loan Party shall so assert in writing, except as permitted under the Loan Documents; or
(n)    Change of Control shall occur;
then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders (or, unless any Incremental Term Facility provides otherwise, to the extent such Event of Default solely comprises an Event of Default arising from the Borrower’s failure to perform or observe the covenants set forth in Section 6.10, prior to the expiration of the Term Loan Standstill Period, at the request of the Required Revolving Lenders  only, and in such case only with respect to the Revolving Commitments, Revolving Loans and any Letters of Credit) shall, by notice to the Borrower, take any or all of the following actions, at the same or different times:  (i) terminate the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable during the continuation of such event) by the Borrower, and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind (other than notice from the Administrative Agent), all of which are hereby waived by the Borrower and (iii) require all outstanding Letters of Credit to be cash collateralized in accordance with Section 2.17(k); and in case of any event with respect to the Borrower described in clause (h) or (i) of this Section 7.01, the Revolving 

-97-

Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
ARTICLE VIII
The Administrative Agent
SECTION 8.01    Appointment and Authorization.  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 and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto.
SECTION 8.02    Administrative Agent and Affiliates.  The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Restricted Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.
SECTION 8.03    Action by Administrative Agent.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and the other Loan Documents.  Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated 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 9.02 or 9.03), and (c) 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 its Restricted Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.  The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02 or 9.03) or otherwise, in the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered under or in connection with this Agreement or any other Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, the other Loan Documents or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or in any other Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.
SECTION 8.04    Consultation with Experts.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.  The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.  The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
SECTION 8.05    Delegation of Duties.  The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and 

-98-

powers through their respective Related Parties.  The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
SECTION 8.06    Successor Administrative Agent.  Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower.  Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor.  If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank 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 payable to its predecessor unless otherwise agreed between the Borrower and such successor.  After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.04 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 Administrative Agent.
SECTION 8.07    Credit Decision.  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 other Loan Document, any related agreement or any document furnished hereunder or thereunder.
SECTION 8.08    Lead Arrangers; Syndication Agent; Co-Documentation Agents.  Notwithstanding anything to the contrary herein, none of the Lead Arrangers, the Syndication Agent or Co-Documentation Agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, if applicable, as the Administrative Agent, the Collateral Agent, a Lender or an Issuing Bank.  Each Lender acknowledges that it has not relied, and will not rely, on any of the Lead Arrangers, the Syndication Agent or the Co-Documentation Agents in deciding to enter into this Agreement or any other Loan Document or in taking or not taking any action hereunder or thereunder.
SECTION 8.09    Tax Indemnification by the Lenders.  To the extent required by any applicable Requirements of Law, the Administrative Agent may withhold from any payment  to any Lender an amount equivalent to any applicable withholding Tax.  Without limiting or expanding the provisions of Section 2.14, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective).  A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.09.  The agreements in this Section 8.09 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the commitments and the repayment, satisfaction or discharge of all other Obligations.

-99-

ARTICLE IX
Miscellaneous
SECTION 9.01    Notices.
(a)    All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy) (unless otherwise specifically permitted in this Agreement), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy or telephone notice, when received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto:
		
	Borrower:
	Match Group, Inc. 
555 West 18th Street 
New York, NY 100118750 North Central Expressway, Suite 1400 
Dallas, TX 75231 
Chief Financial Officer 
Telephone:  (212) 314-7210214) 576-9352  
Fax:  (212) 632-9529972) 892-9577

		
	With a copy to:  
	Match Group, Inc. 
555 West 18th Street 
New York, NY 100118750 North Central Expressway, Suite 1400 
Dallas, TX 75231 
General Counsel 
Telephone:  (212) 314-7376214) 576-9352  
Fax:  (212) 632-9551972) 892-9577

		
	Administrative Agent:
	 JPMorgan Chase Bank, N.A. 
500 Stanton Christiana Road 
Ops Building 2, 3rd Floor 
Newark, DE  19713-2107 
Christopher Jackson 
Telephone:  (302) 634-1198 
Fax:  (302) 634-1417

and 
 
J.P. Morgan Europe Limited 
Loans Agency, 6th floor 
25 Bank Street, Canary Wharf 
London E145JP 
United Kingdom 
Attention:  Loans Agency 
Telephone:  +44 20 7134 8188 
Fax:  +44 20 7777 2360
		
