Document:

Exhibit 10.1

 

 

 

 

CREDIT AGREEMENT

 

dated as of December 22, 2020

 

among

 

HARVARD BIOSCIENCE, INC.

as the Borrower,

 

THE LENDERS PARTY HERETO,

 

and

 

CITIZENS BANK, N.A.,

as Administrative Agent

 

and 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

and 

 

SILICON VALLEY BANK

 

as Joint Bookrunners, Joint Lead Arrangers and
Syndication Agents

 

 

 

 

 

 

     

     

    

TABLE OF CONTENTS

 

Page

 

	Article 1 Definitions and Rules of Construction	1
	Section 1.1   Definitions	1
	Section 1.2   Classification of Loans and Borrowings	44
	Section 1.3   Terms Generally	44
	Section 1.4   Accounting Terms; GAAP	45
	Section 1.5   Rounding	45
	Section 1.6   References to Time	45
	Section 1.7   Resolution of Drafting Ambiguities	45
	Section 1.8   Status of Loan Document Obligations	46
	Section 1.9   Reserved.	46
	Section 1.10   Interest; LIBOR Notification..	46
	Section 1.11   Divisions..	46
	Article 2 The Credits	47
	Section 2.1   Commitments	47
	Section 2.2   Borrowings, Conversions and Continuations of Loans	47
	Section 2.3   Swingline Loans	49
	Section 2.4   Letters of Credit	51
	Section 2.5   Termination and Reduction of Commitments	57
	Section 2.6   Repayment of Loans; Evidence of Debt	57
	Section 2.7   Prepayments	59
	Section 2.8   Payments Generally; Administrative Agent’s Clawback	61
	Section 2.9   Defaulting Lenders	63
	Section 2.10   Cash Collateral	65
	Section 2.11   Incremental Commitments	67
	Article 3 Interest, Fees, Yield Protection, etc.	69
	Section 3.1   Interest	69
	Section 3.2   Fees	70
	Section 3.3   Alternate Rate of Interest	71
	Section 3.4   Increased Costs; Illegality	72
	Section 3.5   Break Funding Payments	74
	Section 3.6   Taxes	74
	Section 3.7   Mitigation Obligations; Replacement of Lenders	77
	Article 4 Conditions Precedent to Credit Extensions	78
	Section 4.1   Conditions to Initial Credit Extensions	78
	Section 4.2   Conditions to All Credit Extensions	81
	Article 5 Representations and Warranties	81
	Section 5.1   Existence, Qualification and Power; Compliance with Laws	81
	Section 5.2   Authorization; No Contravention	82
	Section 5.3   Governmental Authorization; Other Consents	82
	Section 5.4   Binding Effect	82
	Section 5.5   Financial Statements; No Material Adverse Effect	82
	Section 5.6   Litigation	83
	Section 5.7   Environmental Matters	83
	Section 5.8   Ownership of Properties; Liens	85

 

    	 	- ii -	 

     

    

	Section 5.9   Casualty, Etc	85
	Section 5.10   Investment Company Status, Etc	85
	Section 5.11   Taxes	85
	Section 5.12   ERISA	85
	Section 5.13   Subsidiaries; Equity Interests	86
	Section 5.14   Insurance	87
	Section 5.15   Federal Reserve Regulations, Etc	87
	Section 5.16   Collateral Documents	87
	Section 5.17   Solvency	87
	Section 5.18   Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws	87
	Section 5.19   Material Owned Real Property	88
	Section 5.20   Accuracy of Information, Etc	88
	Section 5.21   Labor Matters	88
	Section 5.22   Absence of Certain Restrictions	89
	Section 5.23   No Default	89
	Section 5.24   Common Enterprise	89
	Section 5.25   Brokers’ Fees	89
	Section 5.26   EEA Financial Institutions	89
	Article 6 Affirmative Covenants	89
	Section 6.1   Financial Statements and Other Information	89
	Section 6.2   Notices of Material Events	91
	Section 6.3   Existence; Conduct of Business	92
	Section 6.4   Payment and Performance of Obligations	92
	Section 6.5   Maintenance of Properties	92
	Section 6.6   Books and Records; Inspection Rights	93
	Section 6.7   Compliance with Laws	93
	Section 6.8   Use of Proceeds	93
	Section 6.9   Information Concerning Collateral	93
	Section 6.10   Insurance	94
	Section 6.11   Casualty Events; Extraordinary Receipts	95
	Section 6.12   Covenant to Guarantee and Provide Security	95
	Section 6.13   Environmental Matters	96
	Section 6.14   Certain Post-Closing Obligations..	96
	Article 7 Negative Covenants	97
	Section 7.1   Indebtedness; Equity Interests	97
	Section 7.2   Liens	98
	Section 7.3   Fundamental Changes; Business; Fiscal Year	99
	Section 7.4   Investments, Loans, Advances, Guarantees and Acquisitions	100
	Section 7.5   Dispositions	101
	Section 7.6   Sale and Lease Back Transactions	102
	Section 7.7   Swap Agreements	102
	Section 7.8   Restricted Payments	102
	Section 7.9   Transactions with Affiliates	103
	Section 7.10   Restrictive Agreements	103
	Section 7.11   Amendment of Material Documents	103
	Section 7.12   Financial Covenants	103
	Section 7.13   Payments on Subordinated Debt	104
	Section 7.14   Government Regulation	104
	Section 7.15   Hazardous Materials	104

 

    	 	- iii -	 

     

    

	Article 8 Events of Default	104
	Section 8.1   Events of Default	104
	Section 8.2   Remedies Upon Event of Default	107
	Section 8.3   Application of Funds	107
	Article 9 The Administrative Agent	109
	Section 9.1   Appointment and Authority	109
	Section 9.2   Rights as a Lender	109
	Section 9.3   Exculpatory Provisions	109
	Section 9.4   Reliance by Administrative Agent	110
	Section 9.5   Delegation of Duties	110
	Section 9.6   Resignation of Administrative Agent	110
	Section 9.7   Non-Reliance on Administrative Agent and Other Lenders	111
	Section 9.8   No Other Duties, Etc	112
	Section 9.9   Administrative Agent May File Proofs of Claim	112
	Section 9.10   Collateral and Guarantee Matters	112
	Section 9.11   Compliance with Flood Insurance Laws	113
	Section 9.12   Cash Management Obligations and Swap Agreement Obligations	113
	Article 10 Miscellaneous	113
	Section 10.1   Notices	113
	Section 10.2   Waivers; Amendments	115
	Section 10.3   Expenses; Indemnity; Damage Waiver	117
	Section 10.4   Successors and Assigns	119
	Section 10.5   Survival	122
	Section 10.6   Counterparts; Integration; Effectiveness; Electronic Execution	123
	Section 10.7   Severability	123
	Section 10.8   Setoff	123
	Section 10.9   Governing Law; Jurisdiction; Consent to Service of Process	124
	Section 10.10   WAIVER OF JURY TRIAL	124
	Section 10.11   Payments Set Aside	124
	Section 10.12   Headings	125
	Section 10.13   Interest Rate Limitation	125
	Section 10.14   Confidentiality	125
	Section 10.15   USA PATRIOT Act	126
	Section 10.16   No Fiduciary Duty	126
	Section 10.17   Acknowledgement and Consent to Bail-In of EEA Financial Institutions	127
	Section 10.18   Certain ERISA Matters	127
	Section 10.19   Acknowledgement Regarding Any Supported QFCs	128

 

SCHEDULES:

 

	Schedule 2.1	Commitments
	Schedule 2.4	Existing Letters of Credit
	Schedule 4.1(f)	Collateral Documents and Related Requirements
	Schedule 5.6	Disclosed Matters
	Schedule 5.13	Subsidiaries; Equity Interests
	Schedule 5.14	Insurance
	Schedule 5.16(a)	UCC Filing Offices 
	Schedule 5.16(b)	Mortgage Filing Offices 
	Schedule 5.19	Owned Real Property

 

    	 	- iv -	 

     

    

	Schedule 7.1	Existing Indebtedness
	Schedule 7.2	Existing Liens
	Schedule 7.4	Existing Investments
	Schedule 7.10	Existing Restrictions
	Schedule 10.1	Notice Information

EXHIBITS:

 

	Exhibit A	Form of Assignment and Assumption
	Exhibit B-1	Form of Committed Loan Notice
	Exhibit B-2	Form of Swingline Loan Notice
	Exhibit C-1	Form of Revolving Loan Note
	Exhibit C-2	Form of Term Loan Note
	Exhibit C-3	Form of Swingline Loan Note
	Exhibit D	Form of Compliance Certificate
	Exhibit E	Form of Closing Certificate
	Exhibit F	Form of Subsidiary Joinder Agreement
	Exhibit G-1	Form of U.S. Tax Compliance Certificate For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes
	Exhibit G-2	Form of U.S. Tax Compliance Certificate For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes
	Exhibit G-3	Form of U.S. Tax Compliance Certificate For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes
	Exhibit G-4	Form of U.S. Tax Compliance Certificate For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes
	Exhibit H	Form of Master Intercompany Note
	Exhibit I	Form of Solvency Certificate
	Exhibit J	Form of Secured Obligation Designation Notice

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- v -	 

     

    

CREDIT AGREEMENT

 

CREDIT AGREEMENT, dated as of December 22, 2020,
among HARVARD BIOSCIENCE, INC. (the “Borrower”), the LENDERS party hereto and CITIZENS BANK, N.A., as Administrative
Agent.

