Document:

Blueprint

 

Exhibit
4.3

 

RUMBLEON, INC.

 

AND

 

[TRUSTEE]

 

Trustee

 

_______________

 

INDENTURE

 

DATED AS OF ___________, 20__

 

_______________

 

SUBORDINATED DEBT SECURITIES

 

 

 

 

RUMBLEON, INC.

RECONCILIATION AND
TIE BETWEEN TRUST INDENTURE ACT OF 1939,

AS AMENDED, AND
INDENTURE, DATED AS OF ________, 20__

 

	

TRUST INDENTURE ACT SECTION

	
 

	

INDENTURE SECTION

	
 

	
 

	
 

	

Section
310(a)(1)

	
 

	

6.9

	

(a)(2)

	
 

	

6.9

	

(a)(3)

	
 

	

Not
Applicable

	

(a)(4)

	
 

	

Not
Applicable

	

(a)(5)

	
 

	

6.9

	

(b)

	
 

	

6.8

	

Section
311

	
 

	

6.13

	

Section
312(a)

	
 

	

7.1,
7.2(a)

	

(b)

	
 

	

7.2(b)

	

(c)

	
 

	

7.2(c)

	

Section
313(a)

	
 

	

7.3

	

(b)

	
 

	

*

	

(c)

	
 

	

*

	

(d)

	
 

	

7.3

	

Section
314(a)

	
 

	

7.4

	

(a)(4)

	
 

	

10.5

	

(b)

	
 

	

Not
Applicable

	

(c)(1)

	
 

	

1.3

	

(c)(2)

	
 

	

1.3

	

(c)(3)

	
 

	

Not
Applicable

	

(d)

	
 

	

Not
Applicable

	

(e)

	
 

	

1.3

	

Section
315(a)

	
 

	

6.1(a)

	

(b)

	
 

	

6.2

	

(c)

	
 

	

6.1(b)

	

(d)

	
 

	

6.1(c)

	

(d)(1)

	
 

	

6.1(a)(1)

	

(d)(2)

	
 

	

6.1(c)(2)

	

(d)(3)

	
 

	

6.1(c)(3)

	

(e)

	
 

	

5.14

	

Section
316(a)

	
 

	

1.1,
1.2

	

(a)(1)(A)

	
 

	

5.2,
5.12

	

(a)(1)(B)

	
 

	

5.13

	

(a)(2)

	
 

	

Not
Applicable

	

(b)

	
 

	

5.8

	

(c)

	
 

	

1.5(f)

	

Section
317(a)(1)

	
 

	

5.3

	

(a)(2)

	
 

	

5.4

	

(b)

	
 

	

10.3

	

Section
318(a)

	
 

	

1.8

NOTE:
This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.

 

_______________________________________________

 

*
Deemed included pursuant to Section 318(c) of the Trust Indenture
Act

 

 

 

TABLE OF CONTENTS

 

	

ARTICLE One

	

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

	

1

	

1.1

	

Definitions

	

1

	

1.2

	

Incorporation by Reference of Trust Indenture Act

	

8

	

1.3

	

Compliance Certificates and Opinions

	

9

	

1.4

	

Form of Documents Delivered to Trustee

	

9

	

1.5

	

Acts of Holders; Record Dates

	

10

	

1.6

	

Notices, Etc., to Trustee and Company

	

11

	

1.7

	

Notice to Holders; Waiver

	

12

	

1.8

	

Conflict with Trust Indenture Act

	

12

	

1.9

	

Effect of Headings and Table of Contents

	

12

	

1.1

	

Successors and Assigns

	

12

	

1.11

	

Separability Clause

	

12

	

1.12

	

Benefits of Indenture

	

12

	

1.13

	

Governing Law

	

13

	

1.14

	

Legal Holidays

	

13

	

1.15

	

Securities in a Composite Currency, Currency Unit or Foreign
Currency

	

13

	

1.16

	

Payment in Required Currency; Judgment Currency

	

14

	

1.17

	

Language of Notices, Etc

	

14

	

1.18

	

Incorporators, Shareholders, Officers and Directors of the Company
Exempt from Individual Liability

	

14

	

ARTICLE Two

	

SECURITY FORMS

	

14

	

2.1

	

Forms Generally

	

14

	

2.2

	

Form of Face of Security

	

15

	

2.3

	

Form of Reverse of Security

	

18

	

2.4

	

Global Securities

	

22

	

2.5

	

Form of Trustee’s Certificate of Authentication

	

22

	

ARTICLE Three

	

THE SECURITIES

	

23

	

3.1

	

Amount Unlimited; Issuable in Series

	

23

	

3.2

	

Denominations

	

25

	

3.3

	

Execution, Authentication, Delivery and Dating

	

26

	

3.4

	

Temporary Securities

	

27

	

3.5

	

Registration, Registration of Transfer and Exchange

	

28

	

3.6

	

Mutilated, Destroyed, Lost and Stolen Securities

	

29

	

3.7

	

Payment of Interest; Interest Rights Preserved

	

31

	

3.8

	

Persons Deemed Owners

	

32

	

3.9

	

Cancellation

	

32

	

3.1

	

Computation of Interest

	

33

	

3.11

	

CUSIP or CINS Numbers

	

33

	

ARTICLE Four

	

SATISFACTION AND DISCHARGE

	

33

	

4.1

	

Satisfaction and Discharge of Indenture

	

33

	

4.2

	

Application of Trust Money

	

34

 

 

 

 

	

ARTICLE Five

	

REMEDIES

	

34

	

5.1

	

Events of Default

	

34

	

5.2

	

Acceleration of Maturity; Rescission and Annulment

	

35

	

5.3

	

Collection of Indebtedness and Suits for Enforcement by
Trustee

	

36

	

5.4

	

Trustee May File Proofs of Claim

	

37

	

5.5

	

Trustee May Enforce Claims Without Possession of
Securities

	

38

	

5.6

	

Application of Money Collected

	

38

	

5.7

	

Limitation on Suits

	

38

	

5.8

	

Unconditional Right of Holders to Receive Principal, Premium and
Interest

	

39

	

5.9

	

Restoration of Rights and Remedies

	

39

	

5.1

	

Rights and Remedies Cumulative

	

39

	

5.11

	

Delay or Omission Not Waiver

	

39

	

5.12

	

Control by Holders

	

40

	

5.13

	

Waiver of Past Defaults

	

40

	

5.14

	

Undertaking for Costs

	

40

	

5.15

	

Waiver of Stay or Extension Laws

	

41

	

ARTICLE Six

	

THE TRUSTEE

	

41

	

6.1

	

Certain Duties and Responsibilities

	

41

	

6.2

	

Notice of Defaults

	

42

	

6.3

	

Certain Rights of Trustee

	

42

	

6.4

	

Not Responsible for Recitals or Issuance of Securities

	

44

	

6.5

	

May Hold Securities

	

44

	

6.6

	

Money Held in Trust

	

44

	

6.7

	

Compensation and Reimbursement

	

44

	

6.8

	

Disqualification; Conflicting Interests

	

45

	

6.9

	

Corporate Trustee Required; Eligibility

	

45

	

6.1

	

Resignation and Removal; Appointment of Successor

	

45

	

6.11

	

Acceptance of Appointment by Successor

	

47

	

6.12

	

Merger, Conversion, Consolidation or Succession to
Business

	

48

	

6.13

	

Preferential Collection of Claims Against Company

	

48

	

6.14

	

Appointment of Authenticating Agent

	

49

	

ARTICLE Seven

	

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY

	

50

	

7.1

	

Company to Furnish Trustee Names and Addresses of
Holders

	

50

	

7.2

	

Preservation of Information; Communications to Holders

	

50

	

7.3

	

Reports by Trustee

	

51

	

7.4

	

Reports by Company

	

52

 

 

 

 

	

ARTICLE Eight

	

CONSOLIDATION, AMALGAMATION, MERGER AND SALE

	

52

	

8.1

	

Company May Consolidate, Etc., Only on Certain Terms

	

52

	

8.2

	

Successor Substituted

	

53

	

ARTICLE Nine

	

AMENDMENT, SUPPLEMENT AND WAIVER

	

53

	

9.1

	

Without Consent of Holders

	

53

	

9.2

	

With Consent of Holders

	

55

	

9.3

	

Execution of Supplemental Indentures

	

56

	

9.4

	

Effect of Supplemental Indentures

	

56

	

9.5

	

Conformity with Trust Indenture Act

	

56

	

9.6

	

Reference in Securities to Supplemental Indentures

	

56

	

ARTICLE Ten

	

COVENANTS

	

56

	

10.1

	

Payment of Principal, Premium and Interest

	

56

	

10.2

	

Maintenance of Office or Agency

	

56

	

10.3

	

Money for Securities Payments to be Held in Trust

	

58

	

10.4

	

Existence

	

59

	

10.5

	

Statement by Officers as to Default

	

59

	

10.6

	

Additional Amounts

	

60

	

ARTICLE Eleven

	

REDEMPTION OF SECURITIES

	

60

	

11.1

	

Applicability of Article

	

60

	

11.2

	

Election to Redeem; Notice to Trustee

	

60

	

11.3

	

Selection by Trustee of Securities to be Redeemed

	

61

	

11.4

	

Notice of Redemption

	

61

	

11.5

	

Deposit of Redemption Price

	

62

	

11.6

	

Securities Payable on Redemption Date

	

62

	

11.7

	

Securities Redeemed in Part

	

62

	

ARTICLE Twelve

	

SINKING FUNDS

	

63

	

12.1

	

Applicability of Article

	

63

	

12.2

	

Satisfaction of Sinking Fund Payments with Securities

	

63

	

12.3

	

Redemption of Securities for Sinking Fund

	

63

	

ARTICLE Thirteen

	

DEFEASANCE

	

64

	

13.1

	

Option to Effect Legal Defeasance or Covenant
Defeasance

	

64

	

13.2

	

Legal Defeasance and Discharge

	

64

	

13.3

	

Covenant Defeasance

	

65

	

13.4

	

Conditions to Legal or Covenant Defeasance

	

65

	

13.5

	

Deposited Money and U.S. Government Obligations to be Held in
Trust, Other Miscellaneous Provisions

	

66

	

13.6

	

Repayment

	

67

	

13.7

	

Reinstatement

	

67

	

ARTICLE Fourteen

	

SUBORDINATION OF SECURITIES

	

67

	

14.1

	

Securities Subordinated to Senior Debt

	

67

	

14.2

	

No Payment on Securities in Certain Circumstances

	

68

	

14.3

	

Payment over Proceeds upon Dissolution, Etc

	

69

	

14.4

	

Subrogation

	

71

	

14.5

	

Obligations of Company Unconditional

	

71

	

14.6

	

Notice to Trustee

	

72

	

14.7

	

Reliance on Judicial Order or Certificate of Liquidating
Agent

	

72

	

14.8

	

Trustee’s Relation to Senior Debt

	

72

	

14.9

	

Subordination Rights Not Impaired by Acts or Omissions of the
Company or Holders of Senior Debt

	

73

	

14.1

	

Holders Authorize Trustee to Effectuate Subordination of
Securities

	

73

	

14.11

	

Not to Prevent Events of Default

	

73

	

14.12

	

Trustee’s Compensation Not Prejudiced

	

73

	

14.13

	

No Waiver of Subordination Provisions

	

74

	

14.14

	

Payments May Be Paid Prior to Dissolution

	

74

	

14.15

	

Trust Moneys Not Subordinated

	

74

 

 

 

 

INDENTURE

 

INDENTURE, dated as
of __________, 20__, between RUMBLEON, INC., a corporation duly
organized and existing under the laws of the State of Nevada
(herein called the “Company”) and
[TRUSTEE], a banking corporation organized under the laws of the
United States, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the
Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its
unsecured subordinated debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to
be issued in one or more series as provided in this
Indenture;

 

WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done; and

 

WHEREAS, this
Indenture is subject to the provisions of the Trust Indenture Act
that are required to be a part of this Indenture and, to the extent
applicable, shall be governed by such provisions.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of
the Securities or of series thereof, as follows:

 

ARTICLE ONE

DEFINITIONS AND
OTHER PROVISIONS OF GENERAL APPLICATION

 

1.1           Definitions.
For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

 

(a)           the
terms defined in this Article have the meanings assigned to them in
this Article and include the plural as well as the
singular;

 

(b)           all
terms used in this Indenture that are defined in the Trust
Indenture Act, defined by a Trust Indenture Act reference to
another statute or defined by an SEC rule under the Trust Indenture
Act have the meanings so assigned to them;

 

(c)           all
accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP;

 

(d)           the
words “herein,”
“hereof” and
“hereunder” and
other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other
subdivision;

 

 

 

1

 

 

(e)           the
words “Article” and
“Section” refer to
an Article and Section, respectively, of this Indenture;
and

 

(f)           the
word “includes” and its
derivatives means “includes, but is not limited
to” and corresponding derivative
definitions.

 

Certain
terms, used principally in Article Six, are defined in that
Article.

 

“Act,” when used
with respect to any Holder, has the meaning specified in
Section
1.5.

 

“Additional Defeasible
Provision” means a covenant or other provision
contained that is (a) made part of this Indenture pursuant to a
supplemental indenture hereto, a Board Resolution or an
Officer’s Certificate delivered pursuant to Section 3.1,
and (b) pursuant to the terms set forth in such supplemental
indenture, Board Resolution or Officer’s Certificate, made
subject to the provisions of Article Thirteen.

 

“Affiliate” of any
specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this
definition, “control,” as used
with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms “controlling,”
“controlled
by” and “under common control
with” have correlative meanings.

 

“Authenticating
Agent” means any Person authorized by the Trustee to
act on behalf of the Trustee to authenticate
Securities.

 

“Banking Day”
means, in respect of any city, any date on which commercial banks
are open for business in that city.

 

“Bankruptcy Law”
means any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law.

 

“Board of
Directors” means the board of directors of the Company
or any duly authorized committee of that board to which the powers
of that board have been lawfully delegated.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company, the principal financial officer
of the Company, any other authorized officer of the Company, or a
person duly authorized by any of them, in each case as applicable,
to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, and
delivered to the Trustee. Where any provision of this Indenture
refers to action to be taken pursuant to a Board Resolution
(including the establishment of any series of the Securities and
the forms and terms thereof), such action may be taken by any
committee, officer or employee of the Company authorized to take
such action by the Board of Directors as evidenced by a Board
Resolution.

 

“Business Day,”
when used with respect to any Place of Payment or other location,
means, except as otherwise provided as contemplated by Section 3.1
with respect to any series of Securities, each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment or other location are
authorized or obligated by law, executive order or regulation to
close.

 

 

 

2

 

 

“CINS” means the
CUSIP International Numbering System.

 

“Code” means the
United States Internal Revenue Code of 1986, as
amended.

 

“Company” means the
Person named as the “Company” in the first paragraph of
this instrument until a successor or resulting corporation shall
have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such
successor or resulting corporation.

 

“Company Request”
or “Company
Order” means, in the case of the Company, a written
request or order signed in the name of the Company by its Chairman
of the Board, its Chief Executive Officer, its Chief Financial
Officer, its Chief Operating Officer, its President, any of its
Vice Presidents or any other duly authorized officer of the Company
or any person duly authorized by any of them, and delivered to the
Trustee.

 

“Corporate Trust
Office” means the office of the Trustee at its address
specified in Section 1.6 or
such other address as to which the Trustee may give notice to the
Company.

 

“corporation”
includes corporations, companies, associations, partnerships,
limited partnerships, limited liability companies, joint-stock
companies and trusts.

 

“Covenant
Defeasance” has the meaning specified in Section
13.3.

 

“CUSIP” means the
Committee on Uniform Securities Identification
Procedures.

 

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

 

“Debt” means any
obligation created or assumed by any Person for the repayment of
money borrowed and any purchase money obligation created or assumed
by such Person and any guarantee of the foregoing.

 

“Default” means,
with respect to a series of Securities, any event that is, or after
notice or lapse of time or both would be, an Event of
Default.

 

“Defaulted
Interest” has the meaning specified in Section
3.7.

 

“Definitive
Security” means a security other than a Global
Security or a temporary Security.

 

“Depositary” means,
with respect to the Securities of any series issuable or issued in
whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is
designated to act as Depositary for such Securities as contemplated
by Section
3.1, until a successor Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and
thereafter shall mean or include each Person which is a Depositary
hereunder, and if at any time there is more than one such Person,
shall be a collective reference to such Persons.

 

 

 

3

 

 

“Designated Senior Debt” shall have
the meaning given to such term in any Board Resolution or indenture
supplemental hereto.

 

“Dollar” or
“$” means the coin
or currency of the United States of America, which at the time of
payment is legal tender for the payment of public and private
debts.

 

“Event of Default”
has the meaning specified in Section
5.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Foreign Currency”
means a currency used by the government of a country other than the
United States of America.

 

“GAAP” means
generally accepted accounting principles in the United States of
America as in effect from time to time, including those set forth
in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as approved
by a significant segment of the accounting profession. All ratios
and computations based on GAAP contained in this Indenture will be
computed in conformity with GAAP.

 

“Global Security”
means a Security in global form that evidences all or part of a
series of Securities and is authenticated and delivered to, and
registered in the name of, the Depositary for the Securities of
such series or its nominee.

 

“Holder” means a
Person in whose name a Security is registered in the Security
Register.

 

“Indenture” means
this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument,
and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be part of and govern this
instrument and any such supplemental indenture, respectively. The
term “Indenture” also shall include the terms of a
particular series of Securities established as contemplated by
Section
3.1.

 

“interest,” when
used with respect to an Original Issue Discount Security which by
its terms bears interest only after Maturity, means interest
payable after Maturity.

 

“Interest Payment
Date,” when used with respect to any Security, means
the Stated Maturity of an installment of interest on such
Security.

 

“Judgment Currency”
has the meaning specified in Section
1.16.

 

“Legal Defeasance”
has the meaning specified in Section
13.2.

 

 

 

4

 

 

“mandatory sinking fund
payment” has the meaning specified in Section
12.1.

 

“Maturity,” when
used with respect to any Security, means the date on which the
principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for
redemption or otherwise.

 

“Notice of Default”
means a written notice of the kind specified in Section
5.1(d).

 

“Officer’s
Certificate” means, in the case of the Company, a
certificate signed by the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, the Chief Operating
Officer, the President, any Vice President or any other duly
authorized officer of the Company, or a person duly authorized by
any of them, and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel, who may
be an employee of or counsel for the Company and who shall be
reasonably acceptable to the Trustee.

 

“optional sinking fund
payment” has the meaning specified in Section
12.1.

 

“Original Issue Discount
Security” means any Security which provides for an
amount less than the principal amount thereof to be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant
to Section
5.2.

 

“Outstanding,” when
used with respect to Securities, means, as of the date of
determination, all Securities theretofore authenticated and
delivered under this Indenture, except:

 

(a)           Securities
theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

 

(b)           Securities
for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in
trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided, however,
that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been
made;

 

(c)           Securities
which have been paid pursuant to Section 3.6 or
in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such
Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company; and

 

 

 

5

 

 

(d)           Securities,
except to the extent provided in Section 13.2
and Section 13.3,
with respect to which the Company has effected Legal Defeasance or
Covenant Defeasance as provided in Article Thirteen, which Legal
Defeasance or Covenant Defeasance then continues in effect;
provided,
however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given
any request, demand, authorization, direction, notice, consent or
waiver hereunder, (i) the principal amount of an Original
Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon acceleration of
the Maturity thereof on such date pursuant to Section 5.2,
(ii) the principal amount of a Security denominated in one or
more currencies or currency units other than U.S. dollars shall be
the U.S. dollar equivalent of such currencies or currency units,
determined in the manner provided as contemplated by Section 3.1 on
the date of original issuance of such Security or by Section 1.15,
if not otherwise so provided pursuant to Section 3.1, of
the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent (as so determined) on the date
of original issuance of such Security of the amount determined as
provided in clause (i) above) of such Security, and
(iii) Securities owned by the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows to be so owned shall be so
disregarded. Securities so owned as described in clause (iii)
of the immediately preceding sentence which have been pledged in
good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s
right to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of
and any premium or interest on any Securities on behalf of the
Company.

 

“Periodic Offering”
means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation,
the rate or rates of interest or formula for determining the rate
or rates of interest thereon, if any, the Stated Maturity or Stated
Maturities thereof, the original issue date or dates thereof, the
redemption provisions, if any, with respect thereto, and any other
terms specified as contemplated by Section 3.1
with respect thereto, are to be determined by the Company upon the
issuance of such Securities.

 

“Person” means any
individual, corporation, company, limited liability company,
partnership, limited partnership, joint venture, association,
joint-stock company, trust, other entity, unincorporated
organization or government or any agency or political subdivision
thereof.

 

“Place of Payment,”
when used with respect to the Securities of any series, means,
unless otherwise specifically provided for with respect to such
series as contemplated by Section 3.1,
the office or agency of the Company in the City of New York and
such other place or places where, subject to the provisions of
Section
10.2, the principal of and any premium and interest on the
Securities of that series are payable as contemplated by
Section
3.1.

 

“Predecessor
Security” of any particular Security means every
previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under
Section
3.6 in exchange for or in lieu of a mutilated, destroyed,
lost or stolen Security shall be deemed to evidence the same debt
as the mutilated, destroyed, lost or stolen Security.

 

 

 

6

 

 

“Redemption Date,”
when used with respect to any Security to be redeemed, means the
date fixed for such redemption by or pursuant to this
Indenture.

 

“Redemption Price,”
when used with respect to any Security to be redeemed, means the
price at which it is to be redeemed pursuant to this
Indenture.

 

“Regular Record
Date” for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for
that purpose as contemplated by Section
3.1.

 

“Required Currency”
has the meaning specified in Section
1.16.

 

“Responsible
Officer” when used with respect to the Trustee, means
any officer within the Corporate Trust Administration of the
Trustee (or any successor group of the Trustee) or any other
officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular
subject.

 

“SEC” means the
Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such commission is not
existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such
time.

 

“Securities” has
the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under
this Indenture.

 

“Security Register”
and “Security
Registrar” have the respective meanings specified in
Section
3.5.

 

“Senior Debt” means (a) all
Debt of the Company, whether currently outstanding or hereafter
issued, unless, by the terms of the instrument creating or
evidencing such Debt, it is provided that such Debt is not superior
in right of payment to the Securities, and (b) any
modifications, refunding, deferrals, renewals or extensions of any
such Debt or securities, notes or other evidence of Debt issued in
exchange for such Debt; provided that in no event shall
“Senior Debt” include (i) Debt of the Company owed
or owing to any Subsidiary of the Company or any officer, director
or employee of the Company or any Subsidiary of the Company,
(ii) Debt to trade creditors or (iii) any liability for
taxes owned or owing by the Company.

 

“Significant
Subsidiary” means any Subsidiary that would be a
“Significant Subsidiary” of the Company within the
meaning of Rule 1-02 under Regulation S-X promulgated by the
SEC.

 

“Special Record
Date” for the payment of any Defaulted Interest means
a date fixed by the Trustee pursuant to Section
3.7.

 

“Stated Maturity,”
when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in
such Security as the fixed date on which the principal of such
Security or such installment of principal or interest is due and
payable.

 

 

 

7

 

 

“Subsidiary” means
(a) a corporation more than 50% of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or
by one or more other Subsidiaries, or by the Company and one or
more other Subsidiaries or (b) any partnership or similar
business organization more than 50% of the ownership interests
having ordinary voting power of which shall at the time be so
owned. For the purposes of this definition, “voting stock”
means capital stock or equity interests which ordinarily have
voting power for the election of directors, whether at all times or
only so long as no senior class of stock has such voting power by
reason of any contingency.

 

“Trustee” means the
Person named as the “Trustee” in the first paragraph of
this instrument until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and
thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder, and if at any time there is more
than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to
Securities of that series.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as
amended, as in force at the date as of which this instrument was
executed, except as provided in Section 9.5;
provided,
however,
that if the Trust Indenture Act of 1939 is amended after such date,
“Trust
Indenture Act” means, to the extent required by any
such amendment, the Trust Indenture Act of 1939 as so
amended.

 

“U.S. Person” shall
have the meaning assigned to such term in Section
7701(a)(30) of the Code.

 

“U.S. Government
Obligations” means securities which are (a) direct
obligations of the United States for the payment of which its full
faith and credit is pledged, or (b) obligations of a Person
controlled or supervised by and acting as an agency or
instrumentality of the United States, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by
the United States, each of which are not callable or redeemable at
the option of the issuer thereof.

 

“Vice President,”
when used with respect to the Company or the Trustee, means any
vice president, regardless of whether designated by a number or a
word or words added before or after the title “vice
president.”

 

1.2           Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture. The
following Trust Indenture Act terms used in this Indenture have the
following meanings:

 

“commission” means
the SEC.

 

“indenture
securities” means the Securities.

 

“indenture security
holder” means a Holder.

 

“indenture to be
qualified” means this Indenture.

 

“indenture trustee”
or “institutional
trustee” means the Trustee.

 

 

 

8

 

 

“obligor” on the
indenture securities means the Company or any other obligor on the
indenture securities.

 

All
terms used in this Indenture that are defined by the Trust
Indenture Act, defined by a Trust Indenture Act reference to
another statute or defined by an SEC rule under the Trust Indenture
Act have the meanings so assigned to them.

 

1.3           Compliance
Certificates and Opinions. Upon any application or request
by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the
Trustee an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished except as
required under Section 314(c)
of the Trust Indenture Act.

 

Every
certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (except for certificates
provided for in Section 10.5)
shall include:

 

(a)           a
statement that each individual signing such certificate or opinion
has read such covenant or condition and the definitions herein
relating thereto;

 

(b)           a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in
such certificate or opinion are based;

 

(c)           a
statement that, in the opinion of each such individual, he has made
such examination or investigation as is necessary to enable him to
express an informed opinion as to whether such covenant or
condition has been complied with; and

 

(d)           a
statement as to whether, in the opinion of each such individual,
such condition or covenant has been complied with.

 

1.4           Form
of Documents Delivered to Trustee. In any case where several
matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

 

Any
certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer
knows or, in the exercise of reasonable care, should know that the
certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based,
insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual
matters is in the possession of the Company unless such counsel
knows that the certificate or opinion or representations with
respect to such matters are erroneous.

 

 

 

9

 

 

Where
any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but
need not, be consolidated and form one instrument.

 

1.5           Acts
of Holders; Record Dates.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed (either physically or by
means of a facsimile or an electronic transmission, provided that
such electronic transmission is transmitted through the facilities
of a Depositary) by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the
Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject
to Section
315 of the Trust Indenture Act) conclusive in favor of the
Trustee and the Company if made in the manner provided in this
Section.

 

(b)        
The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other
officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is
by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient.

 

(c)           The
ownership, principal amount and serial numbers of Securities held
by any Person, and the date of commencement of such Person’s
holding of same, shall be proved by the Security
Register.

 

(d)         
Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security
issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee or the Company in reliance
thereon, regardless of whether notation of such action is made upon
such Security.

 

 

 

10

 

 

(e)           Without
limiting the foregoing, a Holder entitled to give or take any
action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any
different part of such principal amount.

 

(f)           The
Company may set any day as the record date for the purpose of
determining the Holders of Outstanding Securities of any series
entitled to give or take any request, demand, authorization,
direction, notice, consent, waiver or other Act provided or
permitted by this Indenture to be given or taken by Holders of
Securities of such series, but the Company shall have no obligation
to do so. With regard to any record date set pursuant to this
paragraph, the Holders of Outstanding Securities of the relevant
series on such record date (or their duly appointed agents), and
only such Persons, shall be entitled to give or take the relevant
action, regardless of whether such Holders remain Holders after
such record date.

 

1.6           Notices,
Etc., to Trustee and Company.

 

(a)           Any
notice or communication by the Company or the Trustee to the others
is duly given if in writing and delivered in Person or mailed by
first class mail (registered or certified, return receipt
requested), telecopier or overnight air courier guaranteeing next
day delivery, to the others’ address:

 

If to
the Company:

 

RumbleOn,
Inc.

4521
Sharon Road,

 

Suite
370

Charlotte, North
Carolina 28211

Facsimile: (704)
448-5240

Attention:
Corporate Secretary

 

 

If to
the Trustee:

 

[TRUSTEE], as
Trustee

_________________

_________________

Facsimile:
________

 

(b)           The
Company or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or
communications.

 

(c)           All
notices and communications (other than those sent to Holders) shall
be deemed to have been duly given: at the time delivered by hand,
if personally delivered; three Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt acknowledged,
if telecopied; and the next Business Day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next day
delivery.

 

 

 

11

 

 

1.7           Notice
to Holders; Waiver. Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to each Holder affected by
such event, at his address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where
notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Any notice mailed to a Holder in the
manner herein prescribed shall be conclusively deemed to have been
received by such Holder, regardless of whether such Holder actually
receives such notice.

 

Where
this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such
waiver.

 

In case
by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of
the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

1.8           Conflict
with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act
that is required under such Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter
provision shall be deemed to apply to this Indenture as so modified
or excluded, as the case may be.

 

1.9           Effect
of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

 

1.10           Successors
and Assigns. All covenants and agreements in this Indenture
by the Company shall bind their respective successors and assigns,
whether so expressed or not.

 

1.11           Separability
Clause. In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

1.12           Benefits
of Indenture. Nothing in this Indenture or in the Securities
express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, the holders of
Senior Debt and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

 

 

12

 

 

1.13           Governing
Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

1.14           Legal
Holidays. In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a
Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities (other than
a provision of the Securities of any series that specifically
states that such provision shall apply in lieu of this Section 1.14))
payment of interest or principal and any premium need not be made
at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity, provided that no
interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may
be.

 

1.15           Securities
in a Composite Currency, Currency Unit or Foreign Currency.
Unless otherwise specified in an Officer’s Certificate
delivered pursuant to Section 3.1 of
this Indenture with respect to a particular series of Securities,
whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount
of Securities of all series or all series affected by a particular
action at the time Outstanding and, at such time, there are
Outstanding Securities of any series which are denominated in a
coin, currency or currencies other than Dollars (including, but not
limited to, any composite currency, currency units or Foreign
Currency), then the principal amount of Securities of such series
which shall be deemed to be Outstanding for the purpose of taking
such action shall be that amount of Dollars that could be obtained
for such amount at the Market Exchange Rate. For purposes of this
Section
1.15, the term “Market Exchange
Rate” shall mean the noon Dollar buying rate in The
City of New York for cable transfers of such currency or currencies
as published by the Federal Reserve Bank of New York, as of the
most recent available date. If such Market Exchange Rate is not so
available for any reason with respect to such currency, the Trustee
shall use, in its sole discretion and without liability on its
part, such quotation of the Federal Reserve Bank of New York as of
the most recent available date, or quotations or rates of exchange
from one or more major banks in The City of New York or in the
country of issue of the currency in question, which for purposes of
euros shall be Brussels, Belgium, or such other quotations or rates
of exchange as the Trustee shall deem appropriate. The provisions
of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a series denominated
in a currency other than Dollars in connection with any action
taken by Holders of Securities pursuant to the terms of this
Indenture.

 

All
decisions and determinations of the Trustee regarding the Market
Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in
the absence of manifest error, be conclusive to the extent
permitted by law for all purposes and irrevocably binding upon the
Issuer and all Holders.

 

 

 

13

 

 

1.16           Payment
in Required Currency; Judgment Currency. The Company agrees,
to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment
in any court it is necessary to convert the sum due in respect of
the principal of or interest on the Securities of any series (the
“Required
Currency”) into a currency in which a judgment will be
rendered (the “Judgment
Currency”), the rate of exchange used shall be the
rate at which in accordance with normal banking procedures the
Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a Banking
Day, then, to the extent permitted by applicable law, the rate of
exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the
Banking Day next preceding the day on which final unappealable
judgment is entered and (b) its obligations under this Indenture to
make payments in the Required Currency (i) shall not be
discharged or satisfied by any tender, or any recovery pursuant to
any judgment (regardless of whether entered in accordance with
subclause (a)), in any currency other than the Required Currency,
except to the extent that such tender or recovery shall result in
the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such
payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the
Required Currency the amount, if any, by which such actual receipt
shall fall short of the full amount of the Required Currency so
expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this
Indenture.

 

1.17           Language
of Notices, Etc. Any request, demand, authorization,
direction, notice, consent, waiver or Act required or permitted
under this Indenture shall be in the English language, except that
any published notice may be in an official language of the country
of publication.

 

1.18           Incorporators,
Shareholders, Officers and Directors of the Company Exempt from
Individual Liability. No recourse under or upon any
obligation, covenant or agreement of or contained in this Indenture
or of or contained in any Security or for any claim based thereon
or otherwise in respect thereof, or in any Security or because of
the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, member, officer, manager or
director, as such, past, present or future, of the Company or any
successor Person, either directly or through the Company or any
successor Person, whether by virtue of any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or
otherwise, it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a
part of the consideration for, the execution of this Indenture and
the issue of the Securities.

 

ARTICLE TWO

SECURITY
FORMS

 

2.1           Forms
Generally. The Securities of each series shall be in
substantially the form set forth in this Article Two, or in such
other form or forms as shall be established by or pursuant to a
Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the
officers executing such Securities as evidenced by their execution
thereof.

 

 

 

14

 

 

The
definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all
as determined by the officers executing such Securities, as
evidenced by their execution thereof. If the form of Securities of
any series is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be
certified by an authorized officer or other authorized person on
behalf of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 3.3 for
the authentication and delivery of such Securities.

 

The
forms of Global Securities of any series shall have such provisions
and legends as are customary for Securities of such series in
global form, including without limitation any legend required by
the Depositary for the Securities of such series.

 

2.2           Form
of Face of Security. [If the
Security is an Original Issue Discount Security, insert—FOR
PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL REVENUE CODE
OF 1986, AS AMENDED, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS
________________, THE ISSUE DATE IS _______________, 20____ [AND]
[__________,] THE YIELD TO MATURITY IS _______________________[________,] [AND THE
ORIGINAL ISSUE DISCOUNT FOR THE SHORT ACCRUAL PERIOD IS
______________________ AND THE METHOD USED TO DETERMINE THE YIELD
THEREFOR IS _______________]]

 

[Insert any other legend required by the Code or the regulations
thereunder.]

 

[If a Global Security,—insert legend required by
Section 2.4
of the Indenture] [If applicable,
insert —UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

 

 

15

 

 

RUMBLEON,
INC.

 

[TITLE
OF SECURITY]

 

	

No
________________

 

	

U.S.
$__________

 

 

[CUSIP No. _________]

 

RUMBLEON,
INC., a company duly incorporated under the laws of the State of
Nevada (herein called the “Company,” which
term includes any successor or resulting Person under the Indenture
hereinafter referred to), for value received, hereby promises to
pay to _______________, or registered assigns, the principal sum of
_______________ United States Dollars on _______________
[If the Security is
to bear interest prior to Maturity, insert—, and to pay
interest thereon from _______________ or from the most recent
Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on _______________ and _______________
in each year, commencing _______________, at the rate of _____% per
annum, until the principal hereof is paid or made available for
payment [if applicable, insert—, and at the rate of _____%
per annum on any overdue principal and premium and on any
installment of interest (to the extent that the payment of such
interest shall be legally enforceable)]. The interest so
payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the _______________
or _______________ (regardless of whether a Business Day), as the
case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture].

 

[If the Security is not to bear interest prior to Maturity,
insert—The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such
case the overdue principal of this Security shall bear interest at
the rate of _____% per annum (to the extent that the payment of
such interest shall be legally enforceable), which shall accrue
from the date of such default in payment to the date payment of
such principal has been made or duly provided for. Interest on any
overdue principal shall be payable on demand. Any such interest on
any overdue principal that is not so paid on demand shall bear
interest at the rate of _____% per annum (to the extent that the
payment of such interest shall be legally enforceable), which shall
accrue from the date of such demand for payment to the date payment
of such interest has been made or duly provided for, and such
interest shall also be payable on demand.]

 

 

 

16

 

 

[If a Global Security, insert—Payment of the principal of
(and premium, if any) and [if applicable, insert—any
such] interest on this Security will be made by transfer of
immediately available funds to a bank account in _______________
designated by the Holder in such coin or currency of the United
States of America as at the time of payment is legal tender for
payment of public and private debts [state other
currency].]

 

[If a Definitive Security, insert—Payment of the principal of
(and premium, if any) and [if applicable, insert—any
such] interest on this Security will be made at the office
or agency of the Company maintained for that purpose in
_______________, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of
public and private debts] [state other currency] [or
subject to any laws or regulations applicable thereto and to the
right of the Company (as provided in the Indenture) to rescind the
designation of any such Paying Agent, at the [main] offices
of _______________ in _______________, or at such other offices or
agencies as the Company may designate, by [United States Dollar] [state
other currency] check drawn on, or transfer to a
[United States
Dollar] account maintained by the payee with, a bank in The
City of New York (so long as the applicable Paying Agency has
received proper transfer instructions in writing at least _____
days prior to the payment date)] [if applicable,
insert—; provided,
however,
that payment of interest may be made at the option of the Company
by [United States Dollar] [state other currency] check
mailed to the addresses of the Persons entitled thereto as such
addresses shall appear in the Security Register] [or by transfer to a [United
States Dollar] [state other currency] account maintained by
the payee with a bank in The City of New York [state other Place of
Payment] (so long as the applicable Paying Agent has
received proper transfer instructions in writing by the record date
prior to the applicable Interest Payment Date)].]

 

Reference
is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this
place.

 

Unless
the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

 

 

17

 

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

 

	

Dated:_________________________________

 

	

RUMBLEON,
INC.

 

	
 

	

By:
__________________________________

 

2.3           Form
of Reverse of Security. This Security is one of a duly
authorized issue of subordinated securities of the Company (herein
called the “Securities”),
issued and to be issued in one or more series under an Indenture,
dated as of _______________, 20__ (herein called the
“Indenture”),
between the Company and [TRUSTEE] (herein called the
“Trustee,” which
term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is
hereby made for a statement, of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and
delivered. As provided in the Indenture, the Securities may be
issued in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different
times, may bear interest, if any, at different rates, may be
subject to different redemption provisions, if any, may be subject
to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may
otherwise vary as in the Indenture provided or permitted. This
Security is one of the series designated on the face hereof
[, limited in
aggregate principal amount to
$_______________].

 

This
security is the general, unsecured, subordinated obligation of the
Company.

 

[If applicable, insert—The Securities of
this series are subject to redemption upon not less than _____
days’ notice by mail, [if applicable, insert, —1) on
_______________ in any year commencing with the year _____ and
ending with the year _____ through operation of the sinking fund
for this series at a Redemption Price equal to 100% of the
principal amount, and (2) ] at any time [on or after _______________, 20__], as
a whole or in part, at the election of the Company, at the
following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [on
or before _______________, _____%, and if redeemed] during
the 12-month period beginning _______________ of the years
indicated,

 

	

Year

	
 

	

Redemption
Price

	
 

	

Year

	
 

	

Redemption
Price

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

and
thereafter at a Redemption Price equal to _____% of the principal
amount, together in the case of any such redemption [if applicable,
insert—(whether through operation of the sinking fund or
otherwise)] with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the
close of business on the relevant record dates referred to on the
face hereof, all as provided in the Indenture.]

 

 

18

 

 

[If applicable, insert—The Securities of this series are
subject to redemption upon not less than _____ nor more than _____
days’ notice by mail, (1) on _______________ in any year
commencing with the year _____ and ending with the year _____
through operation of the sinking fund for this series at the
Redemption Prices for redemption through operation of the sinking
fund (expressed as percentages of the principal amount) set forth
in the table below, and (2) at any time [on or after
_______________], as a whole or in part, at the election of
the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning _______________ of the years
indicated,

 

	

Year

	
 

	

Redemption
Price for

Redemption
Through

Operation of
the Sinking

Fund

	
 

	

Redemption
Price for

Redemption
Otherwise

Than Through
Operation of

the Sinking
Fund

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

and
thereafter at a Redemption Price equal to __% of the principal
amount, together in the case of any such redemption (whether
through operation of the sinking fund or otherwise) with accrued
interest to the Redemption Date, but interest installments whose
Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the
relevant record dates referred to on the face hereof, all as
provided in the Indenture.]

 

[If applicable, insert—Notwithstanding the foregoing, the
Company may not, prior to _______________, redeem any Securities of
this series as contemplated by [clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys
borrowed having an interest cost to the Company (calculated in
accordance with generally accepted financial practice) of less than
_____% per annum.]

 

[If applicable, insert—The sinking fund for this series
provides for the redemption on _______________ in each year
beginning with the year _____ and ending with the year _____ of
[not less than] $_______________ [(“mandatory sinking
fund”) and not more than $_______________] aggregate
principal amount of Securities of this series. [Securities of this series
acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against
subsequent [mandatory] sinking fund
payments otherwise required to be made [If applicable, insert—
in the inverse order in which they become due].]

 

[If the Securities are subject to redemption in part of any kind,
insert—In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor
for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.]

 

[If applicable, insert—The Securities of this series are not
redeemable prior to Stated Maturity.]

 

[If the Security is not an Original Issue Discount Security,
insert—If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.]

 

[If the Security is an Original Issue Discount Security,
insert—If an Event of Default with respect to Securities of
this series shall occur and be continuing, an amount of principal
of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture. Such
amount shall be equal to —insert formula for determining the
amount. Upon payment (i) of the amount of principal so
declared due and payable and (ii) of interest on any overdue
principal and overdue interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the
Company’s obligations in respect of the payment of the
principal of and interest, if any, on the Securities of this series
shall terminate.]

 

 

19

 

 

The
Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders
of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages
in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such
series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, regardless of whether notation of such consent or
waiver is made upon this Security.

 

No
reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal
of (and premium, if any) and interest on this Security at the
times, place(s) and rate, and in the coin or currency, herein
prescribed.

 

[If a Global Security, insert—This Global Security or portion
hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the
Indenture. The holders of beneficial interests in this Global
Security will not be entitled to receive physical delivery of
Definitive Securities except as described in the Indenture and will
not be considered the Holders thereof for any purpose under the
Indenture.]

 

[If a Definitive Security, insert—As provided in the
Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register,
upon surrender of this Security for registration of transfer at the
office or agency of the Company in [If applicable, insert—any
place where the principal of and any premium and interest on this
Security are payable] [If applicable, insert—The City of New
York [, or, subject to any laws or regulations applicable thereto
and to the right of the Company (limited as provided in the
Indenture) to rescind the designation of any such transfer agent,
at the [main] offices of _______________ in _______________ or at
such other offices or agencies as the Company may designate]], duly
endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated
transferee or transferees.]

 

The
Securities of this series are issuable only in registered form
without coupons in denominations of U.S. $________ and any integral
multiple thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering
the same.

 

No
service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

 

20

 

 

Prior
to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, regardless of
whether this Security be overdue, and none of the Company, the
Trustee nor any such agent shall be affected by notice to the
contrary.

 

This
Security is subordinated in right of payment to Senior Debt, to the
extent and in the manner provided in the Indenture.

 

No
recourse under or upon any obligation, covenant or agreement of or
contained in the Indenture or of or contained in any Security, or
for any claim based thereon or otherwise in respect thereof, or in
any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator,
stockholder, member, officer, manager or director, as such, past,
present or future, of the Company or of any successor Person,
either directly or through the Company or any successor Person,
whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment, penalty or otherwise; it
being expressly understood that all such liability is hereby
expressly waived and released by the acceptance hereof and as a
condition of, and as part of the consideration for, the Securities
and the execution of the Indenture.

 

The
Indenture provides that the Company (a) will be discharged from any
and all obligations in respect of the Securities (except for
certain obligations described in the Indenture), or (b) need not
comply with certain restrictive covenants of the Indenture, in each
case if the Company deposits, in trust, with the Trustee money or
U.S. Government Obligations (or a combination thereof) which
through the payment of interest thereon and principal thereof in
accordance with their terms will provide money, in an amount
sufficient to pay all the principal of and interest on the
Securities, but such money need not be segregated from other funds
except to the extent required by law.

 

Except
as otherwise defined herein, all terms used in this Security which
are defined in the Indenture shall have the meanings assigned to
them in the Indenture.

 

[If a Definitive Security, insert as a separate
page—

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

(Please Print or Typewrite Name and Address of
Assignee)

 

the within instrument of RUMBLEON, INC. and does hereby irrevocably
constitute and appoint _______________ Attorney to transfer said
instrument on the books of the within-named Company, with full
power of substitution in the premises.

 

Please Insert Social Security or Other Identifying Number of
Assignee:

 

	

Dated:

	
 

	
 

	
 

	
 

	

(Signature)

 

 

 

21

 

 

NOTICE: The signature to this assignment must correspond with the
name as written upon the face of the within instrument in every
particular, without alteration or enlargement or any change
whatever.]

 

2.4           Global
Securities. Every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the
following form:

 

THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR
A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER
OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A
GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES.

 

If
Securities of a series are issuable in whole or in part in the form
of one or more Global Securities, as specified as contemplated by
Section
3.1, then, notwithstanding clause (i) of Section 3.1 and
the provisions of Section 3.2,
any Global Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and that the
aggregate amount of Outstanding Securities represented thereby may
from time to time be reduced or increased, as the case may be, to
reflect exchanges. Any endorsement of a Global Security to reflect
the amount, or any reduction or increase in the amount, of
Outstanding Securities represented thereby shall be made in such
manner and upon instructions given by such Person or Persons as
shall be specified therein or in a Company Order. Subject to the
provisions of Section 3.3,
Section
3.4 and Section 3.5,
the Trustee shall deliver and redeliver any Global Security in the
manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. Any
instructions by the Company with respect to endorsement or delivery
or redelivery of a Global Security shall be in a Company Order
(which need not comply with Section 1.3 and
need not be accompanied by an Opinion of Counsel).

 

The
provisions of the last sentence of Section 3.3
shall apply to any Security represented by a Global Security if
such Security was never issued and sold by the Company and the
Company delivers to the Trustee the Global Security together with a
Company Order (which need not comply with Section 1.3 and
need not be accompanied by an Opinion of Counsel) with regard to
the reduction or increase, as the case may be, in the principal
amount of Securities represented thereby, together with the written
statement contemplated by the last sentence of Section
3.3.

 

2.5           Form
of Trustee’s Certificate of Authentication. The
Trustee’s certificate(s) of authentication shall be in
substantially the following form:

 

 

22

 

 

This is
one of the Securities of the series designated [insert title of applicable
series] referred to in the within-mentioned
Indenture.

 

	

 

	
 

	

 

	

 

	as
Trustee	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
 

	

 

	

 

	

 

	
As Authenticating
Officer

	

 

 

ARTICLE THREE

THE
SECURITIES

 

3.1           Amount
Unlimited; Issuable in Series. The aggregate principal
amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

 

The
Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth, or
determined in the manner provided, in an Officer’s
Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any
series,

 

(a)           the
title of the Securities of the series (which shall distinguish the
Securities of the series from all other Securities and which may be
part of a series of Securities previously issued);

 

(b)           any
limit upon the aggregate principal amount of the Securities of the
series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Section 3.4,
Section
3.5, Section 3.6,
Section
9.6 or Section 11.7
and except for any Securities which, pursuant to Section 3.3,
are deemed never to have been authenticated and delivered
hereunder);

 

(c)           the
Person to whom any interest on a Security of the series shall be
payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest;

 

(d)           the
date or dates on which the principal of the Securities of the
series is payable or the method of determination
thereof;

 

(e)           the
rate or rates at which the Securities of the series shall bear
interest, if any, or the formula, method or provision pursuant to
which such rate or rates are determined, the date or dates from
which such interest shall accrue or the method of determination
thereof, the Interest Payment Dates on which such interest shall be
payable and the Regular Record Date for the interest payable on any
Interest Payment Date;

 

(f)           the
place or places where, subject to the provisions of Section 10.2,
the principal of and any premium and interest on Securities of the
series shall be payable, Securities of the series may be
surrendered for registration of transfer, Securities of the series
may be surrendered for exchange and notices, and demands to or upon
the Company in respect of the Securities of the series and this
Indenture may be served;

 

 

 

23

 

 

(g)           the
period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series may be
redeemed, in whole or in part, at the option of the
Company;

 

(h)           the
obligation, if any, of the Company to redeem or purchase Securities
of the series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods
within which, the price or prices at which and the terms and
conditions upon which Securities of the series shall be redeemed or
purchased, in whole or in part, pursuant to such
obligation;

 

(i)           if
other than denominations of $1,000 and any integral multiple
thereof, the denominations in which Securities of the series shall
be issuable;

 

(j)           whether
payment of principal of and premium, if any, and interest, if any,
on the Securities of the series shall be without deduction for
taxes, assessments or governmental charges paid by Holders of the
series;

 

(k)           if
other than the principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant
to Section
5.2;

 

(l)           if
the amount of payments of principal of and any premium or interest
on the Securities of the series may be determined with reference to
an index, the manner in which such amounts shall be
determined;

 

(m)           if
and as applicable, that the Securities of the series shall be
issuable in whole or in part in the form of one or more Global
Securities and, in such case, the Depositary or Depositaries for
such Global Security or Global Securities and any circumstances
other than those set forth in Section 3.5 in
which any such Global Security may be transferred to, and
registered and exchanged for Securities registered in the name of,
a Person other than the Depositary for such Global Security or a
nominee thereof and in which any such transfer may be
registered;

 

(n)           any
deletions from, modifications of or additions to the Events of
Default set forth in Section 5.1 or
the covenants of the Company set forth in Article Ten with respect
to the Securities of such series;

 

(o)           whether
and under what circumstances the Company will pay additional
amounts on the Securities of the series held by a Person who is not
a U.S. Person in respect of any tax, assessment or governmental
charge withheld or deducted and, if so, whether the Company will
have the option to redeem the Securities of the series rather than
pay such additional amounts;

 

 

 

24

 

 

(p)           if
the Securities of the series are to be issuable in definitive form
(whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates
or other documents or satisfaction of other conditions, the form
and terms of such certificates, documents or
conditions;

 

(q)           if
the Securities of the series are to be convertible into or
exchangeable for any other security or property of the Company,
including, without limitation, securities of another Person held by
the Company or its Affiliates and, if so, the terms
thereof;

 

(r)           if
other than as provided in Section 13.2
and Section 13.3,
the means of Legal Defeasance or Covenant Defeasance as may be
specified for the Securities of the series;

 

(s)           if
other than the Trustee, the identity of the initial Security
Registrar and any initial Paying Agent; and

 

(t)           any
other terms of the series (which terms shall not be inconsistent
with the provisions of this Indenture).

 

All
Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and
(subject to Section 3.3)
set forth, or determined in the manner provided, in the
Officer’s Certificate referred to above or in any such
indenture supplemental hereto.

 

All
Securities of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for increases in the aggregate
principal amount of such series of Securities and issuances of
additional Securities of such series or for the establishment of
additional terms with respect to the Securities of such
series.

 

If any
of the terms of the series are established by action taken by or
pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by an authorized officer or other
authorized person on behalf of the Company and delivered to the
Trustee at or prior to the delivery of the Officer’s
Certificate setting forth, or providing the manner for determining,
the terms of the series.

 

With
respect to Securities of a series subject to a Periodic Offering,
such Board Resolution or Officer’s Certificate may provide
general terms for Securities of such series and provide either that
the specific terms of particular Securities of such series shall be
specified in a Company Order or that such terms shall be determined
by the Company or one or more agents thereof designated in an
Officer’s Certificate, in accordance with a Company
Order.

 

3.2           Denominations.
The Securities of each series shall be issuable in registered form
without coupons in such denominations as shall be specified as
contemplated by Section 3.1. In
the absence of any such provisions with respect to the Securities
of any series, the Securities of such series shall be issuable in
denominations of $1,000 and any integral multiple
thereof.

 

 

 

25

 

 

3.3           Execution,
Authentication, Delivery and Dating. The Securities shall be
executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer
or any of its Vice Presidents and need not be attested. The
signature of any of these officers on the Securities may be manual
or facsimile.

 

Securities bearing
the manual or facsimile signatures of individuals who were at any
time the proper officers of the Company shall bind the Company
notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such
Securities.

 

At any
time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order
shall authenticate and deliver such Securities; provided, however,
that in the case of Securities offered in a Periodic Offering, the
Trustee shall authenticate and deliver such Securities from time to
time in accordance with such other procedures (including, without
limitation, the receipt by the Trustee of oral or electronic
instructions from the Company or its duly authorized agents,
thereafter promptly confirmed in writing) acceptable to the Trustee
as may be specified by or pursuant to a Company Order delivered to
the Trustee prior to the time of the first authentication of
Securities of such series. If the forms or terms of the Securities
of the series have been established in or pursuant to one or more
Board Resolutions as permitted by Section 2.1 and
Section
3.1, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive such
documents as it may reasonably request. The Trustee shall also be
entitled to receive, and (subject to Section 6.1)
shall be fully protected in relying upon, an Opinion of Counsel
stating,

 

(a)           if
the form or forms of such Securities has been established in or
pursuant to a Board Resolution as permitted by Section 2.1,
that each such form has been established in conformity with the
provisions of this Indenture;

 

(b)           if
the terms of such Securities have been, or in the case of
Securities of a series offered in a Periodic Offering will be,
established in or pursuant to a Board Resolution as permitted by
Section
3.1, that such terms have been, or in the case of Securities
of a series offered in a Periodic Offering will be, established in
conformity with the provisions of this Indenture, subject, in the
case of Securities of a series offered in a Periodic Offering, to
any conditions specified in such Opinion of Counsel;
and

 

(c)           that
such Securities when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions
and assumptions specified in such Opinion of Counsel, will
constitute valid and legally binding obligations of the Company
enforceable in accordance with their terms, subject to the
following limitations: (i) bankruptcy, insolvency, moratorium,
reorganization, liquidation, fraudulent conveyance or transfer and
other similar laws of general applicability relating to or
affecting the enforcement of creditors’ rights, or to general
equity principles, (ii) the availability of equitable remedies
being subject to the discretion of the court to which application
therefor is made; and (iii) such other usual and customary
matters as shall be specified in such Opinion of
Counsel.

 

 

 

26

 

 

If such
form or forms or terms have been so established, the Trustee shall
not be required to authenticate such Securities if the issue of
such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee.

 

Notwithstanding the
provisions of Section 3.1 and
of the preceding paragraph, if all Securities of a series are not
to be originally issued at one time, it shall not be necessary to
deliver the Officer’s Certificate otherwise required pursuant
to Section
3.1 or the Company Order and Opinion of Counsel otherwise
required pursuant to such preceding paragraph at or prior to the
time of authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon
original issuance of the first Security of such series to be
issued.

 

With
respect to Securities of a series offered in a Periodic Offering,
the Trustee may rely, as to the authorization by the Company of any
of such Securities, on the form or forms and terms thereof and the
legality, validity, binding effect and enforceability thereof, upon
the Opinion of Counsel and the other documents delivered pursuant
to Section
2.1 and Section 3.1 and
this Section, as applicable, in connection with the first
authentication of Securities of such series.

 

Each
Security shall be dated the date of its
authentication.

 

No
Security shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form
provided for herein executed by the Trustee by manual signature of
an authorized officer, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder and is entitled
to the benefits of this Indenture. Notwithstanding the foregoing,
if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as
provided in Section 3.9 for
all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never
be entitled to the benefits of this Indenture.

 

3.4           Temporary
Securities. Pending the preparation of Definitive Securities
of any series, the Company may execute, and upon Company Order the
Trustee shall authenticate and deliver, temporary Securities which
are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the
tenor of the Definitive Securities in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may
determine, as evidenced by their execution of such
Securities.

 

If
temporary Securities of any series are issued, the Company will
cause Definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of Definitive Securities
of such series, the temporary Securities of such series shall be
exchangeable for Definitive Securities of such series upon
surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series,
without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Securities of any series the Company
shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of Definitive Securities
of the same series and tenor of authorized denominations. Until so
exchanged the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as
Definitive Securities of such series.

 

 

27

 

 

3.5           Registration,
Registration of Transfer and Exchange. The Company shall
cause to be kept at the office or agency of the Company in the
Borough of Manhattan, the City of New York or in any other office
or agency of the Company in a Place of Payment required by
Section
10.2 a register (the register maintained in such office
being herein sometimes referred to as the “Security
Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The
Trustee is hereby appointed as the initial “Security
Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided, and its corporate
trust office in New York City, which, at the date hereof, is
located at [_____________________], New York, New York [_____], is
the initial office or agency in the Borough of Manhattan where the
Securities Register will be maintained. The Company may at any time
replace such Security Registrar, change such office or agency or
act as its own Security Registrar. The Company will give prompt
written notice to the Trustee of any change of the Security
Registrar or of the location of such office or agency.

 

Upon
surrender for registration of transfer of any Security of any
series at the office or agency maintained pursuant to Section 10.2
for such purpose, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series and
tenor, of any authorized denominations and of a like aggregate
principal amount.

 

At the
option of the Holder, Securities of any series (except a Global
Security) may be exchanged for other Securities of the same series
and tenor, of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged
at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute and the Trustee
shall authenticate and deliver the Securities, which the Holder
making the exchange is entitled to receive.

 

All
Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company evidencing
the same debt, and entitled to the same benefits under this
Indenture, as the Securities surrendered upon such registration of
transfer or exchange.

 

Every
Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Trustee)
be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or his attorney duly
authorized in writing.

 

No
service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to
Section
3.4, Section 9.6 or
Section
11.7 not involving any transfer.

 

 

28

 

 

The
Company shall not be required (a) to issue, register the transfer
of or exchange Securities of any series during a period beginning
at, the opening of business 15 days before the day of the mailing
of a notice of redemption of Securities of that series selected for
redemption under Section 11.3
and ending at the close of business on the day of such mailing, or
(b) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except the unredeemed
portion of any Security being redeemed in part.

 

Notwithstanding any
other provisions of this Indenture and except as otherwise
specified with respect to any particular series of Securities as
contemplated by Section 3.1, a
Global Security representing all or a portion of the Securities of
a series may not be transferred, except as a whole by the
Depositary for such series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of
such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor
Depositary. Every Security authenticated and delivered upon
registration of, transfer of, or in exchange for or in lieu of, a
Global Security shall be a Global Security except as provided in
the two paragraphs immediately following.

 

If at
any time the Depositary for any Securities of a series represented
by one or more Global Securities notifies the Company that it is
unwilling or unable to continue as Depositary for such Securities
or if at any time the Depositary for such Securities shall no
longer be eligible to continue as Depositary under Section 3.1 or
ceases to be a clearing agency registered under the Exchange Act,
the Company shall appoint a successor Depositary with respect to
such Securities. If a successor Depositary for such Securities is
not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the
Company’s election pursuant to Section 3.1
that such Securities be represented by one or more Global
Securities shall no longer be effective and the Company will
execute and the Trustee, upon receipt of a Company Order for the
authentication and delivery of Definitive Securities of such
series, will authenticate and deliver, Securities of such series in
definitive registered form without coupons, in any authorized
denominations, in an aggregate principal amount equal to the
principal amount of the Global Security or Securities representing
such Securities in exchange for such Global Security or Securities
registered in the names of such Persons as the Depositary shall
direct.

 

The
Company may at any time and in its sole discretion determine that
the Securities of any series issued in the form of one or more
Global Securities shall no longer be represented by a Global
Security or Securities. In such event, the Company will execute and
the Trustee, upon receipt of a Company Order for the authentication
and delivery of the Definitive Securities of such series, will
authenticate and deliver, Securities of such series in definitive
registered form without coupons, in any authorized denominations,
in an aggregate principal amount equal to the principal amount of
the Global Security or Securities representing such Securities in
exchange for such Global Security or Securities registered in the
names of such Persons as the Depositary shall direct.

 

 

29

 

 

If
specified by the Company pursuant to Section 3.1
with respect to Securities represented by a Global Security, the
Depositary for such Global Security may surrender such Global
Security in exchange in whole or in part for Securities of the same
series and tenor in definitive registered form on such terms as are
acceptable to the Company, the Trustee and such Depositary.
Thereupon, the Company shall execute, and the Trustee, upon receipt
of a Company Order for the authentication and delivery of
Securities in definitive registered form, shall authenticate and
deliver, without service charge,

 

(a)           to
the Person specified by such Depositary, a new Security or
Securities of the same series and tenor, of any authorized
denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person’s
beneficial interest in the Global Security; and

 

(b)           to
such Depositary, a new Global Security in a denomination equal to
the difference, if any, between the principal amount of the
surrendered Global Security and the aggregate principal amount of
Securities authenticated and delivered pursuant to clause (a)
above.

 

Every
Person who takes or holds any beneficial interest in a Global
Security agrees that:

 

(a)           the
Company and the Trustee may deal with the Depositary as sole owner
of the Global Security and as the authorized representative of such
Person;

 

(b)           such
Person’s rights in the Global Security shall be exercised
only through the Depositary and shall be limited to those
established by law and agreement between such Person and the
Depositary and/or direct and indirect participants of the
Depositary;

 

(c)           the
Depositary and its participants make book-entry transfers of
beneficial ownership among, and receive and transmit distributions
of principal and interest on the Global Securities to, such Persons
in accordance with their own procedures; and

 

(d)           none
of the Company, the Trustee, nor any agent of any of them will have
any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership
interests.

 

3.6           Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated
Security is surrendered to the Trustee, together with, in proper
cases, such security or indemnity as may be required by the Company
or the Trustee to save each of them and any agent of any of them
harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the
same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

 

 

 

30

 

 

If
there shall be delivered to the Company and the Trustee (a)
evidence to their satisfaction of the destruction, loss or theft of
any Security and (b) such security or indemnity as may be required
by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the
Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

In case
any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such
Security.

 

Upon
the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

 

Every
new Security of any series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company
regardless of whether the destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any
and all other Securities of that series duly issued
hereunder.

 

The
provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen
Securities.

 

3.7           Payment
of Interest; Interest Rights Preserved. Except as otherwise
provided as contemplated by Section 3.1
with respect to any series of Securities, interest on any Security
which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such
interest.

 

Any
interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted
Interest”) shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in clause (a) or
(b) below:

 

 

 

31

 

 

(a)           The
Company may elect to make payment of any Defaulted Interest to the
Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of
business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company
shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each Security of such series and
the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided.
Thereupon, the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder
of Securities of such series at his address as it appears in the
Security Register, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in
whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to
the following clause (b).

 

(b)           The
Company may make payment of any Defaulted Interest on the
Securities of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on
which such Securities may be listed, and upon such notice as may be
required by such exchange, if, after notice given by the Company to
the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the
Trustee.

 

Subject
to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the
rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.

 

3.8           Persons
Deemed Owners. Except as otherwise provided as contemplated
by Section
3.1 with respect to any series of Securities, prior to due
presentment of a Security for registration of transfer, the
Company, the Trustee and any agent thereof may treat the Person in
whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and
any premium and (subject to Section 3.5 and
Section
3.7) any interest on such Security and for all other
purposes whatsoever, regardless of whether such Security be
overdue, and none of the Company, the Trustee nor any agent of any
of them shall be affected by notice to the contrary.

 

No
holder of any beneficial interest in any Global Security held on
its behalf by a Depositary shall have any rights under this
Indenture with respect to such Global Security, and such Depositary
may be treated by the Company, the Trustee and any agent thereof as
the owner of such Global Security for all purposes
whatsoever.

 

3.9           Cancellation.
All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly canceled by it. The
Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which
the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly canceled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for
any Securities canceled as provided in this Section, except as
expressly permitted by this Indenture. All canceled Securities held
by the Trustee shall be disposed of in accordance with its
customary practices, and the Trustee shall thereafter deliver to
the Company a certificate with respect to such disposition from
time to time upon written request.

 

 

 

32

 

 

3.10           Computation
of Interest. Except as otherwise specified as contemplated
by Section
3.1 for Securities of any series, interest on the Securities
of each series shall be computed on the basis of a year of twelve
30-day months.

 

3.11           CUSIP
or CINS Numbers. The Company in issuing the Securities may
use “CUSIP” or “CINS” numbers (if then
generally in use, and in addition to the other identification
numbers printed on the Securities), and, if so, the Trustee shall
use “CUSIP” or “CINS” numbers in notices of
redemption as a convenience to Holders; provided, however, that any
such notice may state that no representation is made as to the
correctness of such “CUSIP” or “CINS”
numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the
other identification numbers printed on the Securities, and any
such redemption shall not be affected by any defect in or omission
of such “CUSIP” or “CINS”
numbers.

 

ARTICLE FOUR

SATISFACTION AND
DISCHARGE

 

4.1           Satisfaction
and Discharge of Indenture. This Indenture shall cease to be
of further effect and will be discharged with respect to the
Securities of any series (except as to any surviving rights of
registration of transfer or exchange of Securities and certain
rights of the Trustee, in each case, herein expressly provided
for), and the Trustee, upon Company Request and at the expense of
the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to such
Securities, when:

 

(a)           either

 

(i)           all
such Securities theretofore authenticated and delivered (other than
(A) such Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 3.6,
and (B) such Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3)
have been delivered to the Trustee for cancellation;
or

 

(ii)           all
such Securities not theretofore delivered to the Trustee for
cancellation

 

(A)           have
become due and payable, or

 

(B)           will
become due and payable at their Stated Maturity within one year,
or

 

 

 

33

 

 

(C)           are
to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the
Company,

 

and the
Company, in the case of (A), (B) or (C) above, has deposited or
caused to be deposited with the Trustee as trust funds in trust for
such purpose an amount sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and
interest to the date of such deposit (in the case of Securities
which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be, together with instructions
from the Company irrevocably directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case
may be;

 

(b)           the
Company has paid or caused to be paid all other sums payable
hereunder by the Company with respect to such Securities;
and

 

(c)           the
Company has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, which, taken together, state that all
conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture with respect to such
Securities have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to
the Securities of any series, (x) the obligations of the Company to
the Trustee under Section 6.7,
the obligations of the Trustee to any Authenticating Agent under
Section
6.14 and the right of the Trustee to resign under
Section
6.10 shall survive, and (y) if money shall have been
deposited with the Trustee pursuant to clause (a) of this Section,
the obligations of the Company and the Trustee under Section 4.2,
Section
6.6 and Section 10.2
and the last paragraph of Section 10.3
shall survive.

 

4.2           Application
of Trust Money. Subject to the provisions of the last
paragraph of Section 10.3,
all money deposited with the Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal and any premium and
interest for whose payment such money has been deposited with the
Trustee.

 

ARTICLE FIVE

REMEDIES

 

5.1           Events
of Default. “Event of Default,”
wherever used herein with respect to Securities of any series,
means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of
any administrative or governmental body):

 

(a)           default
in the payment of any interest upon any Security of that series
when it becomes due and payable, and continuance of such default
for a period of 30 days (regardless of whether such payment is
prohibited by the provisions of Article Fourteen hereof);
or

 

 

 

34

 

 

(b)           default
in the payment of the principal of (or premium, if any, on) any
Security of that series at its Maturity (regardless of whether such
payment is prohibited by the provisions of Article Fourteen
hereof); or

 

(c)           default
in the performance, or breach, of the covenant set forth in
Section
8.1; or

 

(d)           default
in the performance, or breach, of any covenant in this Indenture
(other than the covenant in Section 8.1 or
any other covenant a default in whose performance or whose breach
is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of
a series of Securities other than that series), and continuance of
such default or breach for a period of 60 days after there has been
given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at
least 25% in principal amount of the Outstanding Securities of that
series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a
“Notice of
Default” hereunder; or

 

(e)           the
Company or any Significant Subsidiary pursuant to or within the
meaning of any Bankruptcy Law (i) commences a voluntary case
or proceeding, (ii) consents to the entry of any decree or
order for relief against it in an involuntary case or proceeding,
(iii) consents to the appointment of a Custodian of it or for
all or substantially all of its property, (iv) makes a general
assignment for the benefit of its creditors, (v) consents to
or acquiesces in the institution of a bankruptcy or an insolvency
proceeding against it, (vi) takes any corporate action to
authorize or effect any of the foregoing, or (vii) takes any
comparable action under any foreign laws relating to insolvency;
or

 

(f)           a
court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that (i) is for relief against the Company or
any Significant Subsidiary in an involuntary case,
(ii) appoints a Custodian of the Company or any Significant
Subsidiary for all or substantially all of its property, or
(iii) orders the liquidation or winding up of the Company or
any Significant Subsidiary; and the order or decree remains
unstayed and in effect for 30 consecutive days; or

 

(g)           default
in the deposit of any sinking fund payment when due;
or

 

(h)           any
other Event of Default provided with respect to Securities of that
series in accordance with Section
3.1.