	With a copy to:  
	JPMorgan Chase Bank, N.A. 
383 Madison Avenue, 24th Floor 
New York, New York  10179 
Attention:  Donatus Anusionwu 
Telephone:  (212) 622-0531  
Fax:  (212) 270-5127

-100-

(b)    Notices, financial statements and similar deliveries and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent (including by posting on IntraLinks); provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.  The Administrative Agent or the Borrower may, in its 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.
SECTION 9.02    Waivers; Amendments.
(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.
(b)    Neither this Agreement nor any provision hereof may be waived, amended, amended and restated or modified except as provided in Sections 2.02, 2.19 and 2.20 or pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of Term Loans shall not constitute a postponement of any date scheduled for the payment of principal or interest), (iv) change Section 2.15 in a manner that would alter the pro rata distribution or sharing of payments required thereby or any provision requiring the pro rata funding of Loans, without the written consent of each Lender, (v) except as provided in Section 9.16, release all or substantially all of the Collateral securing the Obligations or all or substantially all of the value of the Guarantees provided by the Subsidiary Guarantors taken as a whole without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of “Required Lenders,” “Required Revolving Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; provided that such provisions may be amended or amended and restated pursuant to the establishment of Incremental Term Loans pursuant to Section 2.02 in order to restrict affiliated lenders and other persons from being included in such definitions or (vii) change the definition of “Alternative Currency,” without the written consent of each Lender; provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank hereunder without the prior written consent of the Administrative Agent or such Issuing Bank, as the case may be.
(c)    Notwithstanding the foregoing, technical and conforming modifications to the Loan Documents may be made (including by amendment and restatement) with the consent of the Borrower and the Administrative Agent (but without the consent of any Lender) to the extent necessary (A) to effectuate any Incremental Facilities, Refinancing Term Loans, Replacement Revolving Facility Commitments, Replacement Revolving Loans, Extended Revolving Commitments and Extended Revolving Loans in a manner consistent with Sections  2.02, 2.19 and 2.20 and as may be necessary to establish such Incremental Facilities, Refinancing Term Loans, Extended Revolving Commitments, Term Loans, Replacement Revolving Facility Commitments, Replacement Revolving Loans or Extended Revolving Loans as a separate Class or tranche from any existing Term Loans, Revolving Commitments 

-101-

or Revolving Loans, as applicable, and, in the case of Extended Term Loans, to reduce the amortization schedule of the related existing Class of Term Loans proportionately or (B) to cure any ambiguity, omission, error, defect or inconsistency and, in each case under this clause (B), 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 ten Business Days following receipt of notice thereof.
(d)    Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, unless otherwise set forth in any Incremental Assumption Agreement, Extension Amendment or Refinancing Amendment with respect to the Class of Loans and Commitments established thereby, only the consent of the Required Revolving Lenders shall be necessary to (1) waive or consent to a waiver of an Event of Default under Section 7.01(d) (solely with respect to Section 6.10) or (2) modify or amend Section 6.10 (including, in each case, the component definitions thereof, solely to the extent such definitions are used in such Section (but not otherwise)) or this clause (d).
SECTION 9.03    Waivers; Amendments to Other Loan Documents.
(a)    No failure or delay by the Administrative Agent or any Lender in exercising any right or power under the Guarantee Agreement or the Pledge Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  The rights and remedies of the Administrative Agent and the Lenders under the Guarantee Agreement and the Pledge Agreement are cumulative and are not exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of the Guarantee Agreement or the Pledge Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.
(b)    Neither the Guarantee Agreement, the Pledge Agreement nor any provision thereof may be waived, amended. amended and restated or modified except pursuant to an agreement or agreements in writing entered into by each affected Loan Party and, except as provided in Section 2.02, 2.19, 2.20, 9.02 or in the case of amendments to the Pledge Agreement described in Section 7.1(b) thereof, the Required Lenders or by the affected Loan Party and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) release all or substantially all of the Collateral (except as provided in Section 9.16), (ii) modify the “waterfall” provisions set forth in Section 5.3 of the Pledge Agreement, (iii) release all or substantially all of the Material Domestic Subsidiaries as Subsidiary Guarantors (except as provided in Section 9.16) or (iv) change any of the provisions of this Section, in each case without the written consent of each Lender; provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Collateral Agent under the Guarantee Agreement or the Pledge Agreement without the prior written consent of the Collateral Agent.
(c)    Without the consent of any Lender, the Loan Parties and the Administrative Agent and the Collateral Agent may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification, supplement or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, and to give effect to any intercreditor agreement reasonably satisfactory to the Administrative Agent associated therewith, or as required by local law to give effect to, or protect, any security interest for the benefit of the Secured Parties in any property or so that the security interests therein comply with applicable law or this Agreement or in each case to otherwise enhance the rights or benefits of any Lender under any Loan Document.
SECTION 9.04    Expenses; Indemnity; Damage Waiver.
(a)    The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Lead Arrangers and their respective Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and the Lead Arrangers, in connection with the syndication of the Revolving Facility and the preparation, execution, delivery and administration of this Agreement or any other Loan Document or any amendments, modifications or waivers of the provisions hereof or thereof and (ii) all reasonable out-of-