 

RECITALS

 

A.       The
Borrower has requested that the Lenders make loans and other financial accommodations to the Borrower as more fully set forth herein.

 

B.       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 subject to the conditions set forth herein.

 

In consideration of the mutual covenants and
agreements herein contained, the parties hereto covenant and agree as follows:

 

Article 1

Definitions and Rules of Construction

 

Section 1.1              
Definitions. As used in this Credit Agreement, the following terms have the meanings specified below:

 

“ABR Borrowing” means, as
to any Borrowing, the ABR Loans comprising such Borrowing.

 

“ABR Loan” means a Loan (other
than a Swingline Loan) bearing interest based on the Alternate Base Rate.

 

“Acquired EBITDA” means,
with respect to any Acquired Entity or Business for any period, the historical Consolidated EBITDA of such Acquired Entity or Business
for such period as certified by a Financial Officer of the Borrower, which historical Consolidated EBITDA shall be calculated in
a manner consistent with the definition of Consolidated EBITDA herein and to be based on financial statements for such Acquired
Entity or Business prepared in accordance with GAAP (subject to the absence of footnote disclosures and year-end audit adjustments
with respect to financial statements that are not annual audited financial statements), provided that when such Acquired
EBITDA is included in Consolidated EBITDA it shall be on a Pro Forma Basis.

 

“Acquired Entity or Business”
means, for any period, any Person, property, business or asset acquired by the Borrower or any of its Subsidiaries in a Permitted
Acquisition, to the extent not subsequently sold, transferred or otherwise Disposed of during such period.

 

“Acquisition” means any transaction
or series of related transactions resulting, directly or indirectly, in: (a) the acquisition by any Person of (i) all or substantially
all of the assets of another Person or (ii) all or substantially all of any business line, unit or division of another Person,
(b) the acquisition by any Person (i) of in excess of 50% of the Equity Interests of any other Person, or (ii) otherwise causing
any other Person to become a subsidiary of such Person, or (c) a merger, amalgamation consolidation, or any other combination of
any Person with another Person (other than a Person that is a Loan Party or a Subsidiary of a Loan Party) in which a Loan Party
or any of its Subsidiaries is the surviving Person.

 

“Adjusted LIBOR Rate” means,
with respect to any Interest Period, an interest rate per annum equal to the LIBOR Rate in effect for such Interest Period multiplied
by the Statutory Reserve Rate; provided, however, that the Adjusted LIBOR Rate shall at no time be less than
0.50% per annum.

 

     

     

    

“Administrative Agent” means
Citizens Bank, in its capacity as administrative agent for the Lenders or any successor thereto.

 

“Administrative Agent’s Payment
Office” means the Administrative Agent’s office located at 28 State Street, Boston, MA 02109, or such other office
as to which the Administrative Agent may from time to time notify the Borrower and the Lenders.

 

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

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified.

 

“Agent Parties” has the meaning
assigned to such term in Section 10.1(d)(iii).

 

“Agreement Date” means the
first date appearing in this Credit Agreement.

 

“Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective
Rate in effect on such day plus 0.50% per annum and (c) the Daily LIBOR Rate on such day plus 1.00% per annum, provided
that the Alternate Base Rate shall at no time be less than 1.00% per annum. If the Administrative Agent shall have determined (which
determination shall be conclusive absent clearly manifest error) that it is unable to ascertain the Federal Funds Effective Rate
or the Daily LIBOR Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations
in accordance with the terms of the definition of the term Federal Funds Effective Rate, the Alternate Base Rate shall be determined
without regard to clause (b) or (c), as applicable, of the preceding sentence until the circumstances giving rise to such inability
no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the
Daily LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective
Rate or the Daily LIBOR Rate, respectively.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Loan Parties or their respective
Subsidiaries from time to time concerning or relating to bribery or corruption.

 

“Anti-Terrorism
Laws” has the meaning assigned to such term in Section 5.18(c).

 

“Applicable
Lending Office” means for any Lender, such Lender’s office, branch or affiliate designated for LIBOR Loans,
ABR Loans, Swingline Loans or Letters of Credit or participations therein, as applicable, as notified to the Administrative Agent,
any of which offices may be changed by such Lender.

 

“Applicable
Margin” means, with respect to the Term Loans, Revolving Loans, the Swingline Loans, L/C Participation Fees and
Commitment Fees, during the applicable periods set forth below: in the case of (i) ABR Revolving Borrowings, the percentage set
forth in the following table under the heading “ABR Margin”, (ii) Swingline Loans, the percentage set forth in the
following table under the heading “ABR Margin”, (iii) LIBOR Revolving Borrowings and the L/C Participation Fees, the
percentage set forth in the following table under the heading “LIBOR Margin and L/C Participation Fee”, and (iv) Commitment
Fees, the percentage set forth in the following table under the heading “Commitment Fees”:

 

    	 	2	 

     

    

	Pricing

Level	Consolidated Net Leverage Ratio	ABR

Margin	LIBOR

Margin	Commitment Fees
	I	Greater than 3.00:1.00 	3.00%	3.25%	0.500%
	II	Greater than 2.50:1.00 but less than or equal to 3.00:1.00	2.50%	2.75%	0.375%
	III	Greater than 2.00:1.00 but less than or equal to 2.50:1.00	2.00%	2.50%	0.350%
	IV	Greater than 1.50:1.00 but less than or equal to 2.00:1.00	1.75%	2.25%	0.300%
	V	Less than or equal to 1.50:1.00	1.50%	2.00%	0.250%

 

The Applicable Margin shall be determined and adjusted quarterly
on the date (each a “Margin Determination Date”) that is five Business Days after receipt by the Administrative
Agent of the Compliance Certificate pursuant to Section 6.1(c) for the most recently ended fiscal quarter of the Borrower
(but in any event, not later than the 45th day after the end of each of the first three quarterly periods of each Fiscal
Year or the 90th day after the end of each Fiscal Year, as the case may be); provided that (a) the Applicable
Margin shall be based on Pricing Level II until the Margin Determination Date for the first fiscal quarter ending after the Closing
Date, (b) if the Borrower fails to deliver the Compliance Certificate as required by Section 6.1(c) for the most recently
ended fiscal quarter preceding the applicable Margin Determination Date, the Applicable Margin from such Margin Determination Date
shall be based on Pricing Level II until the fifth Business Day after an appropriate Compliance Certificate is delivered, at which
time the Pricing Level shall be determined by reference to the Consolidated Net Leverage Ratio as of the last day of the most recently
ended fiscal quarter of the Borrower preceding such Margin Determination Date. The Applicable Margin shall be effective from one
Margin Determination Date until the next Margin Determination Date. Any adjustment in the Applicable Margin shall be applicable
to all Loans then existing or subsequently made during the applicable period for which the relevant Applicable Margin applies.
Notwithstanding the foregoing, in the event that any financial statement delivered pursuant to Section 6.1(a) or (b)
or any Compliance Certificate delivered pursuant to Section 6.1(c) is inaccurate (regardless of whether (i) this Credit
Agreement is in effect, or (ii) any of the Commitments are in effect, or (iii) any Loans or Letters of Credit are outstanding when
such inaccuracy is discovered or such financial statement or Compliance Certificate was delivered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than
the Applicable Margin applied for such Applicable Period, then (A) the Borrower shall immediately deliver to the Administrative
Agent a corrected Compliance Certificate for such Applicable Period, (B) the Applicable Margin for such Applicable Period shall
be determined as if the Consolidated Net Leverage Ratio in the corrected Compliance Certificate were applicable for such Applicable
Period, and (C) the Borrower shall immediately pay to the Administrative Agent the accrued additional interest and fees owing as
a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Administrative
Agent in accordance with Section 2.8. Nothing in this paragraph shall limit the rights of the Administrative Agent
and Lenders with respect to Section 3.1 and Section 8.1.