 

5.2           Acceleration
of Maturity; Rescission and Annulment. If an Event of
Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of at least 25% in aggregate principal
amount of the Outstanding Securities of that series may declare the
principal amount (or, if the Securities of that series are Original
Issue Discount Securities, such portion of the principal amount as
may be specified in the terms of that series), together with any
accrued and unpaid interest thereon, of all of the Securities of
that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such principal amount (or specified
amount), together with any accrued and unpaid interest thereon,
shall become immediately due and payable. Notwithstanding the
foregoing, if an Event of Default specified in clause (e) or (f) of
Section
5.1 occurs, the Securities of any series at the time
Outstanding shall be due and payable immediately without further
action or notice.

 

 

35

 

 

At any
time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article Five provided, the Holders
of a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences
if:

 

(a)           the
Company has paid or deposited with the Trustee a sum sufficient to
pay:

 

(i)           all
overdue interest on all Securities of that series,

 

(ii)           the
principal of (and premium, if any, on) any Securities of that
series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates
prescribed therefor in such Securities,

 

(iii)           to
the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such
Securities, and

 

(iv)           all
sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(b)           all
Events of Default with respect to Securities of that series, other
than the non-payment of the principal of Securities of that series
which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section
5.13.

 

No such
rescission shall affect any subsequent default or impair any right
consequent thereon.

 

5.3           Collection
of Indebtedness and Suits for Enforcement by Trustee. The
Company covenants that if:

 

(a)           default
is made in the payment of any installment of interest on any
Security when such interest becomes due and payable and such
default continues for a period of 30 days (regardless of whether
such payment is prohibited by the provisions of Article Fourteen
hereof), or

 

(b)           default
is made in the payment of the principal of (or premium, if any, on)
any Security at the Maturity thereof (regardless of whether such
payment is prohibited by the provisions of Article Fourteen
hereof),

 

 

36

 

 

the
Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall
be legally enforceable, interest on any overdue principal and any
premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel.

 

If the
Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so
due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other
obligor upon such Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities,
wherever situated.

 

If an
Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of
Securities of such series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper
remedy.

 

5.4           Trustee
May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding
relative to the Company or any other obligor upon the Securities,
their property or their creditors, the Trustee (irrespective of
whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or
otherwise,

 

(a)           to
file and prove a claim for the whole amount of principal (and
premium, if any) and interest owing and unpaid in respect of the
Securities and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel)
and of the Holders allowed in such judicial proceeding,
and

 

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

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and,
if the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section
6.7.

 

 

37

 

 

No
provision of this Indenture shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, compromise, arrangement,
adjustment or composition affecting the Securities or the rights of
any Holder thereof or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for
the election of a trustee in bankruptcy or similar official and be
a member of a creditors’ or other similar
committee.

 

5.5           Trustee
May Enforce Claims Without Possession of Securities. All
rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in
any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

 

5.6           Application
of Money Collected. Any money collected by the Trustee
pursuant to this Article Five shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal or any
premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:

 

FIRST:
To the payment of all amounts due the Trustee under Section
6.7;

 

SECOND:
Subject to Article Fourteen, to the payment of the amounts then due
and unpaid for principal of and any premium and interest on the
Securities in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority
of any kind, according to the amounts due and payable on such
Securities for principal and any premium and interest,
respectively; and

 

THIRD:
The balance, if any, to the Company.

 

5.7           Limitation
on Suits. No Holder of any Security of any series shall have
any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless:

 

(a)           such
Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of that
series;

 

(b)           the
Holders of not less than 25% in principal amount of the Outstanding
Securities of that series shall have made written request to the
Trustee to institute proceedings in respect of such Event of
Default in its own name as Trustee hereunder;

 

(c)           such
Holder or Holders have offered to the Trustee reasonable indemnity
against the costs, expenses and liabilities to be incurred in
compliance with such request;

 

 

 

38

 

 

(d)           the
Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute any such proceeding;
and

 

(e)           no
direction inconsistent with such written request has been given to
the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that
series;

 

it
being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other of such Holders, or to obtain or
to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all
such Holders.

 

5.8           Unconditional
Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.5 and
Section
3.7) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of
redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be
impaired without the consent of such Holder.

 

5.9           Restoration
of Rights and Remedies. If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or
to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the
Holders shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies
of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

 

5.10           Rights
and Remedies Cumulative. Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities in the last paragraph of Section 3.6, no
right or remedy herein conferred upon or reserved to the Trustee or
to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or
remedy.

 

5.11           Delay
or Omission Not Waiver. To fullest extent permitted by
applicable law, no delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing
upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article Five or by
law to the Trustee or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be.

 

 

39

 

 

5.12           Control
by Holders. The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series shall
have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with
respect to the Securities of such series; provided,
however,
that:

 

(a)           such
direction shall not be in conflict with any rule of law or with
this Indenture;

 

(b)           the
Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction; and

 

(c)           subject
to the provisions of Section 6.1,
the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal
liability.

 

5.13           Waiver
of Past Defaults. By written notice to the Company and the
Trustee, the Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may on behalf of
the Holders of all the Securities of such series waive any past
default hereunder with respect to such series and its consequences,
except:

 

(a)           a
continuing default in the payment of the principal of or any
premium or interest on any Security of such series, or

 

(b)           a
default in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series
affected.

 

Upon
any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other default or impair any right
consequent thereon.

 

5.14           Undertaking
for Costs. All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party
litigant, other than the Trustee, in such suit of an undertaking to
pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section
5.14 shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than
10% in principal amount of the Outstanding Securities of any
series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest
on any Security on or after the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on or
after the Redemption Date).

 

 

 

40

 

 

5.15           Waiver
of Stay or Extension Laws. The Company covenants (to the
extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of this Indenture; and the Company
(to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will
not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been
enacted.

 

ARTICLE SIX

THE
TRUSTEE

 

6.1           Certain
Duties and Responsibilities.

 

(a)           Except
during the continuance of an Event of Default,

 

(i)           the
Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture and as are provided by
the Trust Indenture Act, and no implied covenants or obligations
shall be read into this Indenture against the Trustee;
and

 

(ii)           in
the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished
to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether they conform to the
requirements of this Indenture.

 

(b)           In
case an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it
by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

 

(c)           No
provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except
that

 

(i)           this
Subsection shall not be construed to limit the effect of Subsection
(a) of this Section;

 

 

41

 

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent
facts;

 

(iii)           the
Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the
direction of the Holders of a majority in principal amount of the
Outstanding Securities of any series, given pursuant to
Section
5.12, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series;
and

 

(iv)           no
provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to
it.

 

(d)           Regardless
of whether therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the
provisions of this Section.

 

6.2           Notice
of Defaults. Within 90 days after the occurrence of any
Default hereunder with respect to the Securities of any series, the
Trustee shall transmit by mail to all Holders of Securities of such
series, as their names and addresses appear in the Security
Register, notice of such Default hereunder known to the Trustee,
unless such Default shall have been cured or waived; provided, however, that, except
in the case of a Default in the payment of the principal of or any
premium or interest on any Security of such series or in the
payment of any sinking fund installment with respect to Securities
of such series, the Trustee may withhold from Holders of Securities
notice of any continuing Default or Event of Default if the Trustee
in good faith determines that the withholding of such notice is in
the interest of the Holders of Securities of such series; and,
provided,
further,
that in the case of any Default of the character specified in
Section
5.1(c) with respect to Securities of such series, no such
notice to Holders shall be given until at least 90 days after the
occurrence thereof and that in the case of any Default of the
character specified in Section 5.1(e)
with respect to Securities of such series, no such notice to
Holders shall be given until at least 180 days after the occurrence
thereof.

 

6.3           Certain
Rights of Trustee. Subject to the provisions of Section 6.1:

 

(a)           the
Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or
parties;

 

 

42

 

 

(b)           any
request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security to the Trustee for authentication and
delivery pursuant to Section 3.3,
which shall be sufficiently evidenced as provided therein) and any
resolution of the Board of Directors may be sufficiently evidenced
by a Board Resolution;

 

(c)           whenever
in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless
other evidence be herein specifically prescribed) shall be entitled
to receive and may, in the absence of bad faith on its part, rely
upon an Officer’s Certificate;

 

(d)           the
Trustee may consult with counsel and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in reliance thereon;

 

(e)           the
Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless
such Holders shall have offered to the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or
direction;

 

(f)           the
Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally
or by agent or attorney;

 

(g)           the
Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for
any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder and shall not be
responsible for the supervision of officers and employees of such
agents or attorneys;

 

(h)           the
Trustee may request that the Company deliver an Officer’s
Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant
to this Indenture, which Officer’s Certificate may be signed
by any person authorized to sign an Officer’s Certificate,
including any person specified as so authorized in any such
certificate previously delivered and not superseded;

 

(i)           the
Trustee shall be entitled to the rights and protections afforded to
the Trustee pursuant to this Article Six in acting as a Paying
Agent or Security Registrar hereunder; and

 

(j)           the
Trustee shall not be deemed to have notice of any Default or Event
of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in
fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes
and this Indenture.

 

 

43

 

 

6.4           Not
Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Securities, except the
Trustee’s certificates of authentication, shall be taken as
the statements of the Company and the Trustee or any Authenticating
Agent assumes no responsibility for their correctness. Neither the
Trustee nor any Authenticating Agent makes any representations as
to the validity or sufficiency of this Indenture or of the
Securities. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities
or the proceeds thereof.

 

6.5           May
Hold Securities. The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the
Company in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 310(b)
and 311 of the Trust Indenture Act and Section 6.8,
Section
6.9 and Section 6.13,
may otherwise deal with the Company with the same rights it would
have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent.

 

6.6           Money
Held in Trust. Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for
interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

 

6.7           Compensation
and Reimbursement. The Company agrees:

 

(a)           to
pay to the Trustee from time to time reasonable compensation for
all services rendered by it hereunder (which compensation shall not
be limited by any provision of law in regard to the compensation of
a trustee of an express trust);

 

(b)           except
as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any
provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

 

(c)           to
indemnify each of the Trustee and its officers, directors, agents
and employees for, and to hold it harmless against, any loss,
liability or expense incurred without negligence or willful
misconduct on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder.

 

As
security for the performance of the obligations of the Company
under this Section the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the payment of
principal of (and premium, if any) or interest on particular
Securities.

 

 

 

44

 

 

Without
limiting any rights available to the Trustee under applicable law,
when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1(e)
or Section 5.1(f),
the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services of the Trustee are
intended to constitute expenses of administration under any
applicable Bankruptcy Law.

 

The
provisions of this Section 6.7
shall survive the satisfaction and discharge of this Indenture and
the Legal Defeasance of the Securities.

 

6.8           Disqualification;
Conflicting Interests. Reference is made to Section 310(b)
of the Trust Indenture Act. There shall be excluded from the
operation of Section
310(b)(1) of the Trust Indenture Act this Indenture with
respect to the Securities of more than one series.

 

6.9           Corporate
Trustee Required; Eligibility. There shall at all times be a
Trustee hereunder which shall be a corporation organized and doing
business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to
exercise corporate trust powers, having a combined capital and
surplus required by the Trust Indenture Act, subject to supervision
or examination by Federal or State authority. If such corporation
publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of
condition so published. The Trustee shall not be an obligor upon
the Securities or an Affiliate thereof. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article Six.

 

6.10           Resignation
and Removal; Appointment of Successor.

 

(a)           No
resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section
6.11.

 

(b)           The
Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by
Section
6.11 shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities
of such series.

 

(c)           The
Trustee may be removed at any time with respect to the Securities
of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to
the Trustee and to the Company.

 

 

 

45

 

 

(d)           If
at any time:

 

(i)           the
Trustee shall fail to comply with Section 310(b)
of the Trust Indenture Act after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a
Security for at least six months, or

 

(ii)           the
Trustee shall cease to be eligible under Section 6.9 and
shall fail to resign after written request therefor by the Company
or by any such Holder, or

 

(iii)           the
Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge
or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in
any such case, (A) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (B) subject to
Section
5.14, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or
Trustees.

 

(e)           If
the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company,
by a Board Resolution, shall promptly appoint a successor Trustee
or Trustees with respect to the Securities of that or those series
(it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series) and shall
comply with the applicable requirements of Section 6.11.
If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11,
become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed
by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner
required by Section 6.11,
any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

 

(f)           The
Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities
of any series to all Holders of Securities of such series in the
manner provided in Section 1.7.
Each notice shall include the name of the successor Trustee with
respect to the Securities of such series and the address of its
Corporate Trust Office.

 

 

46

 

 

6.11           Acceptance
of Appointment by Successor.

 

(a)           In
case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on
the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

 

(b)           In
case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (ii) if the
retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or
those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any
other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and
each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor
Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor
Trustee relates.

 

 

 

47

 

 

(c)           Upon
request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and
trusts referred to in paragraph (a) or (b) of this Section, as the
case may be.

 

(d)           No
successor Trustee shall accept its appointment unless at the time
of such acceptance such successor Trustee shall be qualified and
eligible under this Article and the Trust Indenture
Act.

 

6.12           Merger,
Conversion, Consolidation or Succession to Business. Any
corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this
Article Six, without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case any
Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated
such Securities.

 

6.13           Preferential
Collection of Claims Against Company. Reference is made to
Section 311 of the
Trust Indenture Act. For purposes of Section 311(b) of the Trust
Indenture Act,

 

(a)           the
term “cash
transaction” means any transaction in which full
payment for goods or securities sold is made within seven days
after delivery of the goods or securities in currency or in checks
or other orders drawn upon banks or bankers and payable upon
demand;

 

(b)           the
term “self-liquidating
paper” means any draft, bill of exchange, acceptance
or obligation which is made, drawn, negotiated or incurred by the
Company for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or
merchandise and which is secured by documents evidencing title to,
possession of, or a lien upon, the goods, wares or merchandise or
the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided
the security is received by the Trustee simultaneously with the
creation of the creditor relationship with the Company arising from
the making, drawing, negotiating or incurring of the draft, bill of
exchange, acceptance or obligation.

 

 

48

 

 

6.14           Appointment
of Authenticating Agent. The Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6,
and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed
on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall
at all times be a corporation organized and doing business under
the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not
less than $50,000,000 and subject to supervision or examination by
Federal or State authority. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in
the manner and with the effect specified in this
Section.

 

Any
corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which
such Authenticating Agent shall be a party, or any corporation
succeeding to all or substantially all of the corporate agency or
corporate trust business of an Authenticating Agent, shall continue
to be an Authenticating Agent, provided such corporation shall be
otherwise eligible under this Section, without the execution or
filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

 

An
Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may
at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to
the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be
appointed unless eligible under the provisions of this
Section.

 

Except
with respect to an Authenticating Agent appointed at the request of
the Company, the Trustee agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under
this Section 6.14,
and the Trustee shall be entitled to be reimbursed by the Company
for such payments, subject to the provisions of Section
6.7.

 

If an
appointment with respect to one or more series is made pursuant to
this Section 6.14,
the Securities of such series may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an
alternate certificate of authentication in the following
form:

 

This is
one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

 

 

49

 

 

 

	

 

	
 

	

 

	

 

	as
Trustee	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
 

	

 

	

 

	

 

	
As Authenticating
Officer

	

 

	

 

	

 

	
 

	

 

	

 

	

 

	
 

	

 

	

 

	

 

	
 

	

 

	

 

	

 

	
 

	

 

	

 

	

By:  

	
As Authenticating
Officer 

	

 

	

 

	

 

	
 

	

 

  

 

ARTICLE SEVEN

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

7.1           Company
to Furnish Trustee Names and Addresses of Holders. The
Company will furnish or cause to be furnished to the
Trustee:

 

(a)           semi-annually,
not more than 15 days after each Regular Record Date for a series
of Securities, a list for such series of Securities, in such form
as the Trustee may reasonably require, of the names and addresses
of the Holders of Securities of such series as of such Regular
Record Date, and

 

(b)           at
such other times as the Trustee may request in writing, within 30
days after the receipt by the Company of any such request, a list
of similar form and content as of a date not more than 15 days
prior to the time such list is furnished; provided,
however, that
if and so long as the Trustee shall be the Security Registrar, no
such list need be furnished with respect to such series of
Securities.

 

7.2           Preservation
of Information; Communications to Holders.

 

(a)           The
Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in
Section
7.1 and the names and addresses of Holders received by the
Trustee in its capacity as Security Registrar. The Trustee may
destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

 

(b)           If
three or more Holders (herein referred to as “applicants”)
apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Security for
a period of at least six months preceding the date of such
application, and such application states that the applicants desire
to communicate with other Holders with respect to their rights
under this Indenture or under the Securities and is accompanied by
a copy of the form of proxy or other communication which such
applicants propose to transmit, then the Trustee shall, within five
business days after the receipt of such application, at its
election, either

 

 

50

 

 

(i)           afford
such applicants access to the information preserved at the time by
the Trustee in accordance with Section 7.2(a),
or

 

(ii)        
inform such applicants as to the approximate number of Holders
whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 7.2(a),
and as to the approximate cost of mailing to such Holders the form
of proxy or other communication, if any, specified in such
application.

 

If the
Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such
applicants, mail to each Holder whose name and address appear in
the information preserved at the time by the Trustee in accordance
with Section 7.2(a)
a copy of the form of proxy or other communication which is
specified in such request, with reasonable promptness after a
tender to the Trustee of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of
mailing, unless within five days after such tender the Trustee
shall mail to such applicants and file with the SEC, together with
a copy of the material to be mailed, a written statement to the
effect that, in the opinion of the Trustee, such mailing would be
contrary to the best interest of the Holders or would be in
violation of applicable law. Such written statement shall specify
the basis of such opinion. If the SEC, after opportunity for a
hearing upon the objections specified in the written statement so
filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or
more of such objections, the SEC shall find, after notice and
opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall
mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such
tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their
application.

 

(c)           Every
Holder of Securities, by receiving and holding the same, agrees
with the Company and the Trustee that none of the Company nor the
Trustee nor any agent of any of them shall be held accountable by
reason of the disclosure of any such information as to the names
and addresses of the Holders in accordance with Section 7.2(b),
regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section
7.2(b).

 

7.3           Reports
by Trustee. Any Trustee’s report required pursuant to
Section
313(a) of the Trust Indenture Act shall be dated as of May
15, and shall be transmitted within 60 days after May 15 of each
year (but in all events at intervals of not more than 12 months),
commencing with the year 20__, by mail to all Holders, as their
names and addresses appear in the Security Register. A copy of each
such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange upon which any
Securities are listed, with the SEC and with the Company. The
Company will notify the Trustee when any Securities are listed on
any stock exchange.

 

 

 

51

 

 

7.4           Reports
by Company. The Company shall:

 

(a)           file
with the Trustee, within 15 days after the Company files the same
with the SEC, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of
the foregoing as the SEC may from time to time by rules and
regulations prescribe) which the Company may be required to file
with the SEC pursuant to Section 13 or
Section
15(d) of the Exchange Act; or, if the Company is not
required to file information, documents or reports pursuant to
either of said Sections, then it shall file with the Trustee and
the SEC, in accordance with rules and regulations prescribed from
time to time by the SEC, such of the supplementary and periodic
information, documents and reports which may be required pursuant
to Section
13 of the Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations;

 

(b)           file
with the Trustee and the SEC, in accordance with rules and
regulations prescribed from time to time by the SEC, such
additional information, documents and reports with respect to
compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and
regulations; and

 

(c)           transmit
by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports
required to be filed by the Company pursuant to clauses (a) and (b)
of this Section as may be required by rules and regulations
prescribed from time to time by the SEC.

 

ARTICLE EIGHT

CONSOLIDATION,
AMALGAMATION, MERGER AND SALE

 

8.1           Company
May Consolidate, Etc., Only on Certain Terms. The Company
shall not consolidate or merge with or into any other Person or
sell, convey, transfer, lease or otherwise dispose of all or
substantially all of the properties and assets of the Company on a
consolidated basis to any other Person, and shall not permit any
Person to consolidate or merge into the Company,
unless:

 

(a)           either:
(i) the Company is the surviving corporation; or (ii) the
Person formed by or surviving any such consolidation, amalgamation
or merger or resulting from such conversion (if other than the
Company) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is a corporation, limited liability
company or limited partnership organized or existing under the laws
of the United States, any state of the United States or the
District of Columbia;

 

(b)           the
Person formed by or surviving any such conversion, consolidation,
amalgamation or merger (if other than the Company) or the Person to
which such sale, assignment, transfer, conveyance or other
disposition has been made assumes all the obligations of the
Company under the Securities and this Indenture pursuant to
agreements reasonably satisfactory to the Trustee; provided that,
unless such Person is a corporation, a corporate co-issuer of the
Securities will be added to this Indenture by agreements reasonably
satisfactory to the Trustee;

 

 

 

52

 

 

(c)           immediately
before and after giving pro forma effect to such transaction, no
Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have occurred and
be continuing; and

 

(d)           the
Company has delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, conveyance, sale, transfer or lease and such
supplemental indenture, if any, comply with this Article Eight and
that all conditions precedent herein provided for relating to such
transaction have been complied with.

 

8.2           Successor
Substituted. Upon any consolidation or merger of the Company
with or into any other Person or any sale, conveyance, transfer,
lease or other disposition of all or substantially all of the
properties and assets of the Company on a consolidated basis in
accordance with Section 8.1,
the successor or resulting Person formed by or resulting upon such
consolidation or merger (if other than the Company) or to which
such sale, conveyance, transfer, lease or other disposition is made
shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same
effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the
predecessor Company shall be relieved of all obligations and
covenants under this Indenture and the Securities.

 

ARTICLE NINE

AMENDMENT,
SUPPLEMENT AND WAIVER

 

9.1           Without
Consent of Holders. The Company and the Trustee may amend or
supplement this indenture or the Securities without the consent of
any holder of a Security:

 

(a)           to
cure any ambiguity or to correct or supplement any provision herein
that may be inconsistent with any other provision herein in a
manner that does not adversely affect the rights of any Holder of
Securities in any material respect; or

 

(b)           to
evidence the succession of another Person to the Company and the
assumption by any such successor of the covenants of the Company
herein and, to the extent applicable, to the Securities;
or

 

(c)           to
provide for uncertificated Securities in addition to or in place of
certificated Securities; provided that the uncertificated
Securities are issued in registered form for purposes of
Section
163(f) of the Code, or in the manner such that the
uncertificated Securities are described in Section
163(f)(2)(B) of the Code; or

 

(d)           to
secure the Securities of any series; or

 

 

53

 

 

(e)           to
add to the covenants of the Company such further covenants,
restrictions, conditions or provisions as the Company shall
consider to be appropriate for the benefit of the Holders of all or
any series of Securities (and if such covenants, restrictions,
conditions or provisions are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly
being included solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company and
to make the occurrence, or the occurrence and continuance, of a
Default in any such additional covenants, restrictions, conditions
or provisions an Event of Default permitting the enforcement of all
or any of the several remedies provided in this Indenture as herein
set forth; provided, that in respect of any such additional
covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in
the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit
the right of the Holders of a majority in aggregate principal
amount of the Securities of such series to waive such an Event of
Default; or

 

(f)           to
make any change to any provision of this Indenture that does not
adversely affect the rights or interests of any Holder of
Securities; or

 

(g)           to
provide for the issuance of additional Securities in accordance
with the provisions set forth in this Indenture on the date of this
Indenture; or

 

(h)           to
add any additional Defaults or Events of Default in respect of all
or any series of Securities; or

 

(i)           to
add to, change or eliminate any of the provisions of this Indenture
to such extent as shall be necessary to permit or facilitate the
issuance of Securities in bearer form, registrable or not
registrable as to principal, and with or without interest coupons;
or

 

(j)           to
change or eliminate any of the provisions of this Indenture;
provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created
prior to the execution of such supplemental indenture that is
entitled to the benefit of such provision; or

 

(k)           to
establish the form or terms of Securities of any series as
permitted by Section 2.1 and
Section
3.1, including to reopen any series of any Securities as
permitted under Section 3.1;
or

 

(l)           to
evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section
6.11(b); or

 

(m)           to
conform the text of this Indenture (and/or any supplemental
indenture) or any debt securities issued thereunder to any
provision of a description of such debt securities appearing in a
prospectus or prospectus supplement or an offering memorandum or
offering circular to the extent that such provision was intended to
be a verbatim recreation of a provision of the indenture (and/or
any supplemental indenture) or any debt securities issued
thereunder; or

 

 

54

 

 

(n)           to
modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualification of
this Indenture under the Trust Indenture Act or under any similar
federal statute subsequently enacted, and to add to this Indenture
such other provisions as may be expressly required under the Trust
Indenture Act.

 

After
an amendment under this Section 9.1
becomes effective, the Company shall mail to Holders a notice
briefly describing such amendment. The failure to give such notice
to Holders, or any defect therein, shall not impair or affect the
validity of an amendment under this Section
9.1.

 

Upon
the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or
supplemental indenture, the Trustee is hereby authorized to join
with the Company in the execution of any such supplemental
indenture, to make any further appropriate agreements and
stipulations that may be therein contained and to accept the
conveyance, transfer, assignment, mortgage, charge or pledge of any
property thereunder, but the Trustee shall not be obligated to
enter into any such supplemental indenture that affects the
Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

9.2           With
Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture and the Securities with the consent of
the Holders of a majority in aggregate principal amount of the
Outstanding Securities of each series of Securities affected by
such amendment or supplemental indenture, with each such series
voting as a separate class (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or
exchange offer for Securities) and, subject to Section 5.8 and
Section
5.13 hereof, any existing Default or Event of Default or
compliance with any provision of this Indenture or the Securities
may be waived with respect to each series of Securities with the
consent of the Holders of a majority in principal amount of the
Outstanding Securities of such series voting as a separate class
(including consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Securities).

 

Upon
the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders
of Securities as aforesaid, and upon receipt by the Trustee of the
documents described in Section 6.3
hereof, the Trustee will join with the Company in the execution of
such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but will not be
obligated to, enter into such amended or supplemental
Indenture.

 

It is
not be necessary for the consent of the Holders of Securities under
this Section 9.2 to
approve the particular form of any proposed amendment or waiver,
but it is sufficient if such consent approves the substance of the
proposed amendment or waiver.

 

 

55

 

 

After
an amendment, supplement or waiver under this Section 9.2
becomes effective, the Company will mail to the Holders of
Securities affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail
such notice, or any defect therein, will not, however, in any way
impair or affect the validity of any such amended or supplemental
indenture or waiver. Subject to Section 5.8 and
Section
5.13 hereof, the application of or compliance with, either
generally or in any particular instance, of any provision of this
Indenture or the Securities may be waived as to each series of
Securities by the Holders of a majority in aggregate principal
amount of the Outstanding Securities of such series. However,
without the consent of each Holder affected, an amendment or waiver
under this Section 9.2 may
not (with respect to any Securities held by a non-consenting
Holder):

 

(a)           change
the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due
and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.2, or
change any Place of Payment where, or the coin or currency in
which, any Security or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date),
or

 

(b)           reduce
the percentage in principal amount of the Outstanding Securities of
any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required
for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences)
provided for in this Indenture, or

 

(c)           modify
any of the provisions of this Section 9.2,
Section
5.8, Section 5.13 or
Section
10.6, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified
or waived without the consent of the Holder of each Outstanding
Security affected thereby, provided, however, that this
clause (c) shall not be deemed to require the consent of any
Holder with respect to changes in the references to
“the
Trustee” and concomitant changes in this Section, or
the deletion of this proviso, in accordance with the requirements
of Section
6.11(b) and Section 9.1(l);
or

 

(d)           waive
a redemption payment with respect to any Security; provided,
however, that any purchase or repurchase of Securities shall not be
deemed a redemption of the Securities; or

 

(e)           make
any change in the foregoing amendment and waiver
provisions.

 

A
supplemental indenture that changes or eliminates any covenant or
other provision of this Indenture that has expressly been included
solely for the benefit of one or more particular series of
Securities, or that modifies the rights of the Holders of
Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other
series.

 

 

56

 

 

It
shall not be necessary for any Act of Holders under this
Section
9.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

 

9.3           Execution
of Supplemental Indentures. In executing, or accepting the
additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 6.1)
shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

 

9.4           Effect
of Supplemental Indentures. Upon the execution of any
supplemental indenture under this Article Nine, this Indenture
shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

 

9.5           Conformity
with Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article Nine shall conform to the
requirements of the Trust Indenture Act as then in
effect.

 

9.6           Reference
in Securities to Supplemental Indentures. Securities of any
series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article Nine may, and shall
if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and
the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such
series.

 

ARTICLE TEN

COVENANTS

 

10.1           Payment
of Principal, Premium and Interest. The Company covenants
and agrees for the benefit of each series of Securities that it
will duly and punctually pay the principal of and any premium and
interest on the Securities of that series in accordance with the
terms of the Securities and this Indenture.

 

10.2           Maintenance
of Office or Agency. The Company will maintain in the
Borough of Manhattan, The City of New York, an office or agency
(which may be an office of the Trustee or Registrar or agent of the
Trustee or Registrar) where Securities of that series may be
presented or surrendered for payment, where Securities of that
series may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency.
If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the
Trustee.

 

 

57

 

 

The
Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may
be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency in
the Borough of Manhattan, The City of New York for such purposes.
The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of
any such other office or agency.

 

Except
as otherwise specified with respect to a series of Securities as
contemplated by Section 3.1,
the Company hereby initially designates the office of the Trustee
located at [_____________], New York, New York [_____], as the
Company’s office or agency for each such purpose for each
series of Securities.

 

10.3           Money
for Securities Payments to be Held in Trust. If the Company
shall at any time act as its own Paying Agent, with respect to any
series of Securities, it will, on or before each due date of the
principal of and any premium or interest on any of the Securities
of that series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal and
any premium and interest so becoming due until such sums shall be
paid to such Persons or otherwise disposed of as herein provided
and will promptly notify the Trustee of its action or failure so to
act.

 

Whenever the
Company shall have one or more Paying Agents for any series of
Securities, it will, prior to each due date of the principal of and
any premium or interest on any Securities of that series, deposit
with a Paying Agent a sum sufficient to pay the principal and any
premium or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure
so to act. For purposes of this Section 10.3,
should a due date for principal of and any premium or interest on,
or sinking fund payment with respect to any series of Securities
not be on a Business Day, such payment shall be due on the next
Business Day without any interest for the period from the due date
until such Business Day.

 

The
Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee,
subject to the provisions of this Section, that such Paying Agent
will:

 

(a)           hold
all sums held by it for the payment of the principal of and any
premium or interest on Securities of that series in trust for the
benefit of the Persons entitled thereto until such sums shall be
paid to such Persons or otherwise disposed of as herein
provided;

 

 

58

 

 

(b)           give
the Trustee notice of any Default by the Company (or any other
obligor upon the Securities of that series) in the making of any
payment of principal and any premium or interest on the Securities
of that series; and

 

(c)           at
any time during the continuance of any such Default, upon the
written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

The
Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustee upon the same trusts as
those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with
respect to such money.

 

Subject
to any applicable escheat or abandoned property laws, any money
deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of and any
premium or interest on any Security of any series and remaining
unclaimed for one year after such principal and any premium or
interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease;
provided,
however,
that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York,
notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company.

 

10.4           Existence.
Subject to Article Eight, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect
its existence, rights (charter and statutory) and franchises;
provided, however, that the Company shall not be required to
preserve any such right or franchise if the Company shall determine
that the preservation thereof is no longer desirable in the conduct
of the business of the Company.

 

10.5           Statement
by Officer as to Default. Annually, within 150 days after
the close of each fiscal year beginning with the first fiscal year
during which one or more series of Securities are Outstanding, the
Company will deliver to the Trustee a brief certificate (which need
not include the statements set forth in Section 1.3)
from the principal executive officer, principal financial officer
or principal accounting officer of the Company as to his or her
knowledge of the Company’s compliance (without regard to any
period of grace or requirement of notice provided herein) with all
conditions and covenants under the Indenture and, if the Company
shall be in Default, specifying all such Defaults and the nature
and status thereof of which such officer has
knowledge.

 

 

 

59

 

 

10.6           Additional
Amounts. If the Securities of a series provide for the
payment of additional amounts (as provided in Section
3.1(o)), at least 10 days prior to the first Interest
Payment Date with respect to that series of Securities and at least
10 days prior to each date of payment of principal of, premium, if
any, or interest on the Securities of that series if there has been
a change with respect to the matters set forth in the
below-mentioned Officer’s Certificate, the Company shall
furnish to the Trustee and the principal Paying Agent, if other
than the Trustee, an Officer’s Certificate instructing the
Trustee and such Paying Agent whether such payment of principal of,
premium, if any, or interest on the Securities of that series shall
be made to holders of the Securities of that series without
withholding or deduction for or on account of any tax, assessment
or other governmental charge described in the Securities of that
series. If any such withholding or deduction shall be required,
then such Officer’s Certificate shall specify by country the
amount, if any, required to be withheld or deducted on such
payments to such holders and shall certify the fact that additional
amounts will be payable and the amounts so payable to each holder,
and the Company shall pay to the Trustee or such Paying Agent the
additional amounts required to be paid by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part
arising out of or in connection with actions taken or omitted by
any of them in reliance on any Officer’s Certificate
furnished pursuant to this Section
10.6.

 

Whenever in this
Indenture there is mentioned, in any context, the payment of the
principal of or any premium, interest or any other amounts on, or
in respect of, any Securities of any series, such mention shall be
deemed to include mention of the payment of additional amounts
provided by the terms of such series established hereby or pursuant
hereto to the extent that, in such context, additional amounts are,
were or would be payable in respect thereof pursuant to such terms,
and express mention of the payment of additional amounts (if
applicable) in any provision hereof shall not be construed as
excluding the payment of additional amounts in those provisions
hereof where such express mention is not made.

 

ARTICLE ELEVEN

REDEMPTION OF
SECURITIES

 

11.1           Applicability
of Article. Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with
their terms and (except as otherwise specified as contemplated by
Section
3.1 for Securities of any series) in accordance with this
Article Eleven.

 

11.2           Election
to Redeem; Notice to Trustee. The election of the Company to
redeem any Securities shall be evidenced by a Board Resolution. In
case of any redemption at the election of the Company of less than
all the Securities of any series, the Company shall, at least 15
days prior to the last date for the giving of notice of such
redemption (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In
the case of any redemption of Securities (a) prior to the
expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture or (b)
pursuant to an election of the Company that is subject to a
condition specified in the terms of the Securities of the series to
be redeemed, the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with such
restriction or condition.

 

 

 

60

 

 

11.3           Selection
by Trustee of Securities to be Redeemed. If less than all
the Securities of any series are to be redeemed (unless all of the
Securities of such series and of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be
selected not more than 45 days prior to the Redemption Date by the
Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot, pro rata or by another
method as the Trustee shall deem fair and appropriate, including
any method required by the Depository with respect to any Global
Securities (and in such manner as is not prohibited by applicable
legal requirements) and which may provide for the selection for
redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple
thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for
Securities of that series.

 

The
Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount
thereof to be redeemed. If the Securities of any series to be
redeemed consist of Securities having different dates on which the
principal is payable or different rates of interest, or different
methods by which interest may be determined or have any other
different tenor or terms, then the Company may, by written notice
to the Trustee, direct that the Securities of such series to be
redeemed shall be selected from among the groups of such Securities
having specified tenor or terms and the Trustee shall thereafter
select the particular Securities to be redeemed in the manner set
forth in the preceding paragraph from among the group of such
Securities so specified.

 

For all
purposes of this Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed
only in part, to the portion of the principal amount of such
Securities which has been or is to be redeemed.

 

11.4           Notice
of Redemption. Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of
Securities to be redeemed, at his address appearing in the Security
Register.

 

All
notices of redemption shall state:

 

(a)           the
Redemption Date,

 

(b)           the
Redemption Price, or if not then ascertainable, the manner of
calculation thereof,

 

(c)           if
less than all the Outstanding Securities of any series are to be
redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to
be redeemed,

 

 

61

 

 

(d)           that
on the Redemption Date the Redemption Price will become due and
payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said
date,

 

(e)           the
place or places where such Securities are to be surrendered for
payment of the Redemption Price, and

 

(f)           that
the redemption is for a sinking fund, if such is the
case.

 

Notice
of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the
Company.

 

11.5           Deposit
of Redemption Price. Prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or,
if the Company is acting as its own Paying Agent, segregate and
hold in trust as provided in Section 10.3)
an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on
that date.

 

11.6           Securities
Payable on Redemption Date. Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with
said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption
Date; provided,
however, that
unless otherwise specified with respect to Securities of any series
as contemplated in Section 3.1,
installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant record dates
according to their terms and the provisions of Section
3.7.

 

If any
Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate
prescribed therefor in the Security.

 

11.7           Securities
Redeemed in Part. Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company
and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or
Securities of the same series and tenor, of any authorized
denomination as requested by such Holder, in aggregate principal
amount equal to and in exchange for the unredeemed portion of the
principal of the Security so surrendered.

 

 

 

62

 

 

ARTICLE TWELVE

SINKING
FUNDS

 

12.1           Applicability
of Article. The provisions of this Article Twelve shall be
applicable to any sinking fund for the retirement of Securities of
a series except as otherwise specified as contemplated by
Section
3.1 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
“mandatory
sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any
series is herein referred to as an “optional sinking fund
payment.” If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities
of such series.

 

12.2           Satisfaction
of Sinking Fund Payments with Securities. The Company (a)
may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (b) may apply as a credit
Securities of a series which have been redeemed either at the
election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the
terms of such series; provided that such Securities have not been
previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of
the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

 

12.3           Redemption
of Securities for Sinking Fund. Not less than 45 days prior
to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the
Company will deliver to the Trustee an Officer’s Certificate
specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 12.2
and stating the basis for such credit and that such Securities have
not been previously so credited, and will also deliver to the
Trustee any Securities to be so delivered. Not less than 30 days
before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 11.3
and cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in
Section
11.4. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner
stated in Section 11.6
and Section
11.7.

 

 

63

 

 

ARTICLE THIRTEEN

DEFEASANCE

 

13.1           Option
to Effect Legal Defeasance or Covenant Defeasance. The
Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officer’s Certificate, and at any
time, elect to have either Section 13.2 or
Section
13.3 hereof be applied to all outstanding Securities upon
compliance with the conditions set forth below in this Article
Thirteen, unless otherwise established with respect to the
Securities of a series pursuant to Section 3.1.

 

13.2           Legal
Defeasance and Discharge. Upon the Company’s exercise
under Section 13.1
hereof of the option applicable to this Section 13.2,
the Company will, subject to the satisfaction of the conditions set
forth in Section 13.4
hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Securities on the date the
conditions set forth below are satisfied (hereinafter,
“Legal
Defeasance”). For this purpose, Legal Defeasance means
that the Company will be deemed to have paid and discharged the
entire Debt represented by the outstanding Securities, which will
thereafter be deemed to be “outstanding” only for the
purposes of Section 13.5
hereof and the other sections of this Indenture referred to in
clauses (a) and (b) below, and to have satisfied all their other
obligations under such Securities and this Indenture (and the
Trustee, on demand of and at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated
or discharged hereunder:

 

(a)           the
rights of Holders of Outstanding Securities to receive payments in
respect of the principal of, or interest or premium, if any, on
such Securities when such payments are due from the trust referred
to in Section 13.4
hereof;

 

(b)           the
Company’s obligations with respect to such Securities under
Section
3.4, Section 3.5,
Section
3.6, Section 10.2
and Section 10.3
hereof;

 

(c)           the
rights, powers, trusts, duties and immunities of the Trustee
hereunder and the Company’s obligations in connection
therewith; and

 

(d)           this
Article Thirteen.

 

Subject
to compliance with this Article Thirteen, the Company may exercise
its option under this Section 13.2
notwithstanding the prior exercise of its option under Section 13.3
hereof.

 

 

64

 

 

13.3           Covenant
Defeasance. Upon the Company’s exercise under
Section
13.1 hereof of the option applicable to this Section 13.3,
the Company will, subject to the satisfaction of the conditions set
forth in Section 13.4
hereof, be released from each of their obligations under the
covenants contained in Section 7.4,
Section
8.1 and Section 10.4
hereof as well as any Additional Defeasible Provisions (such
release and termination hereinafter referred to as
“Covenant
Defeasance”), and the Securities will thereafter be
deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and
the consequences of any thereof) in connection with such covenants,
but will continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Securities
will not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the
outstanding Securities, the Company may omit to comply with and
will have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission
to comply will not constitute a Default or an Event of Default
under Section 5.1
hereof, but, except as specified above, the remainder of this
Indenture and such Securities will be unaffected thereby. In
addition, upon the Company’s exercise under Section 13.1
hereof of the option applicable to this Section 13.3
hereof, subject to the satisfaction of the conditions set forth in
Section
13.4 hereof, Sections
5.1(c), 5.1(d),
5.1(e),
5.1(g)
and 5.1(h) hereof
and will not constitute Events of Default.

 

13.4           Conditions
to Legal or Covenant Defeasance. In order to exercise either
Legal Defeasance or Covenant Defeasance under either Section 13.2 or Section 13.3
hereof:

 

(a)           the
Company must irrevocably deposit with the Trustee, in trust, for
the benefit of the Holders of the Securities, cash in U.S. dollars,
non-callable U.S. Government Obligations, or a combination of cash
in U.S. dollars and non-callable U.S. Government Obligations, in
such amounts as will be sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm, or firm of independent
public accountants to pay the principal of, or interest and
premium, if any, on the Outstanding Securities on the stated date
for payment thereof or on the applicable redemption date, as the
case may be, and the Company must specify whether the Securities
are being defeased to such stated date for payment or to a
particular redemption date;

 

(b)           in
the case of an election under Section 13.2
hereof, the Company must deliver to the Trustee an Opinion of
Counsel confirming that:

 

(i)           the
Company has received from, or there has been published by, the
Internal Revenue Service a ruling; or

 

(ii)           since
the Issue Date, there has been a change in the applicable federal
income tax law,

 

in
either case to the effect that, and based thereon such Opinion of
Counsel will confirm that, the Holders of the Outstanding
Securities will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will
be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such
Legal Defeasance had not occurred;

 

(c)           in
the case of an election under Section 13.3
hereof, the Company must deliver to the Trustee an Opinion of
Counsel confirming that the Holders of the Outstanding Securities
will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred;

 

 

65

 

 

(d)           no
Default or Event of Default has occurred and is continuing on the
date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such
deposit);

 

(e)           [reserved];

 

(f)           such
Legal Defeasance or Covenant Defeasance will not result in a breach
or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the
Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(g)           the
Company must deliver to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Company with the
intent of preferring the Holders of Securities over the other
creditors of the Company with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company or
others;

 

(h)           the
Company must deliver to the Trustee an Officer’s Certificate,
stating that all conditions precedent set forth in clauses (a)
through (g) of this Section 13.4
have been complied with; and

 

(i)           the
Company must deliver to the Trustee an Opinion of Counsel (which
Opinion of Counsel may be subject to customary assumptions,
qualifications and exclusions), stating that all conditions
precedent set forth in clauses (b), (c) and (f) of this
Section
13.4 have been complied with; provided that the Opinion of
Counsel with respect to clause (f) of this Section 13.4
may be to the knowledge of such counsel.

 

13.5           Deposited
Money and U.S. Government Obligations to be Held in Trust, Other
Miscellaneous Provisions. Subject to Section 13.6 hereof, all money
and non-callable U.S. Government Obligation (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 13.5, the
“Trustee”)
pursuant to Section
13.4 hereof in respect of the Outstanding Securities will be
held in trust and applied by the Trustee, in accordance with the
provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the
Holders of such Securities of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but
such money need not be segregated from other funds except to the
extent required by law.

 

The
Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or
non-callable U.S. Government Obligations deposited pursuant to
Section
13.4 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the Outstanding
Securities.

 

 

66

 

 

Notwithstanding
anything in this Article Thirteen to the contrary, the Trustee will
deliver or pay to the Company from time to time upon the request of
the Company any money or non-callable U.S. Government Obligations
held by it as provided in Section 13.4
hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion
delivered under Section 13.4(a)
hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance.

 

13.6           Repayment.
Any money deposited with the Trustee or any Paying Agent, or then
held by the Company, in trust for the payment of the principal of,
premium, if any, or interest on any Security and remaining
unclaimed for two years after such principal, premium, if any, or
interest has become due and payable shall be paid to the Company on
its request or (if then held by the Company) will be discharged
from such trust; and the Holder of such Security will thereafter be
permitted to look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof,
will thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in the
New York
Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and
that, after a date specified therein, which will not be less than
30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to
the Company.

 

13.7           Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable U.S. Government Obligations in accordance
with Section 13.2 or
Section
13.3 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the
Company’s obligations under this Indenture and the Securities
will be revived and reinstated as though no deposit had occurred
pursuant to Section 13.2 or
Section
13.3 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with
Section
13.2 or Section 13.3
hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on
any Note following the reinstatement of its obligations, the
Company will be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the
Trustee or Paying Agent.

 

ARTICLE FOURTEEN

SUBORDINATION OF
SECURITIES

 

14.1           Securities
Subordinated to Senior Debt. The Company and the Trustee
each covenants and agrees, and each Holder, by its acceptance of a
Security, likewise covenants and agrees that all Securities shall
be issued subject to the provisions of this Article Fourteen; and
each Person holding any Security, whether upon original issue or
upon transfer, assignment or exchange thereof, accepts and agrees
that the payment of the principal of, interest and premium, if any,
on each and all of the Securities shall, to the extent and in the
manner set forth in this Article Fourteen, be subordinated in right
of payment to the prior payment in full, in cash or cash
equivalents, of all existing and future Senior Debt.

 

 

67

 

 

14.2           No
Payment on Securities in Certain Circumstances.

 

(a)           No
direct or indirect payment by or on behalf of the Company of the
principal of, interest and premium, if any, on each and all of the
Securities (other than with the money, securities or proceeds held
under any defeasance trust established in accordance with this
Indenture), whether pursuant to the terms of the Securities or upon
acceleration or otherwise shall be made if, at the time of such
payment, there exists a default in the payment of all or any
portion of the obligations on any Senior Debt and such default
shall not have been cured or waived or the benefits of this
sentence waived by or on behalf of the holders of such Senior
Debt.

 

(b)           During
the continuance of any other event of default with respect to any
Designated Senior Debt pursuant to which the maturity thereof may
be accelerated, upon receipt by the Trustee of written notice from
the trustee or other representative for the holders of such
Designated Senior Debt (or the holders of at least a majority in
principal amount of such Designated Senior Debt then outstanding),
no payment of the principal of, interest or premium, if any, on
each and all of the Securities (other than with the money,
securities or proceeds held under any defeasance trust established
in accordance with this Indenture) may be made by or on behalf of
the Company upon or in respect of the Securities for a period (a
“Payment
Blockage Period”) commencing on the date of receipt of
such notice and ending 179 days thereafter (unless, in each case,
such Payment Blockage Period has been terminated by written notice
to the Trustee from such trustee of, or other representatives for,
such holders or by payment in full in cash or cash equivalents of
such Designated Senior Debt or such event of default has been cured
or waived). Not more than one Payment Blockage Period may be
commenced with respect to the Securities during any period of 360
consecutive days. Notwithstanding anything in this Indenture to the
contrary, there must be 180 consecutive days in any 360-day period
in which no Payment Blockage Period is in effect. No event of
default that existed or was continuing (it being acknowledged that
any subsequent action that would give rise to an event of default
pursuant to any provision under which an event of default
previously existed or was continuing shall constitute a new event
of default for this purpose) on the date of the commencement of any
Payment Blockage Period with respect to the Designated Senior Debt
initiating such Payment Blockage Period shall be, or shall be made,
the basis for the commencement of a second Payment Blockage Period
by the trustee or other representative for the holders of such
Designated Senior Debt, whether or not within a period of 360
consecutive days, unless such event of default shall have been
cured or waived for a period of not less than 90 consecutive
days.

 

 

68

 

 

(c)           In
the event that, notwithstanding the foregoing, any payment shall be
received by the Trustee or any Holder when such payment is
prohibited by clause (a) or (b) above, the Trustee shall promptly
notify the holders of Senior Debt of such prohibited payment and
such payment shall be held in trust for the benefit of, and shall
be paid over or delivered to, the holders of Senior Debt or their
respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Debt may have been
issued, as their respective interests may appear, but only to the
extent that, upon notice from the Trustee to the holders of Senior
Debt that such prohibited payment has been made, the holders of the
Senior Debt (or their representative or representatives of a
trustee) within 30 days of receipt of such notice from the Trustee
notify the Trustee of the amounts then due and owing on the Senior
Debt, if any, and only the amounts specified in such notice to the
Trustee shall be paid to the holders of Senior Debt and any excess
above such amounts due and owing on Senior Debt shall be paid to
the Company.

 

14.3           Payment
over Proceeds upon Dissolution, Etc.

 

(a)           Upon
any payment or distribution of assets or securities of the Company
of any kind or character, whether in cash, property or securities
(other than with the money, securities or proceeds held under any
defeasance trust established in accordance with this Indenture), in
connection with any dissolution or winding up or total or partial
liquidation or reorganization of the Company, whether voluntary or
involuntary, or in bankruptcy, insolvency, receivership or other
proceedings or other marshalling of assets for the benefit of
creditors, all amounts due or to become due upon all Senior Debt
shall first be paid in full, in cash or cash equivalents, before
the Holders or the Trustee on their behalf shall be entitled to
receive any payment by (or on behalf of) the Company on account of
the Securities, or any payment to acquire any of the Securities for
cash, property or securities, or any distribution with respect to
the Securities of any cash, property or securities. Before any
payment may be made by, or on behalf of, the Company on any
Security (other than with the money, securities or proceeds held
under any defeasance trust established in accordance with this
Indenture), in connection with any such dissolution, winding up,
liquidation or reorganization, any payment or distribution of
assets or securities for the Company of any kind or character,
whether in cash, property or securities, to which the Holders or
the Trustee on their behalf would be entitled, but for the
provisions of this Article Fourteen, shall be made by the Company
or by any receiver, trustee in bankruptcy, liquidating trustee,
agent or other similar Person making such payment or distribution
or by the Holders or the Trustee if received by them or it,
directly to the holders of Senior Debt (pro rata to such holders on
the basis of the respective amounts of Senior Debt held by such
holders) or their representatives or to any trustee or trustees
under any indenture pursuant to which any such Senior Debt may have
been issued, as their respective interests appear, to the extent
necessary to pay all such Senior Debt in full, in cash or cash
equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such
Senior Debt.

 

 

69

 

 

(b)           To
the extent any payment of Senior Debt (whether by or on behalf of
the Company, as proceeds of security or enforcement of any right of
setoff or otherwise) is declared to be fraudulent or preferential,
set aside or required to be paid to any receiver, trustee in
bankruptcy, liquidating trustee, agent or other similar Person
under any bankruptcy, insolvency, receivership, fraudulent
conveyance or similar law, then if such payment is recovered by, or
paid over to, such receiver, trustee in bankruptcy, liquidating
trustee or other similar Person, the Senior Debt or part thereof
originally intended to be satisfied shall be deemed to be
reinstated and outstanding as if such payment had not occurred. To
the extent the obligation to repay any Senior Debt is declared to
be fraudulent, invalid, or otherwise set aside under any
bankruptcy, insolvency, receivership, fraudulent conveyance or
similar law, then the obligation so declared fraudulent, invalid or
otherwise set aside (and all other amounts that would come due with
respect thereto had such obligation not been so affected) shall be
deemed to be reinstated and outstanding as Senior Debt for all
purposes hereof as if such declaration, invalidity or setting aside
had not occurred.

 

(c)           In
the event that, notwithstanding the provision in clause (a) above
prohibiting such payment or distribution, any payment or
distribution of assets or securities of the Company of any kind or
character, whether in cash, property or securities, shall be
received by the Trustee or any Holder at a time when such payment
or distribution is prohibited by clause (a) above and before all
obligations in respect of Senior Debt are paid in full, in cash or
cash equivalents, such payment or distribution shall be received
and held in trust for the benefit of, and shall be paid over or
delivered to, the holders of Senior Debt (pro rata to such holders
on the basis of the respective amounts of Senior Debt held by such
holders) or their representatives or to any trustee or trustees
under any indenture pursuant to which any such Senior Debt may have
been issued, as their respective interests appear, for application
to the payment of all such Senior Debt remaining unpaid, in cash or
cash equivalents, after giving effect to any concurrent payment,
distribution or provision therefor to or for the holders of such
Senior Debt.

 

(d)           For
purposes of this Section 14.3,
the words “cash, property or
securities” shall not be deemed to include, so long as
the effect of this clause is not to cause the Securities to be
treated in any case or proceeding or similar event described in
this Section 14.3 as
part of the same class of claims as the Senior Debt or any class of
claims pari
passu with, or senior to, the Senior Debt for any payment or
distribution, securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment that are
subordinated, at least to the extent that the Securities are
subordinated, to the payment of all Senior Debt then outstanding;
provided that (i) if a new corporation results from such
reorganization or readjustment, such corporation assumes the Senior
Debt and (ii) the rights of the holders of the Senior Debt are
not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company
with, or the merger of the Company with or into, another
corporation or the liquidation or dissolution of the Company
following the sale, conveyance, transfer, lease or other
disposition of all or substantially all of its property and assets
to another corporation upon the terms and conditions provided in
Section
8.1 of this Indenture shall not be deemed a dissolution,
winding up, liquidation or reorganization for the purposes of this
Section
14.3 if such other corporation shall, as a part of such
consolidation, merger, sale, conveyance, transfer, lease or other
disposition, comply (to the extent required) with the conditions
stated in Section 8.1 of
this Indenture.

 

 

70

 

 

14.4           Subrogation.

 

(a)           Upon
the payment in full of all Senior Debt in cash or cash equivalents,
the Holders shall be subrogated to the rights of the holders of
Senior Debt to receive payments or distributions of cash, property
or securities of the Company made on such Senior Debt until the
principal of, premium, if any, and interest on the Securities shall
be paid in full; and, for the purposes of such subrogation, no
payments or distributions to the holders of the Senior Debt of any
cash, property or securities to which the Holders or the Trustee on
their behalf would be entitled except for the provisions of this
Article Fourteen, and no payment pursuant to the provisions of this
Article Fourteen to the holders of Senior Debt by the Holders or
the Trustee on their behalf shall, as between the Company, its
creditors other than holders of Senior Debt, and the Holders, be
deemed to be a payment by the Company to or on account of the
Senior Debt. It is understood that the provisions of this Article
Fourteen are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of
the Senior Debt, on the other hand.

 

(b)           If
any payment or distribution to which the Holders would otherwise
have been entitled but for the provisions of this Article Fourteen
shall have been applied, pursuant to the provisions of this Article
Fourteen, to the payment of all amounts payable under Senior Debt,
then, and in such case, the Holders shall be entitled to receive
from the holders of such Senior Debt any payments or distributions
received by such holders of Senior Debt in excess of the amount
required to make payment in full, in cash or cash equivalents, of
such Senior Debt of such holders.

 

14.5           Obligations
of Company Unconditional.

 

(a)           Nothing
contained in this Article Fourteen or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as among the
Company and the Holders, the obligation of the Company, which is
absolute and unconditional, to pay to the Holders the principal of,
premium, if any, and interest on the Securities as and when the
same shall become due and payable in accordance with their terms,
or is intended to or shall affect the relative rights of the
Holders and creditors of the Company other than the holders of the
Senior Debt, nor shall anything herein or therein prevent the
Holders or the Trustee on their behalf from exercising all remedies
otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article
Fourteen of the holders of the Senior Debt.

 

(b)           Without
limiting the generality of the foregoing, nothing contained in this
Article Fourteen will restrict the right of the Trustee or the
Holders to take any action to declare the Securities to be due and
payable prior to their Stated Maturity pursuant to Section 5.1 of
this Indenture or to pursue any rights or remedies hereunder;
provided,
however, that
all Senior Debt then due and payable or thereafter declared to be
due and payable shall first be paid in full, in cash or cash
equivalents, before the Holders or the Trustee are entitled to
receive any direct or indirect payment from the Company with
respect to any Security.

 

 

71

 

 

14.6           Notice
to Trustee.

 

(a)           The
Company shall give prompt written notice to the Trustee of any fact
known to the Company that would prohibit the making of any payment
to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article Fourteen. The Trustee shall not be
charged with the knowledge of the existence of any default or event
of default with respect to any Senior Debt or of any other facts
that would prohibit the making of any payment to or by the Trustee
unless and until the Trustee shall have received notice in writing
at its Corporate Trust Office to that effect signed by an Officer
of the Company, or by a holder of Senior Debt or trustee or agent
thereof; and prior to the receipt of any such written notice, the
Trustee shall, subject to Article Six, be entitled to assume that
no such facts exist; provided that, if the Trustee shall not have
received the notice provided for in this Section 14.6 at
least two Business Days prior to the date upon which, by the terms
of this Indenture, any monies shall become payable for any purpose
(including, without limitation, the payment of the principal of,
premium, if any, or interest on any Security), then,
notwithstanding anything herein to the contrary, the Trustee shall
have full power and authority to receive any monies from the
Company and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary
that may be received by it on or after such prior date except for
an acceleration of the Securities prior to such application.
Nothing contained in this Section 14.6
shall limit the right of the holders of Senior Debt to recover
payments as contemplated by this Article Fourteen. The foregoing
shall not apply if the Paying Agent is the Company. The Trustee
shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself or itself to be a holder of any
Senior Debt (or a trustee on behalf of, or other representative of,
such holder) to establish that such notice has been given by a
holder of such Senior Debt or a trustee or representative on behalf
of any such holder.

 

(b)           In
the event that the Trustee determines in good faith that any
evidence is required with respect to the right of any Person as a
holder of Senior Debt to participate in any payment or distribution
pursuant to this Article Fourteen, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Debt held by such Person, the
extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights
of such Person under this Article Fourteen and, if such evidence is
not furnished to the Trustee, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such
Person to receive such payment.

 

14.7           Reliance
on Judicial Order or Certificate of Liquidating Agent. Upon
any payment or distribution of assets or securities referred to in
this Article Fourteen, the Trustee and the Holders shall be
entitled to rely upon any order or decree made by any court of
competent jurisdiction in which bankruptcy, dissolution, winding
up, liquidation or reorganization proceedings are pending, or upon
a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other similar Person making such payment or
distribution, delivered to the Trustee or to the Holders for the
purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Debt and other Debt of the
Company, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article Fourteen.

 

14.8           Trustee’s
Relation to Senior Debt.

 

(a)           The
Trustee and any Paying Agent shall be entitled to all the rights
set forth in this Article Fourteen with respect to any Senior Debt
that may at any time be held by it in its individual or any other
capacity to the same extent as any other holder of Senior Debt and
nothing in this Indenture shall deprive the Trustee or any Paying
Agent of any of its rights as such holder.

 

 

72

 

 

(b)           With
respect to the holders of Senior Debt, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as
are specifically set forth in this Article Fourteen, and no implied
covenants or obligations with respect to the holders of Senior Debt
shall be read into this Indenture against the Trustee. The Trustee
shall not be deemed to owe any fiduciary duty to the holders of
Senior Debt (except as provided in Section 14.2
and Section 14.3 of
this Indenture) and shall not be liable to any such holders if the
Trustee shall in good faith mistakenly pay over or distribute to
Holders of Securities or to the Company or to any other person
cash, property or securities to which any holders of Senior Debt
shall be entitled by virtue of this Article Fourteen or
otherwise.

 

14.9        
Subordination Rights
Not Impaired by Acts or Omissions of the Company or Holders of
Senior Debt. No right of any present or future holders of
any Senior Debt to enforce subordination as provided in this
Article Fourteen will at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or
by any act or failure to act, in good faith, by any such holder, or
by any noncompliance by the Company with the terms of this
Indenture, regardless of any knowledge thereof that any such holder
may have or otherwise be charged with. The provisions of this
Article Fourteen are intended to be for the benefit of, and shall
be enforceable directly by, the holders of Senior
Debt.

 

14.10      
Holders
Authorize Trustee to Effectuate Subordination of Securities.
Each Holder by his acceptance of any Securities authorizes and
expressly directs the Trustee on his behalf to take such action as
may be necessary or appropriate to effectuate the subordination
provided in this Article Fourteen, and appoints the Trustee his
attorney-in-fact for such purposes, including, in the event of any
dissolution, winding up, liquidation or reorganization of the
Company (whether in bankruptcy, insolvency, receivership,
reorganization or similar proceedings or upon an assignment for the
benefit of creditors or otherwise) tending towards liquidation of
the property and assets of the Company, the filing of a claim for
the unpaid balance of its Securities in the form required in those
proceedings. If the Trustee does not file a proper claim or proof
in indebtedness in the form required in such proceeding at least 30
days before the expiration of the time to file such claim or
claims, each holder of Senior Debt is hereby authorized to file an
appropriate claim for and on behalf of the Holders.

 

14.11      
Not to
Prevent Events of Default. The failure to make a payment on
account of principal of, premium, if any, or interest on the
Securities by reason of any provision of this Article Fourteen will
not be construed as preventing the occurrence of an Event of
Default.

 

14.12       
Trustee’s
Compensation Not Prejudiced. Nothing in this Article
Fourteen will apply to amounts due to the Trustee pursuant to other
sections of this Indenture, including Section
6.7.

 

 

73

 

 

14.13        
No Waiver
of Subordination Provisions. Without in any way limiting the
generality of Section 14.9,
the holders of Senior Debt may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders,
without incurring responsibility to the Holders and without
impairing or releasing the subordination provided in this Article
Fourteen or the obligations hereunder of the Holders to the holders
of Senior Debt, do any one or more of the following: (a) change the
manner, place or terms of payment or extend the time of payment of,
or renew or alter, Senior Debt or any instrument evidencing the
same or any agreement under which Senior Debt is outstanding or
secured; (b) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Debt; (c)
release any Person liable in any manner for the collection of
Senior Debt; and (d) exercise or refrain from exercising any rights
against the Company and any other Person.

 

14.14      
  Payments May Be Paid
Prior to Dissolution. Nothing contained in this Article
Fourteen or elsewhere in this Indenture shall prevent (i) the
Company, except under the conditions described in Section 14.2 or
Section
14.3, from making payments of principal of, premium, if any,
and interest on the Securities, or from depositing with the Trustee
any money for such payments, or (ii) the application by the
Trustee of any money deposited with it for the purpose of making
such payments of principal of, premium, if any, and interest on the
Securities to the holders entitled thereto unless, at least two
Business Days prior to the date upon which such payment becomes due
and payable, the Trustee shall have received the written notice
provided for in Section 14.2(b)
of this Indenture (or there shall have been an acceleration of the
Securities prior to such application) or in Section 14.15
of this Indenture. The Company shall give prompt written notice to
the Trustee of any dissolution, winding up, liquidation or
reorganization of the Company.

 

14.15       
Trust
Moneys Not Subordinated. Notwithstanding anything contained
herein to the contrary, payments from money or the proceeds of U.S.
Government Obligations held in trust under Article Four by the
Trustee for the payment of principal of, premium, if any, and
interest on the Securities shall not be subordinated to the prior
payment of any Senior Debt (provided that, at the time deposited,
such deposit did not violate any then outstanding Senior Debt), and
none of the Holders shall be obligated to pay over any such amount
to any holder of Senior Debt.

 

This
instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same
instrument.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the day and year first
above written.

 

	

 

	
RUMBLEON,
INC.

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
 

	

 

	

 

	

Name: 

	
 

	

 

	

 

	

Title:

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

 

	

[TRUSTEE]

	

 

 

	
 

	
By:  

	
 

	

 

	

 

	

Name: 

	
 

	

 

	

 

	

Title:

	

 

	

 

	

 

	

 

	

 

	

 

 

  

 

 

 

 

74spwh_Ex10_1

		
			 
		

		
			 
		

		
			 
		

		
			AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			Dated as of May 23, 2018
		

		
			among
		

		
			SPORTSMAN’S WAREHOUSE, INC.,
		

		
			 as the Lead Borrower
		

		
			For
		

		
			The Borrowers Party Hereto
		

		
			 
		

		
			THE BORROWERS PARTY HERETO
		

		
			THE GUARANTORS PARTY HERETO
		

		
			 
		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION,
		

		
			as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer,
		

		
			 
		

		
			THE LENDERS PARTY HERETO
		

		
			 
		

		
			U.S. BANK NATIONAL ASSOCIATION,
		

		
			as Syndication Agent
		

		
			 
		

		
			and
		

		
			 
		

		
			WELLS FARGO CAPITAL FINANCE, LLC,
		

		
			as Sole Lead Arranger
		

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			TABLE OF CONTENTS
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Section

					
					
						 

					
					
						Page

				
	
					
						ARTICLE I DEFINITIONS AND ACCOUNTING TERMS

					
1
				
	
					
						1.01

					
					
						Defined Terms

					
1
				
	
					
						1.02

					
					
						Other Interpretive Provisions

					
41
				
	
					
						1.03

					
					
						Accounting Terms

					
42
				
	
					
						1.04

					
					
						Rounding

					
42
				
	
					
						1.05

					
					
						Times of Day

					
42
				
	
					
						1.06

					
					
						Letter of Credit Amounts

					
43
				
	
					
						ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS

					
43
				
	
					
						2.01

					
					
						Loans; Reserves

					
43
				
	
					
						2.02

					
					
						Borrowings, Conversions and Continuations of Committed Revolving Loans and the Term Loan. 

					
44
				
	
					
						2.03

					
					
						Letters of Credit. 

					
45
				
	
					
						2.04

					
					
						Swing Line Loans. 

					
53
				
	
					
						2.05

					
					
						Prepayments. 

					
55
				
	
					
						2.06

					
					
						Termination or Reduction of Commitments

					
56
				
	
					
						2.07

					
					
						Repayment of Loans. 

					
57
				
	
					
						2.08

					
					
						Interest. 

					
57
				
	
					
						2.09

					
					
						Fees

					
58
				
	
					
						2.10

					
					
						Computation of Interest and Fees

					
58
				
	
					
						2.11

					
					
						Evidence of Debt. 

					
58
				
	
					
						2.12

					
					
						Payments Generally; Administrative Agent’s Clawback. 

					
59
				
	
					
						2.13

					
					
						Sharing of Payments by Lenders

					
60
				
	
					
						2.14

					
					
						Settlement Among Lenders

					
61
				
	
					
						2.15

					
					
						Increase in Revolving Commitments. 

					
61
				
	
					
						ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY; APPOINTMENT OF LEAD BORROWER

					
63
				
	
					
						3.01

					
					
						Taxes. 

					
63
				
	
					
						3.02

					
					
						Illegality

					
65
				
	
					
						3.03

					
					
						Inability to Determine Rates

					
65
				
	
					
						3.04

					
					
						Increased Costs; Reserves on LIBO Rate Loans. 

					
65
				
	
					
						3.05

					
					
						Compensation for Losses

					
67
				
	
					
						3.06

					
					
						Mitigation Obligations; Replacement of Lenders. 

					
67
				
	
					
						3.07

					
					
						Survival

					
68
				
	
					
						3.08

					
					
						Designation of Lead Borrower as Borrowers’ Agent. 

					
68
				
	
					
						ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

					
68
				
	
					
						4.01

					
					
						Conditions of Initial Credit Extension

					
68
				
	
					
						4.02

					
					
						Conditions to all Credit Extensions

					
71
				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE V REPRESENTATIONS AND WARRANTIES

					
72
				
	
					
						5.01

					
					
						Existence, Qualification and Power

					
72
				
	
					
						5.02

					
					
						Authorization; No Contravention

					
72
				
	
					
						5.03

					
					
						Governmental Authorization; Other Consents

					
72
				
	
					
						5.04

					
					
						Binding Effect

					
72
				
	
					
						5.05

					
					
						Financial Statements; No Material Adverse Effect. 