-102-

pocket expenses incurred by the Administrative Agent and the Lenders, including the fees, charges and disbursements of one firm of counsel for the Administrative Agent and the Lenders taken as a whole (and  in the case of an actual or perceived conflict of interest, one additional counsel to all such affected Persons, taken as a whole), and to the extent required, one firm of local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and one firm of regulatory counsel, in connection with the enforcement or protection of its rights in connection with this Agreement or any other Loan Document, including their rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during  any workout, restructuring or negotiations in respect of such Loans.
(b)    The Borrower shall indemnify the Administrative Agent, the Lead Arrangers and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented or invoiced out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing has retained its own counsel, of another firm of counsel for such affected Indemnitee), and to the extent required, one firm or local counsel in each relevant jurisdiction) and one firm of regulatory counsel of any such Indemnitee, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties to this Agreement or any other Loan Document of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Restricted Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Restricted Subsidiaries, (iv) any civil penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof, by the Administrative Agent or any Lender as a result of conduct of the Borrower that violates a sanction enforced by OFAC or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Borrower, its equity holders, affiliates or creditors or any other third person; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction in a  final and nonappealable judgment to have resulted from the gross negligence, willful misconduct or bad faith of such Indemnitee (or that of any of its respective subsidiaries or any of their respective officers, directors, employees or members), (ii) are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted from a material breach of this Agreement by such Indemnitee or (iii) do not involve or arise from an act or omission by the Borrower or its subsidiaries or any of their respective affiliates, partners, directors, officers, employees, agents, advisors or other representatives and is brought by an Indemnitee solely against one or more other Indemnitees (other than claims against the Administrative Agent or any Lead Arranger in its capacity as such or in its fulfilling such role).  Each Indemnitee shall give prompt notice to the Borrower of any claim that may give rise to a claim against the Borrower hereunder and shall consult with the Borrower in the conduct of such Indemnitee’s legal defense of such claim; provided, however, than an Indemnitee’s failure to give such prompt notice to the Borrower or to seek such consultation with the Borrower shall not constitute a defense to any claim for indemnification by such Indemnitee unless, and only to the extent that, such failure materially prejudices the Borrower.
(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, each Lender severally agrees to pay to the Administrative Agent such Lender’s Total Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, 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, the parties shall not assert, and each hereby waives, any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as 