 

“Applicable Percentage” means,
at any time (a) with respect to any Lender with a Commitment of any Class, the percentage equal to a fraction the numerator of
which is the amount of such Lender’s Commitment of such Class and the denominator of which is the aggregate amount of all
Commitments of such Class of all Lenders (provided that if the Commitments under the Revolving Facility have terminated
or expired, the Applicable Percentages of the Lenders under the Revolving Facility shall be determined based upon the Revolving
Exposure at such time of the determination pursuant to clause (b) below) and (b) with respect to the Loans of any Class, a percentage
equal to a fraction the numerator of which is such Lender’s Outstanding Amount of the Loans of such Class and the denominator
of which is the aggregate Outstanding Amount of all Loans of such Class.

 

    	 	3	 

     

    

“Appropriate Lenders” means,
at any time, (a) with respect to the Revolving Facility, the Revolving Lenders, (b) with respect to any Letters of Credit, the
L/C Issuer and the Revolving Lenders, (c) with respect to any Swingline Loans, the Swingline Lender and the Revolving Lenders,
(d) with respect to the Term Facility, the Term Lenders, and (e) with respect to any Incremental Term Facility, the applicable
Incremental Term Lenders.

 

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

 

“Approved Line of Business”
means, collectively, (a) those lines of business in which the Borrower and its Subsidiaries operate on the Closing Date (after
giving effect to the Transactions occurring on the Closing Date) and (b) any business or activity that is the same, similar or
otherwise reasonably related, ancillary, complementary or incidental thereto.

 

“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 10.4) and accepted by the Administrative Agent, in substantially the form of Exhibit A
or any other form approved by the Administrative Agent.

 

“Attorney Costs” means when
referring to the Attorney Costs of (a) the Administrative Agent, all reasonable and documented fees and reasonable and documented
out-of-pocket expenses, charges, disbursements and other charges of one law firm (and one local counsel in each relevant jurisdiction
and one special or regulatory counsel for each relevant subject matter to the extent reasonably necessary) and (b) each Credit
Party other than the Administrative Agent, all reasonable and documented fees and reasonable and documented out-of-pocket expenses,
charges, disbursements and other charges of one counsel to each such Credit Party.

 

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

 

“Audited Financial Statements”
means the Form 10-K containing the audited consolidated balance sheet of the Borrower and its Subsidiaries as of the last day of
each of the two most recent Fiscal Years ended at least 90 days prior to the Closing Date and the related audited consolidated
statements of income, comprehensive income, cash flows and shareholders’ equity of the Borrower and its Subsidiaries for
each of the two most recent Fiscal Years ended at least 90 days prior to the Closing Date.

 

“Auto-Renewal Letter of Credit”
has the meaning assigned to such term in Section 2.4(b)(iii).

 

“Availability Period” means,
with respect to the Revolving Facility, the period from and including the Closing Date to but excluding the earlier of the Maturity
Date with respect to the Revolving Facility and, if different, the date of the termination of the Revolving Commitments in accordance
with the provisions of this Credit Agreement.

 

    	 	4	 

     

    

“Back-to-Back Letter of Credit”
means a letter of credit, in form and substance reasonably satisfactory to the L/C Issuer and issued by an issuer reasonably
satisfactory to the L/C Issuer.

 

“Backstopped” means, in respect
of any Letter of Credit that remains outstanding on the applicable date, that the L/C Issuer shall have received (a) a Back-to-Back
Letter of Credit and/or (b) cash or Cash Equivalents, provided that (i) the sum of the maximum drawable amount of such Back-to-Back
Letter of Credit plus the amount of such cash and Cash Equivalents shall not be less than the Minimum Collateral Amount
of the maximum drawable amount of such Letter of Credit, (ii) the arrangements with respect to such cash, Cash Equivalents and
drawings on any Back-to-Back Letter of Credit allow the L/C Issuer to apply the same to reimburse itself with respect to drawings
on, and other sums owing with respect to, such Letter of Credit, and (iii) the requirements under clauses (i) and (ii) of this
defined term are in all respects satisfactory to the L/C Issuer.

 

“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 that is described in the EU Bail-In
Legislation Schedule.

 

“Bankruptcy Code” means Title
11 of the United State Code or any similar federal or state law for the relief of debtors.

 

“Benchmark Replacement” means
the sum of: (a) the alternate benchmark rate (which may include Term SOFR or another rate based on SOFR) that has been selected
by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate
or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a rate of interest as a replacement to the LIBOR Rate for U.S. dollar-denominated syndicated credit facilities
and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less
than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Credit Agreement.

 

“Benchmark Replacement Adjustment”
means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest
Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to: (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or
then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated
credit facilities at such time.

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and frequency of determining
rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate
to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for
the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides
is reasonably necessary in connection with the administration of this Credit Agreement).

 

    	 	5	 

     

    

“Benchmark Replacement Date”
means the earlier to occur of the following events with respect to the LIBOR Rate:

 

(1) in the case of clause (1) or (2) of the
definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information
referenced therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide
the LIBOR Rate; or

 

(2) in the case of clause (3) of the definition
of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the LIBOR Rate:

 

(1) a public statement or publication of information
by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the
LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the LIBOR Rate;

 

(2) a public statement or publication of information
by the regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve System, an insolvency official with
jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the
LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which
states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the LIBOR Rate; or

 

(3) a public statement or publication of information
by the regulatory supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative
Agent in effect announcing that the LIBOR Rate is no longer representative.

 

“Benchmark Transition Start Date”
means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if
such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date
of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication)
and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable,
by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

“Benchmark Unavailability Period”
means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate
and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the
time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for
all purposes hereunder in accordance with Section 3.3(b) and (y) ending at the time that a Benchmark Replacement has replaced
the LIBOR Rate for all purposes hereunder pursuant to Section 3.3(b).

 

    	 	6	 

     

    

“Beneficial Ownership Certification”
means, with respect to the Borrower, a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation,
which certification shall be substantially in the form provided by Administrative Agent or such other form satisfactory to the
Administrative Agent.

 

“Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230.

 

“Benefit Plan” means any
of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

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

 

“Borrower”
has the meaning assigned to such term in the Preamble.

 

“Borrowing” means Loans of
the same Class, Type and currency made, converted or continued on the same date and, in the case of LIBOR Loans, as to which a
single Interest Period is in effect.

 

“Borrowing Minimum” means
(a) in the case of a LIBOR Borrowing, $1,000,000 (b) in the case of an ABR Borrowing, $100,000, and (c) in the case of a Swingline
Loan, $100,000.

 

“Borrowing Multiple” means
(a) in the case of a LIBOR Borrowing, $500,000, (b) in the case of an ABR Borrowing, $100,000, and (c) in the case of a Swingline
Loan, $100,000.

 

“Business Day” means any
day other than a Saturday, Sunday or day on which banks in New York City, New York are authorized or required by law to close;
provided, however, that when used in connection with a LIBOR Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.

 

“Calculation Date” means
(a) the date of delivery of each Committed Loan Notice, (b) the date of issuance, extension or renewal of any Letter of Credit
(other than an Auto-Renewal Letter of Credit) or (c) such additional dates as the Administrative Agent or the Required Lenders
with respect to the Revolving Facility shall specify.

 

“Capital Expenditures” means,
for any period, with respect to any Person, the aggregate of all expenditures (whether paid in cash or other consideration or accrued
as a liability) by such Person and its subsidiaries for the acquisition or leasing (pursuant to a Finance Lease) of fixed or capital
assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that in accordance
with GAAP are or should be included in “property, plant and equipment” or in a similar fixed asset account on its balance
sheet (including all capitalized lease obligations that are paid or due and payable during such period, and it being understood
that “Capital Expenditures” shall not include any portion of the purchase price of a Permitted Acquisition that is
required to be capitalized under GAAP).