					
72
				
	
					
						5.06

					
					
						Litigation

					
73
				
	
					
						5.07

					
					
						No Default. 

					
73
				
	
					
						5.08

					
					
						Ownership of Property; Liens

					
73
				
	
					
						5.09

					
					
						Environmental Compliance

					
74
				
	
					
						5.10

					
					
						Insurance

					
74
				
	
					
						5.11

					
					
						Taxes

					
75
				
	
					
						5.12

					
					
						ERISA Compliance. 

					
75
				
	
					
						5.13

					
					
						Subsidiaries; Equity Interests

					
75
				
	
					
						5.14

					
					
						Margin Regulations; Investment Company Act; 

					
76
				
	
					
						5.15

					
					
						Disclosure

					
76
				
	
					
						5.16

					
					
						Compliance with Laws

					
76
				
	
					
						5.17

					
					
						Intellectual Property; Licenses, Etc. 

					
76
				
	
					
						5.18

					
					
						Labor Matters. 

					
77
				
	
					
						5.19

					
					
						Security Documents

					
77
				
	
					
						5.20

					
					
						Solvency

					
77
				
	
					
						5.21

					
					
						Deposit Accounts; Credit Card Arrangements. 

					
78
				
	
					
						5.22

					
					
						Brokers

					
78
				
	
					
						5.23

					
					
						Customer and Trade Relations

					
78
				
	
					
						5.24

					
					
						Material Contracts

					
78
				
	
					
						5.25

					
					
						Casualty

					
78
				
	
					
						5.26

					
					
						OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws. 

					
78
				
	
					
						5.27

					
					
						Patriot Act

					
79
				
	
					
						5.28

					
					
						Swap Contracts

					
79
				
	
					
						ARTICLE VI AFFIRMATIVE COVENANTS

					
79
				
	
					
						6.01

					
					
						Financial Statements

					
79
				
	
					
						6.02

					
					
						Certificates; Other Information

					
80
				
	
					
						6.03

					
					
						Notices

					
82
				
	
					
						6.04

					
					
						Payment of Obligations

					
83
				
	
					
						6.05

					
					
						Preservation of Existence, Etc. 

					
83
				
	
					
						6.06

					
					
						Maintenance of Properties

					
83
				
	
					
						6.07

					
					
						Maintenance of Insurance

					
83
				
	
					
						6.08

					
					
						Compliance with Laws

					
84
				
	
					
						6.09

					
					
						Books and Records; Accountants

					
84
				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						6.10

					
					
						Inspection Rights

					
85
				
	
					
						6.11

					
					
						Use of Proceeds

					
85
				
	
					
						6.12

					
					
						Additional Loan Parties

					
85
				
	
					
						6.13

					
					
						Cash Management. 

					
86
				
	
					
						6.14

					
					
						Information Regarding the Collateral. 

					
87
				
	
					
						6.15

					
					
						Physical Inventories. 

					
88
				
	
					
						6.16

					
					
						Environmental Laws. 

					
88
				
	
					
						6.17

					
					
						Further Assurances. 

					
88
				
	
					
						6.18

					
					
						Compliance with Terms of Leaseholds

					
89
				
	
					
						6.19

					
					
						Material Contracts

					
89
				
	
					
						6.20

					
					
						Real Estate

					
89
				
	
					
						6.21

					
					
						OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws

					
90
				
	
					
						6.22

					
					
						Post-Closing Covenants

					
90
				
	
					
						ARTICLE VII NEGATIVE COVENANTS

					
90
				
	
					
						7.01

					
					
						Liens

					
90
				
	
					
						7.02

					
					
						Investments

					
90
				
	
					
						7.03

					
					
						Indebtedness

					
90
				
	
					
						7.04

					
					
						Fundamental Changes

					
90
				
	
					
						7.05

					
					
						Dispositions

					
91
				
	
					
						7.06

					
					
						Restricted Payments

					
91
				
	
					
						7.07

					
					
						Prepayments of Indebtedness

					
91
				
	
					
						7.08

					
					
						Change in Nature of Business

					
92
				
	
					
						7.09

					
					
						Transactions with Affiliates

					
92
				
	
					
						7.10

					
					
						Burdensome Agreements

					
92
				
	
					
						7.11

					
					
						Use of Proceeds

					
92
				
	
					
						7.12

					
					
						Amendment of Material Documents

					
93
				
	
					
						7.13

					
					
						Fiscal Year. 

					
93
				
	
					
						7.14

					
					
						Deposit Accounts; Credit Card Processors. 

					
93
				
	
					
						7.15

					
					
						Revolving Availability. 

					
93
				
	
					
						ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES

					
93
				
	
					
						8.01

					
					
						Events of Default

					
93
				
	
					
						8.02

					
					
						Remedies Upon Event of Default

					
96
				
	
					
						8.03

					
					
						Application of Funds

					
98
				
	
					
						8.04

					
					
						Separate Claims and Separate Classifications

					
99
				
	
					
						ARTICLE IX ADMINISTRATIVE AGENT

					
100
				
	
					
						9.01

					
					
						Appointment and Authority. 

					
100
				
	
					
						9.02

					
					
						Rights as a Lender

					
100
				
	
					
						9.03

					
					
						Exculpatory Provisions

					
100
				
	
					
						9.04

					
					
						Reliance by Agents and Term Loan Agent. 

					
101
				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						9.05

					
					
						Delegation of Duties

					
102
				
	
					
						9.06

					
					
						Resignation of Agents

					
102
				
	
					
						9.07

					
					
						Non-Reliance on Administrative Agent or Term Loan Agent and Other Lenders

					
103
				
	
					
						9.08

					
					
						No Other Duties, Etc

					
103
				
	
					
						9.09

					
					
						Administrative Agent May File Proofs of Claim

					
103
				
	
					
						9.10

					
					
						Collateral and Guaranty Matters

					
104
				
	
					
						9.11

					
					
						Notice of Transfer. 

					
104
				
	
					
						9.12

					
					
						Reports and Financial Statements. 

					
104
				
	
					
						9.13

					
					
						Agency for Perfection. 

					
105
				
	
					
						9.14

					
					
						Indemnification of Agents

					
105
				
	
					
						9.15

					
					
						Relation among Lenders

					
105
				
	
					
						9.16

					
					
						Defaulting Lender. 

					
105
				
	
					
						9.17

					
					
						Providers. 

					
107
				
	
					
						9.18

					
					
						Lead Arranger; Syndication Agent. 

					
108
				
	
					
						ARTICLE X MISCELLANEOUS

					
108
				
	
					
						10.01

					
					
						Amendments, Etc. 

					
108
				
	
					
						10.02

					
					
						Notices; Effectiveness; Electronic Communications. 

					
110
				
	
					
						10.03

					
					
						No Waiver; Cumulative Remedies

					
111
				
	
					
						10.04

					
					
						Expenses; Indemnity; Damage Waiver. 

					
112
				
	
					
						10.05

					
					
						Payments Set Aside

					
113
				
	
					
						10.06

					
					
						Successors and Assigns. 

					
113
				
	
					
						10.07

					
					
						Treatment of Certain Information; Confidentiality

					
116
				
	
					
						10.08

					
					
						Right of Setoff

					
117
				
	
					
						10.09

					
					
						Interest Rate Limitation

					
117
				
	
					
						10.10

					
					
						Counterparts; Integration; Effectiveness

					
117
				
	
					
						10.11

					
					
						Survival

					
118
				
	
					
						10.12

					
					
						Severability

					
118
				
	
					
						10.13

					
					
						Replacement of Lenders

					
118
				
	
					
						10.14

					
					
						Governing Law; Jurisdiction; Etc. 

					
119
				
	
					
						10.15

					
					
						Waiver of Jury Trial

					
119
				
	
					
						10.16

					
					
						No Advisory or Fiduciary Responsibility

					
120
				
	
					
						10.17

					
					
						Patriot Act Notice

					
120
				
	
					
						10.18

					
					
						Foreign Asset Control Regulations

					
121
				
	
					
						10.19

					
					
						Time of the Essence

					
121
				
	
					
						10.20

					
					
						Press Releases. 

					
121
				
	
					
						10.21

					
					
						Additional Waivers. 

					
121
				
	
					
						10.22

					
					
						No Strict Construction. 

					
122
				
	
					
						10.23

					
					
						Attachments. 

					
122
				
	
					
						10.24

					
					
						Keepwell. 

					
122
				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						10.25

					
					
						Acknowledgment and Consent to Bail-In of EEA Financial Institutions. 

					
123
				
	
					
						10.26

					
					
						Amendment and Restatement. 

					
123
				
	
					
						SIGNATURES

					
					
						S-1

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			SCHEDULES
		

			
					
						 

					
					
						 

				
	
					
						1.01(a)

					
					
						Borrowers

				
	
					
						1.01(b)

					
					
						Borrowers’ Fiscal Calendar through Fiscal Year 2028

				
	
					
						1.02

					
					
						Existing Letters of Credit

				
	
					
						2.01

					
					
						Commitments and Applicable Percentages

				
	
					
						5.01

					
					
						Loan Parties’ Organizational Information

				
	
					
						5.05

					
					
						Material Indebtedness

				
	
					
						5.06

					
					
						Litigation

				
	
					
						5.07

					
					
						Defaults

				
	
					
						5.08(b)(1)

					
					
						Owned Real Estate

				
	
					
						5.08(b)(2)

					
					
						Leased Real Estate

				
	
					
						5.09

					
					
						Environmental Matters

				
	
					
						5.10

					
					
						Insurance

				
	
					
						5.13

					
					
						Subsidiaries; Other Equity Investments

				
	
					
						5.17

					
					
						Intellectual Property Matters

				
	
					
						5.18

					
					
						Labor Matters

				
	
					
						5.21(a)

					
					
						DDAs and Blocked Accounts

				
	
					
						5.21(b)

					
					
						Credit Card Arrangements

				
	
					
						5.24

					
					
						Material Contracts

				
	
					
						6.02

					
					
						Financial and Collateral Reporting

				
	
					
						7.01

					
					
						Existing Liens

				
	
					
						7.02

					
					
						Existing Investments

				
	
					
						7.03

					
					
						Existing Indebtedness

				
	
					
						10.02

					
					
						Administrative Agent’s Office; Certain Addresses for Notices

				

		
			 
		

		
			EXHIBITS
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						Form of

				
	
					
						 

					
					
						 

				
	
					
						A

					
					
						LIBO Rate Loan Notice

				
	
					
						B

					
					
						Swing Line Loan Notice

				
	
					
						C-1

					
					
						Revolving Note

				
	
					
						C-2

					
					
						Swing Line Note

				
	
					
						C-3

					
					
						Term Note

				
	
					
						D

					
					
						Compliance Certificate

				
	
					
						E

					
					
						Assignment and Assumption

				
	
					
						F

					
					
						Joinder Agreement

				
	
					
						G

					
					
						Borrowing Base Certificate

				
	
					
						H

					
					
						Credit Card Notification

				
	
					
						I

					
					
						Certificate of Beneficial Ownership

				

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of May 23, 2018, among SPORTSMAN’S WAREHOUSE, INC., a Utah corporation (the “Lead Borrower”), the Persons named on Schedule 1.01(a) hereto (collectively, the “Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”),
		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer,
		

		
			U.S. BANK NATIONAL ASSOCIATION, as Syndication Agent, and
		

		
			WELLS FARGO CAPITAL FINANCE, LLC, as Lead Arranger.
		

		
			W I T N E S S E T H:
		

		
			WHERAS, the Borrowers have requested that the Revolving Lenders provide a revolving credit facility and the Term Lenders make a term loan, and the Lenders have indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue Letters of Credit, in each case on the terms and conditions set forth herein.
		

		
			WHEREAS, prior to the date of this Agreement, the Borrowers, on the one hand, and Wells Fargo Bank, National Association (as successor by merger to Wells Fargo Retail Finance, LLC), as Administrative Agent and Collateral Agent thereunder, and the lenders party thereto, on the other hand, previously entered into a Credit Agreement dated as of May 28, 2010 (as amended and in effect, the “Existing Credit Agreement”), pursuant to which the lenders party thereto provided the Borrowers with certain financial accommodations;
		

		
			WHEREAS, in accordance with Section 10.01 of the Existing Credit Agreement, the Borrowers, the Lenders, and the Agent desire to amend and restate the Existing Credit Agreement as provided herein.
		

		
			NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned hereby agree that the Existing Credit Agreement shall be amended and restated in its entirety to read as set forth herein (it being agreed that this Agreement shall not be deemed to evidence or result in a novation or repayment and reborrowing of the Obligations under the Existing Credit Agreement):
		

		
			1. DEFINITIONS AND ACCOUNTING TERMS
		

		
			(a)          Defined Terms.  As used in this Agreement, the following terms shall have the meanings set forth below:
		

		
			“Accelerated Borrowing Base Delivery Event” means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Revolving Availability at least equal to twenty percent (20%) of the Adjusted Combined Loan Cap at any time.  For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing at the Administrative Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Revolving Availability as required hereunder, until Revolving Availability has exceeded twenty percent (20%) of the Adjusted Combined Loan Cap for forty-two (42) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing for purposes of this Agreement.  The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.
		

		
			“ACH” means automated clearing house transfers.
		

		
			
		

		
			

		 

		

			1

		

 

		

		
			 
		

		
			“Accommodation Payment” as defined in Section 10(u)(D).
		

		
			“Account” means “accounts” as defined in the UCC, and also means a right to payment of a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a policy of insurance issued or to be issued, (d) for a secondary obligation incurred or to be incurred, (e) for energy provided or to be provided, (f) for the use or hire of a vessel under a charter or other contract, (g) arising out of the use of a credit or charge card or information contained on or for use with the card, or (h) as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state.  The term “Account” includes health-care-insurance receivables.
		

		
			“Acquisition” means, with respect to any Person (a) an Investment in, or a purchase of a Controlling interest in, the Equity Interests of any other Person, (b) a purchase or other acquisition of all or substantially all of the assets or properties of, another Person or of any business unit of another Person, or (c) any merger or consolidation of such Person with any other Person or other transaction or series of transactions resulting in the acquisition of all or substantially all of the assets, or a Controlling interest in the Equity Interests, of any Person, in each case in any transaction or group of transactions which are part of a common plan.  Notwithstanding the foregoing, in no event will any Plan Redemption Payment be construed to be an Acquisition for purposes of this Agreement.
		

		
			“Act” shall have the meaning provided in Section 10(r).
		

		
			“Additional Payment Conditions” means satisfaction of the following, with respect to any Acquisition: (i) No Event of Default has occurred and is continuing or would result after giving effect to the consummation of such Acquisition, and (ii) (a) at all times during the 90 day period immediately preceding the consummation of such Acquisition and (b) immediately after giving effect to the consummation of such Acquisition, Revolving Availability shall not be less than 30% of the Adjusted Combined Loan Cap and (iii) the Administrative Agent shall have received projections reasonably satisfactory to the Administrative Agent as determined on a pro forma basis, for the 180 day period immediately following the consummation of such Acquisition (after giving pro-forma effect thereto), that reflect the Borrowers collectively shall have Revolving Availability of at least 30% of the Adjusted Combined Loan Cap; it being understood and agreed that it shall not constitute a breach of this requirement if Revolving Availability subsequently is less than 30% of the Adjusted Combined Loan Cap so long as the projection thereof is based on the good faith estimate of the Borrowers at the time of such payment. Prior to undertaking any transaction or payment which is subject to the Additional Payment Conditions, the Loan Parties shall deliver to the Administrative Agent (x) an updated Borrowing Base Certificate giving effect to such transaction or payment, and (y) evidence of satisfaction of the conditions contained in clauses (ii) and (iii) above on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent.
		

		
			“Adjusted Combined Loan Cap” means, at any time of determination, the sum of (i) the Revolving Loan Cap (calculated without subtracting the Term Loan Reserve from the Revolving Borrowing Base), plus (ii) the lesser of (x) the outstanding amount of the Term Loan, or (y) the Term Loan Borrowing Base.
		

		
			“Adjustment Date” means (i) initially, September 2, 2018, and (ii) thereafter, the first day of each Fiscal Quarter, commencing November 4, 2018.
		

		
			“Administrative Agent” means Wells Fargo, in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.
		

		
			“Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Lead Borrower and the Lenders.
		

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

		
			
		

		
			

		 

		

			2

		

 

		

		
			 
		

		
			“Affiliate” means, with respect to any Person, (i) 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, (ii) any director, officer, managing member, partner, trustee, or beneficiary of that Person, (iii) any other Person directly or indirectly holding 20% or more of any class of the Equity Interests of that Person, and (iv) any other Person 20% or more of any class of whose Equity Interests is held directly or indirectly by that Person.
		

		
			“Agent(s)” means, individually, the Administrative Agent or the Collateral Agent, and collectively means both of them.
		

		
			“Agent Parties” shall have the meaning specified in Section 10.02(c).
		

		
			“Aggregate Revolving Commitments” means the Revolving Commitments of all the Revolving Lenders.  As of the Restatement Date, the Aggregate Revolving Commitments are $250,000,000.
		

		
			“Agreement” means this Credit Agreement.
		

		
			“Allocable Amount” has the meaning specified in Section 10(u)(D).
		

		
			“Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and regulations or ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business.
		

		
			“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.
		

		
			“Applicable Lenders” means the Required Lenders, the Required Revolving Lenders, the Required Term Lenders, and all affected Lenders, or all Lenders, as the context may require.
		

		
			“Applicable Margin” means:
		

		
			(i)           From and after the Restatement Date until the first Adjustment Date, the percentages set forth in Level I of the pricing grid below; and
		

		
			(ii)          From and after the first Adjustment Date and on each Adjustment Date thereafter, the Applicable Margin shall be determined from the following pricing grid based upon the Average Daily Availability as of the Fiscal Quarter ended immediately preceding such Adjustment Date; provided, however, that notwithstanding anything to the contrary set forth herein, upon the occurrence and continuation of an Event of Default, the Administrative Agent may, and at the direction of the Required Lenders shall, immediately increase the Applicable Margin to that set forth in Level III (even if the Average Daily Availability requirements for a different Level have been met) and interest shall accrue at the Default Rate; provided further if any Borrowing Base Certificates are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in any Borrowing Base Certificates otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand.
		

		
			
		

		

		 

		

			3

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Level

					
						 

					
					
						Average Daily
Availability

					
					
						LIBOR 
Margin

					
					
						Base Rate
Margin

				
	
					
						I

					
					
						Greater than or equal to 50% of the Revolving Loan Cap

					
					
						1.25%

					
					
						0.25%

				
	
					
						II

					
					
						Greater than or equal to 25% of the Revolving Loan Cap but less than 50% of the Revolving Loan Cap

					
					
						1.50%

					
					
						0.50%

				
	
					
						III

					
					
						Less than 25% of the Revolving Loan Cap

					
					
						1.75%

					
					
						0.75%

				

		
			 
		

		
			“Applicable Percentage” means, in each case as the context requires, (a) with respect to each Credit Extension under the Revolving Commitments, the Revolving Applicable Percentage, (b) with respect to any Term Lender at any time, the percentage of the aggregate Term Loans represented by the outstanding principal balance such Term Lender’s Term Loan at such time, and (c) with respect to all Lenders at any time, the percentage of the sum of the Aggregate Revolving Commitments represented by the sum of such Lender’s Revolving Commitment and the outstanding principal balance of such Lender’s Term Loan at such time, in each case as the context provides.  If the Revolving Commitments have been terminated pursuant to Section 2.06 or Section 8.02 or if the Aggregate Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender shall be determined based on the Applicable Percentage of such Revolving Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.
		

		
			“Applicable Rate” means, at any time of calculation, (a) with respect to Commercial Letters of Credit, a per annum rate equal to the Applicable Margin for Loans which are LIBO Rate Loans less .50%, and (b) with respect to Standby Letters of Credit, a per annum rate equal to the Applicable Margin for Loans which are LIBO Rate Loans.
		

		
			“Appraised Value” means, with respect to the Borrowers’ Eligible Inventory, the appraised orderly liquidation value, net of costs and expenses to be incurred in connection with any such liquidation, which value is expressed as a percentage of Cost of the Borrowers’ Eligible Inventory as set forth in the Borrowers’ inventory stock ledger, which value shall be determined from time to time by the most recent appraisal undertaken by an independent appraiser engaged by the Administrative Agent.
		

		
			“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, (c) an entity or an Affiliate of an entity that administers or manages a Lender or (d) the same investment advisor or an advisor under common control with such Lender, Affiliate or advisor, as applicable.
		

		
			“Arranger” means Wells Fargo Capital Finance, LLC, in its capacity as sole lead arranger and sole book manager.
		

		
			“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.
		

		
			“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10(f)(B)), and accepted by the Administrative Agent, in substantially the form of Exhibit E or any other form approved by the Administrative Agent.
		

		
			“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease Obligation of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease, agreement or instrument were accounted for as a capital lease.
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			 
		

		
			“Audited Financial Statements” means the audited consolidated balance sheet of the Parent and its Subsidiaries for the Fiscal Year ended February 3, 2018, and the related consolidated statements of income or operations, Shareholders’ Equity and cash flows for such Fiscal Year of the Parent and its Subsidiaries, including the notes thereto.
		

		
			“Availability Period” means the period from and including the Restatement Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Revolving Lender to make Committed Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section 8(b).
		

		
			“Availability Reserves” means, without duplication of any other Reserves or items to the extent such items are otherwise addressed or excluded through eligibility criteria, such reserves as the Administrative Agent from time to time determines in its reasonable business discretion as being appropriate (a) to reflect the impediments to the Agents’ ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Administrative Agent determines will need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of a Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Administrative Agent’s reasonable business discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States, to the extent such Inventory is included in Eligible Inventory; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Collateral Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (vii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Collateral Agent in the Collateral, (viii) amounts due to vendors on account of consigned goods, (ix) Cash Management Reserves, and (x) Bank Products Reserves.
		

		
			“Average Daily Availability” shall mean the average daily Revolving Availability for the immediately preceding three month period.
		

		
			“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.
		

		
			“Bank Products” means any services or facilities provided to any Loan Party by the Administrative Agent, any Lender, or any of their respective Affiliates (but excluding Cash Management Services) including, without limitation, on account of (a) Swap Contracts, (b) merchant services constituting a line of credit, (c) leasing, (d) Factored Receivables, (e) purchase cards, (f) credit or debit cards, and (g) supply chain finance services including, without limitation, trade payable services and supplier accounts receivable purchases.
		

		
			“Bank Products Cap” means the lesser of (i) the aggregate amount of Obligations in respect of Bank Products then outstanding, or (ii) the sum of $2,500,000 plus the aggregate amount of Obligations in respect of Bank Products that is subject to a Bank Products Reserve.
		

		
			“Bank Products Reserves” means such reserves as the Administrative Agent from time to time determines in its discretion as being appropriate to reflect the liabilities and obligations of the Loan Parties with respect to Bank Products then provided or outstanding.
		

		
			“Bankruptcy Court” shall mean the United States Bankruptcy Court for the District of Delaware.
		

		
			
		

		
			

		 

		

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			“Base Rate”  means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBO Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis), plus one percentage point, and (c) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (c) shall be deemed to be zero).
		

		
			“Base Rate Loan” means a Loan that bears interest based on the Base Rate.
		

		
			“Beneficial Owner” means, for each Borrower, each of the following:  (a) each individual, if any, who, directly or indirectly, owns 25% or more of such Borrower’s Equity Interests; and (b) a single individual with significant responsibility to control, manage, or direct such Borrower.
		

		
			“Blocked Account” has the meaning provided in Section 6(m)(A)(xiv).
		

		
			“Blocked Account Agreement” means with respect to an account established by a Loan Party, an agreement, in form and substance satisfactory to the Collateral Agent, establishing control (as defined in the UCC) of such account by the Collateral Agent and whereby the bank maintaining such account agrees, upon the occurrence and during the continuance of a Cash Dominion Event, to comply only with the instructions originated by the Collateral Agent without the further consent of any Loan Party.
		

		
			“Blocked Account Bank” means each bank with whom deposit accounts are maintained in which any funds of any of the Loan Parties from one or more DDAs are concentrated and with whom a Blocked Account Agreement has been, or is required to be, executed in accordance with the terms hereof.
		

		
			“Borrower Materials” has the meaning specified in Section 6(b).
		

		
			“Borrowers” has the meaning specified in the introductory paragraph hereto.
		

		
			“Borrowing” means a Committed Revolving Borrowing, a Swing Line Borrowing or the Term Borrowing, as the context may require.
		

		
			“Borrowing Base” means the Revolving Borrowing Base or the Term Loan Borrowing Base.
		

		
			“Borrowing Base Certificate” means a certificate substantially in the form of Exhibit G hereto (with such changes therein as may be required by the Administrative Agent to reflect the components of and reserves against the Borrowing Base as provided for hereunder from time to time), executed and certified as accurate and complete by a Responsible Officer of the Lead Borrower which shall include appropriate exhibits, schedules, supporting documentation, and additional reports as reasonably requested by the Administrative Agent.
		

		
			“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any LIBO Rate Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market.
		

		
			“Capital Expenditures” means, with respect to any Person for any period, (a) all expenditures made (whether made in the form of cash or other property) or costs incurred for the acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and maintenance which are properly charged to current operations), in each case that are (or should be) set forth as capital expenditures in a Consolidated statement of cash flows of such Person for such period, in each case prepared in accordance with GAAP, and (b) Capital Lease Obligations incurred by a Person during such period.
		

		
			
		

		
			

		 

		

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			“Capital Lease Obligations” means, with respect to any Person for any period, 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 liabilities on a balance sheet of such Person under GAAP and the amount of which obligations shall be the capitalized amount thereof determined in accordance with GAAP.
		

		
			“Cash Collateral Account” means a non-interest bearing account established by one or more of the Loan Parties with Wells Fargo, and in the name of the Collateral Agent (or as the Collateral Agent shall otherwise direct) and under the sole and exclusive dominion and control of the Collateral Agent, in which deposits are required to be made in accordance with Section 2.03(k) or 8(b)(i)(3).
		

		
			“Cash Collateralize” has the meaning specified in Section 2.03(k).  Derivatives of such term have corresponding meanings.
		

		
			“Cash Dominion Event” means either (a) the occurrence and continuance of any Event of Default, or (b) the failure of the Borrowers to maintain Revolving Availability at least equal to twenty percent (20%) of the Adjusted Combined Loan Cap at any time.  For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing at the Agent’s option (i) so long as such Event of Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Revolving Availability as required hereunder, until Revolving Availability has exceeded 20% of the Adjusted Combined Loan Cap for ninety (90) consecutive Business Days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion Event shall be deemed continuing (even if an Event of Default is no longer continuing and/or Revolving Availability exceeds the required amount for ninety (90) consecutive Business Days) at all times after a Cash Dominion Event has occurred and been discontinued on two (2) occasions after the Restatement Date. The termination of a Cash Dominion Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Cash Dominion Event in the event that the conditions set forth in this definition again arise.
		

		
			“Cash Management Reserves ” means such reserves as the Administrative Agent, from time to time, determines in its reasonable business discretion as being appropriate to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash Management Services then provided or outstanding.
		

		
			“Cash Management Services” means any one or more of the following types or services or facilities provided to any Loan Party by the Administrative Agent, any Lender, or any of their respective Affiliates: (a) ACH transactions, (b) cash management services, including, without limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer services, (c) foreign exchange facilities, (d) credit card processing services, and (e) merchant services not constituting a Bank Product.
		

		
			“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq.
		

		
			“CERCLIS” means the Comprehensive Environmental Response, Compensation, and Liability Information System maintained by the United States Environmental Protection Agency.
		

		
			“Certificate of Beneficial Ownership” means, for each Borrower, a certificate in substantially the form of Exhibit I hereto (as amended or modified by the Administrative Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of such Borrower.
		

		
			“CFC” means a controlled foreign corporation (as that term is defined in the Code) in which any Loan Party is a "United States shareholder" within the meaning of Section 951(b) of the Code.
		

		
			“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation 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
		

		
			
		

		
			

		 

		

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			Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
		

		
			“Change of Control” means any event, transaction or occurrence as a result of which (a) any “person” or “group” (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the date hereof) shall own, directly or indirectly, beneficially or of record, shares representing more than 35.0% of the aggregate economic interests in, or the ordinary voting power represented by, the issued and outstanding capital stock of the Parent, (b) a majority of the seats (other than vacant seats) on the board of directors of the Parent shall at any time be occupied by persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated, (c) any change in control (or similar event, however denominated) with respect to the Parent or any Subsidiary of the Parent shall occur under and as defined in any indenture or agreement in respect of Material Indebtedness to which the Parent or any Subsidiary of the Parent is a party, or (d) the Parent shall cease to directly own, beneficially and of record, 100% of the issued and outstanding Equity Interests of the Lead Borrower, or (e) the Lead Borrower ceases to own and control all of the Equity Interests of any of its Subsidiaries.
		

		
			“Closing Date” means May 28, 2010.
		

		
			“Code” means the Internal Revenue Code of 1986, and the regulations promulgated thereunder, as amended and in effect.
		

		
			“Collateral” means any and all “Collateral” or “Mortgaged Property” as defined in any applicable Security Document and all other property that is to be subject to Liens in favor of the Collateral Agent under the terms of the Security Documents.
		

		
			“Collateral Access Agreement” means an agreement reasonably satisfactory in form and substance to the Agents executed by (a) a bailee or other Person in possession of Collateral, and (b) each landlord of Real Estate leased by any Loan Party, pursuant to which such Person (i) acknowledges the Collateral Agent’s Lien on the Collateral, (ii) releases such Person’s Liens in the Collateral held by such Person or located on such Real Estate, (iii) provides the Collateral Agent with access to the Collateral held by such bailee or other Person or located in or on such Real Estate, (iv) as to any landlord, provides the Collateral Agent with a reasonable time to sell and dispose of the Collateral from such Real Estate, and (v) makes such other agreements with the Collateral Agent as the Agents may reasonably require.
		

		
			“Collateral Agent” means Wells Fargo, acting in such capacity for its own benefit and the ratable benefit of the other Credit Parties.
		

		
			“Collection Account” has the meaning provided in Section 6(m)(B).
		

		
			“Combined Borrowing Base” means the sum of the Revolving Borrowing Base and the Term Loan Borrowing Base.
		

		
			“Combined Loan Cap” means, at any time of determination, the sum of (i) the Revolving Loan Cap, plus (ii) the lesser of (x) the outstanding amount of the Term Loan, or (y) the Term Loan Borrowing Base.
		

		
			“Commercial Letter of Credit” means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Borrower in the ordinary course of business of such Borrower.
		

		
			“Commercial Letter of Credit Agreement” means the Commercial Letter of Credit Agreement relating to the issuance of a Commercial Letter of Credit in the form from time to time in use by the L/C Issuer.
		

		
			
		

		
			

		 

		

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			“Commitment” means, as to each Lender, such Lender’s Revolving Commitment or Term Commitment, as applicable.
		

		
			“Committed Revolving Borrowing” means a borrowing consisting of simultaneous Committed Revolving Loans of the same Type and, in the case of LIBO Rate Loans which are Committed Revolving Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to Section (a).
		

		
			“Committed Revolving Loan” has the meaning specified in Section (a).
		

		
			“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.
		

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

		
			“Consent” means actual consent given by a Lender from whom such consent is sought; or the passage of seven (7) Business Days from receipt of written notice to a Lender from the Administrative Agent of a proposed course of action to be followed by the Administrative Agent without such Lender’s giving the Administrative Agent written notice of that Lender’s objection to such course of action.
		

		
			“Consolidated” means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term, test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition or operating results of such Person and its Subsidiaries.
		

		
			“Contractual Obligation” means, as to any Person, any provision 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.
		

		
			“Cost” means the lower of cost or market value of Inventory, based upon the Borrowers’ accounting practices, known to the Administrative Agent, which practices are in effect on the Restatement Date as such calculated cost is determined from invoices received by the Borrowers, the Borrowers’ purchase journals or the Borrowers’ stock ledger.  “Cost” does not include inventory capitalization costs or other non‐purchase price charges (such as freight) used in the Borrowers’ calculation of cost of goods sold.
		

		
			“Credit Card Issuer” shall mean any person (other than a Borrower or other Loan Party) who issues or whose members issue credit cards, including, without limitation, MasterCard or VISA bank credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club, Carte Blanche and other non-bank credit or debit cards, including, without limitation, credit or debit cards issued by or through American Express Travel Related Services Company, Inc.,  and Novus Services, Inc. and other issuers approved by the Agent.
		

		
			“Credit Card Processor” shall mean any servicing or processing agent or any factor or financial intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Borrower’s sales transactions involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit Card Issuer.
		

		
			“Credit Card Notifications” has the meaning provided in Section 6(m)(A)(xiii).
		

		
			“Credit Card Receivables” means each “Account” and each “Payment Intangible” (each as defined in the UCC) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Loan Party resulting from charges by a customer of a Loan Party on credit or debit cards issued by such Credit Card Issuer issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan Party, in each case in the ordinary course of its business.
		

		
			
		

		
			

		 

		

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			“Credit Extensions” mean each of the following: (a) a Borrowing and (b) an L/C Credit Extension.
		

		
			“Credit Party” or “Credit Parties” means (a) individually, (i) each Lender and its Affiliates, (ii) each Agent, (iii) the Term Loan Agent, (iv) the Arranger, (v) each L/C Issuer, (vi) each beneficiary of each indemnification obligation undertaken by any Loan Party under any Loan Document, (vii) any other Person to whom Obligations under this Agreement and other Loan Documents are owing, and (viii) the successors and assigns of each of the foregoing, and (b) collectively, all of the foregoing.
		

		
			“Credit Party Expenses” means, without limitation, (a) all reasonable out-of-pocket expenses incurred by the Agents, the Term Loan Agent and their respective Affiliates, in connection with this Agreement and the other Loan Documents, including without limitation (i) the reasonable fees, charges and disbursements of (A) counsel for the Agents and the Term Loan Agent, (B) outside consultants for the Agent and the Term Loan Agent, (C) appraisers, (D) commercial finance examinations, (E) photocopying, notarization, couriers and messengers, telecommunication, public record searches, filing fees, recording fees and publication, (F) the Agents’ customary fees and charges imposed or incurred in connection with any background checks or OFAC/PEP searches related to any Loan Party or its Subsidiaries, and (G) all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Obligations, (ii) in connection with (A) the syndication of the credit facilities provided for herein, (B) the preparation, negotiation, administration, management, execution and delivery of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (C) the enforcement or protection of their rights in connection with this Agreement or the Loan Documents or efforts to preserve, protect, collect, or enforce the Collateral (including, without limitation, in connection with, during the continuation of an Event of Default, gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated), or (D) any workout, restructuring or negotiations in respect of any Obligations, (iii) all customary fees and charges (as adjusted from time to time) of the Agents and the Term Loan Agent with respect to the disbursement of funds (or the receipt of funds) to or for the account of Borrowers (whether by wire transfer or otherwise), together with any out-of-pocket costs and expenses incurred in connection therewith, and (iv) customary charges imposed or incurred by the Administrative Agent resulting from the dishonor of checks payable by or to any Loan Party; (b) with respect to the L/C Issuer, and its Affiliates, all reasonable out-of-pocket expenses incurred in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder; and (c) all reasonable out-of-pocket expenses incurred by the Credit Parties who are not the Agents, the Term Loan Agent, the L/C Issuer or any Affiliate of any of them, after the occurrence and during the continuance of an Event of Default, provided that such Credit Parties shall be entitled to reimbursement for no more than (1) one counsel representing the Agents for all such Credit Parties other than the Term Loan Agent and the Term Lenders (absent a conflict of interest in which case the Credit Parties may engage and be reimbursed for additional counsel, (2) one counsel representing the Term Loan Agent, and (3) one counsel representing the other Term Lenders.
		

		
			“Customer Credit Liabilities” means at any time, the aggregate remaining value at such time of (a) outstanding gift certificates and gift cards of the Borrowers entitling the holder thereof to use all or a portion of the certificate or gift card to pay all or a portion of the purchase price for any Inventory, (b) outstanding merchandise credits of the Borrowers, (c) layaway obligations of the Borrowers, and (d) liabilities in connection with frequent shopping programs of the Borrowers.
		

		
			“Customer Deposits” means deposits made by customers with respect to the purchase of goods or the performance of services.
		

		
			“DDA” means each checking, savings or other demand deposit account maintained by any of the Loan Parties other than the Blocked Accounts.  All funds in each DDA shall be conclusively presumed to be Collateral and proceeds of Collateral and the Agents and the Lenders shall have no duty to inquire as to the source of the amounts on deposit in any DDA.
		

		
			“DDA Notification” has the meaning provided therefor in Section 6(m)(F).
		

		
			“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership,
		

		
			
		

		
			

		 

		

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			insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
		

		
			“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.
		

		
			“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees and the Term Loan, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Margin, if any, applicable to Base Rate Loans, plus (iii) 2% per annum; provided, however, that with respect to a LIBO Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Margin) otherwise applicable to such Loan plus 2% per annum, (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate for Standby Letters of Credit or Commercial Letters of Credit, as applicable, plus 2% per annum, and (c) when used with respect to Obligations in respect of the Term Loan, an interest rate equal to the Term Loan Interest Rate plus 2% per annum.
		

		
			“Defaulting Lender” means any Revolving Lender that (a) has failed to (i) fund all or any portion of its Committed Revolving Loans, participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within two (2) Business Days of the date required to be funded hereunder, or (ii) pay to Administrative Agent, L/C Issuer, 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 any Borrower, Administrative Agent or L/C Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by Administrative Agent or Lead Borrower, to confirm in writing to Administrative Agent and Lead Borrower that it will comply with its prospective funding obligations hereunder (provided, that such Revolving Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Administrative Agent and Lead Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of any proceeding under any Debtor Relief Laws, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided, that a Revolving 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 Revolving 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 Revolving Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Revolving Lender.  Any determination by Administrative Agent that a Revolving 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 Revolving Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to Lead Borrower, L/C Issuer, and each Lender.
		

		
			“Defaulting Lender Rate” means (a) for the first three (3) days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Committed Revolving Loans that are Base Rate Loans (inclusive of the Applicable Margin applicable thereto).
		

		
			“DIP Financing” means, in connection with a proceeding under any Debtor Relief Laws with respect to a Loan Party, the consensual use of cash collateral by, or the provision of financing or financial accommodations to such Loan Party (including, in either event, all of the terms and conditions established and/or approved in connection with the consensual use of cash collateral, financing or financial accommodations) by one or more Credit Parties, permitted under and subject to applicable Law, and pursuant to an order of a court of competent jurisdiction.
		

		
			“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) and any sale, transfer, license or other disposition of (whether in one transaction or in a series of transactions) of any property (including, without limitation, any Equity Interests) by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.
		

		
			
		

		
			

		 

		

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			“Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, or is convertible into or exchangeable for debt securities or any Equity Interest described in this clause (a), in each case, in whole or in part and on or prior to the date that is 91 days after the date on which the Loans mature, or (b) has the benefit of any covenants that restrict the payment of the Obligations or that are debt-multiple or income-multiple based (i.e., financial covenants); provided,  however, that (i) only the portion of such Equity Interests which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock and (ii) with respect to any Equity Interests issued to any employee or to any plan for the benefit of employees of the Lead Borrower or its Subsidiaries or by any such plan to such employees, such Equity Interest shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Lead Borrower or one of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, resignation, death or disability and if any class of Equity Interest of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of an Equity Interest that is not Disqualified Stock, such Equity Interests shall not be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Equity Interest that would constitute Disqualified Stock solely because the holders thereof have the right to require a Loan Party to repurchase such Equity Interest upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock.  The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that the Lead Borrower and its Subsidiaries may become obligated to pay upon maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock or portion thereof, plus accrued dividends.
		

		
			“Dollars” and “$” mean lawful money of the United States.
		

		
			“Drawing Document” means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit.
		

		
			“Drawing Document” means any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit, including by electronic transmission such as SWIFT, electronic mail, facsimile or computer generated communication.
		

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

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

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

		
			“Eligible Assignee” means (a) a Credit Party or any of its Affiliates; (b) a bank, insurance company, or company engaged in the business of making commercial loans (provided that, in the case of an assignment of a Revolving Commitment, such Person, together with its Affiliates, has a combined capital and surplus in excess of $250,000,000); (c) an Approved Fund; (d) any Person to whom a Credit Party assigns its rights and obligations under this Agreement as part of an assignment and transfer of such Credit Party’s rights in and to a material portion of such Credit Party’s portfolio of asset based credit facilities, and (e) any other Person (other than a natural person) approved by (i) the Administrative Agent, the L/C Issuer, the Swing Line Lender and, in the case of an assignment of a portion of the Term Loan, the Term Loan Agent, and (ii) unless an Event of Default has occurred and is continuing, the Lead Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (x) a Loan Party or any of the Loan Parties’ Affiliates or Subsidiaries, or (y) a Defaulting Lender or any of its Affiliates or Subsidiaries.
		

		
			
		

		
			

		 

		

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			“Eligible Credit Card Receivables” means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination, as determined by the Administrative Agent in its reasonable business discretion: such Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Borrower from a Credit Card Issuer or Credit Card Processor, and in each case originated in the ordinary course of business of such Borrower, and (ii) in each case is acceptable to the Administrative Agent in its discretion, and is not ineligible for inclusion in the calculation of a Borrowing Base pursuant to any of clauses (a) through (i) below.  Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, such Credit Card Receivable shall indicate no Person other than a Borrower as payee or remittance party.  In determining the amount to be so included, the face amount of a Credit Card Receivable shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Borrower may be obligated to rebate to a customer, a Credit Card Issuer or Credit Card Processor pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Credit Card Receivable but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable.  Except as otherwise agreed by the Administrative Agent, any Credit Card Receivable included within any of the following categories shall not constitute an Eligible Credit Card Receivable:
		

		
			(a)          Credit Card Receivables which do not constitute a “payment intangible” (as defined in the UCC);
		

		
			(b)          Credit Card Receivables that have been outstanding for more than five (5) Business Days from the date of sale;
		

		
			(c)          Credit Card Receivables (i) that are not subject to a perfected first‐priority security interest in favor of the Agent, or (ii) with respect to which a Borrower does not have good, valid and marketable title thereto, free and clear of any Lien (other than Liens granted to the Collateral Agent, and those Liens specified in clauses (a), (e), and (q) of the definition of Permitted Encumbrances)
		

		
			(d)          Credit Card Receivables that are not subject to a first priority security interest in favor of the Collateral Agent (it being the intent that chargebacks in the ordinary course by the credit card processors shall not be deemed violative of this clause);
		

		
			(e)          Credit Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback has been asserted (to the extent of such claim, counterclaim, offset or chargeback);
		

		
			(f)           Credit Card Receivables as to which the Credit Card Issuer or Credit Card Processor has the right under certain circumstances to require a Loan Party to repurchase the Credit Card Receivables from such Credit Card Issuer or Credit Card Processor;
		

		
			(g)          Credit Card Receivables due from a Credit Card Issuer or Credit Card Processor which is the subject of any bankruptcy or insolvency proceedings;
		

		
			(h)          Credit Card Receivables which are not a valid, legally enforceable obligation of the applicable Credit Card Issuer or Credit Card Processor with respect thereto;
		

		
			(i)           Credit Card Receivables which do not conform to all representations, warranties or other provisions in the Loan Documents relating to Credit Card Receivables; or
		

		
			(j)           Credit Card Receivables which the Administrative Agent determines in its reasonable business discretion to be uncertain of collection or which do not meet such other reasonable eligibility criteria for Credit Card Receivables as the Administrative Agent may determine in its reasonable business discretion.
		

		
			
		

		
			

		 

		

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			“Eligible Inventory” means, as of the date of determination thereof, items of Inventory of a Borrower that are finished goods, merchantable and readily saleable to the public in the ordinary course of a Borrower’s business deemed by the Administrative Agent in its reasonable business discretion to be eligible for inclusion in the calculation of a Borrowing Base, in each case that, except as otherwise agreed by the Administrative Agent, complies with each of the representations and warranties respecting Inventory made by the Borrowers in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the criteria set forth below.  Except as otherwise agreed by the Administrative Agent, the following items of Inventory shall not be included in Eligible Inventory:
		

		
			(a)          Inventory that is not solely owned by a Borrower or a Borrower does not have good and valid title thereto;
		

		
			(b)          Inventory that is leased by or is on consignment to a Borrower or which is consigned by a Borrower to a Person which is not a Loan Party;
		

		
			(c)          Inventory that is not located in the United States of America (excluding territories or possessions of the United States);
		

		
			(d)          Inventory at a location that is not owned or leased by a Borrower, except to the extent that the Borrowers have furnished the Administrative Agent with (i) any UCC financing statements or other documents that the Administrative Agent may determine to be necessary to perfect its security interest in such Inventory at such location, and (ii) a Collateral Access Agreement executed by the Person owning any such location on terms reasonably acceptable to the Administrative Agent;
		

		
			(e)          Inventory that is located in a distribution center or warehouse leased by a Borrower, unless the applicable lessor has delivered to the Collateral Agent, if requested by the Collateral Agent, a Collateral Access Agreement;
		

		
			(f)           Inventory that is comprised of goods which (i) are damaged, defective, “seconds,” or otherwise unmerchantable, (ii) are to be returned to the vendor, (iii) are obsolete or slow moving, or custom items, work‐in‐process, raw materials, or that constitute spare parts, promotional, marketing, packaging and shipping materials or supplies used or consumed in a Borrower’s business, (iv) are seasonal in nature and which have been packed away for sale in the subsequent season, (v) not in compliance with all standards imposed by any Governmental Authority having regulatory authority over such Inventory, its use or sale, or (vi) are bill and hold goods;
		

		
			(g)          Inventory that is not subject to a perfected first‐priority security interest in favor of the Collateral Agent;
		

		
			(h)          Inventory that consists of samples, labels, bags, packaging, and other similar non-merchandise categories;
		

		
			(i)           Inventory that is not insured in compliance with the provisions of Section 5(j) hereof;
		

		
			(j)           Inventory that has been sold but not yet delivered or as to which a Borrower has accepted a deposit;
		

		
			(k)          Inventory that is subject to any licensing, patent, royalty, trademark, trade name or copyright agreement with any third party from which any Borrower or any of its Subsidiaries has received notice of a dispute in respect of any such agreement; or
		

		
			(l)           Inventory acquired in a Permitted Acquisition or which is not acquired other than for the purpose of sale in a Store in the ordinary course of a Borrower’s business, unless and until the Collateral Agent has completed or received (A) an appraisal of such Inventory from appraisers satisfactory to the Collateral Agent, establishes an Inventory Advance Rate and Inventory Reserves (if applicable) therefor, and
		

		
			
		

		
			

		 

		

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			otherwise agrees that such Inventory shall be deemed Eligible Inventory, and (B) such other due diligence as the Agents may require, all of the results of the foregoing to be reasonably satisfactory to the Agents.
		

		
			“Employee Stock Plan” means that certain Sportsman’s Warehouse Holdings, Inc. 2013 Employee Stock Plan annexed hereto as Exhibit J (as in effect on the Restatement Date and as subsequently amended in accordance with the terms hereof), pursuant to which certain Eligible Persons (as defined therein) may purchase restricted Equity Interests in the Parent.
		

		
			“Enforcement Action” means the exercise by any Agent in good faith of any of its material enforcement rights and remedies as a secured creditor hereunder or under the other Loan Documents, applicable law or otherwise at any time upon the occurrence and during the continuance of an Event of Default (including, without limitation, the solicitation of bids from third parties to conduct the liquidation of the Collateral, the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers or other third parties for the purposes of valuing, marketing, promoting and selling the Collateral, the commencement of any action to foreclose on the security interests or Liens of the Collateral Agent in all or any material portion of the Collateral, notification of account debtors to make payments to the Administrative Agent, any action to take possession of all or any material portion of the Collateral or commencement of any legal proceedings or actions against or with respect to all or any portion of the Collateral).
		

		
			“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.
		

		
			“Environmental Liability” means any liability, obligation, damage, loss, claim, action, suit, judgment, order, fine, penalty, fee, expense, or cost, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal or presence 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.
		

		
			“Equipment” has the meaning set forth in the Security Agreement.
		

		
			“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.
		

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

		
			“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Sections 412 and 4971 of the Code).
		

		
			“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Loan Party or any
		

		
			
		

		
			

		 

		

			15

		

 

		

		
			ERISA Affiliate from a Multiemployer Plan or notification to the Lead Borrower or any ERISA Affiliate that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination of a Pension Plan or a Multiemployer Plan under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Lead Borrower or any ERISA Affiliate; or (g) the determination that any Pension Plan is considered to be an “at-risk” plan, or that any Multiemployer Plan is considered to be in “endangered” or “critical” status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 or 305 of ERISA.
		

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

		
			“Event of Default” has the meaning specified in Section 8(a).  An Event of Default shall be deemed to be continuing unless and until that Event of Default has been duly waived as provided in Section 10(c) hereof.
		

		
			“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a 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, with respect to  any Recipient, (i) any tax imposed on the net income or net profits of such Recipient (including any branch profits taxes), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Recipient is organized or the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Recipient’s principal office is located in or as a result of a present or former connection between such Recipient and the jurisdiction or taxing authority imposing the tax (other than any such connection arising solely from such Recipient having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under this Agreement or any other Loan Document), (ii) withholding taxes that would not have been imposed but for a Recipient’s failure to comply with the requirements of Section 3.01 of this Agreement, (iii) any United States federal withholding taxes that would be imposed on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office, other than a designation made at the request of a Loan Party), except that Excluded Taxes shall not include (A) any amount that such Foreign Lender (or its assignor, if any) was previously entitled to receive pursuant to Section 3.01 of this Agreement, if any, with respect to such withholding tax at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), and (B) additional United States federal withholding taxes that may be imposed after the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), as a result of a change in law, rule, regulation, treaty, order or other decision or other Change in Law with respect to any of the foregoing by any Governmental Authority, and (iv) any United States federal withholding taxes imposed under FATCA.
		

		
			“Executive Order” has the meaning set forth in Section 10.18.
		

		
			“Existing Credit Agreement” has the meaning specified in the recitals hereto.
		

		
			“Existing Letters of Credit” means the Letters of Credit identified on Schedule 1.02.
		

		
			“Existing Obligations” has the meaning set forth in Section 10.26.
		

		
			“Existing Term Loan Agreement” means that certain Credit Agreement dated as of December 3, 2014, among the Loan Parties, the lenders party thereto, and Cortland Capital Market Services LLC, as administrative agent, as amended, amended and restated, supplemented, extended or otherwise modified and in effect prior to the date hereof.
		

		
			“Extraordinary Receipt” means any cash received by or paid to or for the account of any Person not in the ordinary course of business, including tax refunds, pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost earnings), condemnation awards (and payments in lieu thereof), indemnity payments and any purchase price adjustments.
		

		
			“Facility Guaranty” means the Guaranty made by any Guarantor in favor of the Agents and the Lenders, in form reasonably satisfactory to the Administrative Agent.
		

		
			
		

		
			

		 

		

			16

		

 

		

		
			 
		

		
			“Factored Receivables” means any Accounts originally owed or owing by a Loan Party to another Person which have been purchased by or factored with Wells Fargo or any of its Affiliates pursuant to a factoring arrangement or otherwise with the Person that sold the goods or rendered the services to the Loan Party which gave rise to such Account.
		

		
			“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), and (a) any current or future regulations or official interpretations thereof, (b) any agreements entered into pursuant to Section 1471(b)(1) of the Code, and (c) any intergovernmental agreement entered into by the United States (or any fiscal or regulatory legislation, rules, or practices adopted pursuant to any such intergovernmental agreement entered into in connection therewith).
		

		
			“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.
		

		
			“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, 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 which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it (and, if any such rate is below zero, then the rate determined pursuant to this definition shall be deemed to be zero).
		

		
			“Fee Letter” means that certain letter agreement dated as of the Restatement Date, by and among the Borrowers and the Administrative Agent.
		

		
			“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time.
		

		
			“Fiscal Month” means any fiscal month of any Fiscal Year, which month shall generally end on the Saturday closest to the end of such calendar month, subject to inclusion of such month in the applicable Fiscal Quarter, in accordance with the fiscal accounting calendar of the Loan Parties.  Borrowers’ fiscal calendar through Fiscal Year 2028 is attached hereto as Schedule 1.01(b).
		

		
			“Fiscal Quarter” means any fiscal quarter of any Fiscal Year, which quarters shall generally end on the Saturday closest to the end of each April, July, October and January of such Fiscal Year in accordance with the fiscal accounting calendar of the Loan Parties.  Borrowers’ fiscal calendar through Fiscal Year 2028 is attached hereto as Schedule 1.01(b).
		

		
			“Fiscal Year” means any period of fifty-two (52) or fifty-three (53) weeks, as the case may be, ending on the Saturday closest to January 31 of any calendar year.  Borrowers’ fiscal calendar through Fiscal Year 2028 is attached hereto as Schedule 1.01(b).
		

		
			“Foreign Asset Control Regulations” has the meaning set forth in Section 10.18.
		

		
			“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Lead Borrower is resident for tax purposes.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
		

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

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

		
			
		

		
			

		 

		

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			“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
		

		
			“Governmental Authority” means 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).
		

		
			“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.
		

		
			“Guarantor” means the Parent and each other Person who shall be required to execute and deliver a Facility Guaranty pursuant to Section 6(l).
		

		
			 “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.
		

		
			“Increase Effective Date” shall have the meaning provided therefor in Section 2.15(a)(iv).
		

		
			“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
		

		
			(a)          all obligations of such Person for borrowed money or with respect to deposits or advances of any kind;
		

		
			(b)          all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments;
		

		
			(c)          all obligations of such Person upon which interest charges are customarily paid;
		

		
			(d)          all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person;
		

		
			(e)          net obligations of such Person under any Swap Contract;
		

		
			
		

		
			

		 

		

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			(f)           all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business and, in each case, not past due for more than 60 days after the date on which such trade account payable was created), including, without limitation, all obligations of such Person in respect of earn-out or similar performance-based deferred purchase price arrangements;
		

		
			(g)          all indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed or is limited in recourse;
		

		
			(h)          All Attributable Indebtedness in respect of Capital Lease Obligations and Synthetic Lease Obligations of such Person;
		

		
			(i)           (i) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person (including, without limitation, Disqualified Stock, or any warrant, right or option to acquire such Equity Interest), valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and (ii) the liquidation value of all Disqualified Stock of such Person;
		

		
			(j)           the maximum amount of all direct or contingent obligations of such Person as an account party in respect of letters of credit (including standby and commercial);
		

		
			(k)          all obligations of such Person in respect of bankers’ acceptances,  bank guaranties, surety bonds and similar instruments; and
		

		
			(l)           all Guarantees of such Person in respect of any of the foregoing.
		

		
			For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.  Notwithstanding the foregoing, in no event will any Plan Redemption Payment be construed to be Indebtedness for purposes of this Agreement.
		

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

		
			“Indemnitee” has the meaning specified in Section 10(d)(B).
		

		
			“Information” has the meaning specified in Section 10(g).
		

		
			“Insolvency Increase Amount” means, at any time of determination, ten percent (10%) percent of the Revolving Borrowing Base minus all outstanding Permitted Overadvances, other than (i) Unintentional Overadvances, and (ii) Permitted Overadvances made to pay up to two (2) weeks of payroll expenses of the Loan Parties to the extent actually used for such purpose, but in no event to exceed (as to all such Permitted Overadvances other than Unintentional Overadvances) an amount equal to 2.5% of the Combined Borrowing Base.
		

		
			“Intellectual Property” means all present and future:  trade secrets, know-how and other proprietary information; trademarks, trademark applications, internet domain names, service marks, trade dress, trade names, business names, designs, logos, slogans (and all translations, adaptations, derivations and combinations of the foregoing) indicia and other source and/or business identifiers, and all registrations or applications for registrations which have heretofore been or may hereafter be issued thereon throughout the world; copyrights and copyright applications; (including copyrights for computer programs) and all tangible and intangible property embodying the copyrights, unpatented inventions (whether or not patentable); patents and patent applications; industrial design
		

		
			
		

		
			

		 

		

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			applications and registered industrial designs; license agreements related to any of the foregoing and income therefrom; books, customer lists, records, writings, computer tapes or disks, flow diagrams, specification sheets, computer software, source codes, object codes, executable code, data, databases and other physical manifestations, embodiments or incorporations of any of the foregoing; all other intellectual property; and all common law and other rights throughout the world in and to all of the foregoing.
		

		
			“Intercreditor Provisions” has the meaning specified in Section 8.01(q).
		

		
			“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a LIBO Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the first day after the end of each month and the Maturity Date.
		

		
			“Interest Period” means (x) as to each Revolving Loan that is a LIBO Rate Loan, the period commencing on the date such LIBO Rate Loan is disbursed or converted to or continued as a LIBO Rate Loan and ending on the date seven days (if available to all Revolving Lenders), or one, two or three months thereafter, as selected by the Lead Borrower in its LIBO Rate Loan Notice, and (y) as to each portion of the Term Loan that is a LIBO Rate Loan, the period commencing on the date such LIBO Rate Loan is disbursed or converted to or continued as a LIBO Rate Loan and ending on the date seven days (if available to all Term Lenders), or one month thereafter, as selected by the Lead Borrower in its LIBO Rate Loan Notice; provided that, as to each of the foregoing clauses (x) and (y):
		

		
			(i)           any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
		

		
			(ii)          any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period;
		

		
			(iii)         no Interest Period shall extend beyond the Maturity Date; and
		

		
			(iv)         notwithstanding the provisions of clause (iii), except with respect to Interest Periods of seven days in accordance with the terms hereof, no Interest Period shall have a duration of less than one (1) month, and if any Interest Period applicable to a LIBO Borrowing would be for a shorter period, such Interest Period shall not be available hereunder.
		

		
			For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
		

		
			“Inventory” has the meaning given that term in the UCC, and shall also include, without limitation, all: (a) goods which (i) are leased by a Person as lessor, (ii) are held by a Person for sale or lease or to be furnished under a contract of service, (iii) are furnished by a Person under a contract of service, or (iv) consist of raw materials, work in process, or materials used or consumed in a business; (b) goods of said description in transit; (c) goods of said description which are returned, repossessed or rejected; and (d) packaging, advertising, and shipping materials related to any of the foregoing.
		

		
			“Inventory Reserves” means such reserves as may be established from time to time by the Administrative Agent in the Administrative Agent’s discretion with respect to the determination of the saleability, at retail, of the Eligible Inventory or which reflect such other factors as affect the market value of the Eligible Inventory or which reflect claims and liabilities that the Administrative Agent determines will need to be satisfied in connection with the realization upon the Inventory. Without limiting the generality of the foregoing, Inventory Reserves may, in the Administrative Agent’s discretion, include (but are not limited to) reserves based on:
		

		
			(a)          Obsolescence;
		

		
			
		

		
			

		 

		

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			(b)          Seasonality;
		

		
			(c)          Shrink;
		

		
			(d)          Imbalance;
		

		
			(e)          Change in Inventory character;
		

		
			(f)           Change in Inventory composition;
		

		
			(g)          Change in Inventory mix;
		

		
			(h)          Markdowns (both permanent and point of sale);
		

		
			(i)           Retail markons and markups inconsistent with prior period practice and performance, industry standards, current business plans or advertising calendar and planned advertising events; and
		

		
			(j)           Out-of-date and/or expired Inventory.
		

		
			“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition Equity Interests of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or (c) any Acquisition, or (d) any other investment of money or capital in order to obtain a profitable return.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.
		

		
			“Investment Affiliate” means, with respect to any Person, any fund or investment vehicle that (a) is organized by such Person for the purpose of making equity or debt investments in one or more companies and (b) is controlled by such Person.  For purposes of this definition “control” means the power to direct or cause the direction of management and policies of a Person, whether by contract or otherwise.
		

		
			“IRS” means the United States Internal Revenue Service.
		

		
			“ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any version or revision thereof accepted by the L/C Issuer for use.
		

		
			“Issuer Documents” means with respect to any Letter of Credit, the Letter Credit Application, the Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and any other document, agreement and instrument entered into by the L/C Issuer and any Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit.
		

		
			“Joinder Agreement” means an agreement, in substantially in the form of Exhibit F, pursuant to which, among other things, a Person becomes a party to, and bound by the terms of, this Agreement and/or the other Loan Documents in the same capacity and to the same extent as either a Borrower or a Guarantor, as the Administrative Agent may determine.
		

		
			“Knowledge” means knowledge after due inquiry and diligent investigation.
		

		
			“Landlord Lien State” means Pennsylvania, Texas, Virginia and Washington, or such other state(s) as to which Collateral Agent notifies the Lead Borrower in writing that a landlord’s claim for rent may have priority over the lien of the Collateral Agent in any of the Collateral.
		

		
			“Laws” means each international, foreign, Federal, state and local statute, treaty, rule, guideline, regulation, ordinance, code and administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
		

		
			
		

		
			

		 

		

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			each applicable administrative order, directed duty, request, license, authorization and permit of, and agreement with, any Governmental Authority, in each case whether or not having the force of law.
		

		
			“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof, or the renewal thereof.
		

		
			“L/C Issuer” means (a) Wells Fargo in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder (which successor may only be a Lender selected by the Administrative Agent in its discretion), and (b) any other Lender selected by the Administrative Agent in its discretion.  The L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the L/C Issuer and/or for such Affiliate to act as an advising, transferring, confirming and/or nominated bank in connection with the issuance or administration of any such Letter of Credit, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.
		

		
			“L/C Obligations” means, as at any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through a Loan.  For purposes of computing the amounts available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section (f).  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 any Rule under the ISP or any article of the UCP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
		

		
			“Lead Borrower” has the meaning specified in the introductory paragraph hereto.
		

		
			“Lease” means any agreement, whether written or oral, no matter how styled or structured, pursuant to which a Loan Party is entitled to the use or occupancy of any space in a structure, land, improvements or premises for any period of time.
		

		
			“Lender” means, individually, a Revolving Lender or a Term Lender, as applicable, and collectively, all such Persons.
		

		
			“Lending Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.
		

		
			“Letter of Credit” means each Standby Letter of Credit and each Commercial Letter of Credit issued hereunder and shall include the Existing Letters of Credit.
		

		
			“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.
		

		
			“Letter of Credit Disbursement” means a payment made by the L/C Issuer pursuant to a Letter of Credit.
		

		
			“Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
		

		
			“Letter of Credit Fee” has the meaning specified in Section 2.03(l).
		

		
			“Letter of Credit Related Person” has the meaning specified in Section 2.03(f).
		

		
			“Letter of Credit Indemnified Costs” has the meaning specified in Section 2.03(f).
		

		
			“Letter of Credit Sublimit” means an amount equal to $10,000,000.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.  A permanent reduction of the Aggregate Revolving
		

		
			
		

		
			

		 

		

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			Commitments shall not require a corresponding pro rata reduction in the Letter of Credit Sublimit; provided, however, that if the Aggregate Revolving Commitments are reduced to an amount less than the Letter of Credit Sublimit, then the Letter of Credit Sublimit shall be reduced to an amount equal to (or, at Lead Borrower’s option, less than) the Aggregate Revolving Commitments.
		

		
			“LIBO Borrowing” means a Borrowing comprised of LIBO Rate Loans.
		

		
			“LIBO Rate” means the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Administrative Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBO Rate Loan requested (whether as an initial LIBO Rate Loan or as a continuation of a LIBO Rate Loan or as a conversion of a Base Rate Loan to a LIBO Rate Loan) by Borrowers in accordance with this Agreement, provided that, if any such published rate is below zero, then the LIBO Rate shall be deemed to be zero.
		

		
			Each determination of the LIBO Rate shall be made by the Administrative Agent and shall be conclusive in the absence of manifest error.
		

		
			“LIBO Rate Loan” means a Committed Revolving Loan that bears interest at a rate based on the LIBO Rate.
		

		
			“LIBO Rate Loan Notice” means a notice for a LIBO Borrowing or continuation pursuant to Section 2.02(b), which shall be substantially in the form of Exhibit A.
		

		
			“Lien” means (a) any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale, Capital Lease Obligation, Synthetic Lease Obligation, or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing) and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
		

		
			“Liquidation” means the exercise by the Administrative Agent or Collateral Agent of those rights and remedies accorded to such Agents under the Loan Documents and applicable Law as a creditor of the Loan Parties with respect to the realization on the Collateral, including (after the occurrence and continuation of an Event of Default) the conduct by the Loan Parties acting with the consent of the Administrative Agent, of any public, private or “going out of business”, “store closing”, or other similarly themed sale or other disposition of the Collateral for the purpose of liquidating the Collateral.  Derivations of the word “Liquidation” (such as “Liquidate”) are used with like meaning in this Agreement.
		

		
			“Loan” means all Revolving Loans, Swing Line Loans and the Term Loan.
		

		
			“Loan Account” has the meaning assigned to such term in Section 2(k)(A).
		

		
			“Loan Documents” means this Agreement, each Note, each Issuer Document, the Fee Letter, all Borrowing Base Certificates, the Blocked Account Agreements, the DDA Notifications, the Credit Card Notifications, the Security Documents, the Facility Guaranty, each Request for Credit Extension, each Certificate of Beneficial Ownership, and any other instrument or agreement now or hereafter executed and delivered in connection herewith, or in connection with any transaction arising out of any Cash Management Services and Bank Products provided by the Administrative Agent or any of its Affiliates, each as amended and in effect from time to time; provided that for purposes of the definition of “Material Adverse Effect” and Article 7, “Loan Documents” shall not include agreements relating to Cash Management Services and Bank Products.
		

		
			“Loan Parties” means, collectively, the Borrowers and each Guarantor.
		

		
			
		

		
			

		 

		

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			“London Business Day” means a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England.
		

		
			“Margin Stock” is as defined in Regulation U of the Board of Governors as in effect from time to time.
		

		
			“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of any Loan Party or the Parent and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material impairment of the rights and remedies of or benefits available to any Agent or the Lenders under any Loan Document, or a material adverse effect on (x) the Collateral, (y) the validity, perfection or priority of any Lien granted by any Loan Party in favor of any Agent on any material portion of the Collateral, or (z) the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party.  In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event in and of itself does not have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing events would result in a Material Adverse Effect.
		

		
			“Material Contract” means, with respect to any Person, each contract to which such Person is a party, the termination or breach of which would be reasonably likely to result in a Material Adverse Effect.
		

		
			“Material Indebtedness” means any Indebtedness (other than the Obligations) of the Loan Parties in an aggregate principal amount exceeding $1,000,000.  For purposes of determining the amount of Material Indebtedness at any time, (a) the amount of the obligations in respect of any Swap Contract at such time shall be calculated at the Swap Termination Value thereof, (b) undrawn committed or available amounts shall be included, and (c) all amounts owing to all creditors under any combined or syndicated credit arrangement shall be included.
		

		
			“Maturity Date” means May 23, 2023.
		

		
			“Maximum Rate” has the meaning provided therefor in Section 10(i).
		

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

		
			“Mortgages” means each and every fee and leasehold mortgage or deed of trust, security agreement and assignment by and between the Loan Party owning or holding the leasehold interest in the Real Estate encumbered thereby in favor of the Collateral Agent.
		

		
			“Mortgage Policies” means fully paid American Land Title Association Lender’s Extended Coverage title insurance policies or marked-up title insurance commitments having the effect of a policy of title insurance) in form and substance, with the endorsements reasonably required by the Agents (to the extent available at commercially reasonable rates) and in amounts reasonably acceptable to the Collateral Agent (provided that such amounts shall not exceed the Appraised Value of the applicable Mortgaged Property), issued, coinsured and reinsured (to the extent required by the Collateral Agent) by title insurers reasonably acceptable to the Collateral Agent, insuring the Mortgages to be valid first and subsisting Liens on the property or leasehold interests described therein, free and clear of all defects (including, but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only those Liens permitted by Section 6(b) having priority over the Lien of the Collateral Agent under applicable Law or otherwise reasonably acceptable to the Collateral Agent.
		

		
			“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Lead Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.
		