-103-

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, any Loan or the use of the proceeds thereof; provided that nothing in this clause (d) is intended to relieve the Borrower of any obligation it may otherwise have to indemnify any Indemnitee against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
(e)    All amounts due under this Section shall be payable within ten (10) Business Days after written demand therefor.
SECTION 9.05    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 Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section.  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 (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    (i)Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (“assignee” or “assignees”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitments and the Loans at the time owing to it) with the prior written consent of:
(A)    the Borrower (such consent not to be unreasonably withheld or delayed, except for any bona fide competitors of the Borrower and its subsidiaries); provided that no consent of the Borrower shall be required for an assignment (i) of a Term Loan Commitment or a Term Loan to a Lender, an Affiliate of a Lender, an Approved Fund, (ii) of a Revolving Commitment or Revolving Loans to a Revolving Lender, an Affiliate of a Revolving Lender or Approved Fund with respect to a Revolving Lender or (iii) if an Event of Default has occurred and is continuing, any other assignee (except for any bona fide competitor of the Borrower and its subsidiaries); provided, further, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice of the proposed assignment;
(B)    the Administrative Agent (such consent not to be unreasonably withheld), provided that no consent of the Administrative Agent shall be required for an assignment of any Revolving Commitment or Loan to an assignee that is a Lender, an Affiliate of a Lender or an Approved Fund; and
(C)    each Issuing Bank; provided that the consent of any Issuing Bank shall not be required for any assignment of all or any portion of a Term Loan.
(ii)     Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment or Loans of any Class, the amount of the Revolving Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000 (or in the case of a Loan in an Alternative Currency, an appropriate corresponding amount as shall be consented to by the Administrative Agent (such consent not be unreasonable withheld)), unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default under clause (a), (b), (h) or (i) of Article VII has occurred and is continuing;
(B)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be 

-104-

construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of its Revolving Commitments or Revolving Loans;
(C)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee is hereby waived for any assignment to which J.P. Morgan Chase Bank, N.A. or any of its Affiliates is a party);
(D)    the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;
(E)    on the date of such assignment, the assignee of a Revolving Commitment must be able to fund Revolving Loans in all Alternative Currencies; and
(F)    the assignee shall not be (i) the Borrower or any of the Borrower’s Affiliates or Subsidiaries except in accordance with Section 2.21 and clause (e) below or (ii) a natural Person.
For the purposes of this Section 9.05(b), the term “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.04).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.05 shall be null and void.
(iv)    The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and related interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is 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 (with respect to such Lender’s own interests only), at any reasonable time and from time to time upon reasonable prior notice.
(v)    Upon its receipt of a duly completed Assignment and Assumption with respect to a permitted assignment executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section (unless waived), and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    (i)Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks, institutions 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 Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in 

-105-

connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents.  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 the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) or the first proviso to Section 9.03(b) that affects such Participant.  Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 (subject to the requirements and limitations of such Sections; provided that any documentation required to be provided pursuant to Section 2.14(e) shall be provided solely to the participating Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and related interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary in connection with a Tax audit or other proceeding or other governmental inquiry to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and the parties hereto shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
(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.
(d)    Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or other applicable central bank that governs or regulates the activities of such Lender, and this Section 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.
(e)    Any Lender may, at any time, assign all or a portion of its rights and obligations with respect to Loans to an Affiliated Lender, subject to the following limitations:
(i)    notwithstanding anything herein or in any of the other Loan Documents to the contrary, with respect to any acquisition of Loans, (1) under no circumstances, whether or not any Loan Party is subject to a bankruptcy or other insolvency proceeding, shall such Affiliated Lender be permitted to exercise any voting rights or any right to direct the Administrative Agent or the Collateral Agent to undertake any action (or refrain from taking any action) with respect to any Loans and any Loans that are assigned to such Affiliated Lender shall have no voting rights or any right to direct the Administrative Agent or the Collateral Agent to undertake any action (or refrain from taking any action) under this Agreement and the other Loan Documents (and shall not object to any actions taken by the non-Affiliated Lenders, Administrative Agent or Collateral Agent in a bankruptcy or insolvency proceeding) and will be deemed to have voted in the same proportion as non-Affiliated Lenders voting on such matter, unless the action or vote in question adversely affects such Affiliated Lender (solely in its capacity as a Lender) in any material respect as compared to the other Lenders, (2) such Affiliated Lender shall not receive information provided solely to Lenders by the Administrative Agent or any Lender and shall not be permitted to attend or participate in meetings attended solely by Lenders and the Administrative Agent and their advisors and (3) the Affiliated Lender must provide a representation and warranty that it is not in possession of any material non-public information with respect to the Loan Parties or their subsidiaries, or with respect to the Loans or the securities of any such person, that (A) has not been previously disclosed in writing to the assigning Lender or the Lenders generally (other than because such Lender does not wish to receive such 