 

“Cash Collateralize” means
to deposit in a Controlled Account or to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one
or more of the L/C Issuer or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations
in respect of L/C Obligations, cash or deposit account balances or, if each of the Administrative Agent and the L/C Issuer
shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the L/C Issuer. “Cash Collateral”, “Cash Collateralized”
and “Cash Collateralization” shall have a meaning analogous to the foregoing and shall include the proceeds
of such cash collateral and other credit support.

 

    	 	7	 

     

    

“Cash Equivalents” means
each of the following to the extent, except with respect to items described in clause (f) below, denominated in Dollars:

 

(a)               
debt obligations maturing within one year from the date of acquisition thereof to the extent the principal thereof and interest
thereon is backed by the full faith and credit of the United States;

 

(b)               
commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest
credit rating obtainable from S&P or Moody’s;

 

(c)               
certificates of deposit, banker’s acceptances and time deposits maturing within 270 days from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States or any state, commonwealth or other political subdivision thereof that has a
combined capital and surplus and undivided profits of not less than $500,000,000 or, to the extent not otherwise included, any
Lender, and which is rated at least A-2 by S&P and P-2 by Moody’s in the note or commercial paper rating category;

 

(d)               
repurchase agreements with a term of not more than 30 days for securities described in clause (a) of this definition and entered
into with a financial institution satisfying the criteria described in clause (c) of this definition;

 

(e)               
money market mutual funds, substantially all of the investments of which are in cash or investments contemplated by clauses (a),
(b) and (c) of this definition; and

 

(f)                
with respect to any Foreign Subsidiary, (i) obligations of the national government of the country in which such Foreign Subsidiary
maintains its chief executive office and principal place of business, provided that such country is a member of the Organization
for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (ii) certificates
of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws
of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business, provided
such country is a member of the Organization for Economic Cooperation and Development, and whose short term commercial paper rating
from S&P is at least “A-1” or the equivalent thereof or from Moody’s is at least “P-1” or the
equivalent thereof (any such bank being an “Approved Foreign Bank”), and in each case with maturities of not
more than 270 days from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an
Approved Foreign Bank.

 

“Cash
Management Obligations” means all obligations of the Loan Parties in respect of any Cash Management Services provided
to any Loan Party or its Subsidiaries (whether absolute or contingent and howsoever and whenever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor)) that are (a) owed to the Administrative
Agent or any of its Affiliates, (b) owed on the Closing Date to a Person that is a Lender or an Affiliate of a Lender as of the
Closing Date or (c) owed to a Person that is a Lender or an Affiliate of a Lender at the time such obligations are incurred or
becomes a Lender or an Affiliate of a Lender after it has incurred such obligations, provided that any such provider of
Cash Management Services (other than the Administrative Agent or its Affiliates) executes and delivers a Secured Obligation Designation
Notice to the Administrative Agent.

 

“Cash Management Services”
means, collectively, (a) commercial debit or credit cards, merchant card processing and other services, purchase or debit cards,
including non-card e-payables services, (b) treasury management services (including cash pooling arrangements, controlled disbursement,
netting, overdraft, lockbox and electronic or automatic clearing house fund transfer services, return items, sweep and interstate
depository network services, foreign check clearing services), and (c) any other demand deposit or operating account relationships
or other cash management services.

 

    	 	8	 

     

    

“Casualty Event” means any
event that (a) gives rise to the receipt by any Loan Party or any of its Subsidiaries of any insurance proceeds or condemnation
awards arising from any damage to, destruction of, or other casualty or loss involving, or any seizure, condemnation, confiscation
or taking under power of eminent domain of, or requisition of title or use of or relating to or in respect of any equipment, fixed
assets or Real Property (including any improvements thereon) of such Loan Party or any of its Subsidiaries, and (b) provides Net
Cash Proceeds in the aggregate in excess of $5,000,000 received by the Loan Parties and their Subsidiaries on or after the Closing
Date.

 

“CEA 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.

 

“Change in Law” means the
occurrence, after the Agreement Date, 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, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority or the compliance therewith by any Credit Party (or, for purposes of Section 3.4(b),
by any Applicable Lending Office of such Credit Party or such Credit Party’s holding company, if any); provided that
notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines and directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines and 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
an event or series of events by 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 Agreement Date) shall own directly or indirectly, beneficially or of record, shares representing more
than 40% of the aggregate ordinary voting power or economic interests represented by the issued and outstanding Equity Interests
of the Borrower on a fully diluted basis, (b) a majority of the seats (other than vacant seats) on the board of directors (or equivalent
governing body) of the Borrower shall at any time be occupied by Persons who were neither (i) nominated, approved or appointed
by the board of directors (or equivalent governing body) of the Borrower nor (ii) nominated, approved or appointed by individuals
so nominated, approved, or appointed, (c) the Borrower shall fail to own, directly or indirectly, free and clear of all Liens or
other encumbrances (other than Liens created pursuant to any Loan Document or Liens otherwise permitted pursuant to any Loan Document),
100% of the aggregate ordinary voting power and economic interests represented by the issued and outstanding Equity Interests of
each of its Subsidiaries (or such lesser percentage as may be owned, directly or indirectly, as of the Closing Date or the later
acquisition thereof) except where such failure is as a result of a transaction permitted by the Loan Documents or (d) any change
in control (or similar event, however denominated) with respect to any Loan Party or any of its Subsidiaries shall occur under
and as defined in any indenture or agreement in respect of Indebtedness in an outstanding principal amount in excess of the Threshold
Amount to which any Loan Party or any of its Subsidiaries is a party.

 

“Citizens Bank” means Citizens
Bank, N.A., a national banking association.

 

“Class”, when used in reference
to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Term Loans,
or Swingline Loans or Incremental Term Loans, and, when used in reference to any Commitment, refers to whether such Commitment
is a Revolving Commitment, Term Loan Commitment or Incremental Term Loan Commitment.

 

    	 	9	 

     

    

“Closing Date” means the
date on which the conditions specified in Section 4.1 are satisfied (or waived in accordance with Section 10.2).

 

“Code” means the Internal
Revenue Code of 1986, and the rules and regulations issued thereunder.

 

“Collateral” means all the
“Collateral” as defined in the Collateral Documents and all other property of whatever kind and nature pledged or charged,
or purported to be pledged or charged, as collateral under any Collateral Document. For the avoidance of doubt, the assets of Excluded
Subsidiaries shall not constitute “Collateral”; provided that the term Collateral shall exclude any Voting Equity Interests
in any Foreign Subsidiary, Controlled Foreign Corporation or Foreign Subsidiary Holdco, in each case in excess of 65% of the total
combined voting power of such Foreign Subsidiary, such Controlled Foreign Corporation or such Foreign Subsidiary Holdco.

 

“Collateral Access Agreement”
means each landlord waiver, bailee waiver or other agreement, in form and substance reasonably satisfactory to the Administrative
Agent, between the Administrative Agent and any third party (including any bailee, assignee, consignee, customs broker, or other
similar Person) in possession of any Collateral or any landlord of any Loan Party for any Real Property subject to a Mortgage or
where any Collateral is located.

 

“Collateral and Guarantee Requirement”
means, at any time, the requirement that:

 

(a)               
the Administrative Agent shall have received each Collateral Document required to be delivered on the Closing Date pursuant to
Section 4.1, or, following the Closing Date, pursuant to pursuant to Section 6.14 (to the extent not delivered
on the Closing Date) or Section 6.12, duly executed by each Loan Party that is a party thereto;

 

(b)               
all Secured Obligations shall have been unconditionally guaranteed jointly and severally on a senior basis by the Guarantors;

 

(c)               
except to the extent otherwise provided hereunder or under any Collateral Document, the Secured Obligations shall have been secured
by a perfected first priority (subject to Liens expressly permitted pursuant to Section 7.2) security interest in substantially
all tangible and intangible assets of each Loan Party (including (i) accounts receivable, (ii) deposit accounts, commodity accounts
and security accounts which shall be Controlled Accounts except that no Excluded Account (as such term is defined in the Security
Agreement) shall be required to be a Controlled Account, (iii) inventory, (iv) machinery and equipment, (v) investment property,
(vi) cash, (vii) Intellectual Property, (viii) other general intangibles, (ix) Owned Real Property, (x) Pledged Debt, Pledged Debt
Securities and Pledged Equity Interests (as such terms are defined in the Security Agreement), (xi) motor vehicles (provided
that no action shall be required to be taken to perfect the security interest therein other than the filing of a UCC financing
statement) and (xii) the proceeds of the foregoing), it being understood that in the case of the pledge of Equity Interests, the
Administrative Agent shall have received all stock certificates or other instruments (if any) representing such Equity Interests,
together with stock powers or other instruments of transfer with respect thereto endorsed in blank; provided that the pledge
of any shares in respect of any Subsidiaries that are not Wholly-Owned Subsidiaries shall be limited to the shares actually owned
by the applicable pledgor;