		
			“Net Cash Proceeds” means (a) with respect to any Disposition by any Loan Party or any of its Subsidiaries, or any Extraordinary Receipt received or paid to the account of any Loan Party or any of its Subsidiaries, the excess, if any, of (i) the sum of cash and cash equivalents received in connection with such transaction (including any cash or cash equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or
		

		
			
		

		
			

		 

		

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			otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the applicable asset by a Lien permitted hereunder which is senior to the Collateral Agent’s Lien on such asset and that is required to be repaid (or to establish an escrow for the future repayment thereof) in connection with such transaction (other than Indebtedness under the Loan Documents), and (B) the reasonable and customary out-of-pocket expenses incurred by such Loan Party or such Subsidiary in connection with such transaction (including, without limitation, appraisals, and brokerage, legal, title and recording or transfer tax expenses and commissions) paid by any Loan Party to third parties (other than Affiliates); and (b) with respect to the sale or issuance of any Equity Interest by any Loan Party or any of its Subsidiaries, or the incurrence or issuance of any Indebtedness by any Loan Party or any of its Subsidiaries, the excess of (i) the sum of the cash and cash equivalents received in connection with such transaction over (ii) the underwriting discounts and commissions, and other reasonable and customary out-of-pocket expenses, incurred by such Loan Party or such Subsidiary in connection therewith, which are required to be repaid or cash collateralized with any such proceeds.
		

		
			“Non-Consenting Lender” has the meaning provided therefor in Section 10(a).
		

		
			“Non-Defaulting Lender” means each Revolving Lender other than a Defaulting Lender.
		

		
			“Note” means (a) a Revolving Note, (b) Swing Line Note, or (c) a Term Note, as each may be amended, supplemented or modified from time to time.
		

		
			“NPL” means the National Priorities List under CERCLA.
		

		
			“Obligations” means (a) all advances to, and debts (including principal, interest, fees, costs, and expenses), liabilities, obligations, covenants, indemnities, and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit (including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral therefor), whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, fees, costs, expenses and indemnities that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest ,fees, costs, expenses and indemnities are allowed claims in such proceeding, and (b) any Other Liabilities; provided, that the Obligations shall not include any Excluded Swap Obligations.
		

		
			“OFAC” means The Office of Foreign Assets Control of the U.S. Department of the Treasury.
		

		
			“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder or other equity holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to its Equity Interests and all other arrangements relating to the Control or management of such Person.
		

		
			“Other Liabilities” means any obligation on account of (i) any Cash Management Services furnished to any of the Loan Parties or any of their Subsidiaries and/or (ii) any transaction with any Agent or any Lender or any of their respective Affiliates, which arises out of any Bank Product entered into with any Loan Party and any such Person, as each may be amended from time to time.
		

		
			“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 hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.
		

		
			
		

		
			

		 

		

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			“Outstanding Amount” means (i) with respect to Committed Revolving Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Revolving Loans and Swing Line Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date.
		

		
			“Overadvance” means a Credit Extension to the extent that, immediately after its having been made, Revolving Availability is less than zero.
		

		
			“Parent” means Sportsman’s Warehouse Holdings, Inc.
		

		
			“Participant” has the meaning specified in Section 10(f)(D).
		

		
			“Patriot Act” has the meaning specified in Section 5.27.
		

		
			“Payment Conditions” means satisfaction of the following, with respect to any payment of Indebtedness or making of a Restricted Payment: (i) No Event of Default has occurred and is continuing or would result after giving effect to the making of such payment of Indebtedness or such Restricted Payment, and (ii) (a) at all times during the 90 day period immediately preceding the making of such payment of Indebtedness or such Restricted Payment, and (b) immediately after giving effect to the making of such payment of Indebtedness or such Restricted Payment, Revolving Availability shall not be less than 25% of the Adjusted Combined Loan Cap and (iii) the Administrative Agent shall have received projections reasonably satisfactory to the Administrative Agent as determined on a pro forma basis, for the 180 day period immediately following the making of such payment of Indebtedness or such Restricted Payment (after giving pro-forma effect thereto), that reflect the Borrowers collectively shall have Revolving Availability of at least 25% of the Adjusted Combined Loan Cap; it being understood and agreed that it shall not constitute a breach of this requirement if Revolving Availability subsequently is less than 25% of the Adjusted Combined Loan Cap so long as the projection thereof is based on the good faith estimate of the Borrowers at the time of such payment.  Prior to undertaking any transaction or payment which is subject to the Payment Conditions, the Loan Parties shall deliver to the Administrative Agent (x) an updated Borrowing Base Certificate giving effect to such transaction or payment, and (y) evidence of satisfaction of the conditions contained in clauses (ii) and (iii) above on a basis (including, without limitation, giving due consideration to results for prior periods) reasonably satisfactory to the Administrative Agent.
		

		
			“PBGC” means the Pension Benefit Guaranty Corporation.
		

		
			“PCAOB” means the Public Company Accounting Oversight Board.
		

		
			“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Lead Borrower or any ERISA Affiliate or to which the Lead Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.
		

		
			“Permitted Acquisition” means an Acquisition in which all of the following conditions are satisfied:
		

		
			(a)          No Default then exists or would arise from the consummation of such Acquisition;
		

		
			(b)          Such Acquisition shall have been approved by the Board of Directors of the Person (or similar governing body if such Person is not a corporation) which is the subject of such Acquisition and such Person shall not have announced that it will oppose such Acquisition or shall not have commenced any action which alleges that such Acquisition shall violate applicable Law;
		

		
			(c)          The Lead Borrower shall have furnished the Administrative Agent with thirty (30) days’ prior written notice of such intended Acquisition and shall have furnished the Administrative Agent with a
		

		
			
		

		
			

		 

		

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			current draft of the documents evidencing the intended Acquisition (and final copies thereof as and when executed), a summary of any due diligence undertaken by the Loan Parties in connection with such Acquisition, appropriate financial statements of the Person which is the subject of such Acquisition, pro forma projected financial statements for the twelve (12) month period following such Acquisition after giving effect to such Acquisition (including balance sheets, cash flows and income statements by month for the acquired Person, individually, and on a Consolidated basis with all Loan Parties), and such other information as the Administrative Agent may reasonably require, all of which shall be reasonably satisfactory to the Administrative Agent;
		

		
			(d)          Either (i) the legal structure of the Acquisition shall be acceptable to the Administrative Agent in its discretion, or (ii) the Loan Parties shall have provided the Administrative Agent with a favorable solvency opinion from an unaffiliated third party valuation firm reasonably satisfactory to the Administrative Agent;
		

		
			(e)          After giving effect to the Acquisition, if the Acquisition is an Acquisition of the Equity Interests, a Loan Party shall acquire and own, directly or indirectly, a majority of the Equity Interests in the Person being acquired and shall Control a majority of any voting interests or shall otherwise Control the governance of the Person being acquired;
		

		
			(f)           Any assets acquired shall be utilized in, and if the Acquisition involves a merger, consolidation or Acquisition of Equity Interests, the Person which is the subject of such Acquisition shall be engaged in, a business otherwise permitted to be engaged in by a Borrower under this Agreement;
		

		
			(g)          If the Person which is the subject of such Acquisition will be maintained as a Subsidiary of a Loan Party, or if the assets acquired in an acquisition will be transferred to a Subsidiary which is not then a Loan Party, such Subsidiary shall have been joined as a “Borrower” hereunder or as a Facility Guarantor, as the Administrative Agent shall determine, and the Collateral Agent shall have received a first priority security and/or mortgage interest in such Subsidiary’s Equity Interests, Inventory, Accounts, Real Estate and other property of the same nature as constitutes collateral under the Security Documents;
		

		
			(h)          [Reserved]; and
		

		
			(i)           The Loan Parties shall have satisfied the Additional Payment Conditions.
		

		
			“Permitted Disposition” means any of the following:
		

		
			(a)          dispositions of inventory in the ordinary course of business;
		

		
			(b)          bulk sales or other Dispositions of the Inventory of a Loan Party not in the ordinary course of business, made in connection with Store closings, at arm’s length, provided,  that such Store closures and related Inventory Dispositions shall not exceed those set forth in the Borrowers’ business plan reasonably satisfactory to Administrative Agent and Term Loan Agent, and provided, further, at the Collateral Agent’s discretion, all sales of Inventory in connection with Store closings shall be in accordance with liquidation agreements and with professional liquidators reasonably acceptable to the Collateral Agent and Term Loan Agent;
		

		
			(c)          non-exclusive licenses of Intellectual Property of a Loan Party or any of its Subsidiaries in the ordinary course of business;
		

		
			(d)          licenses for the conduct of licensed departments within the Loan Parties’ Stores in the ordinary course of business; provided that, if requested by the Agents, the Agents shall have entered into an intercreditor agreement with the Person operating such licensed department on terms and conditions reasonably satisfactory to the Agents and the Term Loan Agent;
		

		
			
		

		
			

		 

		

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			(e)          the sale or other disposition by a Loan Party of Inventory that is obsolete and having a book value not exceeding $250,000 in the aggregate in any Fiscal Year (or such greater amount agreed to by Administrative Agent in its reasonable discretion);
		

		
			(f)           the sale or other disposition by a Loan Party of Equipment or Fixtures that are obsolete or no longer used or useful in such Loan Party’s business and having a book value, not exceeding $500,000 in the aggregate in any Fiscal Year (or such greater amount agreed to by Administrative Agent in its reasonable discretion);
		

		
			(g)          Sales, transfers and dispositions among the Loan Parties or by any Subsidiary to a Loan Party;
		

		
			(h)          Sales, transfers and dispositions of or by any Subsidiary which is not a Loan Party to another Subsidiary that is not a Loan Party; and
		

		
			(i)           as long as no Default then exists or would arise therefrom, sales of Real Estate of any Loan Party (or sales of any Person or Persons created to hold such Real Estate or the equity interests in such Person or Persons), including sale-leaseback transactions involving any such Real Estate pursuant to leases on market terms, as long as, (A) such sale is made for fair market value, (B) the net proceeds of such sale are utilized to repay the Obligations, and (C) in the case of any sale-leaseback transaction permitted hereunder, the Agents shall have received from such each purchaser or transferee a Collateral Access Agreement on terms and conditions reasonably satisfactory to the Agents.
		

		
			“Permitted Encumbrances” means:
		

		
			(a)          Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6(d);
		

		
			(b)          Carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by applicable Law, arising in the ordinary course of business and securing obligations that are not overdue or are being contested in compliance with Section 6(d);
		

		
			(c)          Pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations, other than any Lien imposed by ERISA;
		

		
			(d)          Deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;
		

		
			(e)          Liens in respect of judgments that would not constitute an Event of Default hereunder;
		

		
			(f)           Easements, covenants, conditions, restrictions, building code laws, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with the ordinary conduct of business of a Loan Party and such other minor title defects or survey matters that are disclosed by current surveys that, in each case, do not materially interfere with the current use of the real property;
		

		
			(g)          Liens existing on the Restatement Date and listed on Schedule 7(a) and any renewals or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any renewal or extension of the obligations secured or benefited thereby is otherwise permitted hereunder;
		

		
			
		

		
			

		 

		

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			(h)          Liens on fixed or capital assets acquired by any Loan Party which are permitted under clause (c) of the definition of Permitted Indebtedness so long as (i) such Liens and the Indebtedness secured thereby are incurred prior to or within ninety (90) days after such acquisition, (ii) the Indebtedness secured thereby does not exceed the cost of acquisition of such fixed or capital assets and (iii) such Liens shall not extend to any other property or assets of the Loan Parties;
		

		
			(i)           Liens in favor the Collateral Agent;
		

		
			(j)           Landlords’ and lessors’ Liens in respect of rent not in default;
		

		
			(k)          Possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments owned as of the Restatement Date and Permitted Investments, provided that such liens (a) attach only to such Investments and (b) secure only obligations incurred in the ordinary course and arising in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing;
		

		
			(l)           Liens arising solely by virtue of any statutory or common law provisions relating to banker’s liens, liens in favor of securities intermediaries, rights of setoff or similar rights and remedies as to deposit accounts or securities accounts or other funds maintained with depository institutions or securities intermediaries;
		

		
			(m)         Liens arising from precautionary UCC filings regarding “true” operating leases or, to the extent permitted under the Loan Documents, the consignment of goods to a Loan Party;
		

		
			(n)          voluntary Liens on property (other than property of the type included in a Borrowing Base) in existence at the time such property is acquired pursuant to a Permitted Acquisition or on such property of a Subsidiary of a Loan Party in existence at the time such Subsidiary is acquired pursuant to a Permitted Acquisition; provided, that such Liens are not incurred in connection with or in anticipation of such Permitted Acquisition and do not attach to any other assets of any Loan Party or any Subsidiary;
		

		
			(o)          Liens in favor of customs and revenues authorities imposed by applicable Law arising in the ordinary course of business in connection with the importation of goods and solely to the extent the following conditions are satisfied: (A) such Liens secure obligations that are being contested in good faith by appropriate proceedings, (B) the applicable Loan Party or Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such obligation; and
		

		
			(p)          encumbrances referred to in Schedule B of the Mortgage Policies insuring the Mortgages.
		

		
			 “Permitted Indebtedness” means each of the following as long as no Default or Event of Default exists or would arise from the incurrence thereof:
		

		
			(a)          Indebtedness outstanding on the Restatement Date and listed on Schedule 7.03 (and Permitted Refinancing Indebtedness in respect thereof);
		

		
			(b)          (x) intercompany Indebtedness of the Borrowers and the Subsidiaries to the extent permitted by clause (g) of the definition of Permitted Investments, and (y) Guarantees by a Loan Party of Indebtedness of another Loan Party;
		

		
			(c)          Capital Lease Obligations and Synthetic Lease Obligations (and any Permitted Refinancing Indebtedness in respect thereof) in an aggregate principal amount, when combined with the aggregate principal amount of all Indebtedness incurred pursuant to clause (f) of this definition, not in excess of $5,000,000 at any time outstanding; provided that, if requested by the Collateral Agent or the Term Loan Agent, the Loan Parties shall cause the holders of such Indebtedness to enter into a Collateral Access Agreement on terms reasonably satisfactory to the Collateral Agent and the Term Loan Agent;
		

		
			
		

		
			

		 

		

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			(d)          obligations (contingent or otherwise) of any Loan Party or any Subsidiary thereof existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange rates, and not for purposes of speculation or taking a “market view;” provided that the aggregate Swap Termination Value thereof shall not exceed $1,000,000 at any time outstanding;
		

		
			(e)          Contingent liabilities under surety bonds or similar instruments incurred in the ordinary course of business in connection with the construction or improvement of Stores;
		

		
			(f)           Indebtedness of the Borrowers or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, and Permitted Refinancing Indebtedness in respect thereof; provided that (i) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this clause (f), when combined with the aggregate principal amount of all Indebtedness incurred pursuant to clause (c) of this definition, shall not exceed $15,000,000 at any time outstanding and (iii) the Loan Parties shall cause the holders of such Indebtedness to enter into a Collateral Access Agreement on terms reasonably satisfactory to the Collateral Agent and the Term Loan Agent;
		

		
			(g)          Indebtedness consisting of debt owing to a seller incurred in connection with a Permitted Acquisition (whether in the form of an “earn out” or otherwise); provided that such Indebtedness is subordinated to the Obligations in a manner reasonably satisfactory to the Agents and the Term Loan Agent (but in any event such Indebtedness shall (i) not require the payment in cash of principal (other than in respect of working capital adjustments) prior to the Maturity Date, and (ii) have a maturity which extends beyond the Maturity Date);
		

		
			(h)          (i) Indebtedness of any Person that becomes a Subsidiary of a Loan Party after the date hereof as a result of a Permitted Acquisition; provided that (x) such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary and (y) immediately before and after such Person becomes a Subsidiary, no Default or Event of Default shall have occurred and be continuing and (ii) Permitted Refinancing Indebtedness in respect thereof;
		

		
			(i)           The Obligations;
		

		
			(j)           [reserved];
		

		
			(k)       Other Indebtedness of the Borrowers or the Subsidiaries in an aggregate principal amount not exceeding $10,000,000 at any time outstanding;
		

		
			(l)           Indebtedness under performance bonds or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business;
		

		
			(m)         Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;
		

		
			(n)          Indebtedness incurred in the ordinary course of business in connection with the financing of insurance premiums; and
		

		
			(p)          Indebtedness incurred in the ordinary course of business in connection with cash pooling arrangements, cash management and other similar arrangements consisting of netting arrangements and overdraft protections incurred in the ordinary course of business.
		

		
			“Permitted Investments” means each of the following as long as no Default or Event of Default exists or would arise from the making of such Investment:
		

		
			
		

		
			

		 

		

			30

		

 

		

		
			 
		

		
			(a)          readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;
		

		
			(b)          commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof;
		

		
			(c)          time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof;
		

		
			(d)          Fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above (without regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria described in clause (c) above or with any primary dealer and having a market value at the time that such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase agreement has been entered into;
		

		
			(e)          Investments, classified in accordance with GAAP as current assets of the Loan Parties, in any money market fund, mutual fund, or other investment companies that are registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and which invest solely in one or more of the types of securities described in clauses (a) through (d) above;
		

		
			(f)           Investments existing on the Restatement Date, and set forth on Schedule 7.02, but not any increase in the amount thereof or any other modification of the terms thereof;
		

		
			(g)          (i) Investments by any Loan Party and its Subsidiaries in their respective Subsidiaries outstanding on the Restatement Date, (ii) additional Investments by any Loan Party and its Subsidiaries in Loan Parties (other than the Parent); provided that (i) any such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to the Security Documents and (ii) such loans and advances shall be unsecured;
		

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

		
			(i)           Guarantees constituting Permitted Indebtedness;
		

		
			(j)           Investments by any Loan Party in Swap Contracts entered into in the ordinary course of business and for bona fide business (and not speculative purposes) to protect against fluctuations in interest rates in respect of the Obligations;
		

		
			(k)          Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business;
		

		
			
		

		
			

		 

		

			31

		

 

		

		
			 
		

		
			(l)           Advances to officers, directors and employees of the Loan Parties and Subsidiaries in the ordinary course of business in an amount not to exceed $10,000 to any individual at any time or in an aggregate amount not to exceed $100,000 at any time outstanding;
		

		
			(m)         Investments constituting Permitted Acquisitions;
		

		
			(n)          Capital contributions made by any Loan Party to another Loan Party;
		

		
			(o)          Completion of Lead Borrower’s development and initiation of e-commerce/internet sales to the public;
		

		
			(p)          Opening additional Stores consistent with Borrowers’ business plan reasonably satisfactory to Administrative Agent and the Term Loan Agent;
		

		
			(q)          Plan Redemption Payments; and
		

		
			(r)           Other Investments not exceeding $50,000 in the aggregate at any time outstanding;
		

		
			provided,  however, that notwithstanding the foregoing, after the occurrence and during the continuance of a Cash Dominion Event, no such Investments specified in clauses (a) through (e) and clause (r) shall be permitted unless (i) either (A) no Loans, or, if then required to be Cash Collateralized, Letters of Credit are then outstanding, or (B) the Investment is a temporary Investment pending expiration of an Interest Period for a LIBO Rate Loan, the proceeds of which Investment will be applied to the Obligations after the expiration of such Interest Period,  and (ii) such Investments are pledged to the Collateral Agent as additional collateral for the Obligations pursuant to such agreements as may be reasonably required by the Collateral Agent.
		

		
			“Permitted Overadvance” means an Overadvance made by the Administrative Agent, in its discretion, which:
		

		
			(a)          Is made to maintain, protect or preserve the Collateral and/or the Credit Parties’ rights under the Loan Documents or which is otherwise for the benefit of the Credit Parties; or
		

		
			(b)          Is made to enhance the likelihood of, or to maximize the amount of, repayment of any Obligation; or
		

		
			(c)          Is made to pay any other amount chargeable to any Loan Party hereunder; and
		

		
			(d)          Together with all other Permitted Overadvances then outstanding, shall not (i) exceed ten percent (10%) of the Revolving Borrowing Base at any time or (ii) unless a Liquidation is occurring, remain outstanding for more than forty-five (45) consecutive Business Days, unless in each case, the Required Revolving Lenders and the Required Term Lenders otherwise agree;
		

		
			provided however, that the foregoing shall not (i) modify or abrogate any of the provisions of Section 2(c) regarding the Revolving Lenders’ obligations with respect to Letters of Credit or Section 2.04 regarding the Revolving Lenders’ obligations with respect to Swing Line Loans, or (ii) result in any claim or liability against the Administrative Agent (regardless of the amount of any Overadvance) for Unintentional Overadvances and such Unintentional Overadvances shall not reduce the amount of Permitted Overadvances allowed hereunder, and further provided that in no event shall the Administrative Agent make an Overadvance, if after giving effect thereto, the principal amount of the Credit Extensions would exceed the Aggregate Revolving Commitments (as in effect prior to any termination of the Commitments pursuant to Section 2(f) or Section 8.02 hereof).
		

		
			“Permitted Refinancing Indebtedness” shall mean, with respect to any Indebtedness (the “Refinanced Indebtedness”), any Indebtedness issued in exchange for, or the net proceeds of which are used to modify, refinance,
		

		
			
		

		
			

		 

		

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			refund, renew or extend such Refinanced Indebtedness; provided that (a) the aggregate principal amount (or accreted value, if applicable) thereof does not exceed the aggregate principal amount (or accreted value, if applicable) of the Refinanced Indebtedness outstanding immediately prior to such exchange, modification, refinancing, refunding, renewal or extension, except by an amount equal to the unpaid accrued interest and premium thereon plus other reasonable and customary amounts paid, and reasonable and customary fees and expenses incurred, in connection with such exchange, modification, refinancing, refunding, renewal or extension, (b) any Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Refinanced Indebtedness, (c) immediately before and after giving effect thereto, no Event of Default shall have occurred and be continuing, (d) if the Refinanced Indebtedness is subordinated in right of payment to the Obligations, any Permitted Refinancing Indebtedness is subordinated in right of payment to the Obligations on terms at least as favorable to the Administrative Agent and the Lenders as those contained in the documentation governing the Refinanced Indebtedness, (e) the primary obligor(s) in respect of any Permitted Refinancing Indebtedness are the primary obligor(s) in respect of the applicable Refinanced Indebtedness, and each Person (if any) that Guarantees, any Permitted Refinancing Indebtedness is a Person (if any) that Guaranteed (or would have been obligated to Guarantee) the applicable Refinanced Indebtedness, (f) the interest rate applicable to such Permitted Refinancing Indebtedness shall not exceed the then applicable market interest rate, (g) such Permitted Refinancing Indebtedness shall not require any scheduled principal payments due prior to the Maturity Date in excess of, or prior to, the scheduled principal payments due for the Refinanced Indebtedness prior to the Maturity Date, (h) such Permitted Refinancing Indebtedness shall be otherwise on terms not materially less favorable to the Credit Parties than those contained in the documentation governing the Refinanced Indebtedness, including, without limitation, with respect to financial and other covenants and events of default, and (i) to the extent the Refinanced Indebtedness is secured, any such Permitted Refinancing Indebtedness shall be secured by no additional assets of the Loan Parties and their Subsidiaries than the assets securing such Refinanced Indebtedness (except to the extent of after-acquired assets or proceeds of assets that would have secured such Refinanced Indebtedness).
		

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

		
			 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established, sponsored, maintained or contributed to by any Loan Party or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate, other than a Multiemployer Plan.
		

		
			“Plan Redemption Payments” means payments to Eligible Persons (as defined in the Employee Stock Plan) for the redemption of restricted Equity Interests issued to such employees pursuant to the Employee Stock Plan, which redemption is required pursuant to the terms of the Employee Stock Plan.
		

		
			“Platform” has the meaning specified in Section 6(b).
		

		
			“Portal” has the meaning specified in Section 2.02.
		

		
			“Prepayment Event” means:
		

		
			(A)         Any Disposition (including, without limitation, pursuant to any sale-leaseback transaction) of any property or asset of a Loan Party; provided that so long as no Cash Dominion Event then exists or would result therefrom, Dispositions of property or assets in an amount not in excess of $500,000 in the aggregate in any consecutive twelve (12) month period shall not be deemed a Prepayment Event;
		

		
			(b)          Any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of a Loan Party, unless the proceeds therefrom are required to be paid to the holder of a Lien on such property or asset having priority over the Lien of the Collateral Agent;
		

		
			
		

		
			

		 

		

			33

		

 

		

		
			 
		

		
			(c)          The issuance by a Loan Party of any Equity Interests, other than any such issuance of Equity Interests (i) to a Loan Party, (ii) as consideration for a Permitted Acquisition, or (iii) as a compensatory issuance to any employee, director, or consultant (including under any option plan);
		

		
			(d)          The incurrence by a Loan Party of any Indebtedness for borrowed money other than Permitted Indebtedness; or
		

		
			(e)          The receipt by any Loan Party of any Extraordinary Receipts.
		

		
			“Provider” has the meaning specified in Section 9.17.
		

		
			“Public Lender” has the meaning specified in Section 6.02.
		

		
			“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
		

		
			“Real Estate” means all real property subject to Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies, and occupancies thereof.
		

		
			“Recipient” means, as applicable, (a) any Person to which any payment on account of any obligation of a Loan Party under any Loan Document is made or owed, including the Administrative Agent or any Lender or (b) if any Person described in clause (a) is treated as a pass−through entity for applicable Tax purposes, the beneficial owner of such Person.
		

		
			“Register” has the meaning specified in Section 10(f)(C).
		

		
			“Registered Public Accounting Firm” has the meaning specified by the Securities Laws and shall be independent of the Parent and its Subsidiaries as prescribed by the Securities Laws.
		

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

		
			“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.
		

		
			“Reports” has the meaning provided in Section 9(l)(ii).
		

		
			“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Revolving Loans, an electronic notice via the Portal or LIBO Rate Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and, if required by the L/C Issuer, a Standby Letter of Credit Agreement or Commercial Letter of Credit Agreement, as applicable, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.
		

		
			“Required Lenders” means, as of any date of determination, at least two (2) Lenders holding more than 50% of the sum of the Aggregate Revolving Commitments and the then aggregate outstanding principal balance of the Term Loans or, if the Aggregate Revolving Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, at least two (2) Lenders holding in the aggregate more than 50% of the sum of the Total Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes of this definition); provided that the Revolving Commitment of, and the portion in the aggregate of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
		

		
			
		

		
			

		 

		

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			“Required Revolving Lenders” means, as of any date of determination, at least two (2) Revolving Lenders holding more than 50% of the sum of the Aggregate Revolving Commitments or, if the Aggregate Revolving Commitments and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, at least two (2) Revolving Lenders holding in the aggregate more than 50% of the sum of the Total Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes of this definition); provided that the Revolving Commitment of, and the portion in the aggregate of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.
		

		
			“Required Term Lenders” means, as of any date of determination, Term Lenders holding more than 50% of the then aggregate outstanding principal balance of the Term Loan.
		

		
			“Reserves” means all (if any) Inventory Reserves and Availability Reserves.
		

		
			“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer or assistant treasurer of a Loan Party or any of the other individuals designated in writing to the Administrative Agent by an existing Responsible Officer of a Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder, including, with respect to the Portal, any person authorized and authenticated through the Portal in accordance with the Administrative Agent’s procedures for such authentication.  Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.
		

		
			“Restatement Date” means the first date all the conditions precedent in Section 4(a) are satisfied or waived in accordance with Section 10(a).
		

		
			“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent of any thereof), or any option, warrant or other right to acquire any such dividend or other distribution or payment, and any payment or prepayment of principal of, premium, if any, or interest, fees or other charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund or similar payment and any claim for rescission with respect to, any Subordinated Debt.  Without limiting the foregoing, “Restricted Payments” with respect to any Person shall also include all payments made by such Person with any proceeds of a dissolution or liquidation of such Person.
		

		
			“Revolving Applicable Percentage” means with respect to any Revolving Lender at any time, the percentage (carried out to the fourth decimal place) of the Aggregate Revolving Commitments represented by such Revolving Lender’s Revolving Commitment at such time.  If the commitment of each Revolving Lender to make Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 2.06 or if the Aggregate Revolving Commitments have expired, then the Revolving Applicable Percentage of each Lender shall be determined based on the Revolving Applicable Percentage of such Revolving Lender most recently in effect, giving effect to any subsequent assignments.  The initial Revolving Applicable Percentage of each Revolving Lender is set forth opposite the name of such Revolving Lender on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Revolving Lender becomes a party hereto, as applicable.
		

		
			“Revolving Availability” means, as of any date of determination thereof by the Agent, the result, if a positive number, of:
		

		
			(a)          The Revolving Loan Cap
		

		
			minus
		

		
			
		

		
			

		 

		

			35

		

 

		

		
			 
		

		
			(b)          The aggregate unpaid balance of Revolving Credit Extensions to, or for the account of, the Borrowers.
		

		
			In calculating Revolving Availability at any time and for any purpose under this Agreement, the Lead Borrower shall certify to the Administrative Agent that all accounts payable and Taxes are being paid on a timely basis (absent which the Administrative Agent may establish a Reserve therefor).
		

		
			“Revolving Borrowing Base” means, at any time of calculation, an amount equal to:
		

		
			(a)          the face amount of Eligible Credit Card Receivables multiplied by 90%;
		

		
			plus
		

		
			(b)          the Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the product of (A) 90% multiplied by (B) the Appraised Value of Eligible Inventory;
		

		
			minus
		

		
			(c)          the then current amount of all Availability Reserves;
		

		
			minus
		

		
			(d)          the Term Loan Reserve.
		

		
			“Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make Committed Revolving Loans to the Borrowers pursuant to Section (a), (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Revolving Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Revolving Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.
		

		
			“Revolving Commitment Increases” has the meaning specified in Section 2.15(a)(i).
		

		
			“Revolving Credit Extensions” means all Credit Extensions consisting of Revolving Loans, Swing Line Loans, and L/C Obligations.
		

		
			“Revolving Lender” means each Lender having a Revolving Commitment as set forth on Schedule 2.01 hereto or in the Assignment and Acceptance by which such Person becomes a Revolving Lender.
		

		
			“Revolving Loan Cap” means, at any time of determination, the lesser of (a) the Aggregate Revolving Commitments or (b) the Revolving Borrowing Base.
		

		
			“Revolving Loans” has the meaning set forth in Section 2.01.
		

		
			“Revolving Note” means a promissory note made by the Borrowers in favor of a Revolving Lender evidencing the Revolving Loans made by such Revolving Lender, substantially in the form of Exhibit C-1.
		

		
			“Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization directly or indirectly controlled by a country or its government, or (d) a Person resident in or determined to be resident in a country, in each case of clauses (a) through (d) that is a target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC.
		

		
			“Sanctioned Person” means, at any time (a) any Person named on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority, (b) a Person or legal entity that is a target of Sanctions, (c) any Person
		

		
			
		

		
			

		 

		

			36

		

 

		

		
			 
		

		
			operating, organized or resident in a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on behalf of any such Person or Persons described in clauses (a) through (c) above.
		

		
			“Sanctions” means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed, administered or enforced from time to time by:  (a) the United States of America, including those administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of the United Kingdom, or (d) any other Governmental Authority with jurisdiction over any member of Lender Group or any Loan Party or any of their respective Subsidiaries or Affiliates.
		

		
			“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.
		

		
			“Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002.
		

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

		
			“Secured Rate Contracts” means Swap Contracts.
		

		
			“Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB.
		

		
			“Security Agreement” means the Amended and Restated Security Agreement dated as of the Restatement Date among the Loan Parties and the Collateral Agent, as amended, restated, supplemented or otherwise modified and in effect from time to time.
		

		
			“Security Documents” means the Security Agreement, the Blocked Account Agreements, the Mortgages, the DDA Notifications, the Credit Card Notifications, and each other security agreement or other instrument or document executed and delivered to the Collateral Agent pursuant to this Agreement or any other Loan Document granting a Lien to secure any of the Obligations.
		

		
			“Senior Executive Officers” means the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, President, Treasurer or Assistant Treasurer of each Borrower.
		

		
			“Settlement Date” has the meaning provided in Section 2(n)(A).
		

		
			“Shareholders’ Equity” means, as of any date of determination, consolidated shareholders’ equity of the Parent and its Subsidiaries as of that date determined in accordance with GAAP.
		

		
			“Shrink” means Inventory which has been lost, misplaced, stolen, or is otherwise unaccounted for.
		

		
			“Shrink Reserve” means an amount reasonably estimated by the Agents to be equal to that amount which is required in order that the Shrink reflected in Borrowers’ stock ledger would be reasonably equivalent to the Shrink calculated as part of the Borrowers’ most recent physical inventory.
		

		
			“Solvent” and “Solvency” means, with respect to any Person on a particular date, that on such date (a) at fair valuation, all of the properties and assets of such Person are greater than the sum of the debts, including contingent liabilities, of such Person, (b) the present fair saleable value of the properties and assets of such Person is not less than the amount that would be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its properties and assets and pay its debts and other liabilities,
		

		
			
		

		
			

		 

		

			37

		

 

		

		
			 
		

		
			contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts beyond such Person’s ability to pay as such debts become due (whether at maturity or otherwise), (e) such Person is not engaged in a business or a transaction, and is not about to engage in a business or transaction, for which such Person’s properties and assets would constitute unreasonably small capital after giving due consideration to the prevailing practices in the industry in which such Person is engaged, and (f) such Person is “solvent” or not “insolvent”, as applicable within the meaning given those terms and similar terms under applicable laws relating to fraudulent transfers and conveyances.  For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).
		

		
			“Standard Letter of Credit Practice” means, for the L/C Issuer, any domestic or foreign Law or letter of credit practices applicable in the city in which the L/C Issuer issued the applicable Letter of Credit or, for its branch or correspondent, such Laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.
		

		
			“Standby Letter of Credit” means any Letter of Credit that is not a Commercial Letter of Credit and that (a) is used in lieu or in support of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course of business, (b) is used in lieu or in support of stay or appeal bonds, (c) supports the payment of insurance premiums for reasonably necessary casualty insurance carried by any of the Loan Parties, or (d) supports payment or performance for identified purchases or exchanges of products or services in the ordinary course of business.
		

		
			“Standby Letter of Credit Agreement” means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.
		

		
			“Stated Amount” means at any time the maximum amount for which a Letter of Credit may be honored.
		

		
			“Store” means any retail store (which may include a Borrower’s interest in any real property, fixtures, equipment, inventory and other property related thereto) operated, or to be operated, by any Loan Party.
		

		
			“Subordinated Debt” means any Indebtedness of any Credit Party subordinated in right of payment to the Obligations (specifically excluding from Subordinated Debt any capital lease payments) in a manner and form satisfactory to Administrative Agent and Lenders in their reasonable discretion, as to right and time of payment and as to any other rights and remedies thereunder.
		

		
			“Subordination Provisions” has the meaning specified in Section 8.01(q).
		

		
			“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the Equity Interests having ordinary voting power for the election of directors or other governing body are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of a Loan Party.
		

		
			“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
		

		
			
		

		
			

		 

		

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			Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
		

		
			“Swap Obligation” means, with respect to any 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.
		

		
			“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).
		

		
			“Swing Line” means the revolving credit facility made available by the Swing Line Lender pursuant to Section 2(d).
		

		
			“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2(d).
		

		
			“Swing Line Lender” means Wells Fargo in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.
		

		
			“Swing Line Loan” has the meaning specified in Section 2(d)(A).
		

		
			“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2(d)(B), which, if in writing, shall be substantially in the form of Exhibit B.
		

		
			“Swing Line Note” means the promissory note of the Borrowers substantially in the form of Exhibit C-2, payable to the order of the Swing Line Lender, evidencing the Swing Line Loans made by the Swing Line Lender.
		

		
			“Swing Line Sublimit” means an amount equal to the lesser of (a) $25,000,000 and (b) ten percent (10%) of the Aggregate Revolving Commitments.  The Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments.
		

		
			“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).
		

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

		
			“Term Borrowing” means a borrowing of the Term Loan made by each of the Term Lenders on the Restatement Date pursuant to Section 2.01(a).
		

		
			“Term Commitment” means, as to each Term Lender, its obligation to make a portion of the  Term Loan to the Borrower pursuant to Section 2.01 in an aggregate principal amount not to exceed the amount set forth opposite such Term Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Term Lender becomes a party hereto, as applicable.  As of the Restatement Date, the aggregate amount of Term Commitments is $40,000,000.
		

		
			
		

		
			

		 

		

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			“Term Lender” means each Lender having a Term Commitment as set forth on Schedule 2.01 hereto or in the Assignment and Acceptance by which such Person becomes a Term Lender, or after the making of the Term Loan, each Lender holding any portion of the Term Loan.
		

		
			“Term Loan” means the term loan made by the Term Lenders on the Restatement Date pursuant to Section 2.01(a).
		

		
			“Term Loan Agent” means Wells Fargo, in its capacity as term loan agent under any of the Loan Documents, or any successor term loan agent.
		

		
			“Term Loan Action Notice” shall have the meaning set forth in Section 8.02(b) hereof.
		

		
			“Term Loan Borrowing Base” means, at any time of calculation, an amount equal to:
		

		
			(a)          the face amount of Eligible Credit Card Receivables multiplied by the TL Advance Rate;
		

		
			plus
		

		
			(b)          the Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the product of (A) the TL Advance Rate multiplied by (B) the Appraised Value of Eligible Inventory.
		

		
			“Term Loan Interest Rate” means a per annum rate equal to, at the option of the Borrowers in accordance with the terms hereof, (i) the sum of (x) the greater of 1.00% or (y) the LIBO Rate for the applicable Interest Period, plus (b) 5.75%, or (ii) the sum of (a) the Base Rate, plus (b) 4.75%.
		

		
			“Term Loan Reserve” means the amount, if any, by which the aggregate outstanding principal balance of the Term Loan exceeds the Term Loan Borrowing Base.
		

		
			“Term Note” means a promissory note made by the Borrowers in favor of a Term Lender evidencing the Term Loan made by such Term Lender, substantially in the form of Exhibit C-3.
		

		
			“Termination Date” means the earliest to occur of (i) the Maturity Date,  (ii) the date on which the maturity of the Obligations is accelerated (or deemed accelerated) and the Revolving Commitments are irrevocably terminated (or deemed terminated) in accordance with Article 7, or (iii) the termination of the Revolving Commitments in accordance with the provisions of Section 2(f)(A) hereof.
		

		
			“TL Advance Rate” means 15%, as such amount shall be reduced by three quarters of one percent (0.75%) on the first day of each February, May, August and November of each year (commencing November 1, 2018), until such amount is equal to 10%.  For illustration purposes only, as of November 1, 2018, the TL Advance Rate will be 14.25%.
		

		
			“Total Outstandings” means the aggregate Outstanding Amount of the Term Loan and the Total Revolver Outstandings.
		

		
			“Total Revolver Outstandings” means the aggregate Outstanding Amount of all Committed Revolving Loans, Swing Line Loans and all L/C Obligations.
		

		
			“Trading with the Enemy Act” has the meaning set forth in Section 10.18.
		

		
			“Type” means, with respect to a Committed Revolving Loan or a portion of the Term Loan, its character as a Base Rate Loan or a LIBO Rate Loan.
		

		
			“UCC” or “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that if a term is defined in Article 9 of the Uniform Commercial Code differently than in another Article thereof, the term shall have the meaning set forth in Article 9; provided further that,
		

		
			
		

		
			

		 

		

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			if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection, of a security interest in any Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than State of New York, “Uniform Commercial Code” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection or availability of such remedy, as the case may be.
		

		
			“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision, International Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by the L/C Issuer for use.
		

		
			“UFCA” has the meaning specified in Section 10(u)(D).
		

		
			“UFTA” has the meaning specified in Section 10(u)(D).
		

		
			“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.
		

		
			“Unintentional Overadvance” means an Overadvance which, to the Administrative Agent’s knowledge, did not constitute an Overadvance when made but which has become an Overadvance resulting from changed circumstances beyond the control of the Credit Parties, including, without limitation, a reduction in the Appraised Value of property or assets included in the Revolving Borrowing Base, increase in Reserves or misrepresentation by the Loan Parties.
		

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

		
			“Weighted Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.
		

		
			“Wells Fargo” means Wells Fargo Bank, National Association and its successors.
		

		
			“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.
		

		
			(b)          Other Interpretive Provisions.  With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:
		

		
			(i)           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, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any
		

		
			
		

		
			

		 

		

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			law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) 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.
		

		
			(ii)          In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”
		

		
			(iii)         Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.
		

		
			(iv)         Any reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (x) the repayment in Dollars in full in cash or immediately available funds (or, in the case of contingent reimbursement obligations with respect to Letters of Credit and Bank Products (other than Swap Contracts) and any other contingent Obligation, including indemnification obligations, providing Cash Collateralization) or other collateral as may be reasonably requested by the Administrative Agent of all of the Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Swap Contracts) other than (i) unasserted contingent indemnification Obligations, (ii) any Obligations relating to Bank Products (other than Swap Contracts) that, at such time, are allowed by the applicable Bank Product provider to remain outstanding without being required to be repaid or Cash Collateralized or other collateral as may be reasonably requested by the Administrative Agent, and (iii) any Obligations relating to Swap Contracts that, at such time, are allowed by the applicable provider of such Swap Contracts to remain outstanding without being required to be repaid, and (y) the termination of the Aggregate Revolving Commitments and the Loan Documents.
		

		
			(c)          Accounting Terms
		

		
			(i)           Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.
		

		
			(ii)          Changes in GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Lead Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Lead Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Lead Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Notwithstanding the foregoing, effective as of the first Fiscal Quarter of 2019, Borrowers shall adopt ASU 2016-02 (“Leases”) as issued by the Financial Accounting Standards Board, which adoption is hereby approved by Administrative Agent and the Lenders.
		

		
			(d)          Rounding.  Any financial ratios required to be maintained by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
		

		
			(e)          Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
		

		
			
		

		
			

		 

		

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			(f)           Letter of Credit Amounts.  Unless otherwise specified, all references herein to 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 of any Issuer Documents 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 time.
		

		
			2. THE COMMITMENTS AND CREDIT EXTENSIONS
		

		
			(a)          Loans; Reserves.  (A)         Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a loan to the Borrowers on the Restatement Date in a principal amount not to exceed the Term Commitment of such Term Lender.  Amounts repaid in respect of Term Loans may not be reborrowed, and upon each Term Lender’s making of such Term Loan, the Term Commitment of such Term Lender shall be terminated.  Portions of the Term Loan may be Base Rate Loans or LIBO Rate Loans, as further provided herein.
		

		
			(ii)          Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such loan, a “Committed Revolving Loan”) to the Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the lesser of (x) the amount of such Revolving Lender’s Commitment, or (y) such Revolving Lender’s Revolving Applicable Percentage of the Revolving Borrowing Base; subject in each case to the following limitations:
		

		
			(i)           after giving effect to any Committed Revolving Borrowing, the Total Revolver Outstandings shall not exceed the Revolving Loan Cap,
		

		
			(ii)          after giving effect to any Committed Revolving Borrowing, the Total Outstandings shall not exceed the Combined Loan Cap,
		

		
			(iii)         after giving effect to any Committed Revolving Borrowing, the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and
		

		
			(iv)         The Outstanding Amount of all L/C Obligations shall not at any time exceed the Letter of Credit Sublimit.
		

		
			Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow Committed Revolving Loans under this Section (a), prepay under Section 2(e), and reborrow under this Section (a).  Committed Revolving Loans may be Base Rate Loans or LIBO Rate Loans, as further provided herein.
		

		
			(B)        The Inventory Reserves and Availability Reserves as of the Restatement Date are set forth in the Borrowing Base Certificate delivered pursuant to Section 4.01 hereof.
		

		
			(C)         The Administrative Agent shall have the right, at any time and from time to time after the Closing Date in its discretion to establish, modify or eliminate Reserves; provided,  that, notwithstanding anything to the contrary contained in this Agreement, as long as the Term Loan remains outstanding, the Administrative Agent shall maintain Reserves (without limiting the right of the Administrative Agent to include additional Reserves) of the type existing on the Restatement Date, which Reserves shall be calculated by the same methodology as used prior to the Restatement Date; provided that (x) the Administrative Agent may eliminate any Reserve concurrent with, or after
		

		
			
		

		
			

		 

		

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			elimination of, the event or circumstance that gave rise to the establishment of such Reserve, and (y) the Administrative Agent may change the methodology used to calculate any Reserve if the effect of such change is to increase the amount of such Reserve.  For clarity, the foregoing shall not limit the right of the Administrative Agent (i) to modify the amount of any of the Reserves based upon mathematical calculations or (ii) without regard to clause (i) hereof, to increase any Reserve from the level in effect at the time of the Restatement Date and thereafter to reduce the amount of such Reserve to an amount not less than the amount thereof in effect on the Restatement Date, in the case of each of clauses (i) and (ii), in a manner otherwise permitted by this Agreement.
		

		
			(b)          Borrowings, Conversions and Continuations of Committed Revolving Loans and the Term Loan.
		

		
			(A)         Committed Revolving Loans (other than Swing Line Loans) and the Term Loan (or any portion thereof) shall be either Base Rate Loans or LIBO Rate Loans as the Lead Borrower may request subject to and in accordance with this Section (b).  All Swing Line Loans shall be only Base Rate Loans.  Subject to the other provisions of this Section (b), Committed Revolving Borrowings of more than one Type may be incurred at the same time.
		

		
			(B)         Each request for a Committed Revolving Borrowing consisting of a Base Rate Loan shall be made by electronic request of the Lead Borrower through Administrative Agent’s Commercial Electronic Office Portal or through such other electronic portal provided by Administrative Agent (the “Portal”), which must be received by the Administrative Agent not later than 2:00 p.m. on the requested date of any Committed Revolving Borrowing of Base Rate Loans.  The Borrowers hereby acknowledge and agree that any request made through the Portal shall be deemed made by a Responsible Officer of the Borrowers.  Each request for a Committed Revolving Borrowing consisting of a LIBO Rate Loan, or for a conversion to or continuation of the Term Loan (or any portion thereof) consisting of a LIBO Rate Loan, shall be made pursuant to the Lead Borrower’s submission of a LIBO Rate Loan Notice, which must be received by the Administrative Agent not later than 12:00 noon two (2) Business Days prior to the requested date of any Borrowing or continuation of LIBO Rate Loans.  Each LIBO Rate Loan Notice shall specify (i) the requested date of the Committed Revolving Borrowing or continuation or conversion of the Committed Revolving Borrowing or Term Loan (or portion thereof), as the case may be (which shall be a Business Day), (ii) the principal amount of LIBO Rate Loans to be borrowed or continued (which shall be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof), and (iii) the duration of the Interest Period with respect thereto.  If the Lead Borrower fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.  On the requested date of any LIBO Rate Loan, (i) in the event that Base Rate Loans are outstanding in an amount equal to or greater than the requested LIBO Rate Loan, all or a portion of such Base Rate Loans shall be automatically converted to a LIBO Rate Loan in the amount requested by the Lead Borrower, and (ii) if Base Rate Loans are not outstanding in an amount at least equal to the requested LIBO Rate Loan, the Lead Borrower shall make an electronic request via the Portal for additional Base Rate Loans in an such amount, when taken with the outstanding Base Rate Loans (which shall be converted automatically at such time), as is necessary to satisfy the requested LIBO Rate Loan.  If the Lead Borrower fails to make such additional request via the Portal as required pursuant to clause (ii) of the foregoing sentence, then the Borrowers shall be responsible for all amounts due pursuant to Section 3.05 hereof arising on account of such failure.  If the Lead Borrower fails to give a timely notice with respect to any continuation of a LIBO Rate Loan, then the applicable Committed Revolving Loans or Term Loan (or portion thereof) shall be converted to Base Rate Loans, effective as of the last day of the Interest Period then in effect with respect to the applicable LIBO Rate Loans.  All requests for a Committed Revolving Borrowing or a conversion to or continuation of the Term Loan (or portion thereof) to a LIBO Rate Loan which are not made by electronic request of the Lead Borrower through the Portal shall be subject to (and unless the Administrative Agent elects otherwise in the exercise of its sole discretion, such Committed Revolving Borrowing, conversion or continuation shall not be made until the completion of) the Administrative Agent’s authentication process (with results satisfactory to the Administrative Agent) prior to the funding of any such requested  Revolving Loan.
		

		
			(C)         The Administrative Agent shall promptly notify each Revolving Lender of the amount of its Revolving Applicable Percentage of the applicable Committed Revolving Loans, and if no timely notice of a conversion or continuation is provided by the Lead Borrower, the Administrative Agent shall notify each Revolving Lender and each Term Lender, as applicable, of the details of any automatic conversion to Base Rate Loans described in Section 2(b)(B).  In the case of a Committed Revolving Borrowing, each Revolving Lender shall make the amount of its Committed Revolving Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable notice.  Upon
		

		
			
		

		
			

		 

		

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			satisfaction of the applicable conditions set forth in Section 4(b) (and, if such Revolving Borrowing is the initial Credit Extension, Section 4(a)), the Administrative Agent shall use reasonable efforts to make all funds so received available to the Borrowers in like funds by no later than 4:00 p.m. on the day of receipt by the Administrative Agent either by (i) crediting the account of the Lead Borrower on the books of Wells Fargo with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Lead Borrower.
		

		
			(D)         The Administrative Agent, without the request of the Lead Borrower, may advance any interest, fee, service charge (including direct wire fees), Credit Party Expenses, or other payment to which any Credit Party is entitled from the Loan Parties pursuant hereto or any other Loan Document and may charge the same to the Loan Account notwithstanding that an Overadvance may result thereby.  The Administrative Agent shall advise the Lead Borrower of any such advance or charge promptly after the making thereof.  Such action on the part of the Administrative Agent shall not constitute a waiver of the Administrative Agent’s rights and the Borrowers’ obligations under Section 2.05(d).  Any amount which is added to the principal balance of the Loan Account as provided in this Section 2(b)(D) shall bear interest at the interest rate then and thereafter applicable to Base Rate Loans.
		

		
			(E)          Except as otherwise provided herein, a LIBO Rate Loan may be continued or converted only on the last day of an Interest Period for such LIBO Rate Loan.  During the existence of a Default, (i) no Revolving Loans may be requested as, converted to or continued as LIBO Rate Loans without the Consent of the Required Revolving Lenders, and (ii) no portion of the Term Loan may be converted to or continued as LIBO Rate Loans without the Consent of the Required Term Lenders.
		

		
			(F)          The Administrative Agent shall promptly notify the Lead Borrower and the Lenders of the interest rate applicable to any Interest Period for LIBO Rate Loans upon determination of such interest rate.  At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Lead Borrower and the Lenders of any change in Wells Fargo’s prime rate used in determining the Base Rate promptly following the public announcement of such change.
		

		
			(G)         After giving effect to all Committed Revolving Borrowings and the Term Loan, all conversions of Committed Revolving Loans or portions of the Term Loan from one Type to the other, and all continuations of Committed Revolving Loans or portions of the Term Loan as the same Type, there shall not be more than (x) five (5) Interest Periods in effect with respect to Revolving Loans that are LIBO Rate Loans, or (y) two (2) Interest Periods in effect with respect to portions of the Term Loan that are LIBO Rate Loans.
		

		
			(H)         The Administrative Agent, the Revolving Lenders, the Swing Line Lender and the L/C Issuer shall have no obligation to make any Committed Revolving Loan or Swing Line Loan or to provide any Letter of Credit if an Overadvance would result.  The Administrative Agent may, in its discretion, make Permitted Overadvances without the consent of the Borrowers, the Revolving Lenders, the Swing Line Lender, the L/C Issuer or any other Lender and the Borrowers and each Revolving Lender and L/C Issuer shall be bound thereby.  Any Permitted Overadvance may constitute a Swing Line Loan. A Permitted Overadvance is for the account of the Borrowers and shall constitute a Base Rate Loan and an Obligation and shall be repaid by the Borrowers in accordance with the provisions of Section 2.05(d).  The making of any such Permitted Overadvance on any one occasion shall not obligate the Administrative Agent or any Revolving Lender to make or permit any Permitted Overadvance on any other occasion or to permit such Permitted Overadvances to remain outstanding. The making by the Administrative Agent of a Permitted Overadvance shall not modify or abrogate any of the provisions of Section 2(c) regarding the Lenders’ obligations to purchase participations with respect to Letters of Credit or of Section 2.04 regarding the Revolving Lenders’ obligations to purchase participations with respect to Swing Line Loans.  The Administrative Agent shall have no liability for, and no Loan Party or Credit Party shall have the right to, or shall, bring any claim of any kind whatsoever against the Administrative Agent with respect to Unintentional Overadvances regardless of the amount of any such Overadvance(s).
		

		
			(c)          Letters of Credit.
		

		
			(i)           Subject to the terms and conditions of this Agreement, upon the request of the Lead Borrower made in accordance herewith, and prior to the Maturity Date, the L/C Issuer agrees to issue a requested Letter of Credit for the account of the Loan Parties.  By submitting a request to the L/C Issuer for
		

		
			
		

		
			

		 

		

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			the issuance of a Letter of Credit, the Borrowers shall be deemed to have requested that the L/C Issuer issue the requested Letter of Credit.  Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be (i) irrevocable and be made in writing pursuant to a Letter of Credit Application by a Responsible Officer, (ii) delivered to the L/C Issuer and the Administrative Agent via telefacsimile or other electronic method of transmission reasonably acceptable to the L/C Issuer not later than 11:00 a.m. at least two Business Days (or such other date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the requested date of issuance, amendment, renewal, or extension, and (iii) subject to the L/C Issuer’s authentication procedures with results satisfactory to the Administrative Agent and the L/C Issuer.  Each such request shall be in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Administrative Agent or the L/C Issuer may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that the L/C Issuer generally requests for Letters of Credit in similar circumstances.  The Administrative Agent’s records of the content of any such request will be conclusive.
		

		
			(ii)          The L/C Issuer shall have no obligation to issue a Letter of Credit if, after giving effect to the requested issuance, (i) the Total Revolving Outstandings would exceed the Revolving Loan Cap, (ii) the Total Outstandings would exceed the Combined Loan Cap, (iii) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all Swing Line Loans would exceed such Lender’s Revolving Commitment, or (iv) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit.
		

		
			(iii)         In the event there is a Defaulting Lender as of the date of any request for the issuance of a Letter of Credit, the L/C Issuer shall not be required to issue or arrange for such Letter of Credit to the extent (i) the Defaulting Lender’s participation with respect to such Letter of Credit may not be reallocated pursuant to Section 9.16(b), or (ii) the L/C Issuer has not otherwise entered into arrangements reasonably satisfactory to it and the Borrowers to eliminate the L/C Issuer’s risk with respect to the participation in such Letter of Credit of the Defaulting Lender, which arrangements may include the Borrowers cash collateralizing such Defaulting Lender’s participation with respect to such Letter of Credit in accordance with Section 9.16(b).  Additionally, the L/C Issuer shall have no obligation to issue and/or extend a 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 L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of Law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit or request that the L/C Issuer refrain from the issuance of letters of credit generally or such Letter of Credit in particular, (B) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally, (C) if amounts demanded to be paid under any Letter of Credit will not or may not be in Dollars, or (D) if the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless either such Letter of Credit is Cash Collateralized on or prior to the date of issuance of such Letter of Credit (or such later date as to which the Administrative Agent may agree) or all the Lenders have approved such expiry date.  Each Standby Letter of Credit shall expire not later than the date that is 12 months after the date of the issuance of such Letter of Credit; provided, that any Standby Letter of Credit may provide for the automatic extension thereof for any number of additional periods each of up to one year in duration; provided,  further,  that, the L/C Issuer, in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if the Borrowers do not at any time want the then current expiration date of such Letter of Credit to be extended, the Borrowers will so notify the Administrative Agent and the L/C Issuer at least 30 calendar days before the L/C Issuer is required to notify the beneficiary of such Letter of Credit or any advising bank of such non-extension pursuant to the terms of such Letter of Credit.  Each Commercial Letter of Credit shall expire on the earlier of (i) 120 days after the date of the issuance of such Commercial Letter of Credit, or
		

		
			
		

		
			

		 

		

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			(ii) the Letter of Credit Expiration Date, except as expressly set forth in this Section 2.02(c). The Borrowers understand and agree that the L/C Issuer is not required to extend the expiration date of any Letter of Credit for any reason.
		

		
			(iv)         Any L/C Issuer (other than Wells Fargo or any of its Affiliates) shall notify Agent in writing no later than the Business Day prior to the Business Day on which such Issuing Bank issues any Letter of Credit.  In addition, each L/C Issuer (other than Wells Fargo or any of its Affiliates) shall, on the first Business Day of each week, submit to the Administrative Agent a report detailing the daily undrawn amount of each Letter of Credit issued by such L/C Issuer during the prior calendar week.  The Loan Parties and the Credit Parties hereby acknowledge and agree that all Existing Letters of Credit shall constitute Letters of Credit under this Agreement on and after the Restatement Date and shall be deemed to have been issued on the Restatement Date with the same effect as if such Existing Letters of Credit had actually been issued by the L/C Issuer at the request of the Borrowers on the Restatement Date; provided,  however, that no additional fees of the type described in Section 2.03(m)(i) shall be payable in connection with such deemed issuance.  Each Letter of Credit shall be in form and substance reasonably acceptable to the L/C Issuer, including the requirement that the amounts payable thereunder must be payable in Dollars.  If the L/C Issuer makes a payment under a Letter of Credit, the Borrowers shall pay to Administrative Agent an amount equal to the applicable Letter of Credit Disbursement on the Business Day such Letter of Credit Disbursement is made and, in the absence of such payment, the amount of the Letter of Credit Disbursement immediately and automatically shall be deemed to be a Committed Revolving Loan hereunder (notwithstanding any failure to satisfy any condition precedent set forth in Section 4.02 hereof) and, initially, shall bear interest at the rate then applicable to Committed Revolving Loans that are Base Rate Loans. If a Letter of Credit Disbursement is deemed to be a Committed Revolving Loan hereunder, the Borrowers’ obligation to pay the amount of such Letter of Credit Disbursement to the L/C Issuer shall be automatically converted into an obligation to pay the resulting Committed Revolving Loan.  Promptly following receipt by the Administrative Agent of any payment from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the L/C Issuer or, to the extent that the Revolving Lenders have made payments pursuant to Section 2.03(e) to reimburse the L/C Issuer, then to such Revolving Lenders and the L/C Issuer as their interests may appear.
		

		
			(v)          Promptly following receipt of a notice of a Letter of Credit Disbursement pursuant to Section 2.03(d), each Revolving Lender agrees to fund its Revolving Applicable Percentage of any Committed Revolving Loan deemed made pursuant to Section 2.03(d) on the same terms and conditions as if the Borrowers had requested the amount thereof as a Committed Revolving Loan and the Administrative Agent shall promptly pay to the L/C Issuer the amounts so received by it from the Revolving Lenders.  By the issuance of a Letter of Credit (or an amendment, renewal, or extension of a Letter of Credit) and without any further action on the part of the L/C Issuer or the Revolving Lenders, the L/C Issuer shall be deemed to have granted to each Revolving Lender, and each Revolving Lender shall be deemed to have purchased, a participation in each Letter of Credit issued by the L/C Issuer, in an amount equal to its Revolving Applicable Percentage of such Letter of Credit, and each such Revolving Lender agrees to pay to the Administrative Agent, for the account of the L/C Issuer, such Lender’s Revolving Applicable Percentage of any Letter of Credit Disbursement made by the L/C Issuer under the applicable Letter of Credit.  In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the L/C Issuer, such Revolving Lender’s Revolving Applicable Percentage of each Letter of Credit Disbursement made by the L/C Issuer and not reimbursed by Borrowers on the date due as provided in Section 2.03(d), or of any reimbursement payment that is required to be refunded (or that the Administrative Agent or the L/C Issuer elects, based upon the advice of counsel, to refund) to the Borrowers for any reason.  Each Revolving Lender acknowledges and agrees that its obligation to deliver to the Administrative Agent, for the account of the L/C Issuer, an amount equal to its respective Revolving Applicable Percentage of each Letter of Credit Disbursement pursuant to this Section 2.03(e) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of a Default or Event of Default or the failure to satisfy any condition set forth in Section 4.02 hereof.  If any such Revolving Lender fails to make available to the Administrative Agent the amount of such Revolving Lender’s Revolving Applicable Percentage of a Letter of Credit Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and the Administrative Agent (for the
		

		
			
		

		
			

		 

		

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			account of the L/C Issuer) shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon at the Defaulting Lender Rate until paid in full.
		

		
			(vi)         Each Borrower agrees to indemnify, defend and hold harmless each Credit Party (including the L/C Issuer and its branches, Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including the L/C Issuer, a “Letter of Credit Related Person”) (to the fullest extent permitted by Law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any such Letter of Credit Related Person (other than Taxes, which shall be governed by Section 3.01) (the “Letter of Credit Indemnified Costs”), and which arise out of or in connection with, or as a result of:
		

		
			(1)          any Letter of Credit or any pre-advice of its issuance;
		

		
			(2)          any transfer, sale, delivery, surrender or endorsement (or lack thereof) of any Drawing Document at any time(s) held by any such Letter of Credit Related Person in connection with any Letter of Credit;
		

		
			(3)          any action or proceeding arising out of, or in connection with, any Letter of Credit (whether administrative, judicial or in connection with arbitration), including any action or proceeding to compel or restrain any presentation or payment under any Letter of Credit, or for the wrongful dishonor of, or honoring a presentation under, any Letter of Credit;
		

		
			(4)          any independent undertakings issued by the beneficiary of any Letter of Credit;
		

		
			(5)          any unauthorized instruction or request made to the L/C Issuer in connection with any Letter of Credit or requested Letter of Credit, or any error, omission, interruption or delay in such instruction or request, whether transmitted by mail, courier, electronic transmission, SWIFT, or any other telecommunication including communications through a correspondent;
		

		
			(6)          an adviser, confirmer or other nominated person seeking to be reimbursed, indemnified or compensated;
		

		
			(7)          any third party seeking to enforce the rights of an applicant, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds or holder of an instrument or document;
		

		
			(8)          the fraud, forgery or illegal action of parties other than the Letter of Credit Related Person;
		

		
			(9)          any prohibition on payment or delay in payment of any amount payable by the L/C Issuer to a beneficiary or transferee beneficiary of a Letter of Credit arising out of Anti-Corruption Laws, Anti-Money Laundering Laws, or Sanctions;
		

		
			(10)        the L/C Issuer’s performance of the obligations of a confirming institution or entity that wrongfully dishonors a confirmation;
		

		
			(11)        any foreign language translation provided to the L/C Issuer in connection with any Letter of Credit;
		

		
			(12)        any foreign law or usage as it relates to the L/C Issuer’s issuance of a Letter of Credit in support of a foreign guaranty including without limitation the expiration of such guaranty
		

		
			
		

		
			

		 

		

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			after the related Letter of Credit expiration date and any resulting drawing paid by the L/C Issuer in connection therewith; or
		

		
			(13)        the acts or omissions, whether rightful or wrongful, of any present or future de jure or de facto governmental or regulatory authority or cause or event beyond the control of the Letter of Credit Related Person;
		

		
			in each case, including that resulting from the Letter of Credit Related Person’s own negligence; provided,  however,  that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification under clauses (i) through (xiii) above to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of the Letter of Credit Related Person claiming indemnity.  The Borrowers hereby agree to pay the Letter of Credit Related Person claiming indemnity on demand from time to time all amounts owing under this Section 2.03(f).  If and to the extent that the obligations of the Borrowers under this Section 2.03(f) are unenforceable for any reason, the Borrowers agree to make the maximum contribution to the Letter of Credit Indemnified Costs permissible under applicable Law.  This indemnification provision shall survive termination of this Agreement and all Letters of Credit.
		

		
			(vii)        The liability of the L/C Issuer (or any other Letter of Credit Related Person) under, in connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by the Borrowers that are caused directly by the L/C Issuer’s gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit.  The L/C Issuer shall be deemed to have acted with due diligence and reasonable care if the L/C Issuer’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement.  The Borrowers’ aggregate remedies against the L/C Issuer and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by the Borrowers to the L/C Issuer in respect of the honored presentation in connection with such Letter of Credit under Section 2.03(d), plus interest at the rate then applicable to Base Rate Loans hereunder.  The Borrowers shall take action to avoid and mitigate the amount of any damages claimed against the L/C Issuer or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit.  Any claim by the Borrowers under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x) the amount (if any) saved by the Borrowers as a result of the breach or alleged wrongful conduct complained of; and (y) the amount (if any) of the loss that would have been avoided had the Borrowers taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing the L/C Issuer to effect a cure.
		

		
			(viii)       The Borrowers shall be responsible for the final text of the Letter of Credit as issued by the L/C Issuer, irrespective of any assistance the L/C Issuer may provide such as drafting or recommending text or by the L/C Issuer’s use or refusal to use text submitted by the Borrowers.  The Borrowers understand that the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by the L/C Issuer, and Borrowers hereby consent to such revisions and changes not materially different from the application executed in connection therewith.  The Borrowers are solely responsible for the suitability of the Letter of Credit for the Borrowers’ purposes.  If the Borrowers request that the L/C Issuer issue a Letter of Credit for an affiliated or unaffiliated third party (an “Account Party”), (i) such Account Party shall have no rights against the L/C Issuer; (ii) the Borrowers shall be responsible for the application and obligations under this Agreement; and (iii) communications (including notices) related to the respective Letter of Credit shall be among the L/C Issuer and the Borrowers.  The Borrowers will examine the copy of the Letter of Credit and any other documents sent by the L/C Issuer in connection therewith and shall promptly notify the L/C Issuer (not later than three (3) Business Days following the Borrowers’ receipt of documents from the L/C Issuer) of any non-compliance with the Borrowers’ instructions and of any discrepancy in any document under any presentment or other irregularity.
		

		
			
		

		
			

		 

		

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			(ix)         The Borrowers’ reimbursement and payment obligations under this Section 2.03 are absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including:
		

		
			(1)          any lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer Document, this Agreement or any Loan Document, or any term or provision therein or herein;
		

		
			(2)          payment against presentation of any draft, demand or claim for payment under any Drawing Document that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit;
		

		
			(3)          the L/C Issuer or any of its branches or Affiliates being the beneficiary of any Letter of Credit;
		

		
			(4)          the L/C Issuer or any correspondent honoring a drawing against a Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit;
		

		
			(5)          the existence of any claim, set-off, defense or other right that the Parent or any of its Subsidiaries may have at any time against any beneficiary or transferee beneficiary, any assignee of proceeds, the L/C Issuer or any other Person;
		

		
			(6)          the L/C Issuer or any correspondent honoring a drawing upon receipt of an electronic presentation under a Letter of Credit requiring the same, regardless of whether the original Drawing Documents arrive at the L/C Issuer’s counters or are different from the electronic presentation;
		

		
			(7)          any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2.03(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, any Borrower’s or any of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against the L/C Issuer, the beneficiary or any other Person; or
		

		
			(8)          the fact that any Default or Event of Default shall have occurred and be continuing;
		

		
			provided, however, that subject to Section 2.03(g) above, the foregoing shall not release the L/C Issuer from such liability to the Borrowers as may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against the L/C Issuer following reimbursement or payment of the obligations and liabilities, including reimbursement and other payment obligations, of the Borrowers to the L/C Issuer arising under, or in connection with, this Section 2.03 or any Letter of Credit.
		

		
			(x)          Without limiting any other provision of this Agreement, the L/C Issuer and each other Letter of Credit Related Person (if applicable) shall not be responsible to the Borrowers for, and the L/C Issuer’s rights and remedies against the Borrowers and the obligation of the Borrowers to reimburse the L/C Issuer for each drawing under each Letter of Credit shall not be impaired by:
		

		
			(1)          honor of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary;
		

		
			(2)          honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any purported successor or transferee of any beneficiary or
		

		
			
		

		
			

		 

		

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			other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary;
		

		
			(3)          acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit;
		

		
			(4)          the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any Drawing Document (other than the L/C Issuer’s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit);
		

		
			(5)          acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that the L/C Issuer in good faith believes to have been given by a Person authorized to give such instruction or request;
		

		
			(6)          any errors, omissions, interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give notice to any Borrower;
		

		
			(7)          any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other Person or any breach of contract between any beneficiary and any Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates;
		

		
			(8)          assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any requirement that any Drawing Document be presented to it at a particular hour or place;
		

		
			(9)          payment to any presenting bank (designated or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it;
		

		
			(10)        acting or failing to act as required or permitted under Standard Letter of Credit Practice applicable to where the L/C Issuer has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be;
		

		
			(11)        honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such expiration date and dishonored by the L/C Issuer if subsequently the L/C Issuer or any court or other finder of fact determines such presentation should have been honored;
		

		
			(12)        dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or
		

		
			(13)        honor of a presentation that is subsequently determined by the L/C Issuer to have been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons.
		