-106-

material non-public information) prior to such time and (B) could reasonably be expected to have a material effect upon, or otherwise be material to, the assigning Lender’s decision to make such assignment;
(ii)    at the time any Affiliated Lender is making purchases of Loans it shall enter into an Affiliated Lender Assignment and Assumption;
(iii)    at the time of such assignment, no Default or Event of Default shall have occurred and be continuing or would result therefrom;
(iv)    each Affiliated Lender agrees to waive any right to bring any action in connection with the Loans against the Administrative Agent and Collateral Agent, in their capacities as such;
(v)    Affiliated Lenders may not hold more than 25% of the total amount of Loans and Commitments of any Class hereunder.
SECTION 9.06    Survival.  All covenants, agreements, representations and warranties made by any Loan Parties herein, in the other Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or the other Loan Documents 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 other Loan Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Revolving Commitments have not expired or terminated.  The provisions of Sections 2.12, 2.13, 2.14 and 9.04 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments, any assignment of rights by or replacement of a Lender or the termination of this Agreement or any provision hereof.
SECTION 9.07    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, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent or the Lead Arranger constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Agreement shall become effective as provided in Section 4.01, 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 email or telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 9.08    Severability.  Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 9.09    Right of Setoff.  If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.  Each Lender agrees to notify the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

-107-

SECTION 9.10    Governing Law; Jurisdiction; Consent to Service of Process.
(a)    This Agreement and the other Loan Documents and any claims, controversy, dispute or cause of action (whether in contract or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by and construed in accordance with the law of the State of New York.
(b)    The Borrower and each other Loan Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any Lender, any Issuing Bank, or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, any Lender or any Issuing Bank may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrower or any other Loan Party or their respective properties in the courts of any jurisdiction.
(c)    The Borrower and each other Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any court referred to in paragraph (b) of this Section.  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 9.01.  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 9.11    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED TO IT, 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 AND THE OTHER LOAN DOCUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.12    Headings.  Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
SECTION 9.13    Confidentiality.  Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other 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), (b) to the extent requested by any regulatory or self-regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar 

-108-

legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or an agreement described in clause (f) hereof or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower or (i) on a confidential basis to (x) any rating agency in connection with rating the Borrower or any of its subsidiaries or the Loans hereunder, (y) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the facilities or (z) market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent in connection with the administration and management of this Agreement and the other Loan Documents.  For the purposes of this Section, “Information” means all information received from the Borrower or its Affiliates relating to the Borrower, its subsidiaries or their 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 its Affiliates.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would reasonably accord to its own confidential information.
Subject to Section 9.18, each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws.
Subject to Section 9.18, all information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities.  Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law, including Federal and state securities laws.
SECTION 9.14    Judgment Currency.  If, for the purposes of obtaining judgment or filing a claim in any court, it is necessary to convert a sum due hereunder or claim in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or the Lenders hereunder shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the Person to whom such obligation was owing against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).
SECTION 9.15    USA PATRIOT Act.  Each Lender subject to the Act hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 