 

(d)               
the Secured Obligations shall have been secured by a first priority security interest in (i) all Indebtedness of the Borrower and
each of its Subsidiaries that is owing to any Loan Party which shall be evidenced by the Master Intercompany Note and (ii) all
other Indebtedness owed to a Loan Party, which if evidenced by a promissory note or other instrument, shall have been pledged to
the Administrative Agent, and in each case under clauses (i) and (ii), the Administrative Agent shall have received the Master
Intercompany Note and such other promissory notes and other instruments together with note powers or other instruments of transfer
with respect thereto endorsed in blank;

 

    	 	10	 

     

    

(e)               
none of the Collateral shall be subject to any Lien other than Liens expressly permitted by Section 7.2; and

 

(f)                
the Administrative Agent shall have received a Perfection Certificate from the Borrower with respect to each Loan Party.

 

The foregoing definition shall not require the creation or perfection
of pledges of or security interests in particular assets if and for so long as the Administrative Agent agrees in writing that
the cost of creating or perfecting such pledges or security interests in such assets shall be excessive in view of the benefits
to be obtained by the Lenders therefrom.

 

The Administrative Agent may grant extensions of time for the perfection
of security interests in and the other requirements pursuant to this definition with respect to particular assets (including extensions
beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably
determines (and without the consent of any other Secured Party), that, except as may be required by law, perfection or other requirements
cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Credit
Agreement or the Collateral Documents.

 

Notwithstanding the foregoing provisions of this definition or anything
in this Credit Agreement or any other Loan Document to the contrary, (a) Liens required to be granted from time to time pursuant
to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations set forth herein and in the Collateral
Documents and, to the extent appropriate in the applicable jurisdiction, as agreed between the Administrative Agent and the Borrower,
(b) in no event shall the Collateral include any Excluded Assets (as such term is defined in the Security Agreement), and (c) notwithstanding
anything to the contrary included in this definition, delivery of only the Collateral Documents required to be delivered by Section 4.1
shall be a condition precedent to the Credit Extensions on the Closing Date.

 

“Collateral
Documents” means, collectively, the Security Agreement, each account control agreement, each Foreign Pledge Agreement,
each Mortgage, each Collateral Access Agreement, each Copyright Security Agreement, each Patent Security Agreement, each Trademark
Security Agreement, each Perfection Certificate, each agreement creating or perfecting rights in Cash Collateral and each other
security agreement, instrument or other document executed or delivered pursuant to the Collateral and Guarantee Requirement, Section 6.12,
Section 6.14 or the Security Agreement to secure any of the Secured Obligations.

 

“Commitment” means with respect
to any Lender, such Lender’s Revolving Commitment, Term Loan Commitment and Incremental Term Loan Commitment (if any).

 

“Commitment Fee” has the
meaning assigned to such term in Section 3.2(a).

 

“Committed Loan Notice” means
a notice of a Borrowing (other than a Swingline Borrowing), a conversion of Loans from one Type to the other, or a continuation
of LIBOR Loans pursuant to Section 2.2(a), which, if in writing, shall be substantially in the form of Exhibit B-1.

 

“Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and any successor statute.

 

    	 	11	 

     

    

“Communications” means, collectively,
any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant
to any Loan Document or the transactions contemplated therein which is distributed to the Administrative Agent, any Lender or any
L/C Issuer by means of electronic communications pursuant to Section 10.1, including through the Platform.

 

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

 

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

 

“Consolidated Current Assets”
means, with respect to the Borrower and its Subsidiaries on a consolidated basis at any date of determination, all assets (other
than cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower
and its Subsidiaries as current assets (or any like caption) at such date.

 

“Consolidated Current Liabilities”
means, with respect to the Borrower and its Subsidiaries on a consolidated basis at any date of determination, all liabilities
that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower and its Subsidiaries as current
liabilities (or any like caption) at such date, other than current liabilities in respect of any Indebtedness (excluding liabilities
associated with customer prepayments and deposits).

 

“Consolidated Depreciation and Amortization
Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense,
including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive
payments, conversion costs and contract acquisition costs, the amortization of original issue discount and amortization of favorable
or unfavorable lease assets or liabilities, of such Person and its Subsidiaries for such period on a consolidated basis and otherwise
determined in accordance with GAAP.

 

“Consolidated EBITDA” means,
with respect to any Person for any period, the Consolidated Net Income of such Person and its Subsidiaries for such period:

 

(a)               
increased (without duplication) by the following, in each case, to the extent deducted (and not added back) in computing Consolidated
Net Income for such Person for such period:

 

(i)                
federal, state, local and foreign income or franchise taxes of such Person and its Subsidiaries paid or payable in cash during
such period; plus

 

(ii)              
Consolidated Interest Expense of such Person and its Subsidiaries to the extent paid or payable in cash or otherwise; plus

 

(iii)            
Consolidated Depreciation and Amortization Expense of such Person and its Subsidiaries; plus

 

(iv)             
non-cash losses and non-cash charges (excluding any non-cash charges that constitute an accrual of or a reserve for future cash
charges or are reasonably likely to result in a cash outlay in a future period); plus

 

(v)               
in the case of the Borrower, reasonable and customary one-time, non-recurring fees, expenses and costs relating to the Transactions
incurred within six months of the Closing Date; plus

 

    	 	12	 

     

    

(vi)             
without duplication of any addbacks provided in the definition of Pro Forma Basis, to the extent not already reflected pursuant
to another provision of this subsection (a), non-recurring losses, non-recurring charges or non-recurring expenses, including integration
costs incurred in connection with Permitted Acquisitions and the Transactions after the Closing Date, restructuring charges, retention
charges, recruiting, relocation, severance and signing bonuses and expenses, systems establishment costs, conversion costs, consulting
fees and any one time expense relating to enhanced accounting function, or any other costs incurred in connection with any of the
foregoing, in each case, reasonably acceptable to the Administrative Agent, provided that the amount of this clause (vi)
shall not exceed in any period 10% of Consolidated EBITDA determined before giving effect to this clause (vi); provided that the
amount of this clause (vi) for the twelve-month periods ending December 31, 2020, March 31, 2021, June 30, 2021 and September 30,
2021 may exceed such 10% threshold so long as such amount does not exceed $5,800,000; and provided, further, that the amount of
this clause (vi) for the twelve-month period ending December 31, 2021 may exceed such 10% threshold so long as such amount does
not exceed $4,250,000; plus

 

(vii)           
without duplication of any addbacks provided in the definition of Pro Forma Basis, losses, charges and expenses attributed to asset
Dispositions (including Dispositions pursuant to Sale and Leaseback transactions) or the sale or other Disposition of any Equity
Interests of any Person other than in the ordinary course of business or the Disposition of any securities or the extinguishment
of any Indebtedness; plus

 

(viii)         
any net realized or unrealized loss during such period resulting from currency transaction or translation losses, including those
related to currency remeasurements of indebtedness (including any losses resulting from swaps and intercompany indebtedness); plus

 

(ix)             
any non-cash impairment losses resulting from any reappraisal, revaluation or write-up or write-down of assets; plus

 

(x)               
any unrealized hedging losses pursuant to hedging agreements; plus

 

(xi)             
any other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure, charge or loss relating to
write-offs, write-downs or reserves with respect to accounts receivable and inventory); and

 

(b)               
decreased (without duplication) by the following, in each case, to the extent taken into account (or added back) in computing Consolidated
Net Income for such Person for such period:

 

(i)                
interest income to the extent received in cash or otherwise during such period; plus

 

(ii)              
any gain realized in connection with the sale or Disposition of assets (including Dispositions pursuant to Sale and Leaseback transactions)
other than in the ordinary course of business or the Disposition of any securities or the extinguishment of any Indebtedness.