		
			(xi)         Upon the request of the Administrative Agent, (i) if the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Obligation that remains outstanding, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrowers shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations.  Sections 2(e) and 8(b)(i)(3) set forth certain additional requirements to deliver Cash Collateral hereunder.  For purposes of this Section 2(c),  Section 2(e) and Section 8(b)(i)(3),
		

		
			
		

		
			

		 

		

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			“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances in an amount equal to 105% of the Outstanding Amount of all L/C Obligations, pursuant to documentation in form and substance satisfactory to the Administrative Agent and the L/C Issuer (which documents are hereby Consented to by the Revolving Lenders).  The Borrowers hereby grant to the Collateral Agent a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.  Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Wells Fargo.  If at any time the Administrative Agent determines that any funds held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrowers will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent determines to be free and clear of any such right and claim.  Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be applied to satisfy other Obligations.  If Borrowers fail to provide Cash Collateral as required by this Section 2.03,  Section 2.05 or Section 8.02(c), the Revolving Lenders may (and, upon direction of the Administrative Agent, shall) advance, as Revolving Loans the amount of the cash collateral required pursuant to the terms of this Agreement so that the then Outstanding Amount of all L/C Obligations is cash collateralized in accordance with the terms hereof (whether or not the Revolving Commitments have terminated, an Overadvance exists or the conditions in Section 4.02 are satisfied).
		

		
			(xii)        The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Revolving Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily Stated Amount under each such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit).  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of the Letter of Credit shall be determined in accordance with Section 1(f).  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each month commencing with the first such date to occur after the issuance of such Letter of Credit, and after the Letter of Credit Expiration Date, on demand, and (ii) computed on a monthly basis in arrears.  If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.  Notwithstanding anything to the contrary contained herein, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate as provided in Section 2.12(b) hereof.
		

		
			(xiii)       In addition to the Letter of Credit Fees as set forth in Section 2.03(l) above, the Borrowers shall pay immediately upon demand to the Administrative Agent for the account of the L/C Issuer as non-refundable fees, commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the provisions of Section 2.02(d) shall be deemed to constitute a demand for payment thereof for the purposes of this Section 2.03(m)):  (i) a fronting fee which shall be imposed by the L/C Issuer upon the issuance of each Letter of Credit of 0.125% per annum of the face amount thereof, plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and any and all expenses incurred by, the L/C Issuer, or by any adviser, confirming institution or entity or other nominated person, relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds, amendments, drawings, renewals or cancellations).
		

		
			(xiv)       Unless otherwise expressly agreed by the L/C Issuer and the Borrowers when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP and the UCP shall apply to each Standby Letter of Credit, and (ii) the rules of the UCP shall apply to each Commercial Letter of Credit.
		

		
			(xv)        The L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits
		

		
			
		

		
			

		 

		

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			and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.
		

		
			(xvi)       In the event of a direct conflict between the provisions of this Section 2.03 and any provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.03 shall control and govern.
		

		
			(xvii)      The provisions of this Section 2.03 shall survive the termination of this Agreement and the repayment in full of the Obligations with respect to any Letters of Credit that remain outstanding.
		

		
			(xviii)     At the Borrowers’ costs and expense, the Borrowers shall execute and deliver to the L/C Issuer such additional certificates, instruments and/or documents and take such additional action as may be reasonably requested by the L/C Issuer to enable the L/C Issuer to issue any Letter of Credit pursuant to this Agreement and related Issuer Document, to protect, exercise and/or enforce the L/C Issuer’s rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document.  Each Borrower irrevocably appoints the L/C Issuer as its attorney-in-fact and authorizes the L/C Issuer, without notice to the Borrowers, to execute and deliver ancillary documents and letters customary in the letter of credit business that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance documents.  The power of attorney granted by the Borrowers is limited solely to such actions related to the issuance, confirmation or amendment of any Letter of Credit and to ancillary documents or letters customary in the letter of credit business.  This appointment is coupled with an interest.
		

		
			(d)          Swing Line Loans.
		

		
			(A)         The Swing Line.  Subject to the terms and conditions set forth herein, the Swing Line Lender may, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2(d), make loans (each such loan, a “Swing Line Loan”) to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Revolving Applicable Percentage of the Outstanding Amount of Committed Revolving Loans and L/C Obligations of the Revolving Lender acting as Swing Line Lender, may exceed the amount of such Revolving Lender’s Revolving Commitment; provided,  however, that after giving effect to any Swing Line Loan, (i) the Total Revolving Outstandings shall not exceed the Revolving Loan Cap, (ii) the Total Outstandings shall not exceed the Combined Loan Cap, and (iii) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender at such time, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all L/C Obligations at such time, plus such Revolving Lender’s Revolving Applicable Percentage of the Outstanding Amount of all Swing Line Loans at such time shall not exceed such Revolving Lender’s Revolving Commitment, and provided,  further, that (x) the Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (y) the Swing Line Lender shall not be obligated to make any Swing Line Loan at any time when any Revolving Lender is at such time a Defaulting Lender hereunder, unless the Swing Line Lender has entered into satisfactory arrangements with the Borrowers or such Revolving Lender to eliminate the Swing Line Lender’s risk with respect to such Revolving Lender.  Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2(d), prepay under Section 2(e), and reborrow under this Section 2(d).  Each Swing Line Loan shall bear interest only at the rate applicable to Base Rate Loans.  Immediately upon the making of a Swing Line Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Lender’s Revolving Applicable Percentage times the amount of such Swing Line Loan.  The Swing Line Lender shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article 9 with respect to any acts taken or omissions suffered by the Swing Line Lender in connection with Swing Line Loans made by it or proposed to be made by it as if the term “Administrative Agent” as used in Article 9 included the Swing Line Lender with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Swing Line Lender.
		

		
			
		

		
			

		 

		

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			(B)         Borrowing Procedures.  Each Swing Line Borrowing shall be made upon the Lead Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Lead Borrower.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent at the request of the Required Revolving Lenders prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2(d)(A), or (B) that one or more of the applicable conditions specified in Article 4 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender may, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers at its office by crediting the account of the Lead Borrower on the books of the Swing Line Lender in immediately available funds.
		

		
			(C)         Refinancing of Swing Line Loans.
		

		
			The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrowers (which hereby irrevocably authorize the Swing Line Lender to so request on their behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such Revolving Lender's Revolving Applicable Percentage of the amount of Swing Line Loans then outstanding.  Such request shall be made in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Loan Cap and the conditions set forth in Section 4.02.  Each Revolving Lender shall make an amount equal to its Revolving Applicable Percentage of the amount of such outstanding Swing Line Loan available to the Administrative Agent in immediately available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified by the Swing Line Lender, whereupon, subject to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount.  The Administrative Agent shall remit the funds so received to the Swing Line Lender.
		

		
			If for any reason any Swing Line Loan cannot be refinanced by such a Committed Revolving Borrowing in accordance with Section 0( )( )(0)( )( ), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 0( )( )(0)( )( ) shall be deemed payment in respect of such participation.
		

		
			If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2(d)(C) by the time specified in Section 0( )( )(0)( )( ), the Swing Line Lender shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing.  If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Lender’s Committed Revolving Loan included in the relevant Committed Revolving Borrowing or funded participation in the relevant Swing Line Loan, as the case may be.   A certificate of the Swing Line Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error.
		

		
			
		

		
			

		 

		

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			Each Revolving Lender’s obligation to make Committed Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2(d)(C) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided,  however, that each Revolving Lender’s obligation to make Committed Revolving Loans pursuant to this Section 2(d)(C) is subject to the conditions set forth in Section 4(b).  No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided herein.
		

		
			(D)         Repayment of Participations.
		

		
			At any time after any Revolving Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Lender its Revolving Applicable Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender.
		

		
			If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10(e) (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Lender shall pay to the Swing Line Lender its Revolving Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate.  The Administrative Agent will make such demand upon the request of the Swing Line Lender.  The obligations of the Revolving Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.
		

		
			(E)          Interest for Account of Swing Line Lender.  The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans.  Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section 2(d) to refinance such Revolving Lender’s Revolving Applicable Percentage of any Swing Line Loan, interest in respect of such Revolving Applicable Percentage shall be solely for the account of the Swing Line Lender.
		

		
			(F)          Payments Directly to Swing Line Lender.  The Borrowers shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.
		

		
			(e)          Prepayments.
		

		
			(A)         The Borrowers may, upon irrevocable notice from the Lead Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay Committed Revolving Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of LIBO Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of LIBO Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (iii) unless a Cash Dominion Event has occurred and is continuing, any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if LIBO Rate Loans, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment of a LIBO Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3(e).  Each such prepayment shall be applied to the Committed Revolving Loans of the Revolving Lenders in accordance with their respective Applicable Percentages.
		

		
			
		

		
			

		 

		

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			(B)         The Borrowers may, upon irrevocable notice from the Lead Borrower to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000, or if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment.  If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
		

		
			(C)         Subject to Section 2.09(b) and the satisfaction of the Payment Conditions, the Borrowers may, upon irrevocable notice from the Lead Borrower to the Administrative Agent and the Term Loan Agent, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part; provided that such notice must be received by the Administrative Agent and the Term Loan Agent not later than 11:00 a.m. three (3) Business Days prior to the date of such prepayment of the Term Loan.  Each such notice shall specify the date and amount of such prepayment; provided,  further, that the Borrowers shall not be required to satisfy the Payment Conditions in connection with any voluntary prepayment of a quarterly principal payment in respect of the Term Loan pursuant to Section 2.07(c), to the extent such voluntary prepayment is made within seven (7) days prior to the due date for such quarterly principal payment as set forth in Section 2.07(c).  The Term Loan Agent will promptly notify each Term Lender of its receipt of each such notice, and of the amount of such Term Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Lead Borrower, the Borrowers shall make such prepayment, together with any fees then due hereunder or under any other Loan Document, and the payment amount specified in such notice shall be due and payable on the date specified therein.  Each such prepayment shall be applied to the Term Loan in inverse order of the payments due pursuant to Section 2.07(c).
		

		
			(D)         If for any reason the Total Revolver Outstandings at any time exceed the Revolving Loan Cap as then in effect, the Borrowers shall immediately prepay Revolving Loans, Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,  however, that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(d) unless after the prepayment in full of the Revolving Loans the Total Revolver Outstandings exceed the Revolving Loan Cap as then in effect.
		

		
			(E)          The Borrower shall prepay the Loans and Cash Collateralize the L/C Obligations with the proceeds and collections received by the Loan Parties to the extent so required under the provisions of Section 6(m) hereof.
		

		
			(F)          The Borrowers shall prepay the Loans and Cash Collateralize the L/C Obligations in an amount equal to the Net Cash Proceeds received by a Loan Party on account of a Prepayment Event, regardless of whether a Cash Dominion Event then exists and is continuing.
		

		
			(G)         Prepayments made pursuant to Section 2(e)(d),  (e) and (f) above, first, shall be applied to the Swing Line Loans, second, shall be applied ratably to the outstanding Committed Revolving Loans, third, shall be used to Cash Collateralize the remaining L/C Obligations, fourth, shall be applied ratably to the outstanding Term Loan in inverse order of the payments due pursuant to Section 2.07(c), and fifth, the amount remaining, if any, after the prepayment in full of all Swing Line Loans, the prepayment in full of all Committed Revolving Loans outstanding at such time, the Cash Collateralization of the remaining L/C Obligations in full, and the prepayment in full of the Term Loan, may be retained by the Borrowers for use in the ordinary course of its business.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrowers or any other Loan Party) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.
		

		
			(f)           Termination or Reduction of Commitments
		

		
			(A)         The Borrowers may, upon irrevocable notice from the Lead Borrower to the Administrative Agent, terminate the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit or from time to time permanently reduce the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later than
		

		
			
		

		
			

		 

		

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			11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce (A) the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit, and (C) the Swing Line Sublimit if, after giving effect thereto, and to any concurrent payments hereunder, the Outstanding Amount of Swing Line Loans hereunder would exceed the Swing Line Sublimit.
		

		
			(B)         If, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, such Letter of Credit Sublimit or Swing Line Sublimit shall be automatically reduced by the amount of such excess.
		

		
			(C)         The Administrative Agent will promptly notify the Revolving Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line Sublimit or the Aggregate Revolving Commitments under this Section 2(f).  Upon any reduction of the Aggregate Revolving Commitments, the Revolving Commitment of each Revolving Lender shall be reduced by such Revolving Lender’s Revolving Applicable Percentage of such reduction amount.  All fees (including, without limitation, commitment fees and Letter of Credit Fees) and interest in respect of the Aggregate Revolving Commitments accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid on the effective date of such termination.
		

		
			(D)         The Term Commitment of each Term Lender shall automatically terminate upon such Term Lender’s funding of its portion of the Term Loan.
		

		
			(E)          In connection with any reduction in the Revolving Commitments prior to the Maturity Date, if any Loan Party or any of its Subsidiaries owns any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as the Administrative Agent shall reasonably request, in order to enable the Agents, the Term Loan Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the FRB.
		

		
			(g)          Repayment of Loans.
		

		
			(A)         In addition to the payments required pursuant to Section 2.05(d),  (e) and (f), the Borrower shall repay to the Revolving Lenders on the Termination Date the aggregate principal amount of Committed Revolving Loans outstanding on such date.
		

		
			(B)         To the extent not previously paid, the Borrower shall repay the outstanding balance of the Swing Line Loans on the Termination Date.
		

		
			(C)         The Borrowers shall make quarterly principal payments on the Term Loan in the amount of $2,000,000 each, on the first day of each February, May, August and November of each year, commencing on November 1, 2018, until the aggregate principal amount of the Term Loan is less than or equal to $24,000,000.  The Borrowers shall repay to the Term Lenders on the Termination Date the aggregate principal amount of Term Loans outstanding on such date.
		

		
			(h)          Interest.
		

		
			(A)         Subject to the provisions of Section 2(h)(C) below, (i) each Revolving Loan that is a LIBO Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the LIBO Rate for such Interest Period plus the Applicable Margin; (ii) each Revolving Loan that is a Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin.
		

		
			
		

		
			

		 

		

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			(B)         Subject to the provisions of Section 2.08(c) below, the Term Loan shall bear interest on the outstanding principal amount thereof at the Term Loan Interest Rate.
		

		
			(C)         If any amount payable under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.
		

		
			If any other Event of Default exists, then the Administrative Agent may, and upon the request of the Required Lenders (or, with respect to the Term Loan, at the written election of the Required Term Lenders) shall, notify the Lead Borrower that all outstanding Obligations shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate and thereafter such Obligations shall bear interest at the Default Rate to the fullest extent permitted by applicable Laws.
		

		
			Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.
		

		
			(D)         Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
		

		
			(i)           Fees.  In addition to certain fees described in subsections (l) and (m) of Section 2(c):
		

		
			(i)           Commitment Fee.  The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Revolving Applicable Percentage, a commitment fee equal to 0.25% times the actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations.  The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article 4 is not met, and shall be due and payable monthly in arrears on the first calendar day after the end of each month, commencing with the first such date to occur after the Restatement Date, and on the last day of the Availability Period.  The commitment fee shall be calculated monthly in arrears.
		

		
			(ii)          Other Fees.  The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times specified in the Fee Letter.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.
		

		
			(j)           Computation of Interest and Fees  All computations of interest and fees shall be made on the basis of a 360-day year and actual days elapsed.  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12, bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
		

		
			(k)         Evidence of Debt.
		

		
			(A)         The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by the Administrative Agent in the name of Borrowers (the “Loan Account”) in the ordinary course of business.  In addition, each Lender may record in such Lender’s internal records, an appropriate notation evidencing the date and amount of each Loan from such Lender, each payment and prepayment of principal of any such Loan, and each payment of interest, fees and other amounts due in connection with the Obligations due to such Lender.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
		

		
			
		

		
			

		 

		

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			obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Revolving Loans or Term Loan, as applicable, in addition to such accounts or records.  Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.  Upon receipt of an affidavit of a Lender as to the loss, theft, destruction or mutilation of such Lender’s Note and upon cancellation of such Note, the Borrowers will issue, in lieu thereof, a replacement Note in favor of such Lender, in the same principal amount thereof and otherwise of like tenor.
		

		
			(B)         In addition to the accounts and records referred to in Section 2(k)(A), each Revolving Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Revolving Lender of participations in Letters of Credit and Swing Line Loans.  In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.
		

		
			(l)           Payments Generally; Administrative Agent’s Clawback.
		

		
			(A)         General.  All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  Subject to Section 2.14 hereof, the Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m., at the option of the Administrative Agent, shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.
		

		
			(B)         Funding by Revolving Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have received notice from a Revolving Lender prior to the proposed date of any Borrowing of LIBO Rate Loans (or in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such Revolving Lender will not make available to the Administrative Agent such Revolving Lender’s share of such Borrowing, the Administrative Agent may assume that such Revolving Lender has made such share available on such date in accordance with Section (b) (or in the case of a Borrowing of Base Rate Loans, that such Revolving Lender has made such share available in accordance with and at the time required by Section (b)) and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount.  In such event, if a Revolving Lender has not in fact made its share of the applicable Committed Revolving Borrowing available to the Administrative Agent, then the applicable Revolving Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Revolving Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans.  If the Borrowers and such Revolving Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period.  If such Revolving Lender pays its share of the applicable Committed Revolving Borrowing to the Administrative Agent, then the amount so paid shall constitute such Revolving Lender’s Committed Loan included in such Committed Revolving Borrowing.  Any payment by the Borrowers shall be without prejudice to any claim the Borrowers may have against a Revolving Lender that shall have failed to make such payment to the Administrative Agent.
		

		
			
		

		
			

		 

		

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			Payments by Borrowers; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Lead Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due.  In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
		

		
			A notice of the Administrative Agent to any Lender or the Lead Borrower with respect to any amount owing under this subsection (B) shall be conclusive, absent manifest error.
		

		
			(C)         Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article 2, and such funds are not made available to the Borrowers by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article 4 are not satisfied or waived in accordance with the terms hereof (subject to the provisions of the last paragraph of Section 4(b) hereof), the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
		

		
			(D)         Obligations of Lenders Several.  The obligations of (x) the Term Lenders hereunder to make the Term Loan, and (y) the Revolving Lenders hereunder to make Committed Revolving Loans and fund participations in Letters of Credit and Swing Line Loans and to make payments hereunder, in each case are several and not joint.  The failure of any Term Lender to make its portion of the Term Loan, or of any Revolving Lender to make any Committed Revolving Loan, to fund any such participation or to make any payment hereunder on any date required hereunder shall not relieve any other Term Lender or Revolving Lender (as applicable) of its corresponding obligation to do so on such date, and no Term Lender or Revolving Lender (as applicable) shall be responsible for the failure of any other Term Lender or Revolving Lender (as applicable) to so make its portion of the Term Loan or its Committed Revolving Loan (as applicable), to purchase its participation or to make its payment hereunder.
		

		
			(E)          Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.
		

		
			(m)         Sharing of Payments by Lenders.  If any Credit Party shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of, interest on, or other amounts with respect to, any of the Obligations resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Obligations greater than its pro rata share thereof as provided herein (including as in contravention of the priorities of payment set forth in Section 8(c)), then the Credit Party receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Obligations of the other Credit Parties, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Credit Parties ratably and in the priorities set forth in Section 8(c),  provided that:
		

		
			if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and
		

		
			the provisions of this Section shall not be construed to apply to (x) any payment made by the Loan Parties pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Committed Revolving Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section shall apply).
		

		
			
		

		
			

		 

		

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			Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.
		

		
			(n)          Settlement Among Lenders
		

		
			(A)         The amount of each Lender’s Applicable Percentage of outstanding Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s discretion) and shall be adjusted upward or downward based on all Loans (including Swing Line Loans) and repayments of Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following the end of the period specified by the Administrative Agent.
		

		
			(B)         The Administrative Agent shall deliver to each of the Revolving Lenders promptly after a Settlement Date a summary statement of the amount of outstanding Committed Revolving Loans and Swing Line Loans for the period and the amount of repayments received for the period.  As reflected on the summary statement, (i) the Administrative Agent shall transfer to each Revolving Lender its Applicable Percentage of repayments, and (ii) each Revolving Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Revolving Loans made by each Revolving Lender shall be equal to such Revolving Lender’s Revolving Applicable Percentage of all Committed Revolving Loans outstanding as of such Settlement Date.  If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Lenders and is received prior to 1:00 p.m. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent.  If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Revolving Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
		

		
			(o)   Increase in Revolving Commitments.
		

		
			(i)           Increase.
		

		
			(1)          Request for Increase.  Provided no Default or Event of Default then exists or would arise therefrom, upon notice to the Administrative Agent (which shall promptly notify the Revolving Lenders), the Lead Borrower may from time to time, request an increase in the Aggregate Revolving Commitments by an amount (for all such requests) not exceeding $50,000,000 (collectively, the “Revolving Commitment Increases”); provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, (ii) the Lead Borrower may make a maximum of two such requests, and (iii) the amount of the Aggregate Revolving Commitments, as the same may be increased pursuant to this Section 2.15(a), shall not exceed $300,000,000 at any time.  Notwithstanding the foregoing, until payment in full of the Term Loan, (x) the aggregate amount of Revolving Commitment Increases shall not exceed $25,000,000, and (y) the amount of the Aggregate Revolving Commitments, as the same may be increased pursuant to this Section 2.15(a), shall not exceed $275,000,000 at any time.  At the time of sending such notice, the Lead Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders).
		

		
			(2)          Revolving Lender Elections to Increase.  Each Revolving Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Revolving
		

		
			
		

		
			

		 

		

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			Commitment and, if so, whether by an amount equal to, greater than, or less than its Revolving Applicable Percentage of such requested increase.  Any Revolving Lender not responding within such time period shall be deemed to have declined to increase its Revolving Commitment.
		

		
			(3)          Notification by Administrative Agent; Additional Revolving Lenders.  The Administrative Agent shall notify the Lead Borrower and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder.  To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), to the extent that the existing Revolving Lenders decline to increase their Revolving Commitments, or decline to increase their Revolving Commitments to the amount requested by the Lead Borrower, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become a Revolving Lender hereunder and to issue commitments in an amount equal to the amount of the increase in the Aggregate Revolving Commitments requested by the Lead Borrower and not accepted by the existing Revolving Lenders (and the Lead Borrower may also invite additional Eligible Assignees to become Revolving Lenders) (each, an “Additional Commitment Revolving Lender”), provided, however, that without the consent of the Administrative Agent, at no time shall the Revolving Commitment of any Additional Commitment Revolving Lender be less than $25,000,000.
		

		
			(4)          Effective Date and Allocations.  If the Aggregate Revolving Commitments are increased in accordance with this Section, the Administrative Agent and the Lead Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly notify the Lead Borrower and the Revolving Lenders of the final allocation of such increase and the Increase Effective Date and on the Increase Effective Date (i) the Aggregate Revolving Commitments under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Revolving Commitment Increases, and (ii) Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Revolving Commitments and Revolving Applicable Percentages of the Revolving Lenders.
		

		
			(ii)          Conditions to Effectiveness of Revolving Commitment Increase.  As a condition precedent to such Revolving Commitment Increase, (i) the Lead Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Revolving Commitment Increase, and (B) in the case of the Borrowers, certifying that, before and after giving effect to such Revolving Commitment Increase, (1) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (2) no Default or Event of Default exists or would arise therefrom, (ii) the Borrowers, the Administrative Agent, and any Additional Commitment Revolving Lender shall have executed and delivered a Joinder to the Loan Documents in such form as the Administrative Agent shall reasonably require; (iii) the Borrowers shall have paid such fees and other compensation to, the Additional Commitment Revolving Lenders as the Lead Borrower and such Additional Commitment Revolving Lenders shall agree; (iv) the Borrowers shall have paid such arrangement fees to the Administrative Agent as the Lead Borrower and the Administrative Agent may agree; (v) if requested by the Administrative Agent, the Borrowers shall deliver to the Administrative Agent and the Revolving Lenders an opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent, from counsel to the Borrowers reasonably satisfactory to the Administrative Agent and dated such date; (vi) the Borrowers and the Additional Commitment Revolving Lender shall have delivered such other instruments, documents and agreements as the Administrative Agent may reasonably have requested; (vii) no Default or Event of Default exists; and (viii) if any Loan Party or any of its Subsidiaries owns any Margin Stock, Borrowers shall deliver to the Administrative Agent an updated Form U-1 (with sufficient additional originals thereof for each Lender), duly executed and delivered by the Borrowers, together with such other documentation as the
		

		
			
		

		
			

		 

		

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			Administrative Agent shall reasonably request, in order to enable the Agents, the Term Loan Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of the FRB.  The Borrowers shall prepay any Committed Revolving Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 2.05) to the extent necessary to keep the outstanding Committed Revolving Loans ratable with any revised Revolving Applicable Percentages arising from any non-ratable increase in the Revolving Commitments under this Section.
		

		
			(iii)         Conflicting Provisions.  This Section shall supersede any provisions in Sections 2.13 or 10.01 to the contrary.
		

		
			3. TAXES, YIELD PROTECTION AND ILLEGALITY;
		

		
			 APPOINTMENT OF LEAD BORROWER
		

		
			(a)          Taxes.
		

		
			(A)         Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrowers hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrowers shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
		

		
			(B)         Payment of Other Taxes by the Borrowers.  Without limiting the provisions of subsection (A) above, the Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.
		

		
			(C)         Indemnification by the Loan Parties.  The Loan Parties shall indemnify the Administrative Agent, each Lender and the L/C Issuer, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and any penalties, interest and 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 Lead Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.
		

		
			(D)         Evidence of Payments.  As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Lead Borrower shall deliver to the Administrative 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 Administrative Agent.
		

		
			(E)          Status of Lenders.  Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which any Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Lead Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the Lead Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. Such delivery shall be provided on the Restatement Date and on or before such documentation expires or becomes obsolete or after the occurrence of an event requiring a change in the documentation most recently delivered.  In addition, any Lender, if requested by the Lead Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Lead Borrower or
		

		
			
		

		
			

		 

		

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			the Administrative Agent as will enable the Lead Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
		

		
			Without limiting the generality of the foregoing, in the event that any Borrower is resident for tax purposes in the United States, any Foreign Lender shall deliver to the Lead Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of the Lead Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:
		

		
			(v)          duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party,
		

		
			(vi)         duly completed copies of Internal Revenue Service Form W-8ECI,
		

		
			(vii)        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 to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrowers 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 (y) duly completed copies of  Internal Revenue Service Form W-8BEN,
		

		
			(viii)       to the extent a Recipient is not a U.S. person within the meaning of Section 7701(a)(30) and is not the beneficial owner of payments made under this Agreement or any Loan Document (for example, where such Recipient is a non-U.S. partnership), (A) an IRS Form W-8IMY on behalf of itself and (B) the relevant forms prescribed in clauses (i), (ii), (iii), (v) and (vi) of this Section 3.01(e) that would be required of each such beneficial owner if such beneficial owner were a Recipient, or
		

		
			(ix)         any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Lead Borrower to determine the withholding or deduction required to be made.
		

		
			(F)          Transfer of Obligations.  Notwithstanding anything to the contrary contained herein or in any Loan Document, if a Lender sells, assigns, grants a participation in or otherwise transfers all or part of the Obligations of the Loan Parties to such Lender, such Lender agrees to notify the Administrative Agent of the percentage amount in which it is no longer the beneficial owner of Obligations of the Loan Parties to such Lender.  To the extent of such percentage amount, the Administrative Agent and the Borrower will treat such Lender’s documentation provided pursuant to subsection (e) of this Section 3.01 as no longer valid. Neither the Borrower nor any other Loan Party shall make any greater payments pursuant to this Section 3.01 as a consequence of (i) such sale, assignment, participation or transfer or (ii) any change by a Lender of its designated lending branch.
		

		
			(G)         Treatment of Certain Refunds.  If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrowers under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrowers, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agree to repay the amount paid over to the Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority.  This subsection shall not be construed to require the Administrative Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrowers or any other Person.
		

		
			
		

		
			

		 

		

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			(H)         FATCA.  If a payment made to a Lender under any Loan Document would be subject to U.S. federal income 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 Administrative Agent (or, in the case of a Participant, to the Lender granting the participation only) at the time or times prescribed by law and at such time or times reasonably requested by the Administrative Agent (or, in the case of a Participant, the Lender granting the participation) 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 Administrative Agent (or, in the case of a Participant, the Lender granting the participation) as may be necessary for the Administrative Agent or the Borrowers to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (h), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
		

		
			(b)          Illegality.  If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund LIBO Rate Loans, or to determine or charge interest rates based upon the LIBO Rate (including for purposes of determining the Term Loan Interest Rate), or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Lead Borrower through the Administrative Agent, any obligation of such Lender to make or continue LIBO Rate Loans or to convert Base Rate Loans to LIBO Rate Loans, or to continue its portion of the Term Loan based upon the LIBO Rate, shall be suspended until such Lender notifies the Administrative Agent and the Lead Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, and notwithstanding anything herein to the contrary, (i) Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all LIBO Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBO Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBO Rate Loans, and (ii) the Term Loan shall bear interest at a rate per annum equal to the Base Rate plus 4.75%.  Upon any such prepayment or conversion or change in interest calculation, the Borrowers shall also pay accrued interest on the amount so prepaid or converted or changed.
		

		
			(c)          Inability to Determine Rates.  If the Required Lenders determine that for any reason in connection with any request for a LIBO Rate Loan or a conversion to or continuation thereof, or the determination of the LIBO Rate with respect to the Term Loan, that (a) Dollar deposits are not being offered to banks in the London interbank market for the applicable amount and Interest Period of such LIBO Rate Loan or portion of the Term Loan, (b) adequate and reasonable means do not exist for determining the LIBO Rate for any requested Interest Period with respect to a proposed LIBO Rate Loan or portion of the Term Loan, or (c) the LIBO Rate for any requested Interest Period with respect to a proposed LIBO Rate Loan or portion of the Term Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Lead Borrower and each Lender.  Thereafter, the obligation of the Lenders to make or maintain LIBO Rate Loans or to maintain the Term Loan based upon the LIBO Rate shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, and notwithstanding anything herein to the contrary, (i) the Lead Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBO Rate Loans or, failing that, will be deemed to have converted such request into a request for a Committed Borrowing of Base Rate Loans in the amount specified therein, and (ii) the Term Loan shall bear interest at a rate per annum equal to the Base Rate plus 4.75%.
		

		
			(d)          Increased Costs; Reserves on LIBO Rate Loans.
		

		
			
		

		
			

		 

		

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			(A)         Increased Costs Generally.  If any (x) Change in Law, or (y) compliance by any Lender or the L/C Issuer with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority (including Regulation D of the FRB), shall:
		

		
			(x)          impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in (including, without limitation, in respect of any Letter of Credit) by, any Lender (except any reserve requirement reflected in the LIBO Rate) or the L/C Issuer;
		

		
			(xi)         subject any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any LIBO Rate Loan made by it, or change the basis of taxation of payments to such Lender or the L/C Issuer in respect thereof (except for Taxes imposed by way of withholding or deduction, Indemnified Taxes or Other Taxes and amounts relating to the foregoing which shall be governed solely and exclusively by Section 3.01, and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); or
		

		
			(xii)        impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or LIBO Rate Loans made by such Lender or any Letter of Credit or participation therein;
		

		
			and the result of any of the foregoing shall be to increase, directly or indirectly, the cost to such Lender of making or maintaining any LIBO Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrowers will promptly pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans hereunder.
		

		
			(B)        Capital Requirements.  If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered.
		

		
			(C)         Certificates for Reimbursement.  A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (A) or (B) of this Section and delivered to the Lead Borrower shall be conclusive absent manifest error.  The Borrowers shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.
		

		
			(D)         Delay in Requests.  Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the L/C Issuer, as the case may be,
		

		
			
		

		
			

		 

		

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			notifies the Lead Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).
		

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

		
			(e)          Compensation for Losses.  Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:
		

		
			(i)           any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);
		

		
			(ii)          any failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Lead Borrower; or
		

		
			(iii)         any assignment of a LIBO Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Lead Borrower pursuant to Section 10(m);
		

		
			including any reasonably calculable loss of anticipated profits and any actual loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing, provided such administrative charges are associated with the foregoing but not duplicative of the compensation for such loss, cost or expense otherwise described in this Section 3.05.
		

		
			For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3(e), each Lender shall be deemed to have funded each LIBO Rate Loan made by it at the LIBO Rate for such Loan by a matching deposit or other borrowing in the London interbank market for a comparable amount and for a comparable period, whether or not such LIBO Rate Loan was in fact so funded.  Anything to the contrary contained herein notwithstanding, neither Administrative Agent, nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBO Rate.
		

		
			A certificate of the Administrative Agent or a Lender delivered to Borrowers setting forth in reasonable detail any amount or amounts that the Administrative Agent or such Lender is entitled to receive pursuant to this Section 3.05 shall be conclusive absent manifest error.  Borrowers shall pay such amount to the Administrative Agent or such Lender, as applicable, within 10 days of the date of their receipt of such certificate.
		

		
			(f)           Mitigation Obligations; Replacement of Lenders.
		

		
			(A)         Designation of a Different Lending Office.  If any Lender requests compensation under Section 3(d), or the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3(a), or if any Lender gives a notice pursuant to Section 3(b), then
		

		
			
		

		
			

		 

		

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			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 3(a) or 3(d), as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3(b), as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
		

		
			(B)         Replacement of Lenders.  If any Lender requests compensation under Section 3(d), or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3(a), the Borrowers may replace such Lender in accordance with Section 10(m).
		

		
			(g)          Survival.  All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate Revolving Commitments and repayment of the Term Loan, the Committed Revolving Loans, the Swing Line Loans and all other Obligations hereunder.
		

		
			(h)          Designation of Lead Borrower as Borrowers’ Agent.
		

		
			(A)         Each Borrower hereby irrevocably designates and appoints the Lead  Borrower as such Borrower’s agent to obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement.  As the disclosed principal for its agent, each Borrower shall be obligated to each Credit Party on account of Credit Extensions so made as if made directly by the applicable Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower.  In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead  Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents.
		

		
			(B)         Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers.  Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers.
		

		
			(C)         The Lead  Borrower shall act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a Credit Extension.  Neither the Administrative Agent nor any other Credit Party shall have any obligation to see to the application of such proceeds therefrom.
		

		
			4. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
		

		
			(a)          Conditions of Initial Credit Extension.  The obligation of the L/C Issuer and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:
		

		
			(i)           The Administrative Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic image scan transmission (e.g., “pdf” or “tif ” via e-mail) (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Restatement Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Date) and each in form and substance satisfactory to the Administrative Agent:
		

		
			(1)          executed counterparts of this Agreement sufficient in number for distribution to the Administrative Agent, each Lender and the Lead Borrower;
		

		
			(2)          a Note executed by the Borrowers in favor of each Lender requesting a Note;
		

		
			(3)          such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may
		

		
			
		

		
			

		 

		

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			require evidencing (A) the authority of each Loan Party to enter into this Agreement and the other Loan Documents to which such Loan Party is a party or is to become a party and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to become a party;
		

		
			(4)          copies of each Loan Party’s Organization Documents and such other documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to so qualify in such jurisdiction could not reasonably be expected to have a Material Adverse Effect;
		

		
			(5)          a favorable opinion of each of Ballard Spahr LLP, counsel to the Loan Parties, each addressed to the Agents, the L/C Issuer and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request;
		

		
			(6)          a certificate signed by a Responsible Officer of the Lead Borrower certifying (A) that the conditions specified in Sections 4(b)(i) and (ii) have been satisfied, (B) that there has been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, (C) to the Solvency of the Loan Parties as of the Restatement Date after giving effect to the transactions contemplated hereby, and (D) either that (1) no consents, licenses or approvals are required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents, licenses and approvals have been obtained and are in full force and effect;
		

		
			(7)          evidence that all insurance required to be maintained pursuant to the Loan Documents and all endorsements in favor of the Agents required under the Loan Documents have been obtained and are in effect;
		

		
			(8)          a payoff letter from the agent for the lenders under the Existing Term Loan Agreement satisfactory in form and substance to the Administrative Agent evidencing that the Existing Term Loan Agreement has been or concurrently with the Restatement Date is being terminated, all obligations thereunder are being paid in full, and all Liens securing obligations under the Existing Term Loan Agreement have been or concurrently with the Restatement Date are being released;
		

		
			(9)          the Security Documents and certificates evidencing any stock being pledged thereunder, together with undated stock powers executed in blank, each duly executed by the applicable Loan Parties;
		

		
			(10)        all other Loan Documents, each duly executed by the applicable Loan Parties;
		

		
			(11)        (A)         appraisals (based on net liquidation value) by a third party appraiser acceptable to the Collateral Agent of all Inventory of the Borrowers, the results of which are satisfactory to the Collateral Agent and (B) a written report regarding the results of a commercial finance examination of the Loan Parties, which shall be satisfactory to the Collateral Agent;
		

		
			(12)        results of searches or other evidence reasonably satisfactory to the Collateral Agent (in each case dated as of a date reasonably satisfactory to the Collateral Agent) indicating the absence of Liens on the assets of the Loan Parties, except for Permitted Encumbrances and Liens for which termination statements and releases satisfactory to the Collateral Agent are being tendered concurrently with such extension of credit or other arrangements satisfactory to the Collateral Agent for the delivery of such termination statements and releases have been made;
		

		
			
		

		
			

		 

		

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			(13)        (A)         all documents and instruments, including Uniform Commercial Code financing statements, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create or perfect the first priority Liens intended to be created under the Loan Documents and all such documents and instruments shall have been so filed, registered or recorded to the satisfaction of the Collateral Agent, (B) the DDA Notifications, Credit Card Notifications, and Blocked Account Agreements required pursuant to Section 6(m) hereof, (C) control agreements with respect to the Loan Parties’ securities and investment accounts, and (D) Collateral Access Agreements as required by the Collateral Agent; and
		

		
			(14)        such other assurances, certificates, documents, consents or opinions as the Agents reasonably may require.
		

		
			(ii)          After giving effect to (i) the first funding under the Loans, (ii) any charges to the Loan Account made in connection with the establishment of the credit facility contemplated hereby and (iii) all Letters of Credit to be issued (or deemed issued) at, or immediately subsequent to, such establishment, Revolving Availability shall be not less than $50,000,000.
		

		
			(iii)         The Administrative Agent shall have received a Borrowing Base Certificate dated the Restatement Date, relating to the period ended as of May 19, 2018, and executed by a Responsible Officer of the Lead Borrower.
		

		
			(iv)         The Administrative Agent shall be reasonably satisfied that any financial statements delivered to it fairly present the business and financial condition of the Loan Parties and that there has been no Material Adverse Effect since the date of the most recent financial information delivered to the Administrative Agent.
		

		
			(v)          The Administrative Agent shall have received and be satisfied with (i) a detailed forecast for the period commencing on the Restatement Date and ending April 30, 2019, which shall include a Revolving Availability model, Consolidated income statement, balance sheet, and statement of cash flow, by month, each prepared in conformity with GAAP and consistent with the Loan Parties’ then current practices and (b) such other information (financial or otherwise) reasonably requested by the Administrative Agent.
		

		
			(vi)         There shall not be pending any litigation or other proceeding, the result of which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
		

		
			(vii)        There shall not have occurred any default of any Material Contract of any Loan Party.
		

		
			(viii)       The consummation of the transactions contemplated hereby shall not violate any Applicable Law or any Organization Document.
		

		
			(ix)         All fees required to be paid to the Administrative Agent, the Term Loan Agent and to the Lenders on or before the Restatement Date shall have been paid in full.
		

		
			(x)          The Borrowers shall have paid all fees, charges and disbursements of counsels to the Administrative Agent and the Term Loan Agent to the extent invoiced prior to or on the Restatement Date, plus such additional amounts of such fees, charges and disbursements as shall constitute the Administrative Agent’s or the Term Loan Agent’s, as applicable, reasonable estimate of such fees, charges and disbursements incurred or to be incurred by such Person through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers, the Administrative Agent and the Term Loan Agent).
		

		
			(xi)         The Administrative Agent and the Lenders shall have received an executed Certificate of Beneficial Ownership with respect to each Borrower and such other documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules
		

		
			
		

		
			

		 

		

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			and regulations, including without limitation the Patriot Act, in each case, the results of which are reasonably satisfactory to the Administrative Agent and the Lenders.
		

		
			(xii)        No material changes in governmental regulations or policies affecting any Loan Party or any Credit Party shall have occurred prior to the Restatement Date.
		

		
			(xiii)       There shall not have occurred any disruption or material adverse change in the United States financial or capital markets in general that has had, in the reasonable opinion of the Administrative Agent, a material adverse effect on the market for loan syndications or adversely affecting the syndication of the Loans.
		

		
			Without limiting the generality of the provisions of Section 9(d), for purposes of determining compliance with the conditions specified in this Section 4(a), each Lender that has signed this Agreement shall be deemed to have Consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be Consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Date specifying its objection thereto.
		

		
			(b)         Conditions to all Credit Extensions.  The obligation of each Lender to honor any Request for Credit Extension (other than a LIBO Rate Loan Notice requesting only continuation of LIBO Rate Loans) and each L/C Issuer to issue each Letter of Credit is subject to the following conditions precedent:
		

		
			(i)           The representations and warranties of each Loan Party contained in Article 5 or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, (ii) to the extent that such representations and warranties qualified by materiality, in which case they shall be true and correct in all respects, and (iii) for purposes of this Section 4(b), the representations and warranties contained in subsections (A), (B) and (e) of Section 5(e) shall be deemed to refer to the most recent statements furnished pursuant to clauses (i), (ii) and (d), respectively, of Section 6(a).
		

		
			(ii)          No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.
		

		
			(iii)         The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.
		

		
			(iv)         No event or circumstance which could reasonably be expected to result in a Material Adverse Effect shall have occurred.
		

		
			(v)          No Overadvance shall result from such Credit Extension.
		

		
			Each Request for Credit Extension (other than a LIBO Rate Loan Notice requesting only a continuation of LIBO Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty by the Borrowers that the conditions specified in Sections 4(b)(i) and (ii) have been satisfied on and as of the date of the applicable Credit Extension.  The conditions set forth in this Section 4(b) are for the sole benefit of the Credit Parties but until the Required Lenders otherwise direct the Administrative Agent to cease making Loans and the L/C Issuer to issue Letters of Credit, the Lenders will fund their Applicable Percentage of all Loans and participate in all Swing Line Loans and Letters of Credit whenever made or issued, which are requested by the Lead Borrower and which, notwithstanding the failure of the Loan Parties  to comply with the provisions of this Article 4, agreed to by the Administrative Agent, provided, however, the making of any such Loans or the issuance of any Letters of Credit shall not be deemed a modification or waiver by
		

		
			
		

		
			

		 

		

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			any Credit Party of the provisions of this Article 4 on any future occasion or a waiver of any rights or the Credit Parties as a result of any such failure to comply.
		

		
			5. REPRESENTATIONS AND WARRANTIES
		

		
			To induce the Credit Parties to enter into this Agreement and to make Loans and to issue Letters of Credit hereunder, each Loan Party represents and warrants to the Administrative Agent and the other Credit Parties that:
		

		
			(a)          Existence, Qualification and Power.  Each Loan Party and each Subsidiary thereof (a) is a corporation, limited liability company, partnership or limited partnership, duly incorporated, organized or formed, validly existing and, where applicable, in good standing under the Laws of the jurisdiction of its incorporation, organization, or formation (b) has all requisite power and authority and all requisite governmental licenses, permits, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, where applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.  Schedule 5.01 annexed hereto sets forth, as of the Restatement Date, each Loan Party’s name as it appears in official filings in its state of incorporation or organization, its state of incorporation or organization, organization type, organization number, if any, issued by its state of incorporation or organization, and its federal employer identification number.
		

		
			(b)          Authorization; No Contravention.  The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is or is to be a party, has been duly authorized by all necessary corporate or other organizational action, and does not and will not (a) contravene the terms of any of such Person's Organization Documents; (b) conflict with or result in any breach, termination, or contravention of, or constitute a default under, or require any payment to be made under (i) any Material Contract or any Material Indebtedness to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; (c) result in or require the creation of any Lien upon any asset of any Loan Party (other than Liens in favor of the Collateral Agent under the Security Documents); or (d) violate any Law.
		

		
			(c)          Governmental Authorization; Other Consents.  No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, except for (a) the perfection or maintenance of the Liens created under the Security Documents (including the first priority nature thereof) or (b) such as have been obtained or made and are in full force and effect.
		

		
			(d)          Binding Effect.  This Agreement has been, and each other Loan Document, when delivered, will have been, duly executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
		

		
			(e)          Financial Statements; No Material Adverse Effect.
		

		
			
		

		
			

		 

		

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			(A)         The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the Parent and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby; and (iii) show all Material Indebtedness and other liabilities, direct or contingent, of the Parent and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.
		

		
			(B)         Each unaudited Consolidated and consolidating balance sheet of the Parent and its Subsidiaries delivered pursuant to Section 6.01(b) and (c) since the date of the audited Consolidated and consolidating financial statements most recently delivered pursuant to Section 6.01(a), and the related Consolidated and consolidating statements of income or operations and cash flows for the applicable fiscal periods ended on the dates reflected in each such unaudited balance sheet, (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Parent and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.  Schedule 5.05 sets forth, as of the date of such financial statements, all Material Indebtedness of the Loan Parties and their Consolidated Subsidiaries, including liabilities for taxes, material commitments and Material Indebtedness, in each case to the extent not otherwise set forth in such financial statements.
		

		
			(C)         Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.
		

		
			(D)        Intentionally Omitted.
		

		
			(E)        The Consolidated and consolidating forecasted balance sheet and statements of income and cash flows of the Parent and its Subsidiaries delivered pursuant to Section 6(a)(d) will be prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, and represented, at the time of delivery, the Loan Parties’ best estimate of its future financial performance.
		

		
			(f)           Litigation.  There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any of its Subsidiaries or against any of its properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 5.06, either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect, and there has been no adverse change in the status, or financial effect on any Loan Party or any Subsidiary thereof, of the matters described on Schedule 5.06.
		

		
			(g)          No Default.  Except as disclosed on Schedule 5.07, no Loan Party or any Subsidiary is in default under or with respect to any Material Contract or any Material Indebtedness.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.
		

		
			(h)          Ownership of Property; Liens
		

		
			(A)         Each of the Loan Parties and each Subsidiary thereof has good record and marketable title in fee simple to or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, free and clear of all Liens, other than Permitted Encumbrances.  Each of the Loan Parties and each Subsidiary has good and marketable title to, valid leasehold interests in, or valid licenses to use all personal property and assets material to the ordinary conduct of its business.
		

		
			
		

		
			

		 

		

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			(B)         Schedule 5.08(b)(1) sets forth the address (including street address, county and state) of all Real Estate that is owned by the Loan Parties, together with a list of the holders of any mortgage or other Lien thereon as of the Restatement Date.  Schedule 5.08(b)(2) sets forth the address (including street address, county and state) of all Leases of the Loan Parties, together with a list of the lessor and its contact information with respect to each such Lease as of the Restatement Date.  Each of such Leases is in full force and effect and the Loan Parties are not in default of the terms thereof.
		

		
			(C)         Schedule 7.01 sets forth a complete and accurate list of all Liens on the property or assets of each Loan Party and each of its Subsidiaries, showing as of the Restatement Date the lienholder thereof, the principal amount of the obligations secured thereby and the property or assets of such Loan Party or such Subsidiary subject thereto.  The property of each Loan Party and each of its Subsidiaries is subject to no Liens, other than Permitted Encumbrances.
		

		
			(D)         Schedule 7.02 sets forth a complete and accurate list of all Investments held by any Loan Party or any Subsidiary of a Loan Party on the Restatement Date, showing as of the Restatement Date the amount, obligor or issuer and maturity, if any, thereof.
		

		
			(E)          Schedule 7.03 sets forth a complete and accurate list of all Indebtedness of each Loan Party or any Subsidiary of a Loan Party on the Restatement Date, showing as of the Restatement Date the amount, obligor or issuer and maturity thereof.
		

		
			(i)           Environmental Compliance
		

		
			(A)         Except as specifically disclosed in Schedule 5.09, no Loan Party or any Subsidiary thereof (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 notice of any claim with respect to any Environmental Liability or (iv) to the Knowledge of the Senior Executive Officers, is aware of any basis for any Environmental Liability, except, in each case, as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
		

		
			(B)         Except as otherwise set forth in Schedule 5.09, (i) none of the properties currently or formerly owned or currently operated by any Loan Party or any Subsidiary thereof is listed or proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list; (ii) there are no underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed on any property currently owned by any Loan Party or any Subsidiary thereof; (iii) to the Knowledge of the Senior Executive Officers, there is no asbestos or asbestos-containing material on any property currently owned or operated by any Loan Party or Subsidiary thereof; and (iv) Hazardous Materials have not been unlawfully released, discharged or disposed of by any Loan Party or Subsidiary thereof on any property currently or formerly owned or operated by any Loan Party or any Subsidiary thereof.
		

		
			(C)         Except as otherwise set forth on Schedule 5.09, no Loan Party or any Subsidiary thereof is undertaking, and no Loan Party or any Subsidiary thereof has completed, either individually or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law; and all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any Loan Party or any Subsidiary thereof have been disposed of in a manner not reasonably expected to result in material liability to any Loan Party or any Subsidiary thereof.
		

		
			(j)           Insurance.  The properties of the Loan Parties and their Subsidiaries are insured with insurance companies which are financially sound and reputable to the actual knowledge of the Senior Executive Officers and which are not Affiliates of the Loan Parties, in such amounts, with such deductibles and covering such risks (including, without limitation, workmen’s compensation, public liability, business interruption and property damage insurance) as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Loan Parties or the applicable Subsidiary
		

		
			
		

		
			

		 

		

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			operates.  Schedule 5.10 sets forth a description of all insurance maintained by or on behalf of the Loan Parties as of the Restatement Date. Each insurance policy listed on Schedule 5.10 is in full force and effect and all premiums in respect thereof that are due and payable have been paid.
		

		
			(k)          Taxes.  The Loan Parties and their Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in accordance with GAAP, as to which Taxes no Lien (other than Permitted Encumbrances) has been filed and which contest effectively suspends the collection of the contested obligation and the enforcement of any Lien securing such obligation.  None of the Loan Parties or any of their Subsidiaries has received written notice of a proposed tax assessment against any such Loan Party or Subsidiary that would, if made, have a Material Adverse Effect.  No Loan Party or any Subsidiary thereof is a party to any tax sharing agreement.
		

		
			(l)           ERISA Compliance.
		

		
			(A)         The Lead Borrower, each of its ERISA Affiliates, and each Plan is in substantial compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws.  Each Plan that is intended to qualify under Section 401(a) of the Code or sponsor of such plan has received a favorable determination, opinion or advisory letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of the Loan Parties, nothing has occurred which would prevent, or cause the loss of, such qualification.  The Loan Parties and each ERISA Affiliate have made all required contributions to each Plan subject to Sections 412 or 430 of the Code and to each Multiemployer Plan, and no application for a funding waiver or an extension of any amortization period pursuant to Sections 412 or 430 of the Code has been made with respect to any Plan.  No Lien imposed under the Code or ERISA exists to the Knowledge of the Loan Parties or is likely to arise on account of any Plan or Multiemployer Plan.
		

		
			 
		

		
			(B)         There are no pending or, to the knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or, if applicable, violation of the ERISA fiduciary responsibility rules with respect to any Plan that has resulted or to the Knowledge of the Loan Parties could reasonably be expected to result in a Material Adverse Effect.
		

		
			(C)         (i)           No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither any Loan Party nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.
		

		
			(m)         Subsidiaries; Equity Interests.  The Loan Parties have no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, which Schedule sets forth the legal name, jurisdiction of incorporation or formation and authorized Equity Interests of each such Subsidiary.  All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by a Loan Party (or a Subsidiary of a Loan Party) in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens except for those created under the Security Documents.  Except as set forth in Schedule 5.13, there are no outstanding rights to purchase any Equity Interests in any Subsidiary.  The Loan Parties have no equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13.  All of the outstanding Equity Interests in the Loan Parties have been
		

		
			
		

		
			

		 

		

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			validly issued, and are fully paid and non-assessable and are owned in the amounts specified on Part (c) of Schedule 5.13 free and clear of all Liens except for those created under the Security Documents.  The copies of the Organization Documents of each Loan Party and each amendment thereto provided pursuant to Section 4(a) are true and correct copies of each such document, each of which is valid and in full force and effect.  The Certificate of Beneficial Ownership executed and delivered to the Administrative Agent and the Lenders for each Borrower on or prior to the Restatement Date, as updated from time to time in accordance with this Agreement, is accurate, complete and correct as of the date hereof and as of the date any such update is delivered.
		

		
			(n)          Margin Regulations; Investment Company Act;
		

		
			(A)         Neither any Loan Party nor any of its Subsidiaries owns any Margin Stock or is engaged or will be engaged, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock.  None of the proceeds of the Credit Extensions shall be used directly or indirectly for the purpose of purchasing or carrying any Margin Stock, for the purpose of extending credit to others for the purpose of purchasing or carrying any Margin Stock, or for any purpose that violates the provisions of Regulation T, U or X of the FRB.  Neither any Loan Party nor any of its Subsidiaries expects to acquire any Margin Stock.
		

		
			(B)         None of the Loan Parties, any Person Controlling any Loan Party, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.
		

		
			(o)          Disclosure.  Each Loan Party has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.
		

		
			(p)          Compliance with Laws.  Each of the Loan Parties and each Subsidiary is in compliance (A) in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, and (B) with Sections 10.17 and 10.18.
		

		
			(q)          Intellectual Property; Licenses, Etc.  The Loan Parties and their Subsidiaries own, or possess the right to use, all of the Intellectual Property, licenses, permits and other authorizations that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person.  To the best knowledge of the Lead Borrower, no slogan or other advertising device, product, process, method, part or other material now employed, or now contemplated to be employed, by any Loan Party or any Subsidiary infringes upon any rights held by any other Person.  Except as specifically disclosed in Schedule 5.17, no claim or litigation regarding any of the foregoing is pending or, to the best knowledge of the Lead Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
		

		
			
		

		
			

		 

		

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			(r)           Labor Matters.
		

		
			There are no strikes, lockouts, slowdowns or other material labor disputes against any Loan Party or any Subsidiary thereof pending or, to the knowledge of any Loan Party, threatened. To the Knowledge of the Senior Executive Officers, the hours worked by and payments made to employees of the Loan Parties comply with the Fair Labor Standards Act and any other applicable federal, state, local or foreign Law dealing with such matters except to the extent that any such violation could not reasonably be expected to have a Material Adverse Effect. No Loan Party or any of its Subsidiaries has incurred any liability or obligation under the Worker Adjustment and Retraining Act or similar state Law.  All payments due from any Loan Party and its Subsidiaries, or for which any claim may be made against any Loan Party or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or properly accrued in accordance with GAAP as a liability on the books of such Loan Party. Except as set forth on Schedule 5.18, no Loan Party or any Subsidiary is a party to or bound by any collective bargaining agreement, management agreement, employment agreement, bonus, restricted stock, stock option, or stock appreciation plan or agreement or any similar plan, agreement or arrangement which, in any case, could reasonably be expected to have a Material Adverse Effect. There are no representation proceedings pending or, to any Loan Party’s knowledge, threatened to be filed with the National Labor Relations Board, and no labor organization or group of employees of any Loan Party or any Subsidiary has made a pending demand for recognition. Except as set forth on Schedule 5.18, there are no complaints, unfair labor practice charges, grievances, arbitrations, unfair employment practices charges or any other claims or complaints against any Loan Party or any Subsidiary pending or, to the knowledge of any Loan Party, threatened to be filed with any Governmental Authority or arbitrator based on, arising out of, in connection with, or otherwise relating to the employment or termination of employment of any employee of any Loan Party or any of its Subsidiaries. The consummation of the transactions contemplated by the Loan Documents will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which any Loan Party or any of its Subsidiaries is bound.
		

		
			(s)           Security Documents
		

		
			(i)           The Security Agreement creates in favor of the Collateral Agent, for the benefit of the Secured Parties referred to therein, a legal, valid, continuing and enforceable security interest in the Collateral (as defined in the Security Agreement), the enforceability of which is subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.  The financing statements, releases and other filings are in appropriate form and have been or will be filed in the offices specified in the Perfection Certificate.  Upon such filings and/or the obtaining of “control” (as defined in the UCC), the Collateral Agent will have a perfected Lien on, and security interest in, to and under all right, title and interest of the grantors thereunder in all Collateral that may be perfected by filing, recording or registering a financing statement or analogous document (including without limitation the proceeds of such Collateral subject to the limitations relating to such proceeds in the UCC) or by obtaining control, under the UCC (in effect on the date this representation is made) in each case prior and superior in right to any other Person.
		

		
			(ii)          When the Security Agreement (or a short form thereof) is filed in the United States Patent and Trademark Office and the United States Copyright Office and when financing statements, releases and other filings in appropriate form are filed in the offices specified in Schedule II of the Security Agreement, the Collateral Agent shall have a fully perfected Lien on, and security interest in, all right, title and interest of the applicable Loan Parties in the Intellectual Property (as defined in the Security Agreement) in which a security interest may be perfected by filing, recording or registering a security agreement, financing statement or analogous document in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, in each case prior and superior in right to any other Person (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks, trademark applications and copyrights acquired by the Loan Parties after the Restatement Date).
		

		
			(t)           Solvency
		

		
			
		

		
			

		 

		

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			After giving effect to the transactions contemplated by this Agreement, and before and after giving effect to each Credit Extension, the Loan Parties, on a Consolidated basis, are Solvent. No transfer of property has been or will be made by any Loan Party and no obligation has been or will be incurred by any Loan Party in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of any Loan Party.
		

		
			(u)          Deposit Accounts; Credit Card Arrangements.
		

		
			(A)         Annexed hereto as Schedule 5.21(a) is a list of all DDAs and Blocked Accounts maintained by the Loan Parties as of the Restatement Date, which Schedule includes, with respect to each DDA and each Blocked Account (i) the name and address of the depository; (ii) the account number(s) maintained with such depository; (iii) a contact person at such depository, and (iv) the identification of each Blocked Account Bank.
		

		
			(B)         Annexed hereto as Schedule 5.21(b) is a list describing all arrangements as of the Restatement Date to which any Loan Party is a party with respect to the processing and/or payment to such Loan Party of the proceeds of any credit card charges for sales made by such Loan Party.
		

		
			(v)          Brokers.  No broker or finder brought about the obtaining, making or closing of the Loans or transactions contemplated by the Loan Documents, and no Loan  Party or Affiliate thereof has any obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.
		

		
			(w)         Customer and Trade Relations.  There exists no actual or, to the knowledge of any Loan Party, threatened, termination or cancellation of, or any material adverse modification or change in the business relationship of any Loan Party with any supplier material to its operations.
		

		
			(x)          Material Contracts.  Schedule 5.24 sets forth all Material Contracts to which any Loan Party is a party or is bound as of the Restatement Date.  The Loan Parties have delivered true, correct and complete copies of such Material Contracts to the Administrative Agent on or before the Restatement Date.  The Loan Parties are not in breach or in default in any material respect of or under any Material Contract and have not received any notice of the intention of any other party thereto to terminate any Material Contract.
		

		
			(y)          Casualty.  Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
		

		
			(z)          OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  No Loan Party nor any of its Subsidiaries is in violation of any Sanctions.  No Loan Party nor any of its Subsidiaries nor, to the knowledge of such Loan Party, any director, officer, employee, agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity, (b) has any assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.  Each of the Loan Parties and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.  Each of the Loan Parties and its Subsidiaries, and to the knowledge of each such Loan Party, each director, officer, employee, agent and Affiliate of each such Loan Party and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.  No proceeds of any loan made or Letter of Credit issued hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any applicable
		

		
			
		

		
			

		 

		

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			Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws by any Person (including any Credit Party or other individual or entity participating in any transaction).
		

		
			(aa)         Patriot Act.  To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001, as amended) (the “Patriot Act”).
		

		
			(bb)        Swap Contracts.  On each date that any Swap Contract is executed by any Provider, each Loan Party satisfies all eligibility, suitability and other requirements under the Commodity Exchange Act and the Commodity Futures Trading Commission regulations.
		

		
			6. AFFIRMATIVE COVENANTS
		

		
			So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the Loan Parties shall, and shall (except in the case of the covenants set forth in Sections 6(a),  6(b), and 6(c)) cause each Subsidiary to:
		

		
			(a)          Financial Statements.  Deliver to the Administrative Agent and the Term Loan Agent, in form and detail satisfactory to the Administrative Agent and the Term Loan Agent:
		

		
			(i)           as soon as available, but in any event within 90 days after the end of each Fiscal Year of the Parent, a Consolidated and, if requested by the Administrative Agent or the Term Loan Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of such Fiscal Year, and the related Consolidated, and if so requested, consolidating statements of income or operations, Shareholders’ Equity and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and prepared in accordance with GAAP, such Consolidated statements to be audited and accompanied by (i) a report and unqualified opinion of a Registered Public Accounting Firm reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit ,and such consolidating statements to be certified by a Responsible Officer of the Lead Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the Consolidated financial statements of the Parent and its Subsidiaries;
		

		
			(ii)          as soon as available, but in any event within 45 days after the end of each of the Fiscal Quarters of each Fiscal Year of the Parent, a Consolidated and, if requested by the Administrative Agent or the Term Loan Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of such Fiscal Quarter, and the related Consolidated, and if so requested, consolidating statements of income or operations, Shareholders’ Equity and cash flows for such Fiscal Quarter and for the portion of the Parent’s Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set forth in the projections delivered pursuant to Section 6(a)(d) hereof, (B) the corresponding Fiscal Quarter of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in reasonable detail, such Consolidated statements to be certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial condition, results of operations, Shareholders’ Equity and cash flows of the Parent and its Subsidiaries as of the end of such Fiscal Quarter in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating statements to be certified by a Responsible Officer of the Lead Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the Consolidated financial statements of the Parent and its Subsidiaries;
		

		
			
		

		
			

		 

		

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			(iii)         as soon as available, but in any event within 30 days after the end of each of the Fiscal Months of each Fiscal Year of the Parent, a Consolidated and, if requested by the Administrative Agent or the Term Loan Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of such Fiscal Month, and the related Consolidated, and if so requested, consolidating statements of income or operations, Shareholders’ Equity and cash flows for such Fiscal Month, and for the portion of the Parent’s Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set forth in the projections delivered pursuant to Section 6(a)(d) hereof, (B) the corresponding Fiscal Month of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in reasonable detail, such Consolidated statements to be certified by a Responsible Officer of the Lead Borrower as fairly presenting the financial condition, results of operations, Shareholders’ Equity and cash flows of the Parent and its Subsidiaries as of the end of such Fiscal Month in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating statements to be certified by a Responsible Officer of the Lead Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the Consolidated financial statements of the Parent and its Subsidiaries;
		

		
			(iv)         as soon as available, but in any event no later than 30 days prior to the end of each Fiscal Year of the Parent, forecasts prepared by management of the Lead Borrower, in form satisfactory to the Administrative Agent and the Term Loan Agent, of Consolidated balance sheets and statements of income or operations and cash flows of the Parent and its Subsidiaries on a monthly basis for the immediately following Fiscal Year (including the Fiscal Year in which the Maturity Date occurs), and as soon as available, any significant revisions to such forecast with respect to such following Fiscal Year.
		

		
			(b)          Certificates; Other Information.  Deliver to the Administrative Agent and the Term Loan Agent, in form and detail satisfactory to the Administrative Agent and the Term Loan Agent:
		

		
			(i)           concurrently with the delivery of the financial statements referred to in Section 6(a)(i), a certificate of its Registered Public Accounting Firm certifying such financial statements;
		

		
			(ii)          (i) concurrently with the delivery of the financial statements referred to in Sections 6(a)(i) and (ii) and (iii), a duly completed Compliance Certificate signed by a Responsible Officer of the Lead Borrower, and (ii) concurrently with the delivery of the financial statements referred to in Sections 6(a)(i) and (ii) a copy of management’s discussion and analysis with respect to such financial statements;
		

		
			(iii)         on the 15th day of each Fiscal Month (or, if such day is not a Business Day, on the next succeeding Business Day), a certificate in the form of Exhibit G (a “Borrowing Base Certificate”) showing the Revolving Borrowing Base and the Term Loan Borrowing Base as of the close of business as of the last day of the immediately preceding Fiscal Month (provided that the Appraised Value applied to the Eligible Inventory set forth in each Borrowing Base Certificate shall be the Appraised Value set forth in the most recent appraisal obtained by the Administrative Agent pursuant to Section 6.10 hereof for the applicable month to which such Borrowing Base Certificate relates), each Borrowing Base Certificate to be certified as complete and correct by a Responsible Officer of the Lead Borrower; provided that at any time that  an Accelerated Borrowing Base Delivery Event has occurred and is continuing, such Borrowing Base Certificate shall be delivered on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday;
		

		
			(iv)         promptly upon receipt, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of any Loan Party by its Registered Public Accounting Firm in connection with the accounts or books of the Loan Parties or any Subsidiary, or any audit of any of them, including, without limitation, specifying any Internal Control Event;
		

		
			(v)          promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Loan Parties, and copies of all annual, regular, periodic and special reports and registration statements which any Loan Party may file or be
		

		
			
		

		
			

		 

		

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			required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 or with any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;
		

		
			(vi)         the financial and collateral reports described on Schedule 6.02 hereto, at the times set forth in such Schedule;
		

		
			(vii)        as soon as available, but in any event within 30 days after the end of each Fiscal Year of the Loan Parties, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender or the Term Loan Agent through the Administrative Agent, may reasonably specify;
		

		
			(viii)       promptly after the Administrative Agent’s request therefor, copies of all Material Contracts and documents evidencing Material Indebtedness;
		

		
			(ix)         promptly after the Administrative Agent’s or any Lender’s request therefor, (i) confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership for each Borrower provided to the Administrative Agent and the Lenders; (ii) a new Certificate of Beneficial Ownership for each Borrower, in form and substance acceptable to the Administrative Agent, when the individual(s) to be identified as a Beneficial Owner have changed; and (iii) such information as requested pursuant to Section 10.17 hereof; and
		

		
			(x)          promptly, such additional information regarding the business affairs, financial condition or operations of any Loan Party or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent, the Term Loan Agent or any Lender may from time to time reasonably request.
		

		
			Documents required to be delivered pursuant to Section 6(a)(i), (ii), or (iii) or Section 6(b)(iv) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Lead Borrower posts such documents, or provides a link thereto on the Lead Borrower’s website on the Internet at the website address listed on Schedule 10(b); or (ii) on which such documents are posted on the Lead Borrower’s behalf on an Internet or intranet website, if any, to which each Lender, the Administrative Agent and the Term Loan Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Lead Borrower shall deliver paper copies of such documents to the Administrative Agent, the Term Loan Agent or any Lender that requests the Lead Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent, the Term Loan Agent or such Lender and (ii) the Lead Borrower shall notify the Administrative Agent, the Term Loan Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  Notwithstanding anything contained herein, in every instance the Lead Borrower shall be required to provide paper copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent.  The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
		

		
			The Loan Parties hereby acknowledge that (a) the Administrative Agent and/or the Arranger will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Loan Parties hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, SyndTrack or another similar secure electronic transmission 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 Loan Parties or their securities) (each, a “Public Lender”).  The Loan Parties hereby agree that they will use commercially reasonable efforts to identify that portion of the
		

		
			
		

		
			

		 

		

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			Borrower Materials that may be distributed to the Public Lenders and that (w) 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; (x) by marking Borrower Materials “PUBLIC,” the Loan Parties shall be deemed to have authorized the Administrative Agent, the Arranger, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Loan Parties or their securities for purposes of United States Federal and state securities laws (provided,  however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10(g)); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and (z) the Administrative Agent and the Arranger 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.”
		