-109-

2001)) (the “Act”), it is hereby required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.
SECTION 9.16    Collateral and Guarantee Matters.
(a)    The Lenders irrevocably authorize the Administrative Agent to enter into any customary intercreditor agreement or arrangement in form and substance reasonably satisfactory to the Administrative Agent with the holders of any Permitted Secured Ratio Debt (or any agent thereof) permitted under this Agreement that in the good faith determination of the Administrative Agent is necessary to effectuate the incurrence of such Indebtedness.
(b)    Any Lien on any property granted to or held by the Administrative Agent under any Loan Document shall automatically be released (i) upon all of the Obligations (other than (x) (A) Cash Management Obligations and (B) Obligations under Specified Swap Agreements not yet due and payable, and (y) contingent obligations not yet accrued and payable) having been paid in full, all Letters of Credit having been cash collateralized or otherwise back-stopped (including by “grandfathering” into any future credit facilities), in each case, on terms reasonably satisfactory to the relevant Issuing Bank in its sole discretion, or having expired or having been terminated, and the Total Revolving Commitments having expired or having been terminated, (ii) that is Disposed of or to be Disposed of as part of or in connection with any Disposition not prohibited hereunder or under any other Loan Document to any Person other than a Loan Party, (iii) subject to Section 9.02, if approved, authorized or ratified in writing by the Required Lenders, (iv) owned by a Subsidiary Guarantor upon (or substantially simultaneously with) release of such Subsidiary Guarantor from its obligations under its Guarantee Agreement pursuant to clause (c) below, or (v) as expressly provided in the Collateral Documents.
(c)    Any Subsidiary Guarantor shall automatically be released from its obligations under the Guarantee Agreement (A) in the event of dissolution of such Person, (B) if such Person is designated as an Unrestricted Subsidiary or otherwise ceases to be a Restricted Subsidiary, in each case in accordance with the provisions of this Agreement, upon (or substantially simultaneously with) effectiveness of such designation or when it first ceases to be a Restricted Subsidiary, respectively, (C) if the obligations under this Agreement are discharged in accordance with the terms of this Agreement or (D) as otherwise expressly provided in the Guarantee Agreement; provided that no such release shall occur with respect to an entity that ceases to be a Restricted Subsidiary if such Subsidiary Guarantor continues to be a guarantor in respect of any Permitted Ratio Debt unless and until such guarantor is (or is being substantially simultaneously) released from its guarantee with respect to such Permitted Ratio Debt.
(d)    Each IAC Guarantor has been automatically be released from its obligations under the Guarantee Agreement and was automatically released upon receipt of an Officer’s Certificate of the Borrower on the Separation Date stating that the Borrower will be designated as unrestricted subsidiary under the IAC Credit Agreement and IAC Senior Notes, as applicable, on such date.
(e)    Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property, release any Subsidiary Guarantor from its obligations under the Guarantee Agreement, or enter into an intercreditor agreement pursuant to this Section 9.16.  In each case as specified in this Section 9.16, the Administrative Agent will, at the Loan Parties’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to release such Subsidiary Guarantor from its obligations under the Guarantee Agreement, in each case in accordance with the terms of the Loan Documents and this Section 9.16.
SECTION 9.17    No Advisory or Fiduciary Relationship.  In connection with all aspects of each transaction contemplated hereby, the Borrower acknowledges and agrees for itself and on behalf of the Loan Parties that (i) the Revolving Facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Loan Parties, on the one hand, and the Agent Parties and the Lenders, on the other hand, and the Loan Parties are capable of evaluating and understanding and 

-110-

understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, each of the Agent Parties and the Lenders is and has been acting solely as a principal and is not the agent or fiduciary for the Loan Parties; (iii) the Lead Arrangers, Agent Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Lead Arrangers or the Agent Parties has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (iv) the Agent Parties and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate.
SECTION 9.18    Platform; Borrower Materials.  The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Lead Arrangers will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Intralinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or their respective Subsidiaries or any of their respective securities) (each, a “Public Lender”). The Borrower hereby agrees that it will identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) 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, (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Lead Arrangers, the Issuing Bank and the Lenders to treat such Borrower Materials as solely containing information that is either (A) publicly available information or (B) not material (although it may be sensitive and proprietary) with respect to the Borrower or the Subsidiaries or any of their respective securities for purposes of United States Federal securities laws (provided, however, that such Borrower Materials shall be treated as set forth in Section 9.13, to the extent such Borrower Materials constitute information subject to the terms thereof), (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (iv) the Administrative Agent and the Lead Arrangers 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 Investor.”  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  THE ADMINISTRATIVE AGENT, ITS RELATED PARTIES AND THE LEAD ARRANGERS DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT, ANY OR ITS RELATED PARTIES OR ANY LEAD ARRANGER IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.
SECTION 9.19    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Solely to the extent any Lender or Issuing Bank that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or Issuing Bank that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or Issuing Bank that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;

-111-

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

-112-

[signature pages intentionally omitted]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]