 

For purposes of determining the Consolidated Net Leverage Ratio,
(a) there shall be included in determining Consolidated EBITDA of the Borrower and its Subsidiaries for any period, without duplication,
(i) the Acquired EBITDA of any Acquired Entity or Business on a Pro Forma Basis and (b) there shall be excluded in determining
Consolidated EBITDA of the Borrower and its Subsidiaries for any period, the Disposed EBITDA of any Sold Entity or Business on
a Pro Forma Basis. Notwithstanding the foregoing, but subject to any adjustment set forth above with respect to any transactions
occurring after the Closing Date, Consolidated EBITDA shall be $5,865,812, $903,374, $4,562,934 and $3,984,713 for the fiscal quarters
ended December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

 

    	 	13	 

     

    

“Consolidated
Fixed Charge Coverage Ratio” means, with respect to any Measurement Period, for the Borrower and its Subsidiaries,
the ratio of (a) (i) Consolidated EBITDA minus (ii) unfunded Capital Expenditures minus (iii) cash taxes paid or
payable during the applicable Measurement Period minus (iv) the aggregate amount of all Restricted Payments paid in cash
for such Measurement Period to (b) Consolidated Fixed Charges of the Borrower and its Subsidiaries.

 

“Consolidated Fixed Charges”
means, for any Person for any period, the sum, without duplication, of each of the following with respect to such Person, determined
on a consolidated basis in accordance with GAAP:

 

(a)               
Consolidated Interest Expense of such Person for such period, plus

 

(b)               
in the case of the Borrower, the aggregate of all scheduled principal amounts that become payable during such period in respect
of Indebtedness (excluding (i) any prepayment under Section 2.7(b)(ii) and (ii) the repayment of loans in connection
with the Existing Credit Agreement Refinancing made on the Closing Date, but including the principal portion of Finance Lease Obligations).

 

“Consolidated Interest Expense”
means, with respect to any Person and its Subsidiaries for any period, the sum of (a) consolidated total interest expense of such
Person and its Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including (without duplication),
amortization of debt issuance costs and original issue discount, premiums paid to obtain payment, financial assurance or similar
bonds, interest capitalized during construction, non-cash interest payments, the interest component of any deferred payment obligations,
the interest component of all payments under Finance Leases and the implied interest component of Synthetic Lease Obligations (regardless
of whether accounted for as interest expense under GAAP), all commissions, discounts and other fees and charges owed with respect
to letters of credit and bankers’ acceptances and net costs in respect of any obligations under any Swap Agreements constituting
interest rate swaps, collars, caps or other arrangements requiring payments contingent upon interest rates of such Person and its
Subsidiaries), plus (b) all mandatory cash dividends paid or payable on preferred stock during such period other than to
such Person or a Loan Party, plus or minus, as applicable, to the extent they would otherwise be included in interest expense under
GAAP, unrealized gains and losses arising from derivative financial instruments issued by such Person for the benefit of such Person
or its Subsidiaries, in each case determined on a consolidated basis for such period.

 

“Consolidated Net Income”
means, for any Person (the “first Person”) for any period, the sum of net income (or loss) for such period of such
first Person and its subsidiaries determined on a consolidated basis in accordance with GAAP, excluding, without duplication, to
the extent included in determining such net income (or loss) for such period: (a) any income (or loss) of any other Person (the
“second Person”) if such second Person is not a subsidiary of such first Person, except that such first Person’s
equity in the net income of any second Person for such period shall be included in the determination of Consolidated Net Income
up to the aggregate amount of cash actually distributed by such second Person during such period to such first Person or any of
its subsidiaries as a dividend or other distribution, (b) the income (or loss) of any second Person accrued prior to the date it
became a subsidiary of such first Person or is merged into or consolidated with such first person or any of its subsidiaries or
such second Person’s assets are acquired by such first person or any of its subsidiaries, (c) non-recurring gains (or losses),
(d) the income of any subsidiary of such first Person to the extent that the declaration or payment of dividends or similar distributions
by such subsidiary of that income is prohibited by operation of the terms of its charter or any agreement, instrument, judgment,
decree, statute, rule or governmental regulation applicable to such subsidiary, and (e) all non-cash adjustments made to translate
foreign assets and liabilities for changes in foreign exchange rates made in accordance with ASC 830.

 

“Consolidated
Net Leverage Ratio” means, with respect to any Measurement Period, the ratio of (a) (i) Consolidated Total Debt
of the Borrower and its Subsidiaries as of the last day of such Measurement Period minus (ii) up to $5,000,000 of unencumbered
and unrestricted cash of the Borrower and its Subsidiaries to (b) Consolidated EBITDA of the Borrower and its Subsidiaries for
such Measurement Period.

 

    	 	14	 

     

    

“Consolidated Total Debt”
means, with respect to any Person and its Subsidiaries at any time and as determined on a consolidated basis and without duplication,
an amount equal to the sum of Indebtedness of the type set forth in clauses (a), (b), (c), (e), (g), (h) and (k) of the definition
thereof.

 

“Consolidated Working Capital”
means, with respect to the Borrower and its Subsidiaries on a consolidated basis at any date of determination, Consolidated Current
Assets at such date minus Consolidated Current Liabilities at such date.

 

“Contested in Good Faith”
means, with respect to any matter, that such matter is being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking
to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings analogous thereto. Without limiting the generality of the foregoing, a Person shall be deemed to be Controlled by
another Person if such other Person possesses, directly or indirectly, power to vote ten percent (10%) or more of the securities
having ordinary voting power for the election of directors, managing general partners or any equivalent thereof.

 

“Controlled Account” means,
as the context may require, a commodities account, deposit account and/or securities account that is subject to a Control Agreement
(as defined in the Security Agreement) in form and substance satisfactory to the Administrative Agent and, with respect to Cash
Collateral, the L/C Issuer.

 

“Controlled Foreign Corporation”
means a controlled foreign corporation within the meaning of Section 957(a) of the Code.

 

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

 

“Credit Agreement” means
this Credit Agreement.

 

“Credit Extension” means
the making of a Loan or a L/C Credit Extension.

 

“Credit Facilities” means
the Revolving Facility, the Term Facility and any Incremental Term Facility; each, a “Credit Facility”.

 

“Credit Parties” means the
Administrative Agent, the Swingline Lender, the L/C Issuer and the Lenders.

 

“Daily LIBOR Rate” means,
for any day, a rate per annum equal to the Adjusted LIBOR Rate in effect on such day for deposits in Dollars for a one-month Interest
Period (subject to any interest rate floor set forth in the definition of “Adjusted LIBOR Rate”).

 

“Debt Incurrence” means the
incurrence of any Indebtedness by any Loan Party or any of its Subsidiaries (other than Indebtedness permitted by Section 7.1).

 

    	 	15	 

     

    

“Debtor Relief Laws” means
the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect.

 

“Default” means any event
or condition which constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured or waived, become
an Event of Default.

 

“Default Rate” means (a) when
used with respect to the outstanding principal balance of any Loan, the sum of (i) the rate of interest otherwise applicable thereto
plus (ii) 2.00% per annum, and (b) when used with respect to any L/C Borrowing or any interest, fee or other amount payable
under the Loan Documents which shall not have been paid when due, the sum of (i) the Alternate Base Rate plus (ii) the
Applicable Margin applicable to ABR Revolving Borrowings plus (iii) 2.00% per annum.

 

“Defaulting Lender” means,
subject to Section 2.9(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business
Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any
other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans)
within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or the L/C Issuer or
Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm
in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder,
provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower, or (d) has, or has a direct or indirect holding company that has, (i)
become the subject of a proceeding under any Debtor Relief Law, or (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 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 holding company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting
Lender (subject to Section 2.9(b)) upon delivery of written notice of such determination to the Borrower, the L/C Issuer,
the Swingline Lender and each Lender.

 

“Disclosed Matters” means
the actions, suits, proceedings and environmental matters disclosed in Schedule 5.6.

 

“Disposed EBITDA” means,
with respect to any Sold Entity or Business for any period, the historical Consolidated EBITDA of such Sold Entity or Business
for such period as certified by a Financial Officer of the Borrower, which historical Consolidated EBITDA shall be calculated in
a manner consistent with the definition of Consolidated EBITDA herein and to be based on financial statements for such Sold Entity
or Business prepared in accordance with GAAP (subject to the absence of footnote disclosures and year-end audit adjustments with
respect to financial statements that are not annual audited financial statements), provided that when such Disposed EBITDA
is excluded from Consolidated EBITDA it shall be on a Pro Forma Basis).