		
			(c)         Notices.  Promptly notify the Administrative Agent and the Term Loan Agent:
		

		
			(i)           of the occurrence of any Default, to the Knowledge of a Senior Executive Officer;
		

		
			(ii)          of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Material Contract or with respect to Material Indebtedness of any Loan Party or any Subsidiary thereof; (ii) any dispute, litigation, investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including pursuant to any applicable Environmental Laws;
		

		
			(iii)         of the occurrence of any ERISA Event, to the Knowledge of a Senior Executive Officer;
		

		
			(iv)         of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof;
		

		
			(v)          of any change in any Loan Party’s Senior Executive Officers;
		

		
			(vi)         of the discharge by any Loan Party of its present Registered Public Accounting Firm or any withdrawal or resignation by such Registered Public Accounting Firm;
		

		
			(vii)        of any collective bargaining agreement or other labor contract to which a Loan Party becomes a party, or the application for the certification of a collective bargaining agent;
		

		
			(viii)       of the filing of any Lien for unpaid Taxes against any Loan Party, to the Knowledge of a Senior Executive Officer;
		

		
			(ix)         of any casualty or other insured damage to any material portion of the Collateral, to the Knowledge of a Senior Executive Officer, or the commencement of any action or proceeding for the taking of any interest in a material portion of the Collateral under power of eminent domain or by condemnation or similar proceeding or if any material portion of the Collateral is damaged or destroyed;
		

		
			(x)          of the occurrence of a Cash Dominion Event; and
		

		
			(xi)         of any transaction of the nature contained in ARTICLE VII hereof, occurring after the Restatement Date, including, without limitation, (i) the entry by a Loan Party into a Material Contract, (ii) the incurrence by a Loan Party of Material Indebtedness, (iii) the voluntary or, to the actual knowledge of a Senior Executive Officer, involuntary grant of any Lien upon any property of a Loan Party; or (iv) the making of any Investments by a Loan Party.
		

		
			
		

		
			

		 

		

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			Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Lead Borrower setting forth details of the occurrence referred to therein and stating what action the Lead Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6(c)(i) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.
		

		
			(d)         Payment of Obligations.  Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, (b) all lawful claims (including, without limitation, claims of landlords, warehousemen, customs brokers, and carriers) which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except, in each case, where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP, (c) such contest effectively suspends collection of the contested obligation and enforcement of any Lien securing such obligation, (d) no Lien has been filed with respect thereto and (e) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. Nothing contained herein shall be deemed to limit the rights of the Agents with respect to determining Reserves pursuant to this Agreement.
		

		
			(e)          Preservation of Existence, Etc.  (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization or formation except in a transaction permitted by Section 7(d) or 7(e); (b) take all reasonable action to maintain all rights, privileges, permits, licenses, including all Federal firearm licenses, and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its Intellectual Property, except to the extent such Intellectual Property is no longer used or useful in the conduct of the business of the Loan Parties.
		

		
			(f)           Maintenance of Properties.  (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
		

		
			(g)          Maintenance of Insurance.
		

		
			(i)           Maintain with financially sound and reputable insurance companies reasonably acceptable to the Administrative Agent and the Term Loan Agent not Affiliates of the Loan Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business and operating in the same or similar locations or as is required by applicable Law, of such types and in such amounts  as are customarily carried under similar circumstances by such other Persons and as are reasonably acceptable to the Administrative Agent and the Term Loan Agent.
		

		
			(ii)          Cause fire and extended coverage policies maintained with respect to any Collateral to be endorsed or otherwise amended to include, as the insurable interest of the Loan Parties, Collateral Agent, Administrative Agent or Credit Parties should appear, (i) a non-contributing mortgage clause (regarding improvements to real property) and lenders’ loss payable clause (regarding personal property), in form and substance satisfactory to the Collateral Agent and the Term Loan Agent, which endorsements or amendments shall provide that the insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Collateral Agent, (ii) a provision to the effect that none of the Loan Parties, Credit Parties or any other Person shall be a co-insurer and (iii) such other provisions as the Collateral Agent may reasonably require from time to time to protect the interests of the Credit Parties.
		

		
			
		

		
			

		 

		

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			(iii)         Cause commercial general liability policies to be endorsed to name the Collateral Agent as an additional insured.
		

		
			(iv)         Cause business interruption policies (which may be a component of other policies maintained by the Loan Parties in accordance with this Section 6.07) to name the Collateral Agent as a loss payee and to be endorsed or amended to include, as the insurable interest of the Loan Parties, Collateral Agent, Administrative Agent or Credit Parties should appear, (1) a provision that, from and after the Restatement Date, the insurer shall pay all proceeds otherwise payable to the Loan Parties under the policies directly to the Collateral Agent, (2) a provision to the effect that none of the Loan Parties, the Administrative Agent, the Collateral Agent or any other party shall be a co‐insurer and (3) such other provisions as the Collateral Agent may reasonably require from time to time to protect the interests of the Credit Parties.
		

		
			(v)          Cause each such policy referred to in this Section 6.07 to also provide that it shall not be canceled, modified or not renewed (y) by reason of nonpayment of premium except upon not less than ten (10) days’ prior written notice thereof by the insurer to the Collateral Agent (giving the Collateral Agent the right to cure defaults in the payment of premiums) or (z) for any other reason except upon not less than thirty (30) days’ prior written notice thereof by the insurer to the Collateral Agent.
		

		
			(vi)         Deliver to the Collateral Agent, prior to the cancellation, modification or non-renewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy previously delivered to the Collateral Agent, including an insurance binder) together with evidence satisfactory to the Collateral Agent of payment of the premium therefor.
		

		
			(vii)        Maintain for themselves and their Subsidiaries, a Directors and Officers insurance policy, and a “Blanket Crime” policy including employee dishonesty, forgery or alteration, theft, disappearance and destruction, robbery and safe burglary, property, and computer fraud coverage with responsible companies in such amounts as are customarily carried by business entities engaged in similar businesses similarly situated, and will upon request by the Administrative Agent or the Term Loan Agent furnish the Administrative Agent and the Term Loan Agent certificates evidencing renewal of each such policy.
		

		
			(viii)       Permit any representatives that are designated by the Collateral Agent to inspect the insurance policies maintained by or on behalf of the Loan Parties and to inspect books and records related thereto and any properties covered thereby.  The Loan Parties shall pay the reasonable fees and expenses of any representatives retained by the Collateral Agent to conduct any such inspection.
		

		
			(ix)         None of the Credit Parties, or their agents or employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 6(g).  Each Loan Party shall look solely to its insurance companies or any other parties other than the Credit Parties for the recovery of such loss or damage and such insurance companies shall have no rights of subrogation against any Credit Party or its agents or employees.  If, however, the insurance policies do not provide waiver of subrogation rights against such parties, as required above, then the Loan Parties hereby agree, to the extent permitted by law, to waive their right of recovery, if any, against the Credit Parties and their agents and employees.  The designation of any form, type or amount of insurance coverage by any Credit Party under this Section 6(g) shall in no event be deemed a representation, warranty or advice by such Credit Party that such insurance is adequate for the purposes of the business of the Loan Parties or the protection of their properties.
		

		
			(h)          Compliance with Laws.  Comply (a) in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been set aside and maintained by the Loan Parties in accordance with GAAP,  (ii) such contest effectively suspends enforcement of the contested Laws, and (iii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect, and (b) with Sections 10.17 and 10.18.
		

		
			(i)           Books and Records; Accountants
		

		
			
		

		
			

		 

		

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			(A)         Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the Loan Parties or such Subsidiary, as the case may be; and (ii) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Loan Parties or such Subsidiary, as the case may be.
		

		
			(B)         at all times retain a Registered Public Accounting Firm which is reasonably satisfactory to the Administrative Agent and shall instruct such Registered Public Accounting Firm to cooperate with, and be available to, the Administrative Agent or its representatives to discuss the Loan Parties’ financial performance, financial condition, operating results, controls, and such other matters, within the scope of the retention of such Registered Public Accounting Firm, as may be raised by the Administrative Agent.
		

		
			(j)           Inspection Rights
		

		
			(A)         Permit representatives and independent contractors of the Administrative Agent and the Term Loan Agent to visit and inspect any of its properties, to examine its corporate, financial and operating records, business plan, forecasts and cash flows, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and Registered Public Accounting Firm, all at the expense of the Loan Parties and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Lead Borrower; provided, however, that when an Event of Default exists the Administrative Agent (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Loan Parties at any time during normal business hours and without advance notice.
		

		
			(B)         Upon the request of the Administrative Agent after reasonable prior notice, permit the Administrative Agent or professionals (including investment bankers, consultants, accountants, lawyers and appraisers) retained by the Administrative Agent to conduct appraisals, commercial finance examinations and other evaluations, including, without limitation, of (i) the Lead Borrower’s practices in the computation of each Borrowing Base and (ii) the assets included in each Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and reserves.  The Loan Parties shall pay the fees and expenses of the Administrative Agent and such professionals with respect to such evaluations and appraisals.  Without limiting the foregoing, the Loan Parties acknowledge that the Administrative Agent may, in its discretion, undertake, at the Loan Parties’ expense, up to (X) one (1) inventory appraisal and one (1) commercial finance examination in any Fiscal Year when Revolving Availability is at all times during such Fiscal Year greater than 35% of the Adjusted Combined Loan Cap, (Y) up to two (2) inventory appraisals and two (2) commercial finance examinations in any Fiscal Year when Revolving Availability is at any time during such Fiscal Year is less than or equal to 35% of the Adjusted Combined Loan Cap but greater than 20% of the Adjusted Combined Loan Cap, and (Z) up to three (3) inventory appraisals in any Fiscal Year when Revolving Availability is at any time during such Fiscal Year less than or equal to 20% of the Adjusted Combined Loan Cap.  In all events, if the Administrative Agent has not undertaken a commercial finance examination or an inventory appraisal within the immediately preceding nine (9) month period of any Fiscal Year, the Term Loan Agent may, in its discretion, direct the Administrative Agent to do so upon written notice to the Administrative Agent.  Notwithstanding anything to the contrary contained herein, the Administrative Agent may cause additional inventory appraisals and commercial finance examinations to be undertaken (x) as it in its discretion deems necessary or appropriate, at its own expense, or (y) at the expense of the Loan Parties, at any time required by applicable Law or if a Default shall have occurred and be continuing.
		

		
			(k)          Use of Proceeds.  Use the proceeds of the Credit Extensions (a) to finance the acquisition of working capital assets of the Borrowers, including the purchase of inventory and equipment, in each case in the ordinary course of business, (b) to finance Capital Expenditures of the Borrowers, (c) for general corporate purposes of the Loan Parties, (d) to pay in full any obligations outstanding under the Existing Term Loan Agreement, (e) to pay in full any obligations outstanding in respect of Subordinated Debt, in each case described in this Section 6.11 to the extent expressly permitted under applicable Law and the Loan Documents.
		

		
			(l)           Additional Loan Parties.  Notify the Administrative Agent at the time that any Person becomes a Subsidiary, and promptly thereafter (and in any event within fifteen (15) days), cause any such
		

		
			
		

		
			

		 

		

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			Person (a) which is not a CFC, to (i) become a Loan Party by executing and delivering to the Administrative Agent a Joinder to this Agreement or a counterpart of the Facility Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose, (ii) grant a Lien to the Collateral Agent on such Person’s assets to secure the Obligations, and (iii) deliver to the Administrative Agent documents of the types referred to in clauses (3) and (4) of Section 4(a)(i) and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (i)), and (b) if any Equity Interests or Indebtedness of such Person are owned by or on behalf of any Loan Party, to pledge such Equity Interests and promissory notes evidencing such Indebtedness (except that, if such Subsidiary is a CFC, the Equity Interests of such Subsidiary to be pledged may be limited to 65% of the outstanding voting Equity Interests of such Subsidiary and 100% of the non-voting Equity Interests of such Subsidiary and such time period may be extended based on local law or practice), in each case in form, content and scope reasonably satisfactory to the Administrative Agent.  In no event shall compliance with this Section (l) waive or be deemed a waiver or Consent to any transaction giving rise to the need to comply with this Section (l) if such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute, with respect to any Subsidiary, an approval of such Person as a Borrower or permit the inclusion of any acquired assets in the computation of each Borrowing Base.
		

		
			(m)         Cash Management.
		

		
			(A)         On or prior to the Restatement Date (to the extent not delivered to the Administrative Agent prior to such date):
		

		
			(xiii)       deliver to the Administrative Agent originals of notifications (each, a “Credit Card Notification”) substantially in the form attached hereto as Exhibit H which have been executed on behalf of such Loan Party, which shall be delivered by the Administrative Agent to such Loan Party’s Credit Card Issuers and Credit Card Processors listed on Schedule 5.21(b); and
		

		
			(xiv)       enter into a Blocked Account Agreement satisfactory in form and substance to the Agents with each Blocked Account Bank (collectively, the “Blocked Accounts”).
		

		
			(B)         The Loan Parties shall ACH or wire transfer no less frequently than daily (and whether or not there are then any outstanding Obligations) to a Blocked Account all amounts on deposit in each such DDA and all payments due from Credit Card Issuers and Credit Card Processors.
		

		
			(C)         Each Blocked Account Agreement shall require upon notice from the Collateral Agent (it being understood that the Collateral Agent shall not deliver any such notice prior to the occurrence of a Cash Dominion Event) the ACH or wire transfer no less frequently than daily (and whether or not there are then any outstanding Obligations) to the concentration account maintained by the Collateral Agent at Wells Fargo (the “Collection Account”), of all cash receipts and collections, including, without limitation, the following:
		

		
			(xv)        all available cash receipts (x) from the sale of Inventory, and (y) from the sale of other assets (whether or not constituting Collateral);
		

		
			(xvi)       all proceeds of collections of Accounts;
		

		
			(xvii)      all Net Cash Proceeds, and all other cash payments received by a Loan Party from any Person or from any source or on account of any sale or other transaction or event, including, without limitation, any Prepayment Event;
		

		
			(xviii)     the then current contents of each DDA (net of any minimum balance, not to exceed $2,500.00, as may be required to be kept in the subject DDA by the depository institution at which such DDA is maintained);
		

		
			
		

		
			

		 

		

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			(xix)       the then current entire ledger balance of each Blocked Account (net of any minimum balance, not to exceed $2,500.00, as may be required to be kept in the subject Blocked Account by the Blocked Account Bank); and
		

		
			(xx)        the proceeds of all credit card charges.
		

		
			(D)         The Collection Account shall at all times be under the sole dominion and control of the Collateral Agent.  The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal from the Collection Account, (ii) the funds on deposit in the Collection Account shall at all times be collateral security for all of the Obligations and (iii) the funds on deposit in the Collection Account shall be applied as provided in this Agreement.  In the event that, notwithstanding the provisions of this Section (m), any Loan Party receives or otherwise has dominion and control of any such proceeds or collections, such proceeds and collections shall be held in trust by such Loan Party for the Administrative Agent, shall not be commingled with any of such Loan Party’s other funds or deposited in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be deposited into the Collection Account or dealt with in such other fashion as such Loan Party may be instructed by the Administrative Agent.
		

		
			(E)          Upon the request of the Administrative Agent, the Loan Parties shall cause bank statements and/or other reports to be delivered to the Administrative Agent not less often than monthly, accurately setting forth all amounts deposited in each Blocked Account to ensure the proper transfer of funds as set forth above.
		

		
			(F)          At the request of the Administrative Agent, the Loan Parties shall deliver to the Administrative Agent copies of notifications (each, a “DDA Notification”), in form and substance reasonably satisfactory to the Administrative Agent, which have been executed on behalf of such Loan Party and delivered to each depository institution listed on Schedule 5.21(a).
		

		
			(G)         The Loan Parties shall cause to be maintained, with Wells Fargo or any Affiliate thereof, the Loan Parties’ primary Cash Management Services (including, without limitation, the Loan Parties’ concentration accounts, master depository accounts and similar accounts (which, for clarity, shall include the Blocked Accounts)) and primary operating accounts, other than such accounts as the Administrative Agent may agree in its sole discretion.
		

		
			(n)          Information Regarding the Collateral.
		

		
			(A)         Furnish to the Administrative Agent at least thirty (30) days prior written notice of any change in: (i) any Loan Party’s name or in any trade name used to identify it in the conduct of its business or in the ownership of its properties; (ii) the location of any Loan Party’s chief executive office, its principal place of business, any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral owned by it is located (including the establishment of any such new office or facility); (iii) any Loan Party’s organizational structure or jurisdiction of incorporation or formation; or (iv) any Loan Party’s Federal Taxpayer Identification Number or organizational identification number assigned to it by its state of organization. The Loan Parties agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Collateral for its own benefit and the benefit of the other Credit Parties.
		

		
			(B)         Should any of the information on any of the Schedules hereto become inaccurate or misleading in any material respect as a result of changes after the Restatement Date, the Lead Borrower shall advise the Administrative Agent in writing of such revisions or updates as may be necessary or appropriate to update or correct the same.  From time to time as may be reasonably requested by the Administrative Agent, the Lead Borrower shall supplement each Schedule hereto, or any representation herein or in any other Loan Document, with respect to any matter arising after the Restatement Date that, if existing or occurring on the Restatement Date, would have been required to be set forth or described in such Schedule or as an exception to such representation or that is necessary to correct any information in such Schedule or representation which has been rendered inaccurate thereby (and, in the case of any supplements to any Schedule, such Schedule shall be appropriately marked to show the changes made therein).  Notwithstanding the foregoing, no supplement or revision to any Schedule or representation shall be deemed the Credit Parties’ consent to the matters reflected in such updated Schedules or revised representations nor permit the
		

		
			
		

		
			

		 

		

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			Loan Parties to undertake any actions otherwise prohibited hereunder or fail to undertake any action required hereunder from the restrictions and requirements in existence prior to the delivery of such updated Schedules or such revision of a representation; nor shall any such supplement or revision to any Schedule or representation be deemed the Credit Parties’ waiver of any Default resulting from the matters disclosed therein.
		

		
			(o)          Physical Inventories.
		

		
			(A)         Cause cycle counts to be conducted consistent with current practices reasonably satisfactory to the Collateral Agent and the Term Loan Agent with results to be shared with Collateral Agent and the Term Loan Agent and updated in the stock ledger timely.  If any Default or Event of Default exists, at the discretion of the Collateral Agent, and at Borrowers’ expense, the Borrowers shall conduct a full physical count of Inventory.  The Collateral Agent, at the expense of the Loan Parties, may participate in and/or observe each scheduled physical count of Inventory which is undertaken on behalf of any Loan Party.   The Lead Borrower, within 15 days following the completion of such inventory, shall provide the Collateral Agent and the Term Loan Agent with a reconciliation of the results of such inventory (as well as of any other physical inventory or cycle counts undertaken by a Loan Party) and shall post such results to the Loan Parties’ stock ledgers and general ledgers, as applicable.
		

		
			(B)         Permit the Collateral Agent, in its discretion, if any Default or Event of Default exists, to cause additional such inventories to be taken as the Collateral Agent determines (each, at the expense of the Loan Parties).
		

		
			(p)          Environmental Laws.
		

		
			(A)         Conduct its operations and keep and maintain its Real Estate in material compliance with all Environmental Laws; (b) obtain and renew all environmental permits necessary for its operations and properties; and (c) implement any and all investigation, remediation, removal and response actions that are appropriate or necessary to maintain the value and marketability of the Real Estate or to otherwise comply with Environmental Laws pertaining to the presence, generation, treatment, storage, use, disposal, transportation or release of any Hazardous Materials on, at, in, under, above, to, from or about any of its Real Estate, provided,  however, that neither a Loan Party nor any of its Subsidiaries shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and adequate reserves have been set aside and are being maintained by the Loan Parties with respect to such circumstances in accordance with GAAP.
		

		
			(q)          Further Assurances.
		

		
			(A)         Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), that may be required under any applicable Law, or which any Agent may request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties. The Loan Parties also agree to provide to the Agents, from time to time upon request, evidence satisfactory to the Agents as to the perfection and priority of the Liens created or intended to be created by the Security Documents.
		

		
			(B)         If any material assets are acquired by any Loan Party after the Restatement Date (other than assets constituting Collateral under the Security Documents that become subject to the Lien of the Security Documents upon acquisition thereof), notify the Agents thereof, and the Loan Parties will cause such assets to be subjected to a Lien securing the Obligations and will take such actions as shall be necessary or shall be requested by any Agent to grant and perfect such Liens, including actions described in paragraph (a) of this Section (m), all at the expense of the Loan Parties. In no event shall compliance with this Section 6(m)(B) waive or be deemed a waiver or Consent to any transaction giving rise to the need to comply with this Section (m)(B) if such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute Consent to the inclusion of any acquired assets in the computation of any Borrowing Base.
		

		
			
		

		
			

		 

		

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			(C)         Use, and cause each of the Subsidiaries to use, their commercially reasonable efforts to obtain lease terms in any lease entered into by any Loan Party after the date hereof not expressly prohibiting the recording in the relevant real estate filing office of an appropriate memorandum of lease and the encumbrancing of the leasehold interest of such Loan Party in the property that is the subject of such lease.
		

		
			(D)         (i) Upon the request of the Collateral Agent, cause each of its customs brokers to deliver an agreement to the Collateral Agent covering such matters and in such form as the Collateral Agent may reasonably require, as required to protect Collateral Agent’s interest in the Eligible Inventory; and (ii) simultaneously with the delivery to the Term Loan Agent, deliver to the Collateral Agent an agreement covering such matters and in such form as the Collateral Agent may reasonably require with each such customs broker for which such an agreement has been provided to the Term Loan Agent.
		

		
			(E)          (i) Upon the request of the Collateral Agent, request and use reasonable efforts to cause any of its landlords to deliver a Collateral Access Agreement to the Collateral Agent in such form as the Collateral Agent may reasonably require, provided that in all events such Collateral Access Agreement shall be furnished for each of Borrowers’ distribution centers; and (ii) simultaneously with the delivery to the Term Loan Agent, deliver to the Collateral Agent a Collateral Access Agreement for any location or Store for which a Collateral Access Agreement has been provided to the Term Loan Agent.
		

		
			(F)          Without limiting the other provisions of this Agreement or the other Loan Documents (including, without limitation, any other provision of this Section 6.17 or Section 6.20 hereof), in the event that any Real Property owned by any Loan Party constitutes a Material Real Property (as defined in the Security Agreement) on or after the Restatement Date, the Loan Parties shall promptly (but in no event later than fifteen (15) days following such constituting a Material Real Property) deliver to the Collateral Agent a duly executed Mortgage together with all other items required pursuant to Section 6.20 with respect to such Real Estate.
		

		
			(r)           Compliance with Terms of Leaseholds.  Except as otherwise expressly permitted hereunder, make all payments and otherwise perform all obligations in respect of all Leases of real property to which any Loan Party or any of its Subsidiaries is a party, keep such Leases in full force and effect and not allow such Leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify the Administrative Agent and the Term Loan Agent of any default by any party with respect to such Leases and cooperate with the Administrative Agent and the Term Loan Agent in all respects to cure any such default, and cause each of its Subsidiaries to do so.
		

		
			(s)           Material Contracts.  Perform and observe all the terms and provisions of each Material Contract to be performed or observed by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance with its terms, take all such action to such end as may be from time to time requested by the Administrative Agent and, upon request of the Administrative Agent, make to each other party to each such Material Contract such demands and requests for information and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries to do so.
		

		
			(t)           Real Estate.  As promptly as practicable, and in any event, not later than 30 days after the date of acquisition (or such later date as the Administrative Agent and the Term Loan Agent shall agree) of any fee interest in real property having a value (together with improvements thereof) in excess of $1,000,000, (i) execute and deliver a Mortgage, in favor of the Collateral Agent, for the benefit of the Secured Parties, covering such real property, (ii) if requested by the Collateral Agent or the Term Loan Agent, provide the Credit Parties with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Collateral Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate, and (y) any consents or estoppels reasonably deemed necessary or advisable by the Collateral Agent or the Term Loan Agent in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative Agent and the Term Loan Agent, (iii) if
		

		
			
		

		
			

		 

		

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			reasonably requested by the Administrative Agent or the Term Loan Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent and the Term Loan Agent and (iv) if any improvement on such real property is in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent and the Term Loan Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent and the Term Loan Agent.
		

		
			(u)          OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws.  Each Loan Party will, and will cause each of its Subsidiaries to, comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.  Each of the Loan Parties and its Subsidiaries shall implement and maintain in effect policies and procedures designed to ensure compliance by the Loan Parties and their Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.  Each of the Loan Parties shall and shall cause their respective Subsidiaries to comply with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws.
		

		
			(v)          Post-Closing Covenants.  On or before June 22, 2018, the Loan Parties shall deliver to the Agent, in form and substance reasonably satisfactory to the Agent, such certificates and endorsements of insurance policies as are required pursuant to the terms of Section 6.07 hereof.
		

		
			7. NEGATIVE COVENANTS
		

		
			So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly:
		

		
			(a)          Liens.  Create, incur, assume or suffer to exist any Lien upon any of its property (excluding real property), assets or revenues, whether now owned or hereafter acquired or sign or file or suffer to exist under the UCC or any similar Law or statute of any jurisdiction a financing statement that names any Loan Party or any Subsidiary thereof as debtor; sign or suffer to exist any security agreement authorizing any Person thereunder to file such financing statement; sell any of its property or assets subject to an understanding or agreement (contingent or otherwise) to repurchase such property or assets with recourse to it or any of its Subsidiaries; or assign or otherwise transfer any accounts or other rights to receive income, other than, as to all of the above, Permitted Encumbrances.
		

		
			(b)          Investments.  Make any Investments, except Permitted Investments.
		

		
			(c)          Indebtedness.  (a) Create, incur, assume, guarantee, suffer to exist or otherwise become or remain liable with respect to, any Indebtedness, except Permitted Indebtedness, (b) without limiting the provisions of clause (a) above, create, incur, assume, guarantee, suffer to exist or otherwise become or remain liable with respect to any Indebtedness (other than the Obligations) that is subordinated or junior in right of payment to any other Indebtedness of the Loan Parties, unless such Indebtedness is also subordinated or junior in right of payment, in the same manner and to the same extent, to the Obligations, or (c) issue Disqualified Stock.
		

		
			(d)          Fundamental Changes.  Merge, dissolve, liquidate, consolidate with or into another Person, (or agree to do any of the foregoing), except that, so long as no Default or Event of Default shall have
		

		
			
		

		
			

		 

		

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			occurred and be continuing prior to or immediately after giving effect to any action described below or would result therefrom:
		

		
			(i)           any Subsidiary which is not a Loan Party may merge with (i) a Loan Party, provided that the Loan Party shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries which are not Loan Parties, provided that when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person;
		

		
			(ii)          any Subsidiary which is a Loan Party may merge into any Subsidiary which is a Loan Party or into the Borrower, provided that in any merger involving the Borrower, the Borrower shall be the continuing or surviving Person;
		

		
			(iii)         in connection with a Permitted Acquisition, any Subsidiary of a Loan Party may merge with or into or consolidate with any other Person or permit any other Person to merge with or into or consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of a Loan Party and such Person shall become a Loan Party in accordance with the provisions of Section 6.12 hereof and (ii) in the case of any such merger to which any Loan Party is a party, such Loan Party is the surviving Person; and
		

		
			(iv)         any CFC that is not a Loan Party may merge into any CFC that is not a Loan Party.
		

		
			(e)          Dispositions.  Make any Disposition or enter into any agreement to make any Disposition, except Permitted Dispositions.
		

		
			(f)           Restricted Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default or Event of Default shall have occurred and be continuing prior to or immediately after giving effect  to any action described below or would result therefrom:
		

		
			(i)           each Subsidiary of a Loan Party may make Restricted Payments to any Loan Party; provided that no Restricted Payments shall be made to the Parent unless reasonably contemporaneously therewith, the Parent makes a Restricted Payment (the “Subsequent Restricted Payment”) to its stockholders in like amount and such Subsequent Restricted Payment is expressly permitted by the terms of this Section 7.06;
		

		
			(ii)          the Loan Parties and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person;
		

		
			(iii)         the Loan Parties may issue and sell Equity Interests provided that (i) (A) with respect to any Equity Interests, all dividends in respect of which are to be paid (and all other payments in respect of which are to be made) shall be in additional shares of such Equity Interests, in lieu of cash, (B) such Equity Interests shall not be subject to redemption other than redemption at the option of the Loan Party issuing such Equity Interests, and (C) all payments in respect of such Equity Interests are expressly subordinated to the Obligations, and (ii) no Loan Party shall issue any additional Equity Interests in a Subsidiary; and
		

		
			(iv)         if the Payment Conditions are satisfied, the Parent may declare or pay cash dividends to its stockholders.
		

		
			(g)          Prepayments of Indebtedness.  Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any Indebtedness, or make any payment in violation of any subordination terms of any Subordinated Debt, except (a) as long as no Event of Default then exists or would result therefrom, regularly scheduled or mandatory repayments, repurchases, redemptions or defeasances of Permitted Indebtedness (other than Subordinated Debt), (b) [reserved], (c) certain intercompany loans and advances between Borrowers and Guarantor to the extent mutually agreed by the
		

		
			
		

		
			

		 

		

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			Lead Borrower, the Administrative Agent and the Term Loan Agent, including without limitation advances made to the Guarantor for payment of Taxes, (d) voluntary prepayments, repurchases, redemptions or defeasances of Permitted Indebtedness (but excluding on account of any Subordinated Debt), (e) so long as the Payment Conditions shall have been satisfied, payments and prepayments of interest and principal with respect to Subordinated Debt, and (f) refinancings and refundings of such Indebtedness in compliance with Section 7.03.
		

		
			(h)          Change in Nature of Business
		

		
			(A)         In the case of the Parent, engage in any business or activity other than (i) the direct or indirect ownership of all outstanding Equity Interests in the other Loan Parties, (ii) maintaining its corporate existence, (iii) participating in tax, accounting and other administrative activities as the parent of the consolidated group of companies, including the Loan Parties, (iv) the execution and delivery of the Loan Documents to which it is a party and the performance of its obligations thereunder, and (v) activities incidental to the businesses or activities described in clauses (A) through (iv) of this Section 7(h)(A).
		

		
			(B)         In the case of each of the Loan Parties, engage in any line of business substantially different from the business conducted by the Loan Parties and their Subsidiaries on the date hereof or any business substantially related or incidental thereto; provided, however, retail sales through e-commerce / internet shall not be construed as a substantially different line of business.
		

		
			(i)           Transactions with Affiliates.  Enter into, renew, extend or be a party to any transaction of any kind with any Affiliate of any Loan Party, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Loan Parties or such Subsidiary as would be obtainable by the Loan Parties or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to a transaction between or among the Loan Parties.
		

		
			(j)           Burdensome Agreements.  Enter into or permit to exist any Contractual Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments or other distributions to any Loan Party or to otherwise transfer property to or invest in a Loan Party, (ii) of any Subsidiary to Guarantee the Obligations, (iii) of any Subsidiary to make or repay loans to a Loan Party, or (iv) of the Loan Parties or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person in favor of the Collateral Agent; provided,  however, that this clause (iv) shall not prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under clauses (c) or (f) of the definition of Permitted Indebtedness solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person.
		

		
			(k)          Use of Proceeds.  Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or extending credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the FRB; (b) to make any payments to a Sanctioned Entity or a Sanctioned Person, to finance any investments in a Sanctioned Entity or a Sanctioned Person, to fund any investments, loans or contributions in, or otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned Entity or a Sanctioned Person, or in any other manner that would result in a violation of Sanctions by any Person; (c) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws; or (d) for purposes other than those permitted under this Agreement.
		

		
			
		

		
			

		 

		

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			(l)           Amendment of Material Documents.  (a) Amend, modify or waive any term, provision or condition of any Loan Party’s Organization Documents in a manner materially adverse to the Credit Parties, or (b) amend, modify or waive any term, provision or condition under any Material Contract or Material Indebtedness (other than on account of any Permitted Refinancing Indebtedness in respect thereof), in each case of clauses (a) and (b) to the extent that such amendment, modification or waiver would be reasonably likely to have a Material Adverse Effect, or (c) amend, modify or waive any term, provision or condition of the Employee Stock Plan without the written consent of the Administrative Agent, provided that the foregoing shall not be deemed to restrict the ability of the Board (as defined in the Employee Stock Plan) to determine additional Eligible Persons (as defined in the Employee Stock Plan) in accordance with the terms of the Employee Stock Plan.
		

		
			(m)         Fiscal Year.
		

		
			Change the Fiscal Year of any Loan Party, or the accounting policies or reporting practices of the Loan Parties, except as required by GAAP.
		

		
			(n)          Deposit Accounts; Credit Card Processors.
		

		
			(i)           Open new DDAs or Blocked Accounts unless the Loan Parties shall have delivered to the Administrative Agent appropriate DDA Notifications or Blocked Account Agreements consistent with the provisions of Section 6(m) and otherwise satisfactory to the Administrative Agent.
		

		
			(ii)          No Loan Party shall maintain any bank accounts or enter into any agreements with Credit Card Processors or Credit Card Issuers other than the ones expressly contemplated herein or in Section 6(m) hereof.
		

		
			(o)          Revolving Availability.
		

		
			Permit Revolving Availability at any time to be less than ten percent (10%) of the Adjusted Combined Loan Cap.
		

		
			8. EVENTS OF DEFAULT AND REMEDIES
		

		
			(a)          Events of Default.  Any of the following shall constitute an Event of Default:
		

		
			(i)           Non-Payment.  The Borrowers or any other Loan Party fails to pay when and as required to be paid herein, (i) any amount of principal of any Loan or any L/C Obligation, or deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) any other amount payable hereunder or under any other Loan Document; or
		

		
			(ii)          Specific Covenants.  (i) Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Section 6(a),  6(b),  6(c),  6(e),  6(g),  6(j),  6(k), 6(l),  6(m),  6(n),  6.22 or Article 7; or
		

		
			(iii)         Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (i) or (ii) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 15 days; or
		

		
			(iv)         Representations and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith (including, without limitation, any Borrowing Base Certificate), or in completing any request for a Borrowing via the Portal, shall be incorrect or misleading in any material respect when made or deemed made (or, with respect to any
		

		
			
		

		
			

		 

		

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			representation, warranty, certification, or statement of fact qualified by materiality, incorrect or misleading in any respect); or
		

		
			(v)          Cross-Default.  (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement), or (B) fails to observe or perform any other agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Material Indebtedness or the beneficiary or beneficiaries of any Guarantee thereof (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Loan Party or such Subsidiary as a result thereof is greater than $1,000,000; or
		

		
			(vi)         Insolvency Proceedings, Etc.  Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or a proceeding shall be commenced or a petition filed, without the application or consent of such Person, seeking or requesting the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed and the appointment continues undischarged, undismissed or unstayed for 30 calendar days or an order or decree approving or ordering any of the foregoing shall be entered; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or
		

		
			(vii)        Inability to Pay Debts; Attachment.  (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing its inability or fails generally to pay its debts as they become due in the ordinary course of business, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 10 days after its issuance or levy; or
		

		
			(viii)       Judgments.  There is entered against any Loan Party or any Subsidiary thereof (i) one or more judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $1,000,000 (to the extent not covered by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential claim and does not dispute coverage), or (ii) any one or more non-monetary judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 10 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, is not in effect; or
		

		
			(ix)         ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in material liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC or which would reasonably likely result in a Material Adverse Effect, or (ii) a Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability
		

		
			
		

		
			

		 

		

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			under Section 4201 of ERISA under a Multiemployer Plan or which would reasonably likely result in a Material Adverse Effect; or
		

		
			(x)          Invalidity of Loan Documents.  (i)  Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document or seeks to avoid, limit or otherwise adversely affect any Lien purported to be created under any Security Document; or (ii) any Lien purported to be created under any Security Document shall cease to be, or shall be asserted by any Loan Party or any other Person not to be, a valid and perfected Lien on any Collateral, with the priority required by the applicable Security Document and which is not replaced with a substantially similar Lien on such Collateral; or
		

		
			(xi)         Change of Control.  There occurs any Change of Control; or
		

		
			(xii)        Cessation of Business.  Except as otherwise expressly permitted hereunder, any Loan Party shall take any action, or shall make a determination, whether or not yet formally approved by any Loan Party’s management or board of directors, to (i) suspend the operation of all or a material portion of its business in the ordinary course, (ii) suspend the payment of any material obligations in the ordinary course or suspend the performance under material contracts in the ordinary course, (iii) solicit proposals for the liquidation of, or undertake to liquidate, all or a material portion of its assets or Store locations, or (iv) solicit proposals for the employment of, or employ, an agent or other third party to conduct a program of closings, liquidations, or “Going-Out-Of-Business” sales of any material portion of its business; or
		

		
			(xiii)       Loss of Collateral.  There occurs any uninsured loss to any material portion of the Collateral; or
		

		
			(xiv)       Breach of Contractual Obligation.  Any Loan Party or any Subsidiary thereof fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Contract or fails to observe or perform any other agreement or condition relating to any such Material Contract or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the counterparty to such Material Contract to terminate such Material Contract; or
		

		
			(xv)        Indictment.  The indictment or institution of any legal process or proceeding against, any Loan Party or any Subsidiary thereof, under any federal, state, municipal, and other criminal statute, rule, regulation, order, or other requirement having the force of law for a felony; or
		

		
			(xvi)       Guaranty.  The termination or attempted termination of any Facility Guaranty except as expressly permitted hereunder or under any other Loan Document; or
		

		
			(xvii)      Subordination; Intercreditor.  (i)  The subordination provisions of the documents evidencing or governing any Subordinated Indebtedness (the “Subordination Provisions”) shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable Subordinated Indebtedness; or (ii) any Borrower or any other Loan Party shall, directly or indirectly, (A) make any payment on account of any Subordinated Indebtedness that has been contractually subordinated in right of payment to the payment of the Obligations, except to the extent that such payment is permitted by the terms of the Subordination Provisions applicable to such Subordinated Indebtedness or (B) disavow or contest in any manner (x) the effectiveness, validity or enforceability of any of the Subordination Provisions or the Intercreditor Provisions (as defined below), (y) that the Subordination Provisions and the Intercreditor Provisions exist for the benefit of the Credit Parties, or (z) that all payments of principal of or premium and interest on the applicable Subordinated Indebtedness, or realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions or the Intercreditor Provisions, as applicable; or (iii) any intercreditor agreement or any provision thereof (the
		

		
			
		

		
			

		 

		

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			“Intercreditor Provisions”) shall, in whole or in part, terminate or otherwise fail or cease to be valid and binding on, or enforceable against, any Loan Party, the Term Loan Agent or any holder of the Term Obligations (or any Loan Party, the Term Loan Agent or any such holder shall so state in writing); or (iv) any provision of any intercreditor agreement shall, at any time after the delivery of such intercreditor agreement, fail to be valid and binding, or enforceable.
		

		
			(b)          Remedies Upon Event of Default.
		

		
			(i)           If any Event of Default occurs and is continuing, the Administrative Agent may, or, at the request of the Required Lenders shall, take any or all of the following actions:
		

		
			(1)          declare the Commitments of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such Commitments and obligation shall be terminated;
		

		
			(2)          declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Loan Parties;
		

		
			(3)          require that the Loan Parties Cash Collateralize the L/C Obligations; and
		

		
			(4)          whether or not the maturity of the Obligations shall have been accelerated pursuant hereto, proceed to protect, enforce and exercise all rights and remedies of the Credit Parties under this Agreement, any of the other Loan Documents or applicable Law, including, but not limited to, by suit in equity, action at law or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations are evidenced, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Credit Parties;
		

		
			provided,  however, that upon the entry of an order for relief with respect to any Loan Party or any Subsidiary thereof under any Debtor Relief Laws, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Loan Parties to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender.
		

		
			(ii)         Notwithstanding anything to the contrary contained herein, except as the Required Term Lenders shall otherwise agree with respect to any action to be taken by the Administrative Agent pursuant to this Section 8.02(b), upon the occurrence of an Event of Default described in Section 8.01(a) or 8.01(b) (solely as a result of a breach of Section 7.15) (any such Event of Default, a “Specified Event of Default”), the Administrative Agent shall demand payment of the Obligations and the Administrative Agent and the Collateral Agent shall take any or all of the actions set forth in Section 8.02(a)(iv) and commence and pursue such other Enforcement Actions as the Administrative Agent in good faith deems appropriate within thirty (30) days (except with respect to Events of Default described in Sections 8.01(a), the Administrative Agent shall take such Enforcement Actions as it deems appropriate under the circumstances promptly upon receipt of notice) after the date of the receipt by the Administrative Agent of written notice executed and delivered by the Required Term Lenders or by the Term Loan Agent on behalf of Required Term Lenders requesting that the Administrative Agent commence Enforcement Actions (the “Term Loan Action Notice”), provided, that, (1) such Specified Event of Default has not been waived by the Applicable Lenders or cured, (2) in the good faith determination of the Administrative Agent, taking an Enforcement Action is permitted under the terms of the Loan Documents and applicable law, (3) taking an Enforcement Action shall not result in any liability of the Administrative Agent, the Term Loan Agent or the Lenders to any Loan Party or any other
		

		
			
		

		
			

		 

		

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			person, (4) the Administrative Agent shall be entitled to all of the benefits of Sections 9.03,  9.04 and 9.14 hereof, and (5) the Administrative Agent shall not be required to take an Enforcement Action so long as, within the period provided above, the Administrative Agent shall, at its option, either (a) appoint the Term Loan Agent, as an agent of the Administrative Agent for purposes of exercising the rights of the Administrative Agent to take an Enforcement Action, subject to the terms hereof or (b) resign as the Administrative Agent, and Term Loan Agent shall automatically be deemed to be the successor Administrative Agent hereunder and under the other Loan Documents for purposes hereof or thereof, except with respect to the provisions of Article II hereof and in connection with all matters relating to the determination of a Borrowing Base and each of its components (including Eligible Credit Card Receivables, Eligible Inventory, Reserves and receiving reports in respect of Collateral and conducting field examinations and appraisals with respect to the Collateral and similar matters).
		

		
			(iii)         No remedy herein 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.
		

		
			(iv)         Each of the Lenders agrees that it shall not, unless specifically requested to do so in writing by the Administrative Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against any Loan Party or to foreclose any Lien on, or otherwise enforce any security interest in, or other rights to, any of the Collateral.
		

		
			(v)          Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, if any Loan Party shall be subject to any proceeding with respect to any Debtor Relief Laws:
		

		
			(1)          No Revolving Lender will provide or offer to provide any DIP Financing, with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code or other applicable Law would be Collateral), to the Loan Parties unless (x) the terms of such DIP Financing complies with the terms and conditions of this Agreement, including, without limitation, (a) the sum of (1) the Total Revolver Outstandings plus (2) outstanding loans and unfunded commitments under the DIP Financing do not exceed the sum of (A) the then existing Revolving Loan Cap, plus (B) the Insolvency Increase Amount, and the minimum Revolving Availability covenant set forth in Section 7.15 is satisfied at the level provided therein (subject to any adjustment as a result of the increase in Revolving Commitments caused by the Insolvency Increase Amount), (y) the Administrative Agent retains its Lien on the Collateral to secure the Obligations with respect to the Term Loan, subordinate to the DIP Financing (and any other Lien securing any claim for diminution in value in connection therewith), including any DIP Financing budget approved by the Administrative Agent, but otherwise with the same priority as existed immediately prior to the commencement of any such proceeding, and (z) the DIP Financing is subject to the applicable rights of the Term Loan Agent under this Agreement (provided that, for the avoidance of doubt, each of the Term Loan Agent and the Term Lenders agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same (or securing any claim for diminution in value in connection therewith) on any grounds, that meet the foregoing conditions set forth in this clause (i) and in clause (iii) below).
		

		
			(2)          The Term Loan Agent and the Term Lenders hereby agree that they shall not (a) provide or offer to provide any DIP Financing to the Loan Parties or (b) endorse the provision of any DIP Financing to the Loan Parties, in each case of (a) and (b), to which Liens that are senior or pari passu in priority to the Liens securing the Obligations are granted on the Collateral.
		

		
			(3)          All adequate protection granted to the Administrative Agent in any proceeding with respect to any Debtor Relief Laws, including all Liens granted to the Administrative Agent in any such proceeding as adequate protection, are intended to be for the benefit of all Credit Parties and shall be subject to the priorities set forth in Section 8.03, subject to any court order affecting the rights and interests of the parties hereto not in conflict with the terms hereof. Without limiting the foregoing, subject to this Section 8.02(e), the Term Lenders shall have the right to request the
		

		
			
		

		
			

		 

		

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			Administrative Agent to seek adequate protection for the Term Loan in the form of payment of interest at the non-Default Rate on the Term Loan and reimbursement of expenses of the Term Loan Agent, provided that the Term Lenders may continue to accrue interest on the Term Loan at the Default Rate, subject to any order entered in the proceeding. The Administrative Agent shall not be required to seek such adequate protection for the Term Loan in accordance with the immediately preceding sentence so long as the Administrative Agent shall have appointed the Term Loan Agent as an agent of the Administrative Agent for purposes of exercising the rights of the Administrative Agent to seek such adequate protection.
		

		
			(c)          Application of Funds.  After the exercise of remedies provided for in Section (b) (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section (b)), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order:
		

		
			First, to payment of that portion of the Obligations (excluding the Other Liabilities and Obligations in respect of the Term Loan) constituting fees, indemnities, Credit Party Expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and the Collateral Agent and amounts payable under Article 3) payable to the Administrative Agent and the Collateral Agent, each in its capacity as such;
		

		
			Second, to payment of that portion of the Obligations (excluding the Other Liabilities Obligations in respect of the Term Loan) constituting indemnities, Credit Party Expenses, and other amounts (other than principal, interest and fees) payable to the Revolving Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Revolving Lenders and the L/C Issuer and amounts payable under Article 3), ratably among them in proportion to the amounts described in this clause Second payable to them;
		

		
			Third, to the extent not previously reimbursed by the Revolving Lenders, to payment to the Revolving Lenders of that portion of the Obligations constituting principal and accrued and unpaid interest on any Permitted Overadvances, ratably among the Revolving Lenders in proportion to the amounts described in this clause Third payable to them;
		

		
			Fourth, to the extent that Swing Line Loans have not been refinanced by a Committed Revolving Loan, payment to the Swing Line Lender of that portion of the Obligations constituting accrued and unpaid interest on the Swing Line Loans;
		

		
			Fifth, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Committed Revolving Loans and other Obligations in respect of the Revolving Loans and Letters of Credit, and fees (including Letter of Credit Fees), ratably among the Revolving Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fifth payable to them;
		

		
			Sixth, to the extent that Swing Line Loans have not been refinanced by a Committed Revolving Loan, to payment to the Swing Line Lender of that portion of the Obligations constituting unpaid principal of the Swing Line Loans;
		

		
			Seventh, to payment of that portion of the Obligations constituting unpaid principal of the Committed Revolving Loans, ratably among the Revolving Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Seventh held by them;
		

		
			Eighth, to the Administrative Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit;
		

		
			Ninth, to payment of all other Obligations (including without limitation the cash collateralization of unliquidated indemnification obligations as provided in Section 10(d)(g), but excluding any Other Liabilities and any Obligations in respect of the Term Loan), ratably among the Credit Parties in proportion to the respective amounts described in this clause Ninth held by them;
		

		
			
		

		
			

		 

		

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			Tenth, to payment of that portion of the Obligations arising from Cash Management Services to the extent secured under the Security Documents, ratably among the Credit Parties in proportion to the respective amounts described in this clause Tenth held by them;
		

		
			Eleventh, to payment of all other Obligations arising from Bank Products to the extent secured under the Security Documents, in an amount not to exceed the Bank Products Cap, ratably among the Credit Parties in proportion to the respective amounts described in this clause Eleventh held by them;
		

		
			Twelfth, to payment of that portion of the Obligations in respect of the Term Loan constituting fees, indemnities, Credit Party Expenses and other amounts (including fees, charges and disbursements of counsel to the Term Loan Agent and amounts payable under Article 3) payable to the Term Loan Agent, in its capacity as such;
		

		
			Thirteenth, to payment of that portion of the Obligations in respect of the Term Loan constituting indemnities, Credit Party Expenses, and other amounts (other than principal, interest and fees) payable to the Term Lenders (including fees, charges and disbursements of counsel to the respective Term Lenders and amounts payable under Article 3), ratably among them in proportion to the amounts described in this clause Thirteenth payable to them;
		

		
			Fourteenth, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Term Loan and other Obligations in respect of the Term Loan (but not including any fees), ratably among the Term Lenders in proportion to the respective amounts described in this clause Fourteenth payable to them;
		

		
			Fifteenth, to payment of that portion of the Obligations constituting unpaid principal of the Term Loan, ratably among the Term Lenders in proportion to the respective amounts described in this clause Fifteenth held by them;
		

		
			Sixteenth, to payment of that portion of the Obligations arising from Bank Products to the extent secured under the Security Documents, to the extent in excess of the Bank Products Cap, ratably among the Credit Parties in proportion to the respective amounts described in this clause Sixteenth payable to them;
		

		
			Seventeenth, to payment of all other Obligations (including without limitation, any fees and any Obligations arising from Cash Management Services and Bank Products to the extent not paid pursuant to clauses Tenth and Eleventh above), ratably among the Credit Parties in proportion to the respective amounts described in this clause Seveneenth held by them; and
		

		
			Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise required by Law.
		

		
			Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Eighth above shall be applied to satisfy drawings under such Letters of Credit as they occur.  If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.
		

		
			(d)         Separate Claims and Separate Classifications.  Each of the Credit Parties hereto acknowledges and agrees that because of, among other things, their differing rights and priorities in the Collateral, the claims of the Revolving Lenders and the Term Lenders in respect of the Collateral are fundamentally different from each other, and the claims of the Revolving Loans and the Term Loan in respect of any Collateral must be separately classified in any bankruptcy or other insolvency proceeding.  To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that, in respect of any Collateral, the Revolving Loans and/or the Term Loan in respect of such Collateral constitute only one secured claim (rather than separate classes of secured claims), then all distributions shall be made
		

		
			
		

		
			

		 

		

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			as if there were separate classes of secured claims in respect of any Collateral and, to the extent that any holder of the Revolving Loans and/or the Term Loan receives distributions in respect of the Collateral, such distributions shall be held in trust by the receiving party and distributed giving effect to the foregoing.
		

		
			9. ADMINISTRATIVE AGENT
		

		
			(a)          Appointment and Authority.
		

		
			(A)         Each of the Lenders, the Swing Line Lender and the L/C Issuer hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and no Loan Party or any Subsidiary thereof shall have rights as a third party beneficiary of any of such provisions.
		

		
			(B)         Each of the Lenders (in its capacities as a Lender) and the Swing Line Lender hereby irrevocably appoints Wells Fargo as Collateral Agent and authorizes the Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.  In this connection, the Collateral Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 9(e) for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Collateral Agent), shall be entitled to the benefits of all provisions of this Article 9 and Article 10 (including Section 10(d)(C)), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents, as if set forth in full herein with respect thereto.
		

		
			(C)         Each of the Term Lenders hereby irrevocably appoints Wells Fargo to act on its behalf as the Term Loan Agent hereunder and under the other Loan Documents and authorizes the Term Loan Agent to take such actions on its behalf and to exercise such powers as are delegated to the Term Loan Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article are solely for the benefit of the Term Loan Agent and the Term Lenders, and no Loan Party or any Subsidiary thereof shall have rights as a third party beneficiary of any of such provisions.
		

		
			(b)          Rights as a Lender.  The Person serving as the Administrative Agent, the Collateral Agent or the Term Loan 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 was not the Administrative Agent, the Collateral Agent or the Term Loan Agent, as applicable, and the terms  “Revolving Lender”, “Revolving Lenders”, “Term Lender” or “Term Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent, the Collateral Agent or the Term Loan Agent hereunder in its individual capacity.  Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Loan Parties or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent,  the Collateral Agent or the Term Loan Agent hereunder and without any duty to account therefor to the Lenders.
		

		
			(c)          Exculpatory Provisions.  None of the Administrative Agent, the Collateral Agent or the Term Loan Agent shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the foregoing, none of the Administrative Agent, the Collateral Agent or the Term Loan Agent:
		

		
			(i)           shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;
		

		
			
		

		
			

		 

		

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			(ii)          shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent, the Collateral Agent or the Term Loan Agent, as applicable, is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that none of the Administrative Agent, the Collateral Agent or the Term Loan Agent shall be required to take any action that, in its respective opinion or the opinion of its counsel, may expose such Agent or Term Loan Agent to liability or that is contrary to any Loan Document or applicable law; and
		

		
			(iii)         shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, nor shall be liable for the failure to disclose, any information relating to the Loan Parties or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent, the Collateral Agent or the Term Loan Agent, or any of their respective Affiliates in any capacity.
		

		
			None of the Administrative Agent, the Collateral Agent or the Term Loan Agent shall be liable for any action taken or not taken by it (i) with the Consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent or the Term Loan Agent, as applicable, shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10(a) and 8(b)) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of competent jurisdiction.
		

		
			None of the Administrative Agent, the Collateral Agent or the Term Loan Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Person by the Loan Parties, a Lender or the L/C Issuer. If the Administrative Agent or the Term Loan Agent receives notice of such Default or Event of Default, it shall promptly notify the Administrative Agent or the Term Loan Agent, as applicable, and the Lenders thereof in writing.  Upon the occurrence of an Event of Default, the applicable Agent or Term Loan Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Applicable Lenders.  Unless and until the Agents shall have received such direction, the Agents may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to any such Default or Event of Default as it shall deem advisable in the best interest of the Credit Parties.  In no event shall the Agents be required to comply with any such directions to the extent that any Agent believes that its compliance with such directions would be unlawful.
		

		
			None of the Administrative Agent, the Collateral Agent or the Term Loan Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or the creation, perfection or priority of any Lien purported to be created by the Security Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agents.
		

		
			(d)          Reliance by Agents and Term Loan Agent.
		

		
			Each Agent and the Term Loan 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, but not limited to, any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  Each Agent and the Term Loan 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, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received written notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit.
		

		
			
		

		
			

		 

		

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			Each Agent and the Term Loan Agent may consult with legal counsel (who may be counsel for any Loan Party), 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.
		

		
			(e)          Delegation of Duties.  Each Agent and the Term Loan Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub‐agents appointed by such Agent and/or the Term Loan Agent.  Each Agent and the Term Loan Agent and any such sub‐agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub‐agent and to the Related Parties of the Agents 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 such Agent and the Term Loan Agent.
		

		
			(f)           Resignation of Agents and the Term Loan Agent.  Either Agent or the Term Loan Agent may at any time give written notice of its resignation to the Lenders and the Lead Borrower.  Upon receipt of any such notice of resignation, the Required Lenders (or, in the case of the Term Loan Agent, the Required Term Lenders) shall have the right, in consultation with the Lead Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders (or, in the case of the Term Loan Agent, the Required Term Lenders) and shall have accepted such appointment within 30 days after the retiring Agent or Term Loan Agent gives notice of its resignation, then the retiring Agent or Term Loan Agent may on behalf of the applicable Lenders and the L/C Issuer, as applicable, appoint a successor Administrative Agent, Collateral Agent or Term Loan Agent, as applicable, meeting the qualifications set forth above; provided that if the Administrative Agent, the Collateral Agent or the Term Loan Agent, as applicable, shall notify the Lead Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent or Term Loan Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Collateral Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Collateral Agent shall continue to hold such collateral security until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent or the Term Loan Agent, as applicable, shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders (or, in the case of the Term Loan Agent, the Required Term Lenders) appoint a successor Administrative Agent or Term Loan Agent, as applicable, as provided for above in this Section.  Upon the acceptance of a successor’s appointment as Administrative Agent, Collateral Agent or Term Loan Agent, as applicable, hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent or Term Loan Agent, and the retiring Agent or Term Loan Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Lead Borrower and such successor.  After the retiring Agent’s or Term Loan Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10(d) shall continue in effect for the benefit of such retiring Agent or Term Loan 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 the retiring Agent or Term Loan Agent was acting as such Agent or Term Loan Agent hereunder.
		

		
			Any resignation by Wells Fargo as Administrative Agent pursuant to this Section shall also constitute its resignation as Swing Line Lender and its resignation as L/C Issuer.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing
		

		
			
		

		
			

		 

		

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			Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.
		

		
			(g)          Non-Reliance on Administrative Agent or Term Loan Agent and Other Lenders.  Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Agents, the Term Loan Agent or any other Lender or any of their Related Parties 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 and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Agents, the Term Loan Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.  Except as provided in Section 9(l),  none of the Agents or the Term Loan Agent shall have any duty or responsibility to provide any Credit Party with any other credit or other information concerning the affairs, financial condition or business of any Loan Party that may come into the possession of such Agent or Term Loan Agent.
		

		
			(h)          No Other Duties, Etc.  Anything herein to the contrary notwithstanding, neither the Lead Arranger nor the Syndication Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity as the Agent, a Lender or the L/C Issuer hereunder.
		

		
			(i)           Administrative Agent May File Proofs of Claim.  In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Loan Parties) shall be entitled and empowered, by intervention in such proceeding or otherwise
		

		
			(i)           to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer, the Administrative Agent and the other Credit Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer, the Administrative Agent, such Credit Parties and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer the Administrative Agent and such Credit Parties under Sections 2.03(l) and 2.03(m) as applicable, 2(i) and 10(d)) allowed in such judicial proceeding; and
		

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

		
			and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2(i) and 10(d).
		

		
			Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or
		

		
			
		

		
			

		 

		

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			composition affecting the Obligations or the rights of any Lender or the L/C Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding.
		

		
			(j)           Collateral and Guaranty Matters.  The Credit Parties irrevocably authorize the Agents, at their option and in their discretion,
		

		
			(i)           to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Aggregate Revolving Commitments and payment in full of all Obligations (other than contingent indemnification obligations for which no claim has been asserted) and the expiration, termination or Cash Collateralization of all Letters of Credit, (ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing by the Applicable Lenders in accordance with Section 10(a);
		

		
			(ii)          to subordinate any Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property that is permitted by clause (h) of the definition of Permitted Encumbrances; and
		

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

		
			Upon request by any Agent at any time, the Applicable Lenders will confirm in writing such Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Facility Guaranty pursuant to this Section 9(j).  In each case as specified in this Section 9(j), the Agents 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 Security Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Facility Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9(j).
		

		
			(k)         Notice of Transfer.
		

		
			The Agents may deem and treat a Lender party to this Agreement as the owner of such Lender’s portion of the Obligations for all purposes, unless and until, and except to the extent, an Assignment and Acceptance shall have become effective as set forth in Section 10(f).
		

		
			(l)           Reports and Financial Statements.
		

		
			By signing this Agreement, each Lender:
		

		
			(i)           agrees to furnish the Administrative Agent (and thereafter at such frequency as the Administrative Agent may reasonably request) with a summary of all Other Liabilities due or to become due to such Lender. In connection with any distributions to be made hereunder, the Administrative Agent shall be entitled to assume that no amounts are due to any Lender on account of Other Liabilities unless the Administrative Agent has received written notice thereof from such Lender;
		

		
			(ii)          is deemed to have requested that the Administrative Agent furnish such Lender, promptly after they become available, copies of all Borrowing Base Certificates and financial statements required to be delivered by the Lead Borrower hereunder and all commercial finance examinations and appraisals of the Collateral received by the Agents (collectively, the “Reports”);
		

		
			(iii)         expressly agrees and acknowledges that the Administrative Agent makes no representation or warranty as to the accuracy of the Reports, and shall not be liable for any information contained in any Report;
		

		
			
		

		
			

		 

		

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			(iv)         expressly agrees and acknowledges that the Reports are not comprehensive audits or examinations, that the Agents or any other party performing any audit or examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties' books and records, as well as on representations of the Loan Parties' personnel;
		

		
			(v)          agrees to keep all Reports confidential in accordance with the provisions of Section 10(g) hereof; and
		

		
			(vi)         without limiting the generality of any other indemnification provision contained in this Agreement, agrees: (i) to hold the Agents and any such other Lender preparing a Report harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection with any Credit Extensions that the indemnifying Lender has made or may make to the Borrowers, or the indemnifying Lender's participation in, or the indemnifying Lender's purchase of, a Loan or Loans; and (ii) to pay and protect, and indemnify, defend, and hold the Agents and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including attorney costs) incurred by the Agents and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender.
		

		
			(m)         Agency for Perfection.
		

		
			Each Lender hereby appoints each other Lender as agent for the purpose of perfecting Liens for the benefit of the Agents and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable Law of the United States can be perfected only by possession.  Should any Lender (other than the Agents) obtain possession of any such Collateral, such Lender shall notify the Agents thereof, and, promptly upon the Collateral Agent's request therefor shall deliver such Collateral to the Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent's instructions.
		

		
			(n)          Indemnification of Agents.  The Lenders hereby agree to indemnify the Agents, the Term Loan Agent, the L/C Issuer and any Related Party, as the case may be (to the extent not reimbursed by the Loan Parties and without limiting the obligations of Loan Parties hereunder), ratably according to their Applicable Percentages, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any Agent, the Term Loan Agent, the L/C Issuer and their Related Parties in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted to be taken by any Agent, the Term Loan Agent, the L/C Issuer and their Related Parties in connection therewith; provided, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from any Agent’s, the Term Loan Agent’s, the L/C Issuer’s and their Related Parties’ gross negligence or willful misconduct as determined by a final and nonappealable judgment of a court of competent jurisdiction.
		

		
			(o)          Relation among Lenders.  The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Agents and the Term Loan Agent) authorized to act for, any other Lender.
		

		
			(p)          Defaulting Lender.
		

		
			(A)         Notwithstanding the provisions of Section 2.14 hereof, the Administrative Agent shall not be obligated to transfer to a Defaulting Lender any payments made by the Borrowers to the Administrative Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender, the Administrative Agent shall transfer any such payments (i) first, to the Swing Line Lender to the extent of any Swing Line Loans that were made by the Swing Line Lender and that were required to be, but were not, paid by the Defaulting Lender, (ii) second, to
		

		
			
		

		
			

		 

		

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			the L/C Issuer, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but was not, paid by the Defaulting Lender, (iii) third, to each Non-Defaulting Lender ratably in accordance with their Revolving Commitments (but, in each case, only to the extent that such Defaulting Lender’s portion of a Revolving Loan (or other funding obligation) was funded by such other Non-Defaulting Lender), (iv) to the Cash Collateral Account, the proceeds of which shall be retained by the Administrative Agent and may be made available to be re-advanced to or for the benefit of the Borrowers (upon the request of the Lead Borrower and subject to the conditions set forth in Section 4.02) as if such Defaulting Lender had made its portion of the Revolving Loans (or other funding obligations) hereunder, and (v) from and after the date on which all other Obligations in respect of the Revolving Loans, Swing Line Loans and Letters of Credit have been paid in full, to such Defaulting Lender.  Subject to the foregoing, the Administrative Agent may hold and, in its discretion, re-lend to the Borrowers for the account of such Defaulting Lender the amount of all such payments received and retained by the Administrative Agent for the account of such Defaulting Lender.  Solely for the purposes of voting or consenting to matters with respect to the Loan Documents (including the calculation of Revolving Applicable Percentages in connection therewith) and for the purpose of calculating the fee payable under Section 2.09(a), such Defaulting Lender shall be deemed not to be a “ Revolving Lender” and such Lender’s Revolving Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters governed by Section 10.01(a) through (c).  The provisions of this Section 9.16 shall remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, the Administrative Agent, the L/C Issuer, and the Borrowers shall have waived, in writing, the application of this Section 9.16 to such Defaulting Lender, or (z) the date on which such Defaulting Lender pays to the Administrative Agent all amounts owing by such Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if requested by the Administrative Agent, provides adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing, any remaining cash collateral held by the Administrative Agent pursuant to Section 9.16(b) shall be released to the Borrowers).  The operation of this Section 9.16 shall not be construed to increase or otherwise affect the Revolving Commitment of any Revolving Lender, to relieve or excuse the performance by such Defaulting Lender or any other Revolving Lender of its duties and obligations hereunder, or to relieve or excuse the performance by any Borrower of its duties and obligations hereunder to the Administrative Agent, the L/C Issuer, the Swing Line Lender, or to the Revolving Lenders other than such Defaulting Lender.  Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle the Borrowers, at their option, upon written notice to the Administrative Agent, to arrange for a substitute Revolving Lender to assume the Revolving Commitment of such Defaulting Lender, such substitute Revolving Lender to be reasonably acceptable to the Administrative Agent.  In connection with the arrangement of such a substitute Revolving Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Assumption in favor of the substitute Revolving Lender (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being paid its share of the outstanding Obligations in respect of the Revolving Loans, Swing Line Loans and Letters of Credit (other than any Other Liabilities, but including (1) all interest, fees (except any commitment fees or Letter of Credit Fees not due to such Defaulting Lender in accordance with the terms of this Agreement), and other amounts that may be due and payable in respect thereof, and (2) an assumption of its Revolving Applicable Percentage of its participation in the Letters of Credit); provided, that any such assumption of the Revolving Commitment of such Defaulting Lender shall not be deemed to constitute a waiver of any of the Credit Parties’ or the Loan Parties’ rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund.  In the event of a direct conflict between the priority provisions of this Section 9.16 and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other.  In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 9.16 shall control and govern.
		

		
			(B)         If any Swing Line Loan or Letter of Credit is outstanding at the time that a Revolving Lender becomes a Defaulting Lender then:
		

		
			(2)          such Defaulting Lender’s participation interest in any Swing Line Loan or Letter of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Applicable Percentages but only to the extent (x) the Outstanding Amount sum of all Non-Defaulting Lenders’ Revolving Credit Extensions after giving effect to such reallocation does not exceed the total of all Non-Defaulting Lenders’ Revolving Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time;
		

		
			
		

		
			

		 

		

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			(3)          if the reallocation described in clause (b)(i) above cannot, or can only partially, be effected, the Borrowers shall within one Business Day following notice by the Administrative Agent (x) first, prepay such Defaulting Lender’s participation in any outstanding Swing Line Loans (after giving effect to any partial reallocation pursuant to clause (b)(i) above) and (y) second, cash collateralize such Defaulting Lender’s participation in Letters of Credit (after giving effect to any partial reallocation pursuant to clause (b)(i) above), pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative Agent, for so long as such L/C Obligations are outstanding; provided, that the Borrowers shall not be obligated to cash collateralize any Defaulting Lender’s participations in Letters of Credit if such Defaulting Lender is also the L/C Issuer;
		

		
			(4)          if the Borrowers cash collateralize any portion of such Defaulting Lender’s participation in Letters of Credit Exposure pursuant to this Section 9.16(b), the Borrowers shall not be required to pay any Letter of Credit Fees to the Administrative Agent for the account of such Defaulting Lender pursuant to Section 2.03 with respect to such cash collateralized portion of such Defaulting Lender’s participation in Letters of Credit during the period such participation is cash collateralized;
		

		
			(5)          to the extent the participation by any Non-Defaulting Lender in the Letters of Credit is reallocated pursuant to this Section 9.16(b), then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to Section 2.03 shall be adjusted in accordance with such reallocation;
		

		
			(6)          to the extent any Defaulting Lender’s participation in Letters of Credit is neither cash collateralized nor reallocated pursuant to this Section 9.16(b), then, without prejudice to any rights or remedies of the L/C Issuer or any Lender hereunder, all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under Section 2.03 with respect to such portion of such participation shall instead be payable to the L/C Issuer until such portion of such Defaulting Lender’s participation is cash collateralized or reallocated;
		

		
			(7)          so long as any Revolving Lender is a Defaulting Lender, the Swing Line Lender shall not be required to make any Swing Line Loan and the L/C Issuer shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting Lender’s Revolving Applicable Percentage of such Swing Line Loans or Letter of Credit cannot be reallocated pursuant to this Section 9.16(b) or (y) the Swing Line Lender or the L/C Issuer, as applicable, has not otherwise entered into arrangements reasonably satisfactory to the Swing Line Lender or the L/C Issuer, as applicable, and the Borrowers to eliminate the Swing Line Lender’s or L/C Issuer’s risk with respect to the Defaulting Lender’s participation in Swing Line Loans or Letters of Credit; and
		

		
			(8)          The Administrative Agent may release any cash collateral provided by the Borrowers pursuant to this Section 9.16(b) to the L/C Issuer and the L/C Issuer may apply any such cash collateral to the payment of such Defaulting Lender’s Revolving Applicable Percentage of any Letter of Credit Disbursement that is not reimbursed by the Borrowers pursuant to Section 2.03.  Subject to Section 10.26, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Revolving Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
		

		
			(q)          Providers.  Each provider of Bank Products or Cash Management Services (each, a “Provider”) in its capacity as such shall be deemed a third party beneficiary hereof and of the provisions of the other Loan Documents for purposes of any reference in a Loan Document to the parties for whom the Agents are acting.  Each Agent hereby agrees to act as agent for such Providers and, by virtue of entering into an agreement in respect of Bank Products or Cash Management Services (each, a “Specified Agreement”), the applicable Provider shall be automatically deemed to have appointed each Agent as its
		

		
			
		

		
			

		 

		

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			agent and to have accepted the benefits of the Loan Documents.  It is understood and agreed that the rights and benefits of each Provider under the Loan Documents consist exclusively of such Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to the Collateral Agent and the right to share in payments and collections out of the Collateral as more fully set forth herein. In addition, each Provider, by virtue of entering into a Specified Agreement, shall be automatically deemed to have agreed that the Administrative Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release Bank Products Reserves and reserves in respect of Cash Management Services and that if reserves are established there is no obligation on the part of the Administrative Agent to determine or insure whether the amount of any such reserve is appropriate or not.  The Administrative Agent shall have no obligation to calculate the amount due and payable with respect to any Other Liabilities, but may rely upon a  written notice from the applicable Provider provided pursuant to Section 9.12(a).  In the absence of an updated written notice,  the Administrative Agent shall be entitled to assume that the amount due and payable to the applicable Provider is the amount last certified to the Administrative Agent by such Provider as being due and payable (less any distributions made to such Provider on account thereof).  Borrowers may obtain Bank Products or Cash Management Services from any Provider, although Borrowers are not required to do so.  Each Borrower acknowledges and agrees that no Provider has committed to provide any Bank Products or Cash Management Services and that the providing of Bank Products or Cash Management Services by any Provider is in the sole and absolute discretion of such Provider.
		

		
			(r)           Lead Arranger; Syndication Agent.  Notwithstanding the provisions of this Agreement or any of the other Loan Documents, no Person who is or becomes a Lead Arranger or a Syndication shall have any powers, rights, duties, responsibilities or liabilities with respect to this Agreement and the other Loan Documents.
		

		
			10. MISCELLANEOUS
		

		
			(a)          Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document, and no Consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Administrative Agent, with the Consent of the Required Lenders, and the Lead Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or Consent shall be effective only in the specific instance and for the specific purpose for which given; provided,  however, that no such amendment, waiver or consent shall:
		

		
			(i)           extend or, increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8(b)) without the written Consent of such Lender;
		

		
			(ii)          as to any Lender, postpone any date fixed by this Agreement or any other Loan Document for (i) any scheduled payment (including the Maturity Date) or mandatory prepayment of principal, interest, fees or other amounts due hereunder or under any of the other Loan Documents without the written Consent of such Lender entitled to such payment, or (ii) any scheduled or mandatory reduction or termination of the Aggregate Revolving Commitments hereunder or under any other Loan Document without the written Consent of such Lender;
		

		
			(iii)         as to any Lender, reduce the principal of, or the rate of interest specified herein on, any Loan held by such Lender, or (subject to clause (iv) of the second proviso to this Section (a)) any fees or other amounts payable hereunder or under any other Loan Document to or for the account of such Lender, without the written Consent of each Lender entitled to such amount; provided,  however, that (i) only the Consent of the Required Revolving Lenders shall be necessary to amend the definition of “Default Rate” as it applies to the Committed Revolving Loans and the Swing Line Loans or to waive any obligation of the Borrowers to pay interest on the Committed Revolving Loans and the Swing Line Loans or Letter of Credit Fees at the Default Rate and (ii) only the Consent of the Required Term Lenders shall be necessary to amend
		

		
			
		

		
			

		 

		

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			the definition of “Default Rate” as it applies to the Term Loan or to waive any obligation of the Borrowers to pay interest on the Term Loan at the Default Rate;
		

		
			(iv)         as to any Lender, change Section 2(m) or Section 8(c) in a manner that would alter the pro rata sharing of payments required thereby without the written Consent of such Lender;
		

		
			(v)          change any provision of this Section 10.01 or the last sentence of Section 4.02 without the written Consent of each Lender, or change the definition of “Required Lenders”, “Required Revolving Lenders”, or “Required Term Lenders”, or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written Consent of each Lender included in any such definition;
		

		
			(vi)         except as expressly permitted hereunder or under any other Loan Document, release, or limit the liability of, any Loan Party without the written Consent of each Lender;
		

		
			(vii)        except for Permitted Dispositions, release all or substantially all of the Collateral from the Liens of the Security Documents without the written Consent of each Lender;
		

		
			(viii)       except as provided in Section 2.15, increase the Aggregate Revolving Commitments or increase the amount of the Term Loan without the written Consent of each Lender;
		

		
			(ix)         modify the definition of Permitted Overadvance so as to increase the amount thereof or, except as provided in such definition, the time period for which a Permitted Overadvance may remain outstanding without the written Consent of each Lender;
		

		
			(x)          except as expressly permitted herein or in any other Loan Document, subordinate the Obligations hereunder or the Liens granted hereunder or under the other Loan Documents, to any other Indebtedness or Lien, as the case may be without the written Consent of each Lender; and
		

		
			(xi)         without the consent of the Required Revolving Lenders and the Required Term Lenders:
		

		
			(1)          amend Section 2.15 in a manner that would increase the amount of any Revolving Commitment Increases available thereunder;
		

		
			(2)          amend Section 6.01,  6.02,  6.03,  6.10,  6.11,  6.13,  6.15, any provisions of Article VII, or Section 8.01 or 8.02, or Section 10.04;
		

		
			(3)          amend the definitions of “Additional Payment Conditions”, “Applicable Percentage”, “Appraised Value”, “Approved Fund”, “Bank Products”, “Bank Products Reserve”, “Base Rate”, “Cash Management Services”, “Default Rate”, “Eligible Assignee”, “Enforcement Action”, “Insolvency Increase Amount”, “Interest Payment Date”, “LIBO Rate”, “Material Adverse Effect”, “Measurement Period”, “Payment Conditions”, “Permitted Dispositions”, “Permitted Overadvance”, “Restricted Payments”, “Reserves” (or any defined term included therein), “Revolving Availability”, “Term Loan Action Notice”, “Term Loan Reserve”, “Unintentional Overadvance”; and
		

		
			(4)          amend the definitions of the terms “Revolving Borrowing Base” or “Term Loan Borrowing Base” or any component definition thereof if as a result thereof the amounts available to be borrowed by the Borrowers would be increased, provided that the foregoing shall not limit the discretion of the Administrative Agent to change, establish or eliminate any Reserves;
		

		
			and, provided further, that (i) no amendment, waiver or Consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or Consent shall, unless in writing and signed by the Swing Line Lender in addition to
		

		
			
		

		
			

		 

		

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			the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or Consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iv) no amendment, waiver or Consent shall, unless in writing and signed by the Collateral Agent in addition to the Lenders required above, affect the rights or duties of the Collateral Agent under this Agreement or any other Loan Document; (v) no amendment, waiver or Consent shall, unless in writing and signed by the Term Loan Agent in addition to the Lenders required above, affect the rights or duties of the Term Loan Agent under this Agreement or any other Loan Document; and (vi) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto.
		

		
			Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (x) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or Consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender, and (y) no provider or holder of any Bank Products or Cash Management Services shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or under any of the other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or any Loan Party.
		

		
			If any Lender does not Consent (a “Non-Consenting Lender”) to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the Consent of each Lender and that has been approved by the Required Lenders, the Lead Borrower may replace such Non-Consenting Lender in accordance with Section 10(m);  provided that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Lead Borrower to be made pursuant to this paragraph).
		

		
			(b)         Notices; Effectiveness; Electronic Communications.
		

		
			(A)         Notices Generally.  Except as provided in subsection (B) below, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:
		

		
			(xxi)       if to the Loan Parties, the Agents, the L/C Issuer or the Swing Line Lender, to the address, telecopier number or electronic mail address specified for such Person on Schedule 10(b); and
		

		
			(xxii)      if to any other Lender, to the address or electronic mail address specified in its Administrative Questionnaire.
		

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

		
			(B)        Electronic Communications.  Notices and other communications to the Loan Parties, the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e‐mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article 2 if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article
		

		
			
		

		
			

		 

		

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			by electronic communication.  The Administrative Agent or the Lead Borrower may, each 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 Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice 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, 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.
		

		
			(C)         The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) 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 ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Agents or any of their Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Loan Parties’ or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,  however, that in no event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
		

		
			(D)         Change of Address, Etc.  Each of the Loan Parties, the Agents, the L/C Issuer and the Swing Line Lender may change its address, telecopier or telephone number for notices and other communications hereunder, or, solely with respect to communications, may change its telephone number, by notice to the other parties hereto.  Each other Lender may change its address or telecopier number for notices and other communications hereunder by notice to the Lead Borrower, the Agents, the L/C Issuer and the Swing Line Lender.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
		

		
			(E)          Reliance by Agents, L/C Issuer and Lenders.  The Agents, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including, without limitation, all Requests for Credit Extensions) purportedly given by or on behalf of the Loan Parties even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Loan Parties shall indemnify the Agents, the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Loan Parties (including, without limitation, pursuant to any Requests for Credit Extensions).  All telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording.
		

		
			(c)          No Waiver; Cumulative Remedies.  No failure by any Credit Party to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges provided herein and in the other
		

		
			
		

		
			

		 

		

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			Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.  Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether any Credit Party may have had notice or knowledge of such Default at the time.
		

		
			(d)          Expenses; Indemnity; Damage Waiver.
		

		
			(A)         Costs and Expenses.  The Borrowers shall pay all Credit Party Expenses.
		

		
			(B)         Indemnification by the Loan Parties.  The Loan Parties shall indemnify the Agents (and any sub-agent thereof), each other Credit Party, 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, causes of action, damages, liabilities, settlement payments, costs, and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case of the Agents (and any sub-agents thereof) and their Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, any bank advising or confirming a Letter of Credit or any other nominated person with respect to a Letter of Credit seeking to be reimbursed or indemnified or compensated, and any third party seeking to enforce the rights of a Borrower, beneficiary, nominated person, transferee, assignee of Letter of Credit proceeds, or holder of an instrument or document related to any Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Liability related in any way to any Loan Party or any of its Subsidiaries, (iv) any claims of, or amounts paid by any Credit Party to, a Blocked Account Bank or other Person which has entered into a control agreement with any Credit Party hereunder, 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, whether brought by a third party or by any Borrower or any other Loan Party or any of the Loan Parties’ directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by a Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or under any other Loan Document, if the Borrowers or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.
		

		
			(C)         Reimbursement by Lenders.  Without limiting their obligations under Section 9(n) hereof, to the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required under subsection (A) or (B) of this Section to be paid by it, each Lender severally agrees to pay to the Agents (or any such sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable 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 Agents (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Agents (or any such sub-agent) or L/C Issuer in connection with such capacity.  The obligations of the Lenders under this subsection (C) are subject to the provisions of Section 2(l)(D).
		

		
			(D)         Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, the Loan Parties shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
		

		
			
		

		
			

		 

		

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			connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.
		

		
			(E)          Payments.  All amounts due under this Section shall be payable on demand therefor.
		

		
			(F)          Survival.  The agreements in this Section shall survive the resignation of any Agent and the L/C Issuer, the assignment of any Commitment or Loan by any Lender, the replacement of any Lender, the termination of the Aggregate Revolving Commitments and the repayment, satisfaction or discharge of all the other Obligations.
		

		
			(e)          Payments Set Aside.  To the extent that any payment by or on behalf of the Loan Parties is made to any Credit Party, or any Credit Party exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Credit Party in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Agents upon demand its Applicable Percentage (without duplication) of any amount so recovered from or repaid by the Agents, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.
		

		
			(f)           Successors and Assigns.
		

		
			(A)         Successors and Assigns Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the prior written Consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of Section 10(f)(B), (ii) by way of participation in accordance with the provisions of subsection Section 10(f)(D), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10(f)(F) (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (D) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Credit Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement.
		

		
			(B)         Assignments by Lenders.  Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans (including for purposes of this Section 10(f)(B), participations in L/C Obligations and in Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:
		

		
			(xxiii)     Minimum Amounts
		

		
			
		

		
			

		 

		

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

		
			in any case not described in subsection (B)(xxiii)0 of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $10,000,000 unless each of (i) the Administrative Agent, (ii) solely in respect of assignments of a portion of the Term Loan, the Term Loan Agent, and (iii) so long as no Default has occurred and is continuing, the Lead Borrower, otherwise consents (each such consent not to be unreasonably withheld or delayed and shall be deemed given if the Lead Borrower has not responded to a request for such consent within seven (7) Business Days); provided,  however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met;
		

		
			(xxiv)     Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans;
		

		
			(xxv)      Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (B)(xxiii)0 of this Section and, in addition:
		

		
			the consent of the Lead Borrower (such consent not to be unreasonably withheld or delayed and shall be deemed given if the Lead Borrower has not responded to a request for such consent within seven (7) Business Days) shall be required unless (1) a Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; and
		

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

		
			the consent of the L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and
		

		
			the consent of the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of the assignment of any Commitment.
		

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

		
			Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (C) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible
		

		
			
		

		
			

		 

		

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			Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3(a),  3(d),  3(e), and (d) with respect to facts and circumstances occurring prior to the effective date of such assignment.  Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 10(f)(D).
		

		
			(C)        Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations 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 Loan Parties, the Administrative Agent and the Lenders may 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 Lead Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.
		

		
			(D)         Participations.  Any Lender may at any time, without the consent of, or notice to, the Loan Parties or the Administrative Agent, sell participations to any Person (other than a natural person or the Loan Parties or any of the Loan Parties’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Loan Parties, the Agents, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement.  Any Participant shall agree in writing to comply with all confidentiality obligations set forth in Section 10(g) as if such Participant was a Lender hereunder.
		

		
			Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section (a) that affects such Participant.  Subject to subsection (E) of this Section, the Loan Parties agree that each Participant shall be entitled to the benefits of Sections 3(a),  3(d) and 3(e) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 10(f)(B).  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10(h) as though it were a Lender, provided such Participant agrees to be subject to Section 2(m) as though it were a Lender.
		

		
			(E)          Limitations upon Participant Rights.  A Participant shall not be entitled to receive any greater payment under Section 3(a) or 3(d) than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Lead Borrower's prior written consent.  A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3(a) unless the Lead Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Loan Parties, to comply with Section 3(a)(E) as though it were a Lender.
		

		
			(F)          Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or
		

		
			
		

		
			

		 

		

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			assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
		

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

		
			(H)         Resignation as L/C Issuer or Swing Line Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time Wells Fargo assigns all of its Commitment and Loans pursuant to subsection (B) above, Wells Fargo may, (i) upon 30 days’ notice to the Lead Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Lead Borrower, Wells Fargo may resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line Lender, the Lead Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided,  however, that no failure by the Lead Borrower to appoint any such successor shall affect the resignation of Wells Fargo as L/C Issuer or Swing Line Lender, as the case may be.  If Wells Fargo resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans pursuant to Section 2.03(e)).  If Wells Fargo resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2(d)(C).  Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Wells Fargo to effectively assume the obligations of Wells Fargo with respect to such Letters of Credit.
		

		
			(g)          Treatment of Certain Information; Confidentiality.  Each of the Credit Parties individually (and not jointly or jointly and severally) agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, funding sources, attorneys, advisors and representatives (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 authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and its obligations, (g) with the consent of the Lead Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to any Credit Party or any of their respective Affiliates on a non-confidential basis from a source other than the Loan Parties.
		

		
			For purposes of this Section, “Information” means all information received from the Loan Parties or any Subsidiary thereof relating to the Loan Parties or any Subsidiary thereof or their respective businesses, other than any such information that is available to any Credit Party on a non-confidential basis prior to disclosure by the Loan Parties or any Subsidiary thereof, provided that, in the case of information received from any Loan Party or any Subsidiary
		

		
			
		

		
			

		 

		

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			after the Restatement Date, such information is clearly identified at the time of delivery as confidential.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.
		

		
			Each of the Credit Parties acknowledges that (a) the Information may include material non-public information concerning the Loan Parties or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state securities Laws.
		

		
			(h)          Right of Setoff.  If an Event of Default shall have occurred and be continuing or if any Lender shall have been served with a trustee process or similar attachment relating to property of a Loan Party, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent or the Required Lenders, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers or any other Loan Party against any and all of the Obligations now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, regardless of the adequacy of the Collateral, and irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness.  The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to notify the Lead Borrower and 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.
		

		
			(i)           Interest Rate Limitation.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers.  In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
		

		
			(j)           Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4(a), this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy, pdf or other electronic transmission shall be as effective as delivery of a manually executed counterpart of this Agreement.
		

		
			
		

		
			

		 

		

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			(k)          Survival.  All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof, except to the extent that such representations and warranties may be revised in accordance with the terms of this Agreement.  Such representations and warranties have been or will be relied upon by the Credit Parties, regardless of any investigation made by any Credit Party or on their behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding.  Further, the provisions of Sections 3(a),  3(d),  3(e) and 10.04 and Article 9 shall survive and remain in full force and effect regardless of the repayment of the Obligations, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof.  In connection with the termination of this Agreement and the release and termination of the security interests in the Collateral, the Agents may require such indemnities and collateral security as they shall reasonably deem necessary or appropriate to protect the Credit Parties against (x) loss on account of credits previously applied to the Obligations that may subsequently be reversed or revoked, (y) any obligations that may thereafter arise with respect to the Other Liabilities and (z) any Obligations that may thereafter arise under Section (d).
		

		
			(l)           Severability.  If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		

		
			(m)         Replacement of Lenders.  If any Lender requests compensation under Section 3(d), or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section (f)), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:
		

		
			(i)           the Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section (f)(B)(iv);
		

		
			(ii)          such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3(e)) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts);
		

		
			(iii)         in the case of any such assignment resulting from a claim for compensation under Section 3(d) or payments required to be made pursuant to Section 3(a), such assignment will result in a reduction in such compensation or payments thereafter; and
		

		
			(iv)         such assignment does not conflict with applicable Laws.
		

		
			
		

		
			

		 

		

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			A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.
		

		
			(n)         Governing Law; Jurisdiction; Etc.
		

		
			(A)         GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			(B)         SUBMISSION TO JURISDICTION.  EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE LOAN PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE LOAN 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 IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
		

		
			(C)         WAIVER OF VENUE.  EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE LOAN PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
		

		
			(D)         SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10(b).  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.
		

		
			(E)          ACTIONS COMMENCED BY LOAN PARTIES. EACH LOAN PARTY AGREES THAT ANY ACTION COMMENCED BY ANY LOAN PARTY ASSERTING ANY CLAIM OR COUNTERCLAIM ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL BE BROUGHT SOLELY IN A COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR ANY FEDERAL COURT SITTING THEREIN AS THE ADMINISTRATIVE AGENT MAY ELECT IN ITS SOLE DISCRETION AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS WITH RESPECT TO ANY SUCH ACTION.
		

		
			(o)          Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT
		

		
			
		

		
			

		 

		

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			NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
		

		
			(p)          No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby, the Loan Parties each acknowledge and agree that: (i) the credit 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 Credit Parties, on the other hand, and each of the Loan Parties is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the each Credit Party is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Loan Parties or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) none of the Credit Parties has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Loan Parties with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any of the Credit Parties has advised or is currently advising any Loan Party or any of its Affiliates on other matters) and none of the Credit Parties has any obligation to any Loan Party or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Credit Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates, and none of the Credit Parties has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Credit Parties 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 each of the Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  Each of the Loan Parties hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against each of the Credit Parties with respect to any breach or alleged breach of agency or fiduciary duty.
		

		
			(q)          Patriot Act Notice.  Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Loan Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender to identify each Loan Party in accordance with the Patriot Act.  In addition, the Administrative Agent and each Lender shall have the right to periodically conduct due diligence (including, without limitation, in respect of information and documentation as may reasonably be requested by the Administrative Agent or any Lender from time to time for purposes of compliance by the Administrative Agent or such Lender with applicable Laws (including, without limitation, the Patriot Act and other “know your customer” and Anti-Money Laundering Laws), and any policy or procedure implemented by the Administrative Agent or such Lender to comply therewith)  on all Loan Parties, their senior management and key principals and legal and beneficial owners.  Each Loan Party agrees to cooperate in respect of the conduct of such due diligence and further agrees that the reasonable costs and charges for any such due diligence by the Administrative Agent shall constitute Credit Party Expenses hereunder and be for the account of Borrowers.
		

		
			
		

		
			

		 

		

			120

		

 

		

		
			 
		

		
			(r)           Foreign Asset Control Regulations.  Neither of the advance of the Loans nor the use of the proceeds of any thereof will violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the "Trading With the Enemy Act") or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the "Foreign Assets Control Regulations") or any enabling legislation or executive order relating thereto (which for the avoidance of doubt shall include, but shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the "Executive Order") and (b) the Patriot Act.  Furthermore, none of the Borrowers or their Affiliates (a) is or will become a "blocked person" as described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any such "blocked person" or in any manner violative of any such order.
		

		
			(s)           Time of the Essence.  Time is of the essence of the Loan Documents.
		

		
			(t)           Press Releases.
		

		
			Each Loan Party agrees to provide its reasonable consent to the publication by Administrative Agent, the Term Loan Agent or any Lender of advertising material, including any “tombstone,” press release or comparable advertising, on its website or in other marketing materials of the Administrative Agent or the Term Loan Agent, relating to the financing transactions contemplated by this Agreement using any Loan Party’s name, product photographs, logo, trademark or other insignia.  The Administrative Agent, the Term Loan Agent or such Lender shall provide a draft of any advertising material, “tomb stone” or press release to the Lead Borrower at least five (5) days prior to the publication thereof.  Upon consent from Lead Borrower (not to be unreasonably withheld or delayed), Administrative Agent may provide to industry trade organizations and loan syndication and pricing reporting services information necessary and customary for inclusion in league table measurements.
		

		
			(u)          Additional Waivers.
		

		
			(A)         The Obligations are the joint and several obligation of each Loan Party. To the fullest extent permitted by Applicable Law, the obligations of each Loan Party shall not be affected by (i) the failure of any Credit Party to assert any claim or demand or to enforce or exercise any right or remedy against any other Loan Party under the provisions of this Agreement, any other Loan Document or otherwise, (ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, this Agreement or any other Loan Document, or (iii) the failure to perfect any security interest in, or the release of, any of the Collateral or other security held by or on behalf of the Collateral Agent or any other Credit Party.
		

		
			(B)         The obligations of each Loan Party  shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations after the termination of the Commitments), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of any of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Loan Party hereunder shall not be discharged or impaired or otherwise affected by the failure of any Agent or any other Credit Party to assert any claim or demand or to enforce any remedy under this Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, any default, failure or delay, willful or otherwise, in the performance of any of the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the risk of any Loan Party or that would otherwise operate as a discharge of any Loan Party as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations after the termination of the Commitments).
		

		
			(C)         To the fullest extent permitted by applicable Law, each Loan Party waives any defense based on or arising out of any defense of any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any other Loan Party, other than the indefeasible payment in full in cash of all the Obligations and the termination of the Commitments. The Collateral Agent and the other Credit Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or non-judicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with any other Loan Party, or exercise any other right or remedy available to them against any other Loan Party, without affecting or impairing in any way the liability of any Loan Party hereunder except to the extent that all the Obligations have been indefeasibly paid in full in cash and the Commitments have been terminated.  Each Loan Party waives any defense arising out of any such election even though such election operates, pursuant to applicable Law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Loan Party against any other Loan Party, as the case may be, or any security.
		

		
			
		

		
			

		 

		

			121

		

 

		

		
			 
		

		
			(D)         Each Borrower is obligated to repay the Obligations as joint and several obligors under this Agreement.  Upon payment by any Loan Party of any Obligations, all rights of such Loan Party against any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations and the termination of the Commitments. In addition, any indebtedness of any Loan Party now or hereafter held by any other Loan Party is hereby subordinated in right of payment to the prior indefeasible payment in full of the Obligations and no Loan Party will demand, sue for or otherwise attempt to collect any such indebtedness.  If any amount shall erroneously be paid to any Loan Party on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Loan Party, such amount shall be held in trust for the benefit of the Credit Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of this Agreement and the other Loan Documents.  Subject to the foregoing, to the extent that any Loan Party shall, under this Agreement as a joint and several obligor, repay any of the Obligations constituting Revolving Loans made to another Loan Party hereunder or other Obligations incurred directly and primarily by any other Loan Party (an "Accommodation Payment"), then the Loan Party making such Accommodation Payment shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Loan Parties in an amount, for each of such other Loan Parties, equal to a fraction of such Accommodation Payment, the numerator of which fraction is such other Loan Party’s Allocable Amount and the denominator of which is the sum of the Allocable Amounts of all of the Loan Parties.  As of any date of determination, the "Allocable Amount" of each Loan Party shall be equal to the maximum amount of liability for Accommodation Payments which could be asserted against such Loan Party hereunder without (a) rendering such Loan Party "insolvent" within the meaning of Section 101 (31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act ("UFTA") or Section 2 of the Uniform Fraudulent Conveyance Act ("UFCA"), (b) leaving such Loan Party with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such Loan Party unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA.
		

		
			(E)          Without limiting the generality of the foregoing, or of any other waiver or other provision set forth in this Agreement, each Loan Party hereby absolutely, knowingly, unconditionally, and expressly waives any and all claim, defense or benefit arising directly or indirectly under any one or more of Sections 2787 to 2855 inclusive of the California Civil Code or any similar law of California.
		

		
			(v)          No Strict Construction.
		

		
			The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.
		

		
			(w)         Attachments.
		

		
			The exhibits, schedules and annexes attached to this Agreement are incorporated herein and shall be considered a part of this Agreement for the purposes stated herein, except that in the event of any conflict between any of the provisions of such exhibits and the provisions of this Agreement, the provisions of this Agreement shall prevail.
		

		
			(x)          Keepwell.
		

		
			Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under the Facility Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.24 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.24, or otherwise under the Facility Guaranty, voidable under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until payment in full of the Obligations. Each Qualified ECP Guarantor intends that this Section 10.25 constitute,
		

		
			
		

		
			

		 

		

			122

		

 

		

		
			 
		

		
			and this Section 10.24 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
		

		
			(y)          Acknowledgment and Consent to Bail-In of EEA Financial Institutions.
		

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

		
			(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
		

		
			(3)          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.
		

		
			(z)          Amendment and Restatement.
		

		
			This Agreement is an amendment and restatement of the Existing Credit Agreement, it being acknowledged and agreed that as of the Restatement Date all obligations outstanding under or in connection with the Existing Credit Agreement and any of the other Loan Documents (such obligations, collectively, the “Existing Obligations”) constitute obligations under this Agreement.  This Agreement is in no way intended to constitute a novation of the Existing Credit Agreement or the Existing Obligations.  With respect to (i) any date or time period occurring and ending prior to the Restatement Date, the Existing Credit Agreement and the other Loan Documents shall govern the respective rights and obligations of any party or parties hereto also party thereto and shall for such purposes remain in full force and effect; and (ii) any date or time period occurring or ending on or after the Restatement Date, the rights and obligations of the parties hereto shall be governed by this Agreement (including, without limitation, the exhibits and schedules hereto) and the other Loan Documents.  From and after the Restatement Date, any reference to the Existing Credit Agreement in any of the other Loan Documents executed or issued by and/or delivered to any one or more parties hereto pursuant to or in connection therewith shall be deemed to be a reference to this Agreement, and the provisions of this Agreement shall prevail in the event of any conflict or inconsistency between such provisions and those of the Existing Credit Agreement.
		

		
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			123

		

 

		

		
			 
		

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

			
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN’S WAREHOUSE, INC., a Utah corporation, as Lead Borrower and as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						SPORTSMAN’S WAREHOUSE SOUTHWEST, INC., a California corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						MINNESOTA MERCHANDISING CORP., a Minnesota corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						PACIFIC FLYWAY WHOLESALE, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						SPORTSMAN’S WAREHOUSE DEVELOPMENT I, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						SPORTSMAN’S WAREHOUSE DEVELOPMENT II, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			124

		

 

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN’S WAREHOUSE HOLDINGS, INC., a Delaware corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/ Kevan P. Talbot

				
	
					
						 

					
					
						Name:    Kevan P. Talbot

				
	
					
						 

					
					
						Title:      Chief Financial Officer

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			125

		

 

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as Collateral Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/Pete Foley

				
	
					
						 

					
					
						Name: Pete Foley

				
	
					
						 

					
					
						Title: Director

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Revolving Lender, as Swing Line Lender and as L/C Issuer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/Pete Foley

				
	
					
						 

					
					
						Name: Pete Foley

				
	
					
						 

					
					
						Title: Director

				
	
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			126

		

 

		

		
			 
		

			
					
						 

					
					
						[__________], as a Revolving Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/Pete Foley

				
	
					
						 

					
					
						Name: Pete Foley

				
	
					
						 

					
					
						Title: Director

				
	
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

			127

		

 

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as Term Loan Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/Pete Foley

				
	
					
						 

					
					
						Name: Pete Foley

				
	
					
						 

					
					
						Title: Director

				
	
					
						 

					
					
						 

					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Term Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:         /s/Pete Foley

				
	
					
						 

					
					
						Name: Pete Foley

				
	
					
						 

					
					
						Title: Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			128

		

 

		

		
			Schedule 1.01(a)
		

		
			BORROWERS
		

		
			Sportsman’s Warehouse, Inc., a Utah corporation
		

		
			Sportsman’s Warehouse Southwest, Inc., a California corporation
		

		
			Minnesota Merchandising Corp., a Minnesota corporation
		

		
			Pacific Flyway Wholesale, LLC, a Delaware limited liability company
		

		
			Sportsman’s Warehouse Development I, LLC, a Delaware limited liability company
		

		
			Sportsman’s Warehouse Development II, LLC, a Delaware limited liability company
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 1.01(b)
		

		
			BORROWERS’ FISCAL CALENDAR THROUGH FISCAL YEAR 2028
		

			
					
						 

					
					
						FY09

					
					
						 

					
					
						FY10

					
					
						 

					
					
						FY11

					
					
						 

					
					
						FY12

					
					
						 

					
					
						FY13

				
	
					
						 

					
					
						End

					
					
						    

					
					
						End

					
					
						    

					
					
						End

					
					
						    

					
					
						End

					
					
						    

					
					
						End

				
	
					
						1

					
					
						5/2/2009

					
					
						 

					
					
						5/1/2010

					
					
						 

					
					
						4/30/2011

					
					
						 

					
					
						4/28/2012

					
					
						 

					
					
						5/4/2013

				
	
					
						2

					
					
						8/1/2009

					
					
						 

					
					
						7/31/2010

					
					
						 

					
					
						7/30/2011

					
					
						 

					
					
						7/28/2012

					
					
						 

					
					
						8/3/2013

				
	
					
						3

					
					
						10/31/2009

					
					
						 

					
					
						10/30/2010

					
					
						 

					
					
						10/29/2011

					
					
						 

					
					
						10/27/2012

					
					
						 

					
					
						11/2/2013

				
	
					
						4

					
					
						1/30/2010

					
					
						 

					
					
						1/29/2011

					
					
						 

					
					
						1/28/2012

					
					
						 

					
					
						2/2/2013

					
					
						 

					
					
						2/1/2014

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FY14

					
					
						 

					
					
						FY15

					
					
						 

					
					
						FY16

					
					
						 

					
					
						FY17

					
					
						 

					
					
						FY18

				
	
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

				
	
					
						1

					
					
						5/3/2014

					
					
						 

					
					
						5/2/2015

					
					
						 

					
					
						4/30/2016

					
					
						 

					
					
						4/29/2017

					
					
						 

					
					
						5/5/2018

				
	
					
						2

					
					
						8/2/2014

					
					
						 

					
					
						8/1/2015

					
					
						 

					
					
						7/30/2016

					
					
						 

					
					
						7/29/2017

					
					
						 

					
					
						8/4/2018

				
	
					
						3

					
					
						11/1/2014

					
					
						 

					
					
						10/31/2015

					
					
						 

					
					
						10/29/2016

					
					
						 

					
					
						10/28/2017

					
					
						 

					
					
						11/3/2018

				
	
					
						4

					
					
						1/31/2015

					
					
						 

					
					
						1/30/2016

					
					
						 

					
					
						1/28/2017

					
					
						 

					
					
						2/3/2018

					
					
						 

					
					
						2/2/2019

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FY19

					
					
						 

					
					
						FY20

					
					
						 

					
					
						FY21

					
					
						 

					
					
						FY22

					
					
						 

					
					
						FY23

				
	
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

				
	
					
						1

					
					
						5/4/2019

					
					
						 

					
					
						5/2/2020

					
					
						 

					
					
						5/1/2021

					
					
						 

					
					
						4/30/2022

					
					
						 

					
					
						4/29/2023

				
	
					
						2

					
					
						8/3/2019

					
					
						 

					
					
						8/1/2020

					
					
						 

					
					
						7/31/2021

					
					
						 

					
					
						7/30/2022

					
					
						 

					
					
						7/29/2023

				
	
					
						3

					
					
						11/2/2019

					
					
						 

					
					
						10/31/2020

					
					
						 

					
					
						10/30/2021

					
					
						 

					
					
						10/29/2022

					
					
						 

					
					
						10/28/2023

				
	
					
						4

					
					
						2/1/2020

					
					
						 

					
					
						1/30/2021

					
					
						 

					
					
						1/29/2022

					
					
						 

					
					
						1/28/2023

					
					
						 

					
					
						2/3/2024

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FY24

					
					
						 

					
					
						FY25

					
					
						 

					
					
						FY26

					
					
						 

					
					
						FY27

					
					
						 

					
					
						FY28

				
	
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

				
	
					
						1

					
					
						5/4/2024

					
					
						 

					
					
						5/3/2025

					
					
						 

					
					
						5/2/2026

					
					
						 

					
					
						5/1/2027

					
					
						 

					
					
						4/29/2028

				
	
					
						2

					
					
						8/3/2024

					
					
						 

					
					
						8/2/2025

					
					
						 

					
					
						8/1/2026

					
					
						 

					
					
						7/31/2027

					
					
						 

					
					
						7/29/2028

				
	
					
						3

					
					
						11/2/2024

					
					
						 

					
					
						11/1/2025

					
					
						 

					
					
						10/31/2026

					
					
						 

					
					
						10/30/2027

					
					
						 

					
					
						10/28/2028

				
	
					
						4

					
					
						2/1/2025

					
					
						 

					
					
						1/31/2026

					
					
						 

					
					
						1/30/2027

					
					
						 

					
					
						1/29/2028

					
					
						 

					
					
						2/3/2029

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FY29

					
					
						 

					
					
						FY30

					
					
						 

					
					
						FY31

					
					
						 

					
					
						FY32

					
					
						 

					
					
						FY33

				
	
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

					
					
						 

					
					
						End

				
	
					
						1

					
					
						5/5/2029

					
					
						 

					
					
						5/4/2030

					
					
						 

					
					
						5/3/2031

					
					
						 

					
					
						5/1/2032

					
					
						 

					
					
						4/30/2033

				
	
					
						2

					
					
						8/4/2029

					
					
						 

					
					
						8/3/2030

					
					
						 

					
					
						8/2/2031

					
					
						 

					
					
						7/31/2032

					
					
						 

					
					
						7/30/2033

				
	
					
						3

					
					
						11/3/2029

					
					
						 

					
					
						11/2/2030

					
					
						 

					
					
						11/1/2031

					
					
						 

					
					
						10/30/2032

					
					
						 

					
					
						10/29/2033

				
	
					
						4

					
					
						2/2/2030

					
					
						 

					
					
						2/1/2031

					
					
						 

					
					
						1/31/2032

					
					
						 

					
					
						1/29/2033

					
					
						 

					
					
						1/28/2034

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 1.02
		

		
			EXISTING LETTERS OF CREDIT
		

		
			Standby Letters of Credit
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						L/C Issuer

					
					
						Account Party

					
					
						Expiry Date

					
					
						Letter of Credit Amount

					
					
						Beneficiary

					
					
						Letter of Credit Number

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						January 3, 2019

					
					
						$250,000.00

					
					
						Zurich American Insurance Company

					
					
						IS000023955U

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						December 26, 2018

					
					
						$55,000.00

					
					
						Liberty Mutual Insurance Company

					
					
						IS000025680U

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse, Inc.

					
					
						March 6, 2019

					
					
						$350,000.00

					
					
						Zurich American Insurance Company

					
					
						IS0279492U

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse, Inc.

					
					
						February 22, 2019

					
					
						$450,000.00

					
					
						Zurich American Insurance Company

					
					
						IS0387487U

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						December 15, 2018

					
					
						$100,000.00

					
					
						Liberty Mutual Insurance Company

					
					
						IS0468849U

				
	
					
						Wells Fargo Bank, National Association

					
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						January 9, 2019

					
					
						$300,000.00

					
					
						Zurich American Insurance Company

					
					
						IS0468850U

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 2.01
		

		
			COMMITMENTS AND APPLICABLE PERCENTAGES
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Lender

					
					
						Revolving Commitment

					
					
						Revolving Applicable
Percentage

				
	
					
						Wells Fargo Bank, National Association

					
					
						$150,000,000.00

					
					
						60.000000000%

				
	
					
						U.S. Bank National Association

					
					
						$70,000,000.00

					
					
						28.000000000%

				
	
					
						PNC Bank, National Association

					
					
						$30,000,000.00

					
					
						12.000000000%

				
	
					
						TOTAL

					
					
						$250,000,000.00

					
					
						100.000000000%

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Lender

					
					
						Term Commitment

					
					
						Applicable Percentage
(Term Loan)

				
	
					
						Wells Fargo Bank, National Association

					
					
						$40,000,000.00

					
					
						100.000000000%

				
	
					
						TOTAL

					
					
						$40,000,000.00

					
					
						100.000000000%

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.01
		

		
			LOAN PARTIES’ ORGANIZATIONAL INFORMATION
		

			
					
						Name of Loan Party

					
					
						Type of

					
						Organization

					
					
						Jurisdiction of

					
						Organization

					
					
						State

					
						Organizational

					
						ID Number

					
					
						Federal Tax

					
						ID Number

				
	
					
						Sportsman’s Warehouse Holdings, Inc. 

					
					
						Corporation

					
					
						Delaware

					
					
						5432113

					
					
						39-1975614

				
	
					
						Sportsman’s Warehouse, Inc. 

					
					
						Corporation

					
					
						Utah

					
					
						991589-0142

					
					
						87-0452614

				
	
					
						Minnesota Merchandising Corp.

					
					
						Corporation

					
					
						Minnesota

					
					
						678698-2

					
					
						20-0942908

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						Corporation

					
					
						California

					
					
						C2888368

					
					
						20-5218590

				
	
					
						Pacific Flyway Wholesale, LLC

					
					
						Limited Liability Company

					
					
						Delaware

					
					
						4739552

					
					
						27-1088315

				
	
					
						Sportsman’s Warehouse Development I, LLC

					
					
						Limited Liability Company

					
					
						Delaware

					
					
						5577249

					
					
						47-1518688

				
	
					
						Sportsman’s Warehouse Development II, LLC

					
					
						Limited Liability Company

					
					
						Delaware

					
					
						5770760

					
					
						47-4830277

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.05
		

		
			MATERIAL INDEBTEDNESS
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.06
		

		
			LITIGATION
		

		
			On March 12, 2014, Lead Borrower was added as a defendant to a pending consolidated action filed in the United States District Court, Western District of Washington, captioned as Lacey Market Place Associates II, LLC, et al. v. United Farmers of Alberta Co-Operative Limited, et al., Case No. 2:13-cv-00383-JLR against United Farmers of Alberta Co-Operative Limited (the seller of Wholesale Sports), Wholesale Sports, Alamo Group, LLC and Donald F. Gaube and spouse. The amended complaint was filed by the landlords of two stores that Lead Borrower did not assume in our purchase of assets from Wholesale Sports. Such stores were formerly operated by Wholesale Sports in Skagit and Thurston Counties in Washington. The amended complaint alleged breach of lease, breach of collateral assignment, misrepresentation, intentional interference with contract, piercing the corporate veil and violation of Washington’s Fraudulent Transfer Act. Lead Borrower was named as a co-defendant with respect to the intentional interference with contract and fraudulent conveyance claims. The amended complaint sought against Lead Borrower and all defendants unspecified money damages, declaratory relief and attorneys’ fees and costs. On January 28, 2015, the court in the Lacey Marketplace action granted in part and denied in part Lead Borrower’s motion for summary judgment and dismissed the intentional interference claim against Lead Borrower, but declined to dismiss the fraudulent transfer claim.
		

		
			Trial in the Lacey Marketplace action began March 2, 2015 and concluded March 6, 2015. On March 9, 2015, the jury in the trial assessed $11.89 million against the defendants to the action, including Lead Borrower. Lead Borrower reviewed the decision and accrued $4.0 million in its results for the fiscal year ended January 31, 2015 related to this matter. Lead Borrower strongly disagreed with the jury’s verdict and filed post-trial motions seeking to have the verdict set aside. On July 30, 2015, the court granted Lead Borrower’s motion for judgment as a matter of law. Based on the court’s most recent judgment in its favor on July 30, 2015, Lead Borrower determined that the likelihood of loss in this case is not probable, and, as such, Lead Borrower reversed the previous accrual of $4.0 million in its results for the fiscal year ended January 30, 2016. Both United Farmers of Alberta Co-Operative Limited, a co-defendant, and the plaintiff appealed the court’s summary judgment ruling against the tortious interference claim, and the July 30, 2015 ruling setting aside the jury verdict, to the appellate court. The oral argument for the appeal was conducted on December 5, 2017 and on December 21, 2017 the Ninth Circuit affirmed summary judgment in favor of Lead Borrower on the tortious interference claim, but reversed the District Court’s grant of summary judgment as a matter of law to Lead Borrower on the Uniform Fraudulent Transfer Act claim, and remanded the matter for retrial on the remaining claims.  Lead Borrower will continue to vigorously defend the UFTA claim in the retrial.
		

		
			Note: The above-described disclosure was inadvertently omitted from the prior Credit Agreement schedules and is included as part of the Restated and Amended Credit Agreement schedules to correct that prior omission.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.07
		

		
			DEFAULTS
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.08(b)(1)
		

		
			OWNED REAL ESTATE
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party

					
					
						Store

					
						No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0119

					
					
						41 W. 84th Avenue Thornton, CO 80260

					
					
						Adams

					
					
						N/A

					
					
						Out parcel

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0242

					
					
						3325 34th Street W Williston, ND 58801

					
					
						Williams

					
					
						N/A

					
					
						Home

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.08(b)(2)
		

		
			LEASED REAL ESTATE
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0000

					
					
						7035 South High Tech Drive, Suite 200

					
						Midvale, UT 84047

					
					
						Salt Lake

					
					
						California Avenue Farm Management LLC

					
					
						Headquarters

				
	
					
						Pacific Flyway Wholesale, LLC

					
					
						0003

					
					
						1630 South 5070 West Salt Lake City, UT 84104

					
					
						Salt Lake

					
					
						Landmark 6, LLC

					
					
						Warehouse

				
	
					
						Pacific Flyway Wholesale, LLC

					
					
						0003

					
					
						1730 South 5200 West Salt Lake City, UT 84104 

					
					
						Salt Lake

					
					
						Landmark 6, LLC

					
					
						Warehouse (Bunker) 

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0102

					
					
						1075 South University Ave.

					
						Provo, UT 84601-5953

					
					
						Utah

					
					
						CIII, MSCI 2007-HQ11;East Bay

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0103

					
					
						1137 West Riverdale Road Riverdale, UT 84405-3722

					
					
						Weber

					
					
						Cole MT Riverdale UT, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0104

					
					
						3797 East Fairview Ave.

					
						Meridian, ID 83642-5803

					
					
						Ada

					
					
						GS II Meridian CrossRoads LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0105

					
					
						2909 South 25th East Ammon, ID 83406

					
					
						Bonneville

					
					
						William H Ziering

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0106

					
					
						1675 Rocky Mountain Ave.

					
						Loveland, CO 80538-8705

					
					
						Larimer

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0108

					
					
						2464 US Highway 6 & 50, Suite A

					
						Grand Junction, CO 81505¬1138

					
					
						Mesa

					
					
						Grand Mesa Center LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0114

					
					
						165 West 7200 South Midvale, UT 84047-3722

					
					
						Salt Lake

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0117

					
					
						19205 North 27th Ave. Phoenix, AZ 85027-5034

					
					
						Maricopa

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0118

					
					
						1940 Bridgeview Blvd. Twin Falls, ID 83301-3079

					
					
						Twin Falls

					
					
						Base Jumper LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0119

					
					
						11 West 84th Ave. Thornton, CO 80260-4801

					
					
						Adams

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0120

					
					
						921 SE Oralabor Road Ankeny, IA 50021-3923

					
					
						Polk

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0121

					
					
						8681 Old Seward Highway Anchorage, AK 99515-2017

					
					
						Anchorage Borough

					
					
						ANC Hawkins

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc. 

					
					
						0123

					
					
						3306 Kietzke Lane

					
						Reno, NV 89502-4704

					
					
						Washoe

					
					
						Kietzke Plaza LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0126

					
					
						1450 Renaissance Blvd. NE

					
						Albuquerque, NM 87107-7008

					
					
						Bernalillo

					
					
						Kenneth Donald Knievel

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0132

					
					
						3945 West Costco Drive Marana (Tucson), AZ 85741

					
					
						Pima

					
					
						Hawkins Properties

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0137

					
					
						4120 East 2nd Street Casper, WY 82609-2319

					
					
						Natrona

					
					
						GRH Casper LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0138

					
					
						555 North Chelton Road Colorado Springs, CO 80909¬5217

					
					
						El Paso

					
					
						Spirit Master Funding X, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0139

					
					
						1750 South Greenfield Road Mesa, AZ 85206-3481

					
					
						Maricopa

					
					
						Spirit SPE Portfolio 2012-4, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0145

					
					
						423 Merhar Avenue Fairbanks, AK 99701-3166

					
					
						Fairbanks North Star Borough

					
					
						Cascade Blvd Center LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0148

					
					
						2957 East 850 North, St. George, UT 84790

					
					
						Washington

					
					
						Miller Properties St. George LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. (an assignee of Sportsman’s Warehouse, Inc.)

					
					
						0149

					
					
						6640 Lonetree Blvd. Rocklin, CA 95765

					
					
						Placer

					
					
						MGP X Properties LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0152

					
					
						6241 Perimeter Drive, Suite 101

					
						Chattanooga, TN 37421

					
					
						Hamilton

					
					
						G and M Chattanooga GP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0155

					
					
						476 Piney Grove Road Columbia, SC 29210

					
					
						Lexington

					
					
						Boise Spectrum LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0158

					
					
						1710 Delta Waters Road Medford, OR 97504

					
					
						Jackson

					
					
						Crater Lake Venture

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0159

					
					
						1901 East Parks Highway Wasilla, AK 99654

					
					
						Matanuska- Susitna Borough

					
					
						GRH Jenks LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0163

					
					
						2200 War Admiral Way Suite 140 Lexington, KY 

					
					
						Fayette

					
					
						War Admiral Place LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0176

					
					
						1590 Gateway Blvd Fairfield, CA 94533-6901

					
					
						Solano

					
					
						DeMartini/Gateway LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0177

					
					
						4715-A New Center Drive Wilmington, NC 28405-3460

					
					
						New Hanover

					
					
						Brixmor New Centre LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0178

					
					
						889 South Main Street Cedar City, UT 84720-3516

					
					
						Iron

					
					
						ACS Cedar South UT, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0179

					
					
						1020 North Stratford Road, Suite D

					
						Moses Lake, WA 98837-1573

					
					
						Grant

					
					
						ML 96000, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0180

					
					
						5200 Gateway Drive Morgantown, WV 26501-1104

					
					
						Monongalia

					
					
						Chaplin Hill LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0181

					
					
						1038 South Castle Dome Ave.

					
						Yuma, AZ 85365

					
					
						Yuma

					
					
						WCC Properties, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0182

					
					
						5125 N Elizabeth Street Pueblo, CO 81008

					
					
						Pueblo

					
					
						AZ EDU Properties, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0183

					
					
						1650 West Visalia Parkway

					
						Visalia, CA 93277

					
					
						Tulare

					
					
						DBO Development No. 33

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0184

					
					
						3456 Broadway

					
						Eureka, CA 95503

					
					
						Humbolt

					
					
						Bay Shore Mall, LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0185

					
					
						505 SE Everett Mall Way Everett, WA 98208

					
					
						Snohomish

					
					
						Greentree Plaza 06 A, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0186

					
					
						10536 Trinity PK Stockton, CA 95219

					
					
						San Joaquin

					
					
						Excel Stockton LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0187

					
					
						701 Marks Street

					
						Henderson, NV 89014-8601

					
					
						Clark

					
					
						Sunmark Property, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0188

					
					
						15118 East Indiana Ave.

					
						Spokane Valley, WA 99216-1832

					
					
						Spokane

					
					
						Market Pointe I, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0189

					
					
						1638 West Poplar Street

					
						Walla Walla, WA 99362

					
					
						Walla Walla

					
					
						Zelman Walla Walla, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0190

					
					
						524 East Brundage Lane

					
						Sheridan, WY 82801

					
					
						Sheridan

					
					
						DND Properties, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc. 

					
					
						0191

					
					
						3797 Clemson Blvd.

					
						Anderson, SC 29621

					
					
						Anderson

					
					
						Seritage KMT Finance LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc.

					
					
						0192

					
					
						111 Ranch Drive

					
						Milpitas, CA 95035

					
					
						Santa Clara

					
					
						TMS McCarthy LLP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc. 

					
					
						0193

					
					
						3420 124th Ave. NW

					
						Coon Rapids, MN 55433

					
					
						Anoka

					
					
						IRC Riverdale Commons L.L.C.

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0201

					
					
						2323 North Reserve Street Missoula, MT 59808-1327

					
					
						Missoula

					
					
						Gateway Limited Partnership

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0202

					
					
						2990 North Sanders Street Helena, MT 59601

					
					
						Lewis and Clark

					
					
						GRH Jenks LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0203

					
					
						2214 Tschache Lane Bozeman, MT 59715

					
					
						Gallatin

					
					
						Stoneridge Partners LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0204

					
					
						9401 SE 82nd Ave. Portland (Clackamas), OR 97086

					
					
						Clackamas

					
					
						ROIC Oregon, LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0205

					
					
						1260 Lancaster Drive SE Salem, OR 97317

					
					
						Marion

					
					
						Hull Resources LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0206

					
					
						63492 Hunnell Road

					
						Bend, OR 97703

					
					
						Deschutes

					
					
						Spirit Master Funding V, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0207

					
					
						6603 West Canal Drive Kennewick, WA 99336-7810

					
					
						Benton

					
					
						SW Kennewick LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0208

					
					
						11505 NE Fourth Plain Road

					
						Vancouver, WA 98662

					
					
						Clark

					
					
						BRE DDR Crocodile Orchard Market Center LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0209

					
					
						9577 Ridgetop Blvd., N.W., Suite 150 Silverdale, WA 98383-8500

					
					
						Kitsap

					
					
						Alamo Silverdale, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0210

					
					
						1405 South 348th Street Federal Way, WA 98003

					
					
						King

					
					
						Fana Federal Way Crossings LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0211

					
					
						130 marathon Way Southaven, MS 38671-8121

					
					
						De Soto

					
					
						SW MS LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0212

					
					
						44402 Sterling Highway Soldotna, AK 99669-8033

					
					
						Kenai Peninsula Borough

					
					
						Spirit Master Funding VIII, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0213

					
					
						120 31st Avenue SE, Suite G

					
						Puyallup, WA 98374-1204

					
					
						Pierce

					
					
						Spire South Hill LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0221

					
					
						1659 Hilltop Drive Redding, CA 96002-0240

					
					
						Shasta

					
					
						LEJ Properties, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0222

					
					
						5647 Centennial Center Blvd.

					
						Las Vegas, NV 89149-7104

					
					
						Clark

					
					
						KRG Las Vegas Centennial Gateway, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0223

					
					
						3550 Ferncliff Avenue N.W.

					
						Roanoke, VA 24017

					
					
						Roanoke

					
					
						GWC Virginia Properties, LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0224

					
					
						16865 North Market Place Blvd.

					
						Nampa, ID 83687-5140

					
					
						Canyon

					
					
						Trade Zone Associates, LLC & Mabury Village

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0225

					
					
						4905 East Main Street Farmington NM 87402-8657

					
					
						San Juan

					
					
						Hawkins-Smith & Christensen LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0226

					
					
						2002 Thain Grade Lewiston, ID, 83501-4105

					
					
						Nez Perce

					
					
						McCann Ranch & Livestock Co.

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0227

					
					
						3745 East Lincoln Way Cheyenne, WY 82001-6300

					
					
						Laramie

					
					
						LRS soma Investment Group LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0228

					
					
						99 East 1400 North

					
						Logan, UT 84341

					
					
						Cache

					
					
						Black Sheep LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0229

					
					
						1443 South Carson Street Carson City, NV 89701-5227

					
					
						Carson City

					
					
						The Carrington Company

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0230

					
					
						18645 NW Tanasbourne Drive

					
						Hillsboro, OR 97124-7129

					
					
						Washington

					
					
						Tanasbourne Retail Center, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0231

					
					
						611 Valley Mall Parkway  East Wenatchee, WA 98802-4897

					
					
						Douglas

					
					
						VCG-Wenatchee Valley Mall, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0232

					
					
						765 East Ave.,

					
						Suite 170

					
						Chico, CA 95926

					
					
						Butte

					
					
						North Valley Mall, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc.  

					
					
						0233

					
					
						2344 Sunrise Blvd.

					
						Rancho Cordova, CA 95670-4343

					
					
						Sacramento

					
					
						Conrad Rivergate, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0234

					
					
						2015 West Highway 40 Vernal, UT 84078-4501

					
					
						Uintah

					
					
						Gardner Towne Center, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0235

					
					
						321 Three Rivers Drive Kelso, WA 98626-3100

					
					
						Cowlitz

					
					
						Three Rivers Mall LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0236

					
					
						760 Yellowstone Ave. Pocatello, ID 83201-4407

					
					
						Bannock

					
					
						FARB, LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0237

					
					
						6720 North Division Street Spokane, WA 99208-3942

					
					
						Spokane

					
					
						Douglass Properties

					
					
						Store

				
	
					
						Sportsman’s Warehouse Southwest, Inc. 

					
					
						0238

					
					
						8468 North Friant Road Fresno, CA 93720

					
					
						Fresno

					
					
						Fresno 40 LP

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0239

					
					
						2231 East Route 66 Flagstaff, AZ 86004-4073

					
					
						Coconino

					
					
						Sunmark Centers, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0240

					
					
						1276 South US 189

					
						Heber City, UT 84032

					
					
						Wasatch

					
					
						Boyer Heber City LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0241

					
					
						1863 Avalon Street Klamath Falls, OR 97603

					
					
						Klamath

					
					
						Argo Klamath Two, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0242

					
					
						925 32ns Ave. West

					
						Williston, ND 58801

					
					
						Williams

					
					
						Spirt Master Funding X, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0243

					
					
						3910 River Point Parkway Sheridan, CO 80110-3315

					
					
						Arapahoe

					
					
						Weingarten Sheridan, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0244

					
					
						4421 South White Mountain, Suite B

					
						Show Low, AZ 85901-7721

					
					
						Navajo

					
					
						Show Low Yale Casitas LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0245

					
					
						1351 Waverly Drive SE Albany, OR 97322-7076

					
					
						Linn

					
					
						GRH Albany, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0246

					
					
						10462 South River Heights Drive

					
						South Jordan, UT 84095

					
					
						Salt Lake

					
					
						PRC A, LLC

					
					
						Store 

				
	
					
						Sportsman’s Warehouse Southwest, Inc.

					
					
						0247

					
					
						5195 Redwood Drive Rohnert Park, CA 94928

					
					
						Sonoma

					
					
						5195 Redwood Drive, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0248

					
					
						8745 Glacier Highway, Suite 105

					
						Juneau, AK 99801

					
					
						Juneau

					
					
						Loveless-Tollefson Properties

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0249

					
					
						2122 NW Stewart Parkway

					
						Roseburg, OR 97471

					
					
						Douglas

					
					
						Roseburg Valley Malll

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0250

					
					
						300 Kensington Blvd.

					
						Slidell, LA 70458

					
					
						St. Tammany Parish

					
					
						WKHoldings, LLC

					
					
						Store

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party/Tenant

					
					
						Store No.

					
					
						Location

					
					
						County

					
					
						Landlord Name

					
					
						Type of Location

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0251

					
					
						2230 North Telshor Blvd.

					
						Las Cruces, NM 88011-8227

					
					
						Dona Ana

					
					
						GRH Las Cruces LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0252

					
					
						10145 West McDowell Road Avondale, AZ 85392

					
					
						Maricopa

					
					
						Palo Brea Enterprises, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0253

					
					
						1761 East Hwy 69 #26 Prescott, AZ 86301

					
					
						Yavapai

					
					
						Yavapai Prescott Indian Tribe

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0254

					
					
						1567 Dewar Drive

					
						Rock Springs, WY 82901

					
					
						Sweetwater

					
					
						Commerce Centre, LLC

					
					
						Store

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						0255

					
					
						91 Town Center Drive Gillette, WY 82718

					
					
						Campbell

					
					
						TC5, LLC

					
					
						Store

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.09
		

		
			ENVIRONMENTAL MATTERS
		

		
			Thornton, Colorado Property:  In 2003, Lead Borrower purchased the parcel upon which the Thornton Sportsman’s Warehouse store is now located (“Store Parcel”).  (Lead Borrower has since sold the Store Parcel and leases it back for the store operations.)  In 2009, Lead Borrower purchased (and remains the fee owner of) an outlot adjacent to the Store Parcel (“Outlot”).
		

		
			Both the Store Parcel and the Outlot were the subject of a remediation plan filed by Chevron Texaco, the former owner of the Outlot, upon which a gas station was previously located.  The remediation plan was required by reason of petroleum contamination occurring on the Outlot.  The Division of Oil and Public Safety of the Colorado Department of Labor and Employment (“OPS”) agreed to a plan of natural attenuation with regular monitoring well reporting, which agreement preceded Lead Borrower’s purchase of the Store Parcel in 2003.  Prior to the purchase of the Store Parcel, Lead Borrower received a No Action Determination as to the Store Parcel, which NAD was issued because the liability for the contamination on the Store Parcel rested with Chevron.  In the 2003 purchase negotiations, Lead Borrower received the option to purchase the Outlot.
		

		
			In 2009, OPS issued Chevron a No Further Action Determination as to the Outlot, however, the Outlot remains subject to the restriction that any use must be approved by OPS, as noted in the 2009 No Action Determination.  As of the 2009 NFA determination, Chevron was no longer obligated to continue monitoring well reporting.  However, certain contamination remains present in the groundwater generating from the Outlot.  Lead Borrower exercised its right to purchase the Outlot in 2009.  Neither Lead Borrower nor Chevron have any obligation to further remediate or monitor either the Store Parcel or the Outlot.
		

		
			However, any use of the Outlot is limited by the conditions arising from the remaining groundwater contamination, as indicated in the 2009 No Action letter.  Lead Borrower currently has entered into a contract for the sale of the Outlot and has advised the purchaser that an owner or user of the Outlot would need to obtain OPS’s approval for any construction and use.  OPS’s approval may be conditioned upon certain construction requirements for the Outlot and uses may be limited to non-petroleum related activities.
		

		
			The reports available to Lead Borrower that describe the environmental condition of the Store Parcel and the Outlot are as follows:
		

			
					
						Location

					
					
						Assessment Entity

					
					
						Date

				
	
					
						Thornton,  CO

					
					
						ERO Resources Corp

					
						1740 High Street

					
						Denver,  CO 80218

					
					
						June,  1996

				
	
					
						Thornton,  CO

					
					
						Environmental Resources Mgmt

					
						8980 S Willow Drive

					
						Greenwood Village,  CO  80111

					
					
						May,  2003

				
	
					
						Thornton,  CO

					
					
						GaiaTech 
3343 Peachtree Road NE 
Atlanta GA 30326

					
					
						May,  2007

				

		
			 
		

		
			Note:  The above-described narrative regarding the Store Parcel and the Outlot was inadvertently omitted from prior Credit Agreement schedules and is included as part of the Restated and Amended Credit Agreement schedules to correct that prior omission.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.10
		

		
			INSURANCE
		

		
			[See next page]
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Policy Description

					
					
						Insurer

					
					
						Broker

					
					
						Policy Number

					
					
						Expiration

					
						Date

				
	
					
						Directors & Officers

					
					
						Great American Insurance Co.

					
					
						Diversified Insurance/Carpenter Moore

					
					
						NSP2380810

					
					
						4/16/2018

				
	
					
						Directors & Officers

					
					
						Traveler Casualty and Surety Company of America

					
					
						Diversified Insurance/Carpenter Moore

					
					
						106501434

					
					
						4/16/2018

				
	
					
						Directors & Officers

					
					
						Illinois National Insurance – Side-A Only Excess

					
					
						Diversified Insurance/Carpenter Moore

					
					
						013519315

					
					
						4/16/2018

				
	
					
						Employment Practices

					
					
						Paragon International Insurance Brokers Ltd./Lloyd‘s of London

					
					
						Diversified Insurance/Carpenter Moore

					
					
						B0146ERUSA1800530

					
					
						4/16/2018

				
	
					
						Fiduciary

					
					
						Great American

					
					
						Diversified Insurance/Carpenter Moore

					
					
						FDP6661281

					
					
						4/16/2018

				
	
					
						Worker’s Compensation 

					
					
						American Zurich Insurance Company

					
					
						Lockton Companies

					
					
						WC 013942103

					
					
						11/1/18

				
	
					
						General Liability

					
					
						Liberty Mutual Fire Insurance Co.

					
					
						Lockton Companies

					
					
						TB2-661-066686-027

					
					
						11/1/18

				
	
					
						Property

					
					
						Affiliated FM 

					
					
						Lockton Companies

					
					
						EQ990

					
					
						11/1/18

				
	
					
						Umbrella

					
					
						National Union Fire Ins of Pittsburgh, Pa. 

					
					
						Lockton Companies

					
					
						BE 20580813

					
					
						11/1/18

				
	
					
						Umbrella 

					
					
						Ohio Casualty Insurance Company

					
					
						Lockton Companies

					
					
						ECO (18) 55814728

					
					
						11/1/18

				
	
					
						XS Quake

					
					
						Shared coverage between QBE Specialty Insurance Company and General Security Indemnity Company of Arizona

					
					
						Lockton Companies

					
					
						ESE 1585800 (QBE) TR00014860407817 (General Security)

					
					
						11/1/18

				
	
					
						Auto

					
					
						First Liberty Insurance corp.

					
					
						Lockton Companies

					
					
						AS5-661-066686-017

					
					
						11/1/18

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ocean Cargo

					
					
						Lloyds of London/Falvey Cargo Underwriting, LTD

					
					
						Lockton Companies

					
					
						MC-10123

					
					
						11/1/18

				
	
					
						Crime

					
					
						National Union Fire of Insurance Company of Pittsburgh, Pa.

					
					
						Lockton Companies

					
					
						025885498

					
					
						11/1/18

				
	
					
						Network Security

					
					
						Syndicate 2623/623 at Lloyd’s

					
					
						Lockton Companies

					
					
						W172D8170401 

					
					
						11/1/18

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.13
		

		
			SUBSIDIARIES; OTHER EQUITY INVESTMENTS
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name of Loan Party

					
					
						Name of Issuer

					
					
						Type of

					
						Organization

					
					
						Class of

					
						Capital Stock

					
					
						Certificate No.(s)

					
					
						Number of

					
						Shares or

					
						Equity

					
						Interests

					
					
						Percentage of

					
						Outstanding

					
						Shares or

					
						Equity

					
						Interests

					
					
						Par Value

				
	
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						Sportsman’s Warehouse, Inc.

					
					
						Corporation

					
					
						Common
Stock

					
					
						1

					
					
						100 shares

					
					
						100%

					
					
						$0.01 par value

				
	
					
						Sportsman’s Warehouse Holdings, Inc.

					
					
						Minnesota Merchandising Corp.

					
					
						Corporation

					
					
						Common
Stock

					
					
						1

					
					
						100 shares

					
					
						100%

					
					
						$0.01 par value

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						Sportsman’s Warehouse Southwest, Inc.

					
					
						Corporation

					
					
						Common
Stock

					
					
						1

					
					
						100 shares

					
					
						100%

					
					
						$0.01 par value

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						Pacific Flyway Wholesale, LLC

					
					
						Limited liability company

					
					
						Percentage
interests

					
					
						N/A

					
					
						100% of percentage interests

					
					
						100%

					
					
						N/A

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						Sportsman’s Warehouse Development I, LLC

					
					
						Limited Liability Company

					
					
						Percentage
interest

					
					
						N/A

					
					
						100% of percentage interests

					
					
						100%

					
					
						N/A

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						Sportsman’s Warehouse Development II, LLC

					
					
						Limited Liability Company

					
					
						Percentage
interest

					
					
						N/A

					
					
						100% of percentage interests

					
					
						100%

					
					
						N/A

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 5.17
		

		
			INTELLECTUAL PROPERTY MATTERS
		

		
			 
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 5.18
		

		
			LABOR MATTERS
		

		
			Plan/Agreement/Arrangements:
		

		
			1.KPT Employment Agreement dated March 25, 2016, extended by Kevan Talbot Employment Extension dated December 6, 2016
		

		
			2.John Barker Signed Contract, dated March 21, 2017.
		

		
			3.Sportsman’s Warehouse Holdings, Inc. 2013 Employee Stock Plan.
		

		
			 
		

		
			Complaints/Claims:
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 5.21(a)
		

		
			DDAs AND BLOCKED ACCOUNTS
		

		
			U.S. Bank National Association
		

		
			One US Bank Plaza
		

		
			7th & Washington
		

		
			St. Louis, Missouri 63101
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party

					
					
						Account Number

					
					
						Account Type

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						 

					
					
						Concentration Account

				
	
					
						 

					
					
						 

					
					
						Controlled Disbursement

				
	
					
						 

					
					
						 

					
					
						Main Operating Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Sportsman’s Warehouse Payroll

				
	
					
						 

					
					
						 

					
					
						Health Insurance

				
	
					
						 

					
					
						 

					
					
						Flex Spending

				
	
					
						 

					
					
						 

					
					
						Flex Spending 2

				
	
					
						 

					
					
						 

					
					
						401K Savings Plan

				
	
					
						 

					
					
						 

					
					
						Health Insurance

				
	
					
						 

					
					
						 

					
					
						Focus Card

				
	
					
						Sportsman’s Warehouse Holdings, Inc. 

					
					
						 

					
					
						Operating Account

				
	
					
						Pacific Flyway Wholesale, LLC

					
					
						 

					
					
						Collateral (Depository)

				
	
					
						 

					
					
						 

					
					
						Controlled Disbursement

				
	
					
						 

					
					
						 

					
					
						Operating Account

				
	
					
						 

					
					
						 

					
					
						Pacific Flyway Payroll

				
	
					
						Sportsman’s Warehouse Southwest, Inc.

					
					
						 

					
					
						Depository Account

				

		
			 
		

		
			Wells Fargo Bank, N.A.
		