 

    	 	16	 

     

    

“Disposition” means, with
respect to any Person, the sale, transfer, license, lease or other disposition (including by way of Division, Sale Leaseback or
any sale or issuance of Equity Interests by way of a merger or otherwise) by such Person to any other Person, with or without recourse,
of (a) any notes or accounts receivable or any rights and claims associated therewith, (b) any Equity Interests of any Subsidiary
(other than directors’ qualifying shares), or (c) any other assets, provided, however, that none of the following
shall constitute a Disposition: (i) any sale, transfer, license, lease or other disposition by (A) a Loan Party to another Loan
Party or (B) a Non-Loan Party Subsidiary to another Non-Loan Party Subsidiary, in each case, on terms which are no less favorable
than are obtainable from any Person which is not one of its Affiliates, (ii) the collection of accounts receivable and other obligations
in the ordinary course of business, (iii) sales of inventory in the ordinary course of business, (iv) dispositions of substantially
worn out, damaged, uneconomical, surplus or obsolete equipment, equipment that is no longer useful in the business of the Borrower
or its Subsidiaries, and (v) sales, transfers, licenses, leases or other Dispositions resulting in aggregate Net Cash Proceeds
not exceeding $5,000,000 during any Fiscal Year. Each of the terms “Dispose” and “Disposed”
when used as a verb shall have an analogous meaning.

 

“Disqualified Equity Interest”
means, with respect to any Person, any Equity Interest of such Person which, by its terms, or by the terms of any security or other
Equity Interests into which it is convertible or for which it is exchangeable, or upon the happening of any event or condition,
(a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests and cash in lieu of fractional shares
of such Equity Interests) pursuant to a sinking fund obligation or otherwise (except as a result of a change in control or asset
sale so long as any rights of the holders thereof upon the occurrence of a change in control or asset sale event shall be subject
to the prior occurrence of the Termination Date), (b) is redeemable at the option of the holder thereof (other than solely for
Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes
convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests,
in each case, prior to the date that is 91 days after the Latest Maturity Date at the time such Equity Interests are issued.

 

“Division” means the division
of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons, whether
pursuant to a “plan of division” or similar arrangement pursuant to Section 18-217 of the Delaware Limited
Liability Company Act or any similar provision under the laws of any other applicable jurisdiction and pursuant to which the Dividing
Person may or may not survive.

 

“Dollars” or “$”
refers to lawful money of the United States.

 

“Domestic Subsidiary” means
a Subsidiary incorporated or organized under the laws of the United States, or any state, commonwealth or other political subdivision
thereof (including, for the avoidance of doubt, the District of Columbia).

 

“Early Opt-in Election” means
the occurrence of:

 

(1)(a) a determination by the Administrative
Agent or (b) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required
Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include
language similar to that contained in Section 3.3(b), are being executed or amended, as applicable, to incorporate or adopt
a new benchmark interest rate to replace the LIBOR Rate, and

 

    	 	17	 

     

    

(2)(a) the election by the Administrative Agent
or (b) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable,
by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written
notice of such election to the Administrative Agent.

 

“Earn-Out Obligations” means,
with respect to any Person, obligations of such Person that are recognized under GAAP as a liability of such Person, payable in
cash or which may be payable in cash at the seller’s or obligee’s option arising from the acquisition of a business
or a line of business (whether pursuant to an acquisition of Equity Interests or assets, the consummation of a merger or consolidation
or otherwise) and payable to the seller or sellers thereof.

 

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

 

“Effective Yield” means,
with respect to any Term Facility existing as of any date of determination, the sum of (a) the higher of (i) the Adjusted LIBOR
Rate on such date for a deposit in Dollars with a maturity of one month and (ii) the Adjusted LIBOR Rate “floor”, if
any, with respect thereto as of such date, (b) the Applicable Margin (or other applicable margin) as of such date for LIBOR Loans
(or other loans that accrue interest by reference to a similar reference rate) and (c) the amount of original issue discount and
upfront fees thereon (converted to yield assuming the lesser of (x) a four year average life and (y) the remaining life to maturity,
and without any present value discount), but excluding the effect of any arrangement, structuring, underwriting and syndication
fees and other fees payable in connection therewith that are neither shared with nor generally paid to all Lenders.

 

“Eligible Assignee” means
any Person that meets the requirements to be an assignee under Section 10.4(b)(iii), (v) and (vi) (subject to
such consents, if any, as may be required under Section 10.4(b)(iii)).

 

“Environmental Claims” means
any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of liability,
non-compliance or violation, investigations, proceedings, settlements, consent decrees, consent orders, consent agreements and
all costs and liabilities relating to or arising from or under any Environmental Law, including (a) any and all claims by Governmental
Authorities for enforcement, investigation, corrective action, cleanup, removal, response, remedial or other actions, cost recovery,
damages, natural resource damages or penalties pursuant to or arising under any Environmental Law, (b) any and all claims by any
one or more Persons seeking damages, contribution, restitution, indemnification, cost recovery, compensation or injunctive relief
directly or indirectly resulting from, based upon or arising under Environmental Law, pertaining to Hazardous Materials or an alleged
injury or threat of injury to human health, safety, natural resources, or the indoor or outdoor environment, and (c) all liabilities
contingent or otherwise, expenses, obligations, losses, damages, fines and penalties arising under any Environmental Law.

 

    	 	18	 

     

    

“Environmental Law” means,
collectively and individually any and all federal, state, local, or foreign statute, rule, regulation, code, guidance, ordinance,
order, judgment, directive, decree, injunction or common law as now or previously in effect and regulating, relating to or imposing
liability or standards of conduct concerning: the environment; protection of the environment and natural resources; air emissions;
water discharges; noise emissions; the Release, threatened Release or discharge into the environment and physical hazards of any
Hazardous Material; the generation, handling, management, treatment, storage, transport or disposal of any Hazardous Material or
otherwise concerning pollution or the protection of the outdoor or indoor environment, preservation or restoration of natural resources,
employee or human health or safety, and potential or actual exposure to or injury from Hazardous Materials.

 

“Environmental Liability”
means, in respect of any Person, any statutory, common law or equitable liability, contingent or otherwise of such Person directly
or indirectly resulting from, arising out of or based upon (a) the violation of any Environmental Law or Environmental Permit,
or (b) an Environmental Claim.

 

“Environmental Permit” means
any permit, approval, authorization, certificate, license, variance, filing or permission required by or from any Governmental
Authority pursuant to any Environmental Law.

 

“Equity Interests” means,
with respect to any Person, (a) shares of capital stock of (or other ownership or profit interests in) such Person, (b) 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, (c) securities (other than Indebtedness) 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), (d) all other ownership or profit interests in such Person (including partnership,
member or trust interests therein), whether voting or non-voting, and whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination and (e) any Security Entitlement (as defined in the Security Agreement)
in respect of any Equity Interest described in this definition.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, and the rules and regulations issued thereunder.

 

“ERISA Affiliate” means any
trade or business (whether or not incorporated) that, together with any Loan Party, is treated as a single employer under Section 414(b)
or 414(c) of the Code or, solely for purposes of Sections 302 and 303 of ERISA and Sections 412 and 430 of the Code,
is treated as a single employer under subsection (b), (c), (m) or (o) of Section 414 of the Code.

 

“ERISA Event” means (a) any
“reportable event”, as defined in Section 4043(c) of ERISA with respect to a Pension Plan (other than an event
for which the 30-day notice period referred to in Section 4043 of ERISA is waived); (b) the existence with respect to any
Pension Plan of a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA or Section 4975(c)(1)
of the Code; (c) any failure of any Pension Plan to satisfy the “minimum funding standard” applicable to such Pension
Plan under Section 412 or Section 430 of the Code or Section 302 or Section 303 of ERISA, whether or not waived;
(d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Pension Plan, the failure to make by its due date a required installment under Section 430(j)(3)
of the Code with respect to any Pension Plan or the failure of any Loan Party or ERISA Affiliate to make any required contribution
to any Multiemployer Plan; (e) a determination that any Pension Plan is, or is expected to be, in “at-risk” status
(as defined in Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; (f) the incurrence by any Loan Party or any
ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan including the imposition
of any Lien in favor of the PBGC or any Pension Plan(other than for PBGC premiums due but not delinquent under Section 4007
of ERISA); (g) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under
Section 4041 or Section 4041A or ERISA, the receipt by any Loan Party or any ERISA Affiliate from the PBGC or a Pension
Plan administrator of any notice relating to an intention to terminate any Pension Plan or Pension Plans or to appoint a trustee
to administer any Pension Plan under Section 4042 of ERISA or the occurrence of an event or condition which constitutes grounds
under Section 4042 of ERISA or the termination of, or the appointment of a trustee to administrator, any Pension Plan; (h)
any limitations under Section 436 of the Code become applicable; (i) the incurrence by any Loan Party or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (j)
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; (k) the receipt by any Loan Party or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within
the meaning of Title IV of ERISA or in endangered or critical status within the meaning of Section 432 of the Code or Section 305
or Title IV of ERISA; or (l) the imposition on any Loan Party or any ERISA Affiliate of any tax under Chapter 43 of Subtitle D
of the Code, or the assessment of a civil penalty on any Loan Party or any ERISA Affiliate under Section 502(c) of ERISA.

 

    	 	19	 

     

    

“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 assigned to such term in Section 8.1.

 

“Excess Cash Flow” means,
for each Fiscal Year:

 

(a)               
Consolidated EBITDA of the Borrower and its Subsidiaries for such Fiscal Year minus

 

(b)               
the sum, without duplication, of each of the following for the Borrower and its Subsidiaries:

 

(i)                
Consolidated Interest Expense (excluding any original issue discount, interest paid in kind or amortized debt discount, in each
case to the extent included in determining Consolidated Interest Expense) for such Fiscal Year, plus

 

(ii)              
Capital Expenditures during such Fiscal Year paid in cash (except to the extent financed with (A) the proceeds of Indebtedness
(other than a Revolving Borrowing) or (B) Net Cash Proceeds from any Disposition), to the extent such Capital Expenditures were
permitted hereby, plus

 

(iii)            
the aggregate amount of all (A) scheduled repayments of the principal of Indebtedness (to the extent permitted by the Loan Documents),
(B) mandatory repayments and mandatory prepayments of the principal of Indebtedness (excluding any prepayment under Section 2.7(b)(ii))
that were paid during such Fiscal Year and (C) voluntary prepayments of the principal of the Term Loans and, to the extent a prepayment
results in a reduction of the Revolving Commitments pursuant to Section 2.5(b), voluntary prepayments of the principal of
the Revolving Loans, plus

 

    	 	20	 

     

    

(iv)             
income, franchise and withholding taxes of the Borrower and its Subsidiaries and other Taxes (to the extent not already deducted
in computing Consolidated Net Income) to the extent paid in cash for such Fiscal Year, plus

 

(v)               
the excess, if any, of Consolidated Working Capital at the end of such period over Consolidated Working Capital at the beginning
of such period (or, minus the excess, if any, of Consolidated Working Capital at the beginning of such period over Consolidated
Working Capital at the end of such period); plus

 

(vi)             
non-financed Capital Expenditures; plus

 

(vii)           
non-financed Permitted Investments; plus

 

(viii)         
non-financed Permitted Indebtedness; plus

 

(ix)             
fees on account of Permitted Indebtedness which are permitted to be paid under this Agreement and the other Loan Documents during
the applicable period; plus

 

(x)               
to the extent added back to Consolidated EBITDA, restructuring payments made in cash during such period; plus or minus (as applicable)

 

(xi)             
changes in working capital during the applicable period.

 

“Excess
Cash Flow Percentage” means, (a) 50.0% if the Consolidated Net Leverage Ratio as of the last day of the Fiscal
Year for which such prepayment is being calculated was greater than to 2.50 to 1.00; (b) 25.0% if the Consolidated Net Leverage
Ratio as of the last day of the Fiscal Year for which such prepayment is being calculated was less or equal to 2.50 to 1.00 but
greater than 2.00 to 1.00, and (c) 0.0% in all other cases.

 

“Excluded CEA Swap Obligation”
means, with respect to any Guarantor, any CEA Swap Obligation if, and only 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 CEA 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), including 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 CEA Swap Obligation. If a CEA Swap Obligation arises under a master agreement governing more than one swap, such exclusion
shall apply only to the portion of such CEA Swap Obligation that is attributable to swaps for which such Guarantee or security
interest is or becomes illegal.

 

“Excluded
Subsidiary” means (a) any Subsidiary that is prohibited by applicable law, rule or regulation or by any contractual
obligation (to the extent such contractual obligation is existing (i) on the Closing Date or (ii) at the time of acquisition of
such Subsidiary so long as the prohibition or restriction in such contract is not entered into in contemplation thereof) from providing
a Guarantee of the Secured Obligations or which would require governmental (including regulatory or any other Governmental Authority’s)
consent, approval, license or authorization to provide such a Guarantee unless such consent, approval, license or authorization
has been received, (b) any Foreign Subsidiary, (c) any Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary, (d) any
Foreign Subsidiary Holdco, (e) any captive insurance company, (f) any Immaterial Subsidiary and (g) any other Subsidiary with respect
to which the Borrower and the Administrative Agent reasonably determine in writing the cost or other consequences of providing
such a Guarantee shall be excessive in view of the benefits of such Guarantee to be afforded to the Lenders therefrom. Notwithstanding
the foregoing, in the event that an Excluded Subsidiary guarantees, grants a lien on its assets to secure, or has greater than
65% of its voting Equity Interests pledged to secure, other Indebtedness of the Loan Parties, such Excluded Subsidiary shall cease
to be an Excluded Subsidiary and shall be required to become a Subsidiary Guarantor.

 

    	 	21	 

     

    

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant
to an assignment request by the Borrower under Section 3.7(b)) or (ii) such Lender changes its Applicable Lending Office,
except in each case to the extent that, pursuant to Section 3.6, amounts with respect to such Taxes were payable either
to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its Applicable Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.6(g)
and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing
Credit Agreement” means the Financing Agreement, dated as of January 31, 2018, among the Borrower, the lenders
party thereto and Cerberus Business Finance, LLC, as administrative agent and collateral agent, as in effect on the date hereof.

 

“Existing
Credit Agreement Refinancing” means the payment in full of all principal, premium, if any, interest, fees and
other amounts due or outstanding under the Existing Credit Agreement, the termination of commitments thereunder and the discharge
and release of all Guarantees and Liens existing in connection therewith.

 

“Extraordinary Receipt” means
any cash received by or paid to or for the account of any Loan Party or any Subsidiary thereof 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), and any purchase price adjustments; provided that “Extraordinary
Receipt” shall not include any such cash to the extent such cash is otherwise included in the determination of Net Cash Proceeds
with respect to any Casualty Event.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Credit Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities
and implementing such Sections of the Code.

 

“Federal Funds Effective Rate”
means, for any day, a rate per annum (expressed as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged
by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day, provided that (a) if the day for which such rate is to be determined is not a Business Day, the Federal Funds
Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, (b) if such rate is not so published for any day, the Federal Funds Effective Rate for such day shall
be 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 (c) if the Federal Funds Effective Rate shall be less than zero, such rate shall
be deemed to be zero for purposes of this Credit Agreement.

 

    	 	22	 

     

    

“Federal Reserve Bank of New York’s
Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

“Fee
Letter” means the Fee Letter dated as of the Closing Date, between the Borrower and Citizens Bank.

 

“Finance Leases” means all
leases that are required to be capitalized in accordance with GAAP.

 

“Finance Lease Obligations”
means, at the time any determination thereof is to be made, the amount of the liabilities in respect of Finance Leases that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared
in accordance with GAAP.

 

“Financial Covenants” means
the covenants set forth in Section 7.12(a) and Section 7.12(b).

 

“Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer
or comptroller of such Person (or such other financial officer as is acceptable to the Administrative Agent).

 

“Fiscal
Year” means the four fiscal quarter period of the Borrower ending on December 31 of each calendar year.

 

“Flood Certificate” means
a “Standard Flood Hazard Determination Form” of the Federal Emergency Management Agency and any successor Governmental
Authority performing a similar function.

 

“Flood Documents” has the
meaning set forth in Section 9.11.

 

“Flood Insurance Laws” means,
collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act
of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the
Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters
Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Flood Insurance Policies”
has the meaning set forth in Section 6.10(b).

 

“Flood Program” means the
National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster
Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case
as amended from time to time, and any successor statutes.

 

“Flood