		
			299 South Main St., 4th Floor
		

		
			SLC, UT 84111
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Loan Party

					
					
						Account Number

					
					
						Account Type

				
	
					
						Sportsman’s Warehouse, Inc.

					
					
						 

					
					
						Collateral (Depository)

				
	
					
						 

					
					
						 

					
					
						Operating Account

				
	
					
						 

					
					
						 

					
					
						Depository Account 

				
	
					
						 

					
					
						 

					
					
						Depository Account

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Controlled Disbursement

				
	
					
						Sportsman’s Warehouse Southwest, Inc.

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						 

					
					
						 

					
					
						Depository Account

				
	
					
						Pacific Flyway Wholesale, LLC

					
					
						 

					
					
						Controlled Disbursement

				
	
					
						 

					
					
						 

					
					
						Operating Account

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 5.21(b)
		

		
			CREDIT CARD ARRANGEMENTS
		

		
			1.Terms of Service, as may have been amended and supplemented from time to time (including without limitation by the terms of the PIN-Based, Online Debit Card Addendum to the Terms of Service), between Elavon, Inc. (US Bank) and Sportsman’s Warehouse, Inc.
		

		
			2.Merchant Services Agreement, Form 33722, Rev. 9/02, effective as of June 1, 2003, as may have been amended and supplemented from time to time, between DFS Services LLC f/k/a Discover Financial Services LLC and Sportsman’s Warehouse, Inc.
		

		
			3.American Express® Card Acceptance Agreement, as may have been amended and supplemented from time to time between American Express Travel Related Services Company, Inc. and Sportsman’s Warehouse, Inc.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 5.24
		

		
			MATERIAL CONTRACTS
		

		
			1.The leases referenced on Schedule 5.08(b)(2).
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 6.02
		

		
			FINANCIAL AND COLLATERAL REPORTING
		

		
			In addition to the other materials and information required to be provided pursuant to the terms of the Credit Agreement, the Loan Parties shall provide Administrative Agent, on the applicable day specified below, the following documents (each in such form and detail as the Administrative Agent from time to time may specify):
		

		
			Monthly Reports.  Monthly, the Loan Parties shall provide to Administrative Agent original counterparts of (each in such form as Administrative Agent from time to time may specify):
		

		
			a.On the fifteenth (15th) Day of each Fiscal Month (or, if such day is not a Business Day, on the next succeeding Business Day), provided,  however, upon the occurrence and during the continuation of an Accelerated Borrowing Base Delivery Event on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day):
		

		
			i.On such day, supporting source documents for the Borrowing Base Certificate delivered in accordance with Section 6.02(c) of the Credit Agreement.
		

		
			b.Within fifteen (15) days of the end of each Fiscal Month for the immediately preceding Fiscal Month:
		

		
			i.Purchases and accounts payable analysis report, (together with account payable aging) for each Loan Party, in Administrative Agent’s format; and
		

		
			ii.Inventory summary by Store location, department and class; and
		

		
			iii.Inventory certificate in Administrative Agent’s format; and
		

		
			c.Within thirty (30 days of the end of each Fiscal Month for the immediately preceding Fiscal Month:
		

		
			i.Reconciliation of the stock ledger to the general ledger and the calculation of Availability; and
		

		
			ii.Gross Margin Reconciliation; and
		

		
			iii.Statement of Store Activity in Administrative Agent’s format; and
		

		
			iv.Such other information as the Administrative Agent may from time to time reasonably request.
		

		
			For purposes of Sections (a), (b), and (c) above, the first “preceding Fiscal Month” in respect of which the items required by such Section shall be provided shall be May 2018.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Schedule 7.01
		

		
			EXISTING LIENS
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 7.02
		

		
			EXISTING INVESTMENTS
		

		
			None other than as listed on Schedule 5.13.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 7.03
		

		
			EXISTING INDEBTEDNESS
		

		
			None.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Schedule 10.02
		

		
			ADMINISTRATIVE AGENT’S OFFICE; CERTAIN ADDRESSES FOR NOTICES
		

		
			Administrative Agent’s Office:
		

		
			 
		

		
			Wells Fargo Bank, National Association, as Administrative Agent
		

		
			One Boston Place, 18th Floor
		

		
			Boston, Massachusetts 02108
		

		
			Attention:          Mr. Peter Foley
		

		
			Telephone:        (617) 854-7283
		

		
			Facsimile:         (855) 461-3726
		

		
			E-mail:              peter.foley@wellsfargo.com
		

		
			 
		

		
			Certain Addresses for Notices:
		

		
			 
		

		
			2.If to any Loan Party:
		

		
			Sportsman’s Warehouse, Inc.
		

		
			7035 South High Tech Drive
		

		
			Midvale, Utah 84047
		

		
			Attn:  Chief Financial Officer
		

		
			Telephone: (801) 304-4321
		

		
			Facsimile: (801) 304-4305
		

		
			E-mail: ktalbot@sportsmanswarehouse.com
		

		
			 
		

		
			with copies to:
		

		
			 
		

		
			Ballard Spahr LLP
		

		
			2000 IDS Center, 80 South 8th Street
		

		
			Minneapolis, Minnesota 55402
		

		
			Attn: Debra K. Page
		

		
			Telephone: (612) 371-3528
		

		
			Facsimile: (612) 371-3207
		

		
			E-mail: pagedk@ballardspahr.com
		

		
			 
		

		
			and
		

		
			 
		

		
			Sportsman's Warehouse, Inc.
		

		
			c/o Seidler Equity Partners
		

		
			4640 Admiralty Way, Suite 1200
		

		
			Marina del Rey, California 90292
		

		
			Attn:  General Counsel
		

		
			Telephone: (213) 683-4551
		

		
			Facsimile: (213) 624-0691
		

		
			E-mail:  mfairclough@seidlercos.com
		

		
			 
		

		
			3.If to the Administrative Agent, the Collateral Agent, the L/C Issuer or the Swing Line Lender:
		

		
			Wells Fargo Bank, National Association, as Administrative Agent
		

		
			One Boston Place, 18th Floor
		

		
			Boston, Massachusetts 02108
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Attention:        Mr. Peter Foley
		

		
			Telephone:      (617) 854-7283
		

		
			Facsimile:       (855) 461-3726
		

		
			E-mail:            peter.foley@wellsfargo.com
		

		
			 
		

		
			with a copy to:
		

		
			 
		

		
			Riemer & Braunstein LLP
		

		
			Three Center Plaza
		

		
			Boston, Massachusetts 02108
		

		
			Attention:         Donald E. Rothman, Esq.
		

		
			Telephone:       (617) 880-3556
		

		
			Facsimile:        (617) 692-3556
		

		
			E-mail:             drothman@riemerlaw.com
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT A
		

		
			FORM OF LIBO RATE LOAN NOTICE
		

		
			Date:              ,       
		

		
			To:      Wells Fargo Bank, National Association, as Agent
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to the Amended and Restated Credit Agreement dated as of [_________], 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement"), by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement.
		

		
			1.           The Lead Borrower hereby requests [a Committed Revolving Borrowing consisting of LIBO Rate Loans][a continuation or conversion of a Committed Revolving Borrowing or Term Loan (or portion thereof) consisting of LIBO Rate Loans]:
		

		
			(a)          On ________________ (a Business Day) l  
		

		
			(b)          In the amount of $______________2
		

		
			(c)          with an Interest Period of ____ months3
		

		
			The Lead Borrower hereby represents and warrants (for itself and on behalf of the other Borrowers) that (a) the Committed Revolving Borrowing requested herein complies with Section 2.02 and the other provisions of the Credit Agreement (other than any provision addressing the
		

		
			 
		

		
			 
		

		

			
	
			
				 1
			

			
	
			
			Each notice of a Committed Revolving Borrowing or conversion of a Committed Revolving Borrowing or Term Loan (or portion thereof) of LIBO Rate Loans must be received by the Administrative Agent not later than 12:00 noon two (2) Business Days prior to the requested date of any Committed Revolving Borrowing or conversion of a Committed Revolving Borrowing or Term Loan (or portion thereof) of LIBO Rate Loans.

		
			 
		

			
	
			
				 2
			

			
	
			
			Each Committed Revolving Borrowing or continuation or conversion of a Committed Revolving Borrowing or Term Loan (or portion thereof) or LIBO Rate Loans must be in a principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof.

		
			 
		

			
	
			
				 3
			

			
	
			
			The Lead Borrower may request (i) a Committed Revolving Borrowing of LIBO Rate Loans with an Interest Period of seven (7) days (if available to all Revolving Lenders) or one (l), two (2) or three (3) months, or (ii) continuation or conversion of the Term Loan (or portion thereof) to LIBO Rate Loans with an Interest Period of seven (7) days (if available to all Revolving Lenders) or (l) month. If no election of Interest Period is specified, then the Lead Borrower will be deemed to have specified an Interest Period of one month.

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			responsibilities or duties of the Administrative Agent, the Swing Line Lender or the Lenders), and (b) the conditions specified in Sections 4.01 and 4.02 of the Credit Agreement have been satisfied on and as of the date specified in Item 1(a) above.
		

		
			[signature page follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			 
		

		
			Dated as of the date above first written.
		

			
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., a Utah

				
	
					
						 

					
					
						corporation, as Lead Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to LIBO Rate Loan Notice

		

 

		

		
			EXHIBIT B
		

		
			FORM OF SWING LINE LOAN NOTICE
		

		
			Date:              ,       
		

		
			To:         Wells Fargo Bank, National Association, as Swing Line Lender 
		

		
			Wells Fargo Bank, National Association, as Agent
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to the Amended and Restated Credit Agreement dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement.
		

		
			The Lead Borrower hereby requests a Swing Line Borrowing:
		

		
			1.            On ______________________ (a Business Day)l
		

		
			2.            In the amount of $____________2
		

		
			The Lead Borrower (for itself and on behalf of the other Borrowers) hereby represents and warrants that (i) the Swing Line Borrowing requested herein complies with the provisions of Sections 2.04(a) and (b) of the Credit Agreement (other than any provision addressing the responsibilities or duties of the Administrative Agent, the Swing Line Lender or the Lenders), and (ii) the conditions specified in Section 4.02 of the Credit Agreement shall have been satisfied on and as of the date set forth in Item 1 above.
		

		
			[signature page follows]
		

		
			 
		

		
			 
		

		

		
			1         Each notice of a Swing Line Borrowing must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested date of any Swing Line Borrowing.
		

		
			 
		

		
			2         Each Swing Line Borrowing must be in a minimum amount of $100,000.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

			
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., a Utah

				
	
					
						 

					
					
						corporation, as Lead Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			Exhibit C-1
		

		

		
			 
		

		
			REVOLVING NOTE
		

		

		
			 
		

			
					
						$                      

					
					
						May 23, 2018

				

		
			 
		

		
			FOR VALUE RECEIVED, the undersigned (individually, a “Borrower” and, collectively, the "Borrowers"), jointly and severally promise to pay to the order of [                     ] (hereinafter, with any subsequent holders, the "Revolving Lender"), c/o Wells Fargo Bank, National Association, One Boston Place, 18th Floor, Boston, Massachusetts 02108, the principal sum of [                     ] ($                  ), or, if less, the aggregate unpaid principal balance of Revolving Loans made by the Revolving Lender to or for the account of any Borrower pursuant to the Amended and Restated Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer, with interest at the rate and payable in the manner stated therein.
		

		
			This is a "Revolving Note" to which reference is made in the Credit Agreement and is subject to all terms and provisions thereof. The principal of, and interest on, this Note shall be payable at the times, in the manner, and in the amounts as provided in the Credit Agreement and shall be subject to prepayment and acceleration as provided therein. Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.
		

		
			The Administrative Agent's books and records concerning the Revolving Loans, the accrual of interest thereon, and the repayment of such Revolving Loans, shall, absent manifest error, be prima facie evidence of the indebtedness to the Revolving Lender hereunder.
		

		
			No delay or omission by any Agent or the Revolving Lender in exercising or enforcing any of such Agent's or the Revolving Lender's powers, rights, privileges, remedies, or discretions hereunder shall operate as a waiver thereof on that occasion nor on any other occasion. No waiver of any Event of Default shall operate as a waiver of any other Event of Default, nor as a continuing waiver of any such Event of Default (unless specifically stated in such waiver).
		

		
			Each Borrower, each guarantor, and each endorser of this Note, waives presentment, demand, notice, and protest, and also waives any delay on the part of the holder hereof. Each Borrower assents to any extension or other indulgence (including, without limitation, the release 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			or substitution of Collateral) permitted by any Agent and/or the Revolving Lender with respect to this Note and/or any Collateral or any extension or other indulgence with respect to any other liability or any collateral given to secure any other liability of any Borrower or any other Person obligated on account of this Note.
		

		
			This Note shall be binding upon each Borrower, each guarantor, and each endorser hereof, and upon their respective successors, assigns, and representatives, and shall inure to the benefit of Revolving Lender and its successors, endorsees, and assigns.
		

		
			The liabilities of each Borrower, of any guarantor, and of any endorser of this Note, are joint and several, provided, however, the release by any Agent or the Revolving Lender of any one or more such Persons shall not release any other Person obligated on account of this Note. Each reference in this Note to any Borrower, any guarantor, and any endorser, is to such Person individually and also to all such Persons jointly. No Person obligated on account of this Note may seek contribution from any other Person also obligated unless and until all of the Obligations have been paid in full in cash.
		

		
			THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE BORROWERS 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 NOTE OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR THE REVOLVING LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT AGAINST ANY OF THE BORROWERS OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO ABOVE. EACH
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			OF THE BORROWERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
		

		
			Each Borrower makes the following waiver knowingly, voluntarily, and intentionally, and understands that the Agents and the Revolving Lender, in the establishment and maintenance of their respective relationship with the Borrowers contemplated by this Note, are each relying thereon. EACH BORROWER, EACH GUARANTOR, EACH ENDORSER, AND THE REVOLVING LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH BORROWER AND THE REVOLVING LENDER, BY ITS ACCEPTANCE HEREOF, (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THE CREDIT AGREEMENT AND THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS HEREIN.
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

		
			IN WITNESS WHEREOF, the Borrowers have each caused this Note to be duly executed as of the date set forth above.
		

			
					
						 

					
					
						Borrowers:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., a Utah

				
	
					
						 

					
					
						corporation, as Lead Borrower and as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE SOUTHWEST,

				
	
					
						 

					
					
						INC., a California corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MINNESOTA MERCHANDISING CORP., a

				
	
					
						 

					
					
						Minnesota corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PACIFIC FLYWAY WHOLESALE, LLC, a

				
	
					
						 

					
					
						Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Revolving Note

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE

				
	
					
						 

					
					
						DEVELOPMENT I, LLC, a Delaware limited

				
	
					
						 

					
					
						liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE

				
	
					
						 

					
					
						DEVELOPMENT II, LLC, a Delaware limited

				
	
					
						 

					
					
						liability company, as a Borrower

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Revolving Note

		

 

		

		
			Exhibit C-2
		

		

		
			AMENDED AND RESTATED SWING LINE NOTE
		

		

		
			 
		

			
					
						$                      

					
					
						May 23, 2018

				

		
			 
		

		
			FOR VALUE RECEIVED, the undersigned (individually, a "Borrower" and, collectively, the "Borrowers"), jointly and severally promise to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (hereinafter, with any subsequent holders, the "Swing Line Lender"), at One Boston Place, 19th Floor, Boston, Massachusetts 02108, the principal sum of ________ MILLION DOLLARS ($_______), or, if less, the aggregate unpaid principal balance of Swing Line Loans made by the Swing Line Lender to or for the account of any Borrower pursuant to the Amended and Restated Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer, with interest at the rate and payable in the manner stated therein.
		

		
			This is a "Note" to which reference is made in the Credit Agreement and is subject to all terms and provisions thereof. The principal of, and interest on, this Note shall be payable at the times, in the manner, and in the amounts as provided in the Credit Agreement and shall be subject to prepayment and acceleration as provided therein. Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.
		

		
			The Administrative Agent's books and records concerning the Loans, the accrual of interest thereon, and the repayment of such Loans, shall, absent manifest error, be prima facie evidence of the indebtedness to the Swing Line Lender hereunder.
		

		
			No delay or omission by any Agent or the Swing Line Lender in exercising or enforcing any of such Agent's or the Swing Line Lender's powers, rights, privileges, remedies, or discretions hereunder shall operate as a waiver thereof on that occasion nor on any other occasion. No waiver of any Event of Default shall operate as a waiver of any other Event of Default, nor as a continuing waiver of any such Event of Default (unless specifically stated in such waiver).
		

		
			Each Borrower, each guarantor and each endorser of this Note, waives presentment, demand, notice, and protest, and also waives any delay on the part of the holder hereof. Each Borrower assents to any extension or other indulgence (including, without limitation, the release 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			or substitution of Collateral) permitted by any Agent and/or the Swing Line Lender with respect to this Note and/or any Collateral or any extension or other indulgence with respect to any other liability or any collateral given to secure any other liability of any Borrower or any other Person obligated on account of this Note.
		

		
			This Note shall be binding upon each Borrower, and each guarantor and endorser hereof, and upon their respective successors, assigns, and representatives, and shall inure to the benefit of Swing Line Lender and its successors, endorsees, and assigns.
		

		
			The liabilities of each Borrower, of each guarantor, and of any endorser of this Note, are joint and several, provided, however, the release by any Agent or the Swing Line Lender of any one or more such Persons shall not release any other Person obligated on account of this Note. Each reference in this Note to any Borrower, any guarantor, and any endorser, is to such Person individually and also to all such Persons jointly. No Person obligated on account of this Note may seek contribution from any other Person also obligated unless and until all of the Obligations have been paid in full in cash.
		

		
			THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE BORROWERS 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 NOTE OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR THE SWING LINE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT AGAINST ANY OF THE BORROWERS OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO ABOVE. EACH OF THE BORROWERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
		

		
			Each Borrower makes the following waiver knowingly, voluntarily, and intentionally, and understands that the Agents and the Swing Line Lender, in the establishment and maintenance of their respective relationship with the Borrowers contemplated by this Note, are each relying thereon. EACH BORROWER, EACH GUARANTOR, EACH ENDORSER, AND THE SWING LINE LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH BORROWER AND THE SWING LINE LENDER, BY ITS ACCEPTANCE HEREOF, (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND THE SWING LINE LENDER HAVE BEEN INDUCED TO ENTER INTO THE CREDIT AGREEMENT AND THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS HEREIN.
		

		
			This Note is issued in exchange for, and amends, restates and replaces in its entirety, that certain Swing Line Loan Note, dated as of May 28, 2010 (the "Restated Note") in the original principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) made payable by the undersigned to the order of Wells Fargo Retail Finance, LLC (predecessor by merger to the Swing Line Lender). It is expressly agreed that the indebtedness evidenced by the Restated Note has not been extinguished or discharged hereby. Each of the Borrowers agrees that the execution of and delivery of this Note is not intended to and shall not cause or result in a novation with respect to the Restated Note.
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

		
			IN WITNESS WHEREOF, the Borrowers have each caused this Note to be duly executed as of the date set forth above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Borrowers:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., a Utah

				
	
					
						 

					
					
						corporation, as Lead Borrower and as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE SOUTHWEST,

				
	
					
						 

					
					
						INC., a California corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MINNESOTA MERCHANDISING CORP., a

				
	
					
						 

					
					
						Minnesota corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PACIFIC FLYWAY WHOLESALE, LLC, a

				
	
					
						 

					
					
						Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Amended and Restated Swing Line Note

		

 

		

		
			 
		

			
					
						 

					
					
						SPORTSMAN'S WAREHOUSE

				
	
					
						 

					
					
						DEVELOPMENT I, LLC, a Delaware limited

				
	
					
						 

					
					
						liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE

				
	
					
						 

					
					
						DEVELOPMENT II, LLC, a Delaware limited

				
	
					
						 

					
					
						liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Amended and Restated Swing Line Note

		

 

		

		
			Exhibit C-3
		

		

		
			TERM NOTE
		

		

		
			 
		

			
					
						$

					
					
						 

					
					
						May 23, 2018

				

		
			 
		

		
			FOR VALUE RECEIVED, the undersigned (individually, a "Borrower" and, collectively, the "Borrowers"), jointly and severally promise to pay to the order of [__________________] (hereinafter, with any subsequent holders, the "Term Lender"), c/o Wells Fargo Bank, National Association, One Boston Place, 18th Floor, Boston, Massachusetts 02108, the principal sum of [________] ($___________), or, if less, the aggregate unpaid principal balance of the portion of the Term Loan made by the Term Lender to or for the account of any Borrower pursuant to the Amended and Restated Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer, with interest at the rate and payable in the manner stated therein.
		

		
			This is a "Term Note" to which reference is made in the Credit Agreement and is subject to all terms and provisions thereof. The principal of, and interest on, this Note shall be payable at the times, in the manner, and in the amounts as provided in the Credit Agreement and shall be subject to prepayment and acceleration as provided therein. Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.
		

		
			The Administrative Agent's books and records concerning the Term Loan, the accrual of interest thereon, and the repayment of the Term Loan, shall, absent manifest error, be prima facie evidence of the indebtedness to the Term Lender hereunder.
		

		
			No delay or omission by any Agent or the Term Lender in exercising or enforcing any of such Agent's or the Term Lender's powers, rights, privileges, remedies, or discretions hereunder shall operate as a waiver thereof on that occasion nor on any other occasion. No waiver of any Event of Default shall operate as a waiver of any other Event of Default, nor as a continuing waiver of any such Event of Default (unless specifically stated in such waiver).
		

		
			Each Borrower, each guarantor, and each endorser of this Note, waives presentment, demand, notice, and protest, and also waives any delay on the part of the holder hereof. Each Borrower assents to any extension or other indulgence (including, without limitation, the release or substitution of Collateral) permitted by any Agent and/or the Term Lender with respect to this Note and/or any Collateral or any extension or other indulgence with respect to any other 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			liability or any collateral given to secure any other liability of any Borrower or any other Person obligated on account of this Note.
		

		
			This Note shall be binding upon each Borrower, each guarantor, and each endorser hereof, and upon their respective successors, assigns, and representatives, and shall inure to the benefit of Term Lender and its successors, endorsees, and assigns.
		

		
			The liabilities of each Borrower, of any guarantor, and of any endorser of this Note, are joint and several, provided, however, the release by any Agent or the Term Lender of any one or more such Persons shall not release any other Person obligated on account of this Note. Each reference in this Note to any Borrower, any guarantor, and any endorser, is to such Person individually and also to all such Persons jointly. No Person obligated on account of this Note may seek contribution from any other Person also obligated unless and until all of the Obligations have been paid in full in cash.
		

		
			THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE BORROWERS 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 NOTE OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR THE TERM LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT AGAINST ANY OF THE BORROWERS OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
		

		
			EACH OF THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO ABOVE. EACH OF THE BORROWERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
		

		
			Each Borrower makes the following waiver knowingly, voluntarily, and intentionally, and understands that the Agents and the Term Lender, in the establishment and maintenance of their respective relationship with the Borrowers contemplated by this Note, are each relying thereon. EACH BORROWER, EACH GUARANTOR, EACH ENDORSER, AND THE TERM LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH BORROWER AND THE TERM LENDER, BY ITS ACCEPTANCE HEREOF, (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT THE ADMINISTRATIVE AGENT AND THE TERM LENDER HAVE BEEN INDUCED TO ENTER INTO THE CREDIT AGREEMENT AND THIS NOTE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS HEREIN.
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

		
			IN WITNESS WHEREOF, the Borrowers have each caused this Note to be duly executed as of the date set forth above.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Borrowers:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., a Utah corporation, as Lead Borrower and as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE SOUTHWEST, INC., a California corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MINNESOTA MERCHANDISING CORP., a Minnesota corporation, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PACIFIC FLYWAY WHOLESALE, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			
		

		

		 

		

			Signature Page to Term Note

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE DEVELOPMENT I, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE DEVELOPMENT II, LLC, a Delaware limited liability company, as a Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Term Note

		

 

		

		
			EXHIBIT D
		

		
			Form of Compliance Certificate
		

		
			COMPLIANCE CERTIFICATE
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Date of Certificate:

					
					
						 

				

		
			 
		

		
			To:    Wells Fargo Bank, National Association, as Administrative Agent
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to that certain Amended and Restated Credit Agreement, dated as of May 23, 2018 (as amended, modified, supplemented or restated and in effect from time to time, the "Credit Agreement"), by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto (individually, a "Borrower" and, collectively with the Lead Borrower, the "Borrowers"), (ii) the other Borrowers, (iii) the Guarantors from time to time party thereto (individually, a "Guarantor" and, collectively, the "Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer. Capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement.
		

		
			The undersigned, in his capacity as a duly authorized and acting Responsible Officer of the Lead Borrower, hereby certifies on behalf of the Lead Borrower and each of the other Loan Parties as of the date hereof the following:
		

		
			1.    No Defaults or Events of Default.
		

		
			(a)    Since _________ (the date of the last similar certification), and except as set forth in Appendix I, no Default or Event of Default has occurred.
		

		
			(b)    If a Default or Event of Default has occurred since ________ (the date of the last similar certification), the Loan Parties have taken or propose to take those actions with respect to such Default or Event of Default as described on said Appendix I.
		

		
			2.    Rent Taxes and Insurance.
		

		
			(a)    Except as set forth on Appendix Il, (i) all rent owing under any Leases, and all obligations and liabilities in respect of Taxes, are current and being paid on a
		

		
			
		

		
			

		 

		

			-  1  -

		

 

		

		
			timely basis, and (ii) no Loan Party has received notice that any material obligations or liabilities in respect of utilities have not been timely paid or has received notice that any obligations or liabilities in respect of insurance premiums that have not been timely paid. Appendix II describes the details of all past due payments (if any) and the steps (if any) being taken or contemplated by the Loan Parties to be taken on account thereof. Copies of any related default, cure or late notices concerning any obligations have been enclosed herewith.
		

		
			(b)    Appendix II describes the details of any new Store openings, or closings of any Store, since the date of the last similar certification.
		

		
			3.    Intellectual Property. Since _______ (the date of the last similar certification), and except as set forth in Appendix III, no Loan Party has acquired any additional material Intellectual Property.
		

		
			4.    Financial Statements.
		

		
			[Use following paragraph (a) for fiscal year-end deliveries pursuant to Section 6.01 (a) of the Credit Agreement]
		

		
			(a)    Attached hereto as Appendix IV are the Consolidated and, if requested by Administrative Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of Fiscal Year ________ required by Section 6.01(a) of the Credit Agreement, and the related consolidated, and if so requested, consolidating statements of income or operations, Shareholders' Equity and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and prepared in accordance with GAAP, together with a report and unqualified opinion of a Registered Public Accounting Firm reasonably acceptable to the Administrative Agent, prepared in accordance with generally accepted auditing standards and not subject to any "going concern" or like qualification or exception or any qualification or exception as to the scope of such audit. The below Responsible Officer of the Lead Borrower hereby certifies that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Parent and its Subsidiaries;
		

		
			[Use following paragraph (b) for fiscal quarter-end deliveries pursuant to Section 6.01 (b) of the Credit Agreement]
		

		
			(b)    Attached hereto as Appendix IV is the Consolidated and, if requested by Administrative Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of Fiscal Quarter ______, and the related consolidated, and if so requested, consolidating statements of income or 
		

		
			
		

		
			

		 

		

			-  2  -

		

 

		

		
			operations, Shareholders' Equity and cash flows for such Fiscal Quarter and for the portion of the Parent's Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set forth in the projections delivered pursuant to Section 6.01(d) Credit Agreement, (B) the corresponding Fiscal Quarter of the previous Fiscal Year and (C) the corresponding portion of the previous Fiscal Year, all in reasonable detail, such Consolidated statements certified by the below Responsible Officer of the Lead Borrower as fairly presenting the financial condition, results of operations, Shareholders' Equity and cash flows of the Parent and its Subsidiaries as of the end of such Fiscal Quarter in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes. The below Responsible Officer of the Lead Borrower further certifies that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Parent and its Subsidiaries;
		

		
			[Use following paragraph (c) for month-end deliveries pursuant to 6.01(c) of the Credit Agreement]
		

		
			(c)    Attached hereto as Appendix IV is the consolidated and, if requested by Administrative Agent, consolidating balance sheet of the Parent and its Subsidiaries as at the end of Fiscal Month _______, and the related consolidated, and if so requested, consolidating statements of income or operations, Shareholders' Equity and cash flows for such Fiscal Month, and for the portion of the Parent's Fiscal Year then ended, setting forth in each case in comparative form the figures for (A) such period set forth in the projections delivered pursuant to Section 6.01(d) of the Credit Agreement, (B) the corresponding Fiscal Month of the previous Fiscal Year and (C) the corresponding portion of the previous fiscal year, all in reasonable detail. The below Responsible Officer of the Lead Borrower hereby certifies such statements as fairly presenting the financial condition, results of operations, Shareholders' Equity and cash flows of the Parent and its Subsidiaries as of the end of such Fiscal Month in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes, and it is further certified by the below Responsible Officer of the Lead Borrower that such statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Parent and its Subsidiaries;
		

		
			(d)    No Material Accounting Changes, Etc.
		

		
			The financial statements furnished to the Administrative Agent for the [Fiscal Year/Fiscal Quarter/Fiscal Month] ending ______ were prepared in accordance with GAAP and present fairly in all material respects the financial condition,
		

		
			
		

		
			

		 

		

			-  3  -

		

 

		

		
			results of operations and cash flows of the Parent and its Subsidiaries, as of the end of the period(s) covered, subject only to, with respect to the quarterly financial statements, normal year-end audit adjustments and the absence of footnotes.
		

		
			(e)    Except as set forth in Appendix V, there has been no change in GAAP used in the preparation of the financial statements furnished to the Administrative Agent for the [Fiscal Year/Fiscal Quarter/Fiscal Month] ending            . If any such change has occurred, a statement of reconciliation conforming such financial statements to GAAP is attached hereto in Appendix V.
		

		
			[Omit the following Section 5 for month end deliveries pursuant to 6.01 (c) of the Credit Agreement]
		

		
			5.    Management Analysis. Attached hereto as Appendix VI is a copy of the discussion and analysis prepared by the management of the Lead Borrower with respect to the financial statements delivered herewith.
		

		
			
		

		
			

		 

		

			-  4  -

		

 

		

		
			IN WITNESS WHEREOF, a duly authorized and acting Responsible Officer of the Lead Borrower, on behalf of the Lead Borrower and each of the other Loan Parties, has duly executed this Compliance Certificate as of _________________, 20___.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Lead Borrower:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SPORTSMAN'S WAREHOUSE, INC., 

				
	
					
						 

					
					
						a Utah corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Kevan Talbot

				
	
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		
			

		 

		

			-  5  -

		

 

		

		
			APPENDIX I
		

		
			Except as set forth below, no Default or Event of Default has occurred. [If a Default or Event of Default has occurred, the following describes the nature of the Default or Event of Default in reasonable detail and the steps, if any, being taken or contemplated by the Loan Parties to be taken on account thereof.]
		

		
			
		

		
			

		 

		

			-  6  -

		

 

		

		
			APPENDIX II
		

		
			Except as set forth below, (i) all rent owing under any Leases, and all obligations and liabilities in respect of Taxes, are current and being paid on a timely basis and (ii) no Loan Party has received notice that any material obligations or liabilities in respect of utilities have not been timely paid or has received notice that any obligations or liabilities in respect of insurance premiums that have not been timely paid. [If any obligations and liabilities of the Loan Parties in respect of rent, utilities, Taxes and/or insurance premiums are not current, the following describes the details of all past due payments (if any) and the steps (if any) being taken or contemplated by the Loan Parties to be taken on account thereof.]
		

		
			Details of any new Store openings, or closings of any Store.
		

		
			
		

		
			

		 

		

			-  7  -

		

 

		

		
			APPENDIX III
		

		
			[Intellectual Property]
		

		
			
		

		
			

		 

		

			-  8  -

		

 

		

		
			APPENDIX IV
		

		
			[Financial Statements]
		

		
			
		

		
			

		 

		

			-  9  -

		

 

		

		
			APPENDIX V
		

		
			[GAAP Changes]
		

		
			
		

		
			

		 

		

			-  10  -

		

 

		

		
			APPENDIX VI
		

		
			[Management Analysis]
		

		
			 
		

		
			 
		

		
			

		 

		

			-  11  -

		

 

		

		
			EXHIBIT E
		

		
			FORM OF ASSIGNMENT AND ASSUMPTION
		

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

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

			
					
						l. 

					
					
						Assignor[s]:

					
					
						    

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2.

					
					
						Assignee[s]:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

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

				

		
			 
		

		
			 
		

		

			
	
			
				 1
			

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

			
	
			
				 2
			

			
	
			
			Select as appropriate.

			
	
			
				 3
			

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

		
			
		

		
			

		 

		

			 

		

 

		

		
			3.    Borrowers: Sportsman's Warehouse, Inc., a Utah corporation, as Lead Borrower (the "Lead Borrower") for itself and the other Borrowers party to the Credit Agreement from time to time (together with the Lead Borrower, individually, a "Borrower", and collectively, the "Borrowers").
		

		
			4.    Administrative Agent: Wells Fargo Bank, National Association, as the Administrative Agent under the Credit Agreement.
		

		
			5.    Term Loan Agent: Wells Fargo Bank, National Association, as the Term Loan Agent under the Credit Agreement.
		

		
			6.    Credit Agreement: Amended and Restated Credit Agreement dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time) by, among others, (i) the Lead Borrower, (ii) the Borrowers, (iii) the Guarantors party thereto from time to time, (iv) the lenders party thereto from time to time, (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender, and (vi) Wells Fargo Bank, National Association, as Term Loan Agent.
		

		
			7.    Assigned Interest[s]:
		

			
					
						Assignor[s]4

					
					
						Assignee[s]5

					
					
						Facility
Assigned6

					
					
						Amount of
Assignor's
[Revolving]
[Term]

					
						Commitment/
Loans7

					
					
						Amount of
[Revolving]
[Term]
Commitment/
Loans
Assigned8

					
					
						Percentage of
Assignor's
[Revolving]
[Term]
Commitment/
Loans9

					
					
						Resulting
[Revolving]
[Term]
Commitment/
Loans of
Assignor

					
					
						Resulting
[Revolving]
[Term]
Commitment/
Loans of
Assignee

				
	
					
						 

					
					
						 

					
					
						 

					
					
						$_______

					
					
						$_______

					
					
						______%

					
					
						$_______

					
					
						_______%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						$_______

					
					
						$_______

					
					
						______%

					
					
						$_______

					
					
						_______%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			[8.    Trade Date: ____________________________]10
		

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

		

		
			4         List each Assignor, as appropriate.
		

		
			5         List each Assignee, as appropriate.
		

		
			6         Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (such as Revolving Loans or Term Loan).
		

		
			7         Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.
		

		
			8         Subject to minimum amount requirements pursuant to Section 10.06(b)(i) of the Credit Agreement and subject to proportionate amount requirements pursuant to Section 10.06(b)(ii) of the Credit Agreement.
		

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

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

		
			
		

		
			

		 

		

			 

		

 

		

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

			
					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ASSIGNOR

				
	
					
						 

					
					
						[NAME OF ASSIGNOR]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ASSIGNEE

				
	
					
						 

					
					
						[NAME OF ASSIGNEE]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						[Consented to and]11 Accepted:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent [, L/C Issuer and Swing Line Lender]12

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		

		
			11       To the extent that the Administrative Agent's consent is required under Sections 10.06(b)(i)(B) or 10.06(b)(iii)(B) of the Credit Agreement.
		

		
			12       To the extent that the L/C Issuer's and/or Swing Line Lender's consent is required under Section 10.06(b)(iii)(C) and/or 10.06(b)(iii)(D) of the Credit Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						[Consented to:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as Term Loan Agent

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						]13

				

		
			 
		

		
			 
		

		

		
			13       To the extent that the Term Loan Agent's consent is required under Section 10.06(b)(i)(B) of the Credit Agreement.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			 
		

			
					
						[Consented to:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE, INC.,

					
					
						 

				
	
					
						a Utah corporation, as Lead Borrower

					
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						]14

				

		
			 
		

		
			 
		

		

		
			14       To the extent required under Sections 10.06(b)(i)(B) or 10.06(b)(iii)(A) of the Credit Agreement.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
		

		
			Reference is made to the Amended and Restated Credit Agreement dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, (i) Sportsman's Warehouse, Inc., a Utah corporation, as Lead Borrower (in such capacity, the "Lead Borrower") for itself and the other Borrowers party thereto from time to time (individually, a "Borrower" and, collectively, the "Borrowers"), (ii) the Borrowers from time to time party thereto, (iii) the Guarantors from time to time party thereto, (iv) the lenders from time to time party thereto, (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender, and L/C Issuer, and (vi) Wells Fargo Bank, National Association, as Term Loan Agent. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement.
		

		
			STANDARD TERMS AND CONDITIONS FOR 
		

		
			ASSIGNMENT AND ASSUMPTION
		

		
			1.        Representations and Warranties.
		

		
			1.1.    Assignor. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Loan Parties or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Loan Parties or any other Person of any of their respective obligations under any Loan Document.
		

		
			1.2.   Assignee. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a [Revolving][Term] Lender under the Credit Agreement, (ii) it meets all the requirements to be an Eligible Assignee under the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b) of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a [Revolving][Term] Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a [Revolving][Term] Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a [Revolving][Term] Lender.
		

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

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

		
			4.   Fees. Unless waived by the Agent in accordance with Section 10.06(b)(iv) of the Credit Agreement, this Assignment and Assumption shall be delivered to the Agent with a processing and recordation fee of $3,500.
		

		
			5.   Delivery. If the Assignee is not a Lender, the Assignee shall deliver to the Agent an Administrative Questionnaire.
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT F
		

		
			FORM OF JOINDER AGREEMENT
		

		
			This JOINDER AGREEMENT (this "Joinder") is made as of ________, _____, by and among:
		

		
			[_________], a [_____] (the [“New Borrower”][“New Guarantor”]), with its principal executive offices at [________];
		

		
			The other Loan Parties referred to on the signature pages hereof; and
		

		
			WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent;
		

		
			in consideration of the mutual covenants herein contained and benefits to be derived herefrom.
		

		
			W I T N E S S E T H :
		

		
			A.           Reference is made to a certain Amended and Restated Credit Agreement, dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement"), by, among others, (i) SPORTSMAN'S WAREHOUSE, INC., a Utah corporation (in such capacity, the "Lead Borrower"), as representative for the Borrowers from time to time party thereto, (ii) the Borrowers party thereto as of the date hereof (individually, an "Existing Borrower" and, collectively with the Lead Borrower, the "Existing Borrowers"), (iii) the Guarantors party thereto as of the date hereof (individually, an "Existing Guarantor" and collectively, the "Existing Guarantors"), (iv) the Lenders from time to time party thereto (individually, a "Lender" and, collectively, the "Lenders"), and (v) Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer. All capitalized terms used herein, and not otherwise defined herein, shall have the meanings assigned to such terms in the Credit Agreement.
		

		
			B.           The Loan Parties have advised the Administrative Agent and the Lenders that the Loan Parties have [______]1. It is a requirement pursuant to Section 6.12 of the Credit Agreement, that the New [Borrower][Guarantor] become a party to, and be bound by the terms of, the Credit Agreement and the other Loan Documents in the same capacity and to the same extent as the Existing [Borrowers][Guarantors] thereunder.
		

		
			C.           The New [Borrower][Guarantor] acknowledges and agrees that as the direct or indirect [parent][Subsidiary][Affiliate] of each of the other Loan Parties, it will receive direct and indirect benefits from the providing of the Loans and other financial accommodations by the
		

		
			 
		

		

		
			1          Insert description of acquisition/formation of new loan party, including whether by merger, acquisition, formation, etc.
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			Credit Parties under the Loan Documents, and so desires and is willing to become a party to, and be bound by the terms of, the Credit Agreement and the other Loan Documents in the same capacity and to the same extent as the Existing [Borrowers] [Guarantors] thereunder.
		

		
			NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

		
			l.            Joinder and Assumption of Obligations. Effective as of the date of this Joinder, the New [Borrower][Guarantor] hereby acknowledges that the New [Borrower][Guarantor] has received and reviewed a copy of the Credit Agreement, the Security Agreement and the other Loan Documents, and hereby:
		

		
			(a)          joins in the execution of, and becomes a party to, the Credit Agreement, the Security Agreement and the other Loan Documents as a [Borrower][Guarantor] (and, in the case of the Security Agreement, a Pledgor) thereunder, as indicated with its signature below;
		

		
			(b)          covenants and agrees to be bound by all covenants, agreements, liabilities and acknowledgments of a [Borrower][Guarantor] under the Credit Agreement, the Security Agreement and the other Loan Documents as of the date hereof, in each case, with the same force and effect as if the New Guarantor was a signatory to the Credit Agreement and the other Loan Documents and was expressly named as a [Borrower][Guarantor] therein;
		

		
			(c)          makes all representations, warranties, and other statements of a Guarantor under the Credit Agreement, the Security Agreement and the other Loan Documents, as of the date hereof, in each case, with the same force and effect as if the New Guarantor was a signatory to the Credit Agreement, the Security Agreement and the other Loan Documents and was expressly named as a [Borrower][Guarantor] therein; and
		

		
			(d)          assumes and agrees to perform all applicable duties and Obligations of the Existing [Borrowers][Guarantors] under the Credit Agreement, the Security Agreement and the other Loan Documents.
		

		
			2.           Grant of Security Interest. Without limiting the generality of Section 1 hereof, the New [Borrower][Guarantor] hereby pledges and grants to the Collateral Agent for its benefit and for the benefit of the Credit Parties, as collateral security for the payment and performance in full of all the Secured Obligations (as defined in the Security Agreement), a lien on and security interest in and to all of the right, title and interest of the New [Borrower][Guarantor] in, to and under all Collateral (as defined in the Security 
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			Agreement), and expressly assumes all obligations and liabilities of a [Borrower][Guarantor] and "Pledgor" under the Security Agreement. The New [Borrower][Guarantor] hereby authorizes the Administrative Agent to file financing statements describing the Collateral (as defined in the Security Agreement) as "all assets of the debtor, wherever located, whether now owned or hereafter acquired or arising," or words of similar import.
		

		
			3.           [Guaranty. Without limiting the generality of Section 1 hereof, the New Guarantor (i) joins in the execution of, and becomes a party to, the Facility Guaranty, (ii) irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the due and punctual payment when due (whether at the stated maturity, by required prepayment, by acceleration or otherwise) and performance by each of the Borrowers of all Obligations, (iii) acknowledges and agrees that the New Guarantor is jointly and severally liable for all Obligations, and (iv) agrees that the New Guarantor shall, for all purposes, be deemed to be a "Guarantor", jointly and severally with the Existing Guarantor under the Facility Guaranty.]2 [Fee Letter. Without limiting the generality of Section I hereof, the New Borrower (i) joins in the execution of, and becomes a party to, the Fee Letter, and (ii) acknowledges and agrees that the New Borrower is jointly and severally liable for all Obligations described in the Fee Letter.]3
		

		
			4.           Supplemental Schedules. To the extent that any changes in any representations, warranties, and covenants require any amendments to the schedules to the Credit Agreement, the Security Agreement and or any of the other Loan Documents, such schedules are hereby updated, as evidenced by any supplemental schedules (if any) annexed to this Joinder (it being understood and agreed that any representations made in any Loan Document "as of the Closing Date" shall be deemed made, with respect to the New [Borrower][Guarantor] only, as of the date of this Joinder).
		

		
			5.           Ratification of Loan Documents. Except as specifically amended by this Joinder and the other documents executed and delivered in connection herewith, all of the terms and conditions of the Credit Agreement, the Security Agreement and of the other Loan Documents shall remain in full force and effect as in effect prior to the date hereof, without releasing any Loan Party thereunder or Collateral therefor. The Loan Parties hereby ratify, confirm, and reaffirm that all representations and warranties of the Loan Parties (including, without limitation, the New [Borrower][Guarantor]) contained in the Credit Agreement, the Security Agreement and each other Loan Document are true and correct in all material respects on and as of the date hereof (except (i) to the extent that such representations and warranties are qualified by materiality, in which case they are true and correct in all respects, and (ii) to the extent that such representations and
		

		
			 
		

		

		
			2          Use this bracketed provision for joinders of guarantors only. 
		

		
			3          Use this bracketed provision for joinders of borrowers only.
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or in all respects, as applicable) as of such earlier date). [The Guarantors hereby acknowledge, confirm and agree that the Guaranteed Obligations of the Guarantors under, and as defined in, the Facility Guaranty include, without limitation, all Obligations of the Loan Parties at any time and from time to time outstanding under the Credit Agreement and the other Loan Documents.]4 The Loan Parties hereby acknowledge, confirm and agree that the Security Documents, and any and all Collateral previously pledged to the Collateral Agent, for the benefit of the Credit Parties, pursuant thereto, shall continue to secure all applicable Obligations of the Loan Parties at any time and from time to time outstanding under the Credit Agreement and the other Loan Documents.
		

		
			6.           Conditions Precedent to Effectiveness. This Joinder shall not be effective until each of the following conditions precedent has been fulfilled to the reasonable satisfaction of the Administrative Agent:
		

		
			(a)          This Joinder shall have been duly executed and delivered by the respective parties hereto, and shall be in full force and effect.
		

		
			(b)          All action on the part of the New [Borrower][Guarantor] and the other Loan Parties necessary for the valid execution, delivery and performance by the New [Borrower][Guarantor] and the other Loan Parties of this Joinder and all other documentation, instruments, and agreements to be executed in connection herewith shall have been duly and effectively taken and evidence thereof reasonably satisfactory to the Administrative Agent shall have been provided to the Administrative Agent.
		

		
			(c)          The New [Borrower][Guarantor] (and each other Loan Party, to the extent requested by the Administrative Agent) shall each have delivered the following to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent:
		

		
			(i)          Certificate of Legal Existence and Good Standing, if applicable, issued by the Secretary of the State of its incorporation or organization.
		

		
			(ii)          A certificate of an authorized officer of the due adoption, continued effectiveness, and setting forth the text, of each corporate resolution adopted in connection with the assumption of obligations under the Credit Agreement, the Security Agreement and the other Loan Documents, and attesting to the true signatures of each Person authorized as a signatory to
		

		

		
			4          Include only for joinders of guarantors.
		

		
			
		

		
			

		 

		

			4

		

 

		

		
			any of the Loan Documents, together with true and accurate copies of all Organization Documents.
		

		
			(d)          The Administrative Agent shall have received a written legal opinion of the New [Borrower][Guarantor]'s counsel, addressed to the Administrative Agent, the Collateral Agent and the other Credit Parties, covering such matters relating to the New [Borrower][Guarantor], the Loan Documents and/or the transactions contemplated thereby as the Administrative Agent may reasonably request.
		

		
			(e)          The Collateral Agent shall have received all documents and instruments, including UCC financing statements and Blocked Account Agreements, required by Law or reasonably requested by the Administrative Agent or the Collateral Agent to create or perfect the Lien intended to be created under the Security Documents and all such documents and instruments shall have been so filed, registered or recorded to the satisfaction of the Administrative Agent.
		

		
			(f)          The Administrative Agent shall have received evidence that all insurance policies and endorsements required under the Loan Documents (including, without limitation, lender's loss payable endorsements, additional insured endorsements and notice of cancellation endorsements) have been obtained and are in effect, including with respect to the New [Borrower][Guarantor].
		

		
			(g)          All reasonable fees and Credit Party Expenses incurred by the Agents and the other Credit Parties in connection with the preparation and negotiation of this Joinder and related documents (including the reasonable fees and expenses of counsel to the Agents) shall have been paid in full by the New [Borrower] [Guarantor].
		

		
			(h)          The Loan Parties shall have executed and delivered to the Agents such additional documents, instruments, and agreements as the Administrative Agent or the Collateral Agent may reasonably request.
		

		
			7.          Miscellaneous.
		

		
			(a)         This Joinder 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. Delivery of an executed counterpart of a signature page of this Joinder by telecopy or other electronic transmission (such as pdf) shall be as effective as delivery of a manually executed counterpart of this Joinder.
		

		
			
		

		
			

		 

		

			5

		

 

		

		
			(b)         This Joinder expresses the entire understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof.
		

		
			(c)          Any determination that any provision of this Joinder or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Joinder.
		

		
			(d)         To the extent not paid by the New [Borrower][Guarantor] pursuant to Section 6(g) above, the Loan Parties shall, within ten (10) Business Days after demand therefor, pay all reasonable fees and other Credit Party Expenses of the Agents and the other Credit Parties, including, without limitation, all reasonable attorneys' fees, in connection with the preparation, negotiation, execution and delivery of this Joinder and the other documents, instruments and agreements required pursuant to Section 6 of this Joinder.
		

		
			(e)          The New [Borrower][Guarantor] warrants and represents that the New [Borrower][Guarantor] is not relying on any representations or warranties of the Administrative Agent, the Collateral Agent or the other Credit Parties or their counsel in entering into this Joinder.
		

		
			(f)          THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
		

		
			[SIGNATURE PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			

		 

		

			6

		

 

		

		
			IN WITNESS WHEREOF, each of the undersigned has caused this Joinder to be duly executed and delivered by its proper and duly authorized officer as of the date set forth below.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						New [Borrower][Guarantor]:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						[________], a [_______]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Administrative Agent:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Collateral Agent:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Joinder Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Acknowledged and Agreed:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Existing Borrowers:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE, INC.,

					
						a Utah corporation, as Lead Borrower and as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE SOUTHWEST, INC.,

					
					
						 

				
	
					
						a California corporation, as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						MINNESOTA MERCHANDISING CORP.,

					
					
						 

				
	
					
						a Minnesota corporation, as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						PACIFIC FLYWAY WHOLESALE, LLC,

					
					
						 

				
	
					
						a Delaware limited liability company, as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Joinder Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE DEVELOPMENT I,

					
					
						 

				
	
					
						LLC, a Delaware limited liability company, as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE DEVELOPMENT II,

					
					
						 

				
	
					
						LLC, a Delaware limited liability company, as a Borrower

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						Sportsman's Warehouse, Inc., its Sole Member

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Joinder Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						Existing Guarantors:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						SPORTSMAN'S WAREHOUSE HOLDINGS, 

					
					
						 

				
	
					
						INC., a Delaware corporation, as a Guarantor

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			

		 

		

			Signature Page to Joinder Agreement

		

 

		

		
			Supplemental Schedules
		

		
			[see attached]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

		
			Exhibit G -- Form of Borrowing Base Certificate
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Sportsman's Warehouse, Inc.

					
					
						 

					
					
						 

					
					
						As of Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Borrowing Base Certificate

					
					
						 

					
					
						 

					
					
						Certificate #

					
					
						 

					
					
						 

					
1
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Credit Card Receivables

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Credit Card Receivables as of:

					
					
						 

					
					
						3/31/2018

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less Outstanding Credit Card Fees

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Credit Card Receivables

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
90.0%
					
					
						 

				
	
					
						Total Credit Card Receivables Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						-

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						RETAIL INVENTORY

					
					
						 

					
					
						 

					
					
						 

					
					
						At Retail

					
					
						At Cost

					
					
						 

				
	
					
						Beginning Inventory per Stock Ledger

					
					
						 

					
					
						3/3/2018

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add: Purchases

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Available for Sale

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Sales/Cost of Good Sold

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory per Stock Ledger

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add. DC to Stores Inventory not in either system

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ecommerce Inventory

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory as of:

					
					
						 

					
					
						3/31/2018

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Shrink Reserve (50% of Ending Inventory)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Duck Stamps (Dept #23)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Store Supplies, Shop Parts, Headquarters Inc, Licenses (Dept #6,21,22,60 & 99)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Ineligibles

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Retail Inventory

					
					
						 

					
					
						NOLV

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate (90%)

					
90.0%
					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Retail Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						WHOLESALE INVENTORY

					
					
						 

					
					
						 

					
					
						 

					
					
						At Retail

					
					
						 

					
					
						At Cost

					
					
						 

				
	
					
						Beginning Inventory

					
					
						 

					
					
						3/3/2018

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add: Purchases

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Available for Sale

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Sales/Cost of Good Sold

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory per Stock Ledger

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Stores to DC Inventory not in either system

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory as of:

					
					
						 

					
					
						3/31/2018

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Shrink

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Store Supplies

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Ineligibles

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Wholesale Inventory

					
					
						 

					
					
						NOLV

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate (90%)

					
90.0%
					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total wholesale Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Gross Borrowing Base Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Availability Reserves                                    as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Gift Certificates/Cards (50%)               as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Term Loan Reserve

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Customer Deposits/Layaway (100%)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Availability Reserves

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Revolving Borrowing Base (Capped at $250,000,000)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						AVAILABILITY CALCULATION

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Beginning Principal Balance                                     as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Prior days advance

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Fees charged today

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Legal Fees

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Prior day’s requested lending

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						LIBOR Balance

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						LESS:

					
					
						 

					
					
						Term Loan Advance (assumes to line)

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Ending principal balance prior to advance request   as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADVANCE REQUEST

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Principal Balance

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Standby Letters of Credit

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Commercial Letters of Credit

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total exposure

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						Net Availability After Today’s Request/Pay Down

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Term Loan

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Revolving Borrowing Base (Capped at $250,000,000)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						Total Capped Borrowing Base (Capped at $290,000,000)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Minimum Excess Availability Covenant – 10% of the Adjusted Combined Loan Cap

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						Cash Dominion – 20% of Adjusted Combined Loan Cap

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						Increased BBC Reporting – 20% of Adjusted Combined Loan Cap

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

				
	
					
						The undersigned, a Responsible Officer (as defined In (The Credit Agreement referred to below) of Sportsman's Warehouse, Inc (the “Lead Borrower”), represents and warrants that (A) the information set forth above and the supporting documentation and information delivered herewith (i) is true and correct in all respects, (ii) has been prepared in accordance with the requirements of that certain Amended and Restated Credit Agreement dated May 23, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by, among others, (1) the Lead Borrower as agent for itself and the other Borrowers party thereto (2) the Lenders party thereto, and (3) Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), and (iii) is based on supporting documentation that is satisfactory to the Agent, and (B) no Default or Event of default (as such terms are defined in the Credit Agreement) has occurred and is continuing.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Responsible Officer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Sportsman's Warehouse, Inc.

					
					
						 

					
					
						 

					
					
						As of Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Borrowing Base Certificate

					
					
						 

					
					
						 

					
					
						Certificate #

					
					
						 

					
					
						 

					
1
					
					
						 

				
	
					
						Credit Card Receivables

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Credit Card Receivables as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Outstanding Credit Card Fees

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Credit Card Receivables

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
15.0%
					
					
						 

				
	
					
						Total Credit Card Receivables Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						RETAIL INVENTORY

					
					
						 

					
					
						 

					
					
						 

					
					
						At Retail

					
					
						At Cost

					
					
						 

				
	
					
						Beginning Inventory per Stock Ledger

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add: Purchases

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Available for Sale

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Sales/Cost of Good Sold

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory per Stock Ledger

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add: DC to Stores Inventory not in either system

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ecommerce Inventory

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Shrink Reserve (50% of Ending Inventory)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Duck Stamps (Dept #23)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Store Supplies, Shop Parts, Headquarters Inv, Licenses (Dept #6,21,22,60 & 99)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Ineligibles

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Retail Inventory

					
					
						 

					
					
						NOLV

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate (15%) - Subject to decrease per credit agreement

					
15.0%
					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Retail Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						WHOLESALE INVENTORY

					
					
						 

					
					
						 

					
					
						 

					
					
						At Retail

					
					
						 

					
					
						At Cost

					
					
						 

				
	
					
						Beginning Inventory

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Add: Purchases

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Available for Sale

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less: Sales/Cost of Good Sold

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory per Stock Ledger

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Stores to DC Inventory not in either system

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Inventory as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Less Ineligibles:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Shrink

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Store Supplies

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Ineligibles

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Eligible Wholesale Inventory

					
					
						 

					
					
						NOLV

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Advance Rate (15%) - Subject to decrease per credit agreement

					
15.0%
					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
0.00%
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total wholesale Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Inventory Availability

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Loan Borrowing Base (Capped At $40,000,000)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Beginning Principal Balance 

					
					
						as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Prior days advance

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Fees charged today

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Legal Fees

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						Prior day’s requested lending

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						ADD:

					
					
						 

					
					
						LIBOR Balance

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						LESS:

					
					
						 

					
					
						Prior day’s pay down

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						Ending principal balance prior to advance request 

					
					
						as of:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ADVANCE REQUEST

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Ending Principal Balance

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Term Loan Reserve Calculation

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						—

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						The undersigned, a Responsible Officer (as defined in the Credit Agreement referred to below) of Sportsman's Warehouse, Inc. (the “Lead Borrower”), represents and warrants that (A) the information set forth above and the supporting documentation and information delivered herewith (i) is true and correct in all respects, (ii) has been prepared in accordance with the requirements of that Certain Amended and restated Credit Agreement dated May 23. 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by, among others, (1) the Lead Borrower, as agent for itself and the other Borrowers party thereto. (2) the Lenders party thereto, and (3) Wells Fargo Bank, National Association. as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), and (iii) is based on supporting documentation that is satisfactory to the Agent, and (B) no Default or Event of default (as such terms are defined in the Credit Agreement) has occurred and is counting.

				
	
					
						 

				
	
					
						Responsible Officer

					
					
						 

				
	
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			EXHIBIT H
		

		
			FORM OF CREDIT CARD NOTIFICATION
		

		
			PREPARE ON BORROWER LETTERHEAD - ONE FOR EACH PROCESSOR
		

		
			_____________, _____
		

		
			To:    [Name and Address of Credit Card Processor] (the "Processor")
		

		
			Re:            [__________________] (the "Company")
		

		
			                  Merchant Account Number:________________
		

		
			Dear Sir/Madam:
		

		
			Under various agreements between and among the Company, certain affiliates of the Company, Wells Fargo Bank, National Association, a national banking association with offices at One Boston Place, 18th Floor, Boston, Massachusetts 02108, as administrative agent and collateral agent (in such capacities, the "Agent") for a syndicate of lenders and other credit parties (the "Credit Parties") party to an Amended and Restated Credit Agreement dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement"), the Company has granted to the Agent, for its own benefit and the benefit of the other Credit Parties, a security interest in and to the Company's inventory, accounts, general intangibles, equipment, and other assets, including, without limitation, all amounts due or to become due from the Processor to the Company.
		

		
			Under such agreements, the Company is obligated to deliver (or cause to be delivered) all proceeds of the Company's accounts, accounts receivable, and inventory to the Agent. Such proceeds include all payments with respect to credit card charges (the "Charges") submitted by the Company to the Processor for processing and the amounts which the Processor owes to the Company on account thereof (the "Credit Card Proceeds").
		

		
			1.         Until the Processor receives written notification from an officer of the Agent to the contrary, all amounts as may become due from time to time from the Processor to the Company shall continue to be transferred only as follows:
		

		
			(a)          By ACH, Depository Transfer Check, or Electronic Depository Transfer to:
		

		
			Wells Fargo Bank, National Association
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			ABA #_______________________________
		

		
			Account No. ___________________________
		

		
			Re: Sportsman's Warehouse, Inc.
		

		
			or
		

		
			(b)          As the Processor may be instructed from time to time in writing by an officer of the Agent.
		

		
			2.           Upon request of the Agent, a copy of each periodic statement provided by the Processor to the Company should be provided to the Agent at the following address (which address may be changed upon seven (7) days' written notice given to the Processor by the Agent):
		

		
			Wells Fargo Bank, National Association
		

		
			One Boston Place, 18th Floor
		

		
			Boston, Massachusetts 02108
		

		
			Attention: Peter Foley
		

		
			Re: Sportsman's Warehouse, Inc.
		

		
			3.          The Processor shall be fully protected in acting on any order or direction by the Agent respecting the Charges and the Credit Card Proceeds without making any inquiry whatsoever as to the Agent's right or authority to give such order or direction or as to the application of any payment made pursuant thereto.
		

		
			The Company will indemnify and hold harmless the Processor from any and all liabilities, claims, demands, actions or judgments, including but not limited to attorneys' fees, arising out of or resulting from the acts or omissions of the Processor, its employees, officers or agents in complying with the terms of this letter.
		

		
			This letter may be amended only by the written agreement of the Processor, the Company, and an officer of the Agent and may be terminated solely by written notice signed by an officer of the Agent.
		

		
			[signature page follows]
		

		
			 
		

		
			 
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						[___________], as the Company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						cc:

					
					
						Wells Fargo Bank, National Association

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to Credit Card Notification

		

 

		

		
			EXHIBIT I
		

		
			CERTIFICATION REGARDING BENEFICIAL OWNERS OF LEGAL ENTITY CUSTOMERS
		

		
			I.  GENERAL INSTRUCTIONS
		

		
			What is the purpose of this form?
		

		
			To help the government fight financial crime, federal regulation requires financial institutions to obtain, verify and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
		

		
			Who has to complete this form?
		

		
			This form must be completed by the person opening or updating an account on behalf of a legal entity. For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or individuals opening or updating accounts on their own behalf.
		

		
			What information do I have to provide?
		

		
			This form requires you to provide the name, address, date of birth and Social Security number (or passport number or other similar information, in the case of Non-U.S. Persons) for the following individuals (i.e., the beneficial owners):
		

		
			(i)           Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each individual that owns 25 percent or more of the shares of a corporation); and
		

		
			(ii)         An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer).
		

		
			The number of individuals that satisfy this definition of "beneficial owner" may vary. Under section (i), depending on the factual circumstances, up to four individuals (but as few as zero) may need to be identified. Regardless of the number of individuals identified under section (i), you must provide the identifying information of one individual under section (ii). It is possible that in some circumstances the same individual might be identified under both sections (e.g., the President of Acme, Inc who also holds a 30% equity interest). Thus, a completed form will contain the identifying information of at least one individual (under section (ii)), and up to five individuals (i.e., one individual under section (ii) and four 25 percent equity holders under section (i)).
		

		
			You may also be asked to provide a copy of a driver's license or other identifying document for each beneficial owner and controlling party listed on this form. All information collected by Wells Fargo Bank, National Association or any other lender party to that certain Amended and Restated Credit Agreement dated as of May 23, 2018 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "Credit Agreement") by, among others, Sportsman's Warehouse, Inc., the other borrowers and guarantors party thereto, the lenders party thereto (the "Lenders"), and Wells Fargo Bank, National Association, as agent (in such capacity, the "Agent") for such Lenders and certain other secured parties, will be maintained in accordance with applicable U.S. privacy laws.
		

		
			Note regarding updating information: From time to time the information provided in this form may need to be updated due to changes in the ownership or controlling party of the legal entity customer or its beneficial owners. Further, from time to time the Agent and the Lenders may be required to verify the continued accuracy of the information provided.
		

		
			II    CERTIFICATION OF BENEFICIAL OWNER(S)
		

			
					
						 

					
					
						 

				
	
					
						☐

					
					
						This certification applies to multiple Legal Entity Customers having the same beneficial ownership information, which is provided in sections II(c) and II(d) of this form. If this box is checked, please skip section II(a) and complete the rest of this form, including Schedule A.

				

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						 

					
					
						 

				
	
					
						☐

					
					
						This certification applies only to the Legal Entity Customer listed in section II(a). If this box is checked, please complete the rest of this form, excluding Schedule A.

				

		
			 
		

		
			Persons opening or updating an account on behalf of a legal entity must provide the following information:
		

		
			(a)   Name, Type, Address, and Taxpayer Identification Number (TIN) of the Legal Entity(s) for Which the Account is Being Opened or Updated (i.e., the customer) are provided in:
		

			
					
						 

					
					
						 

				
	
					
						Entity Name: 

					
					
						 

				
	
					
						Entity Type (e.g. Corporation, Partnership, etc.):

					
					
						 

				
	
					
						Entity Address:

					
					
						 

				
	
					
						Entity TIN:

					
					
						 

				

		
			 
		

		
			(b)   Name and Title of Person Opening or Updating Account:
		

			
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

				

		
			 
		

		
			(c)   Beneficial Owner(s): The following information for each individual if any, who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, owns 25 percent or more of the equity interests of either 1) the legal entity listed in section 11(b); or 2) all of the legal entities listed in Schedule A of this form.
		

		
			If no individual meets this definition, please check "Beneficial Owner Not Applicable" below and continue to section 11(d).
		

			
					
						 

					
					
						 

				
	
					
						☐

					
					
						Beneficial Owner Not Applicable

				

		
			 
		

		
			For U.S. Persons:  Indicate if you are a U.S. Citizen, U.S. Resident Alien or Immigrant Refugee and provide Social Security Number (SSN)
For Non-U.S. Persons:  Provide SSN, Individual Taxpayer Identification Number (IT/N), Passport or Other Acceptable ID Information
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name

					
					
						Percentage of
Ownership

					
					
						Date 
of
Birth

					
					
						Residential Street Address

					
					
						For U.S. Persons:

					
					
						For Non-U.S. Persons:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Citizen

					
					
						Passport or Other Acceptable ID

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Resident Alien

					
					
						Type:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  Immigrant Refugee

					
					
						ID#:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN#:

					
						                                             

					
					
						Country of Issuance:

					
						                                                         

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN/ITIN#:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						                                

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Citizen

					
					
						Passport or Other Acceptable ID

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Resident Alien

					
					
						Type:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  Immigrant Refugee

					
					
						ID#:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN#:

					
						                                             

					
					
						Country of Issuance:

					
						                                                         

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN/ITIN#:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						                                

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

	
					
						

					
						

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Citizen

					
					
						Passport or Other Acceptable ID

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Resident Alien

					
					
						Type:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  Immigrant Refugee

					
					
						ID #:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN#:

					
						                                             

					
					
						Country of Issuance:

					
						                                                         

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN / ITIN #:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						                                

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Citizen

					
					
						Passport or Other Acceptable ID

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Resident Alien

					
					
						Type:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  Immigrant Refugee

					
					
						ID #:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN#:

					
						                                             

					
					
						Country of Issuance:

					
						                                                         

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN / ITIN #:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						                                

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			(d)   Controlling Party: The following information for one individual with significant responsibility for managing either 1) the legal entity listed in section II(a); or 2) all of the legal entities listed in Schedule A of this form, such as:
		

			
	
			
				 ·
			

			
	
			
			An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or

			
	
			
				 ·
			

			
	
			
			Any other individual who regularly performs similar functions.

		
			(If appropriate, an individual listed under section II(c) may also be listed in this section (II(d))).
		

		
			For U.S. Persons: Indicate if you are a U.S. Citizen, U.S. Resident Alien or Immigrant Refugee and provide Social Security Number (SSN)
		

		
			For Non-U.S. Persons: Provide SSN, Individual Taxpayer Identification Number (ITIN), Passport or Other Acceptable ID Information
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name

					
					
						Title

					
					
						Date 
of
Birth

					
					
						Residential Street Address

					
					
						For U.S. Persons:

					
					
						For Non-U.S. Persons:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Citizen

					
					
						Passport or Other Acceptable ID

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  U.S. Resident Alien

					
					
						Type:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						☐  Immigrant Refugee

					
					
						ID #:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						SSN#:

					
					
						Country of Issuance:

					
						                                                         

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						                                             

					
					
						SSN / ITIN #:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			I,___________________________ , hereby certify that I am authorized to disclose the information provided in this form and, to the best of my knowledge, the information provided is complete and correct. Further, I authorize the Agent and the Lenders to share the information provided with any individual authorized to open or update accounts on behalf of the legal entity customer and with any potential participant in a syndicated transaction related to the account.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Signature:

					
					
						 

					
					
						Date

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

		
			SCHEDULE A - CERTIFICATION REGARDING BENEFICIAL OWNERS OF LEGAL ENTITY CUSTOMERS
		

		
			(Required only if section II(a) of this form is not completed)
		

		
			The entities listed below all have the same beneficial ownership information, which is provided in sections II(c) and II(d) of this form.
		

			
					
						Entity Name

					
					
						Entity Type
(e.g.
Corporation,
Partnership,
etc)

					
					
						Entity Address

					
					
						Entity Tax
Identification
Number (TIN)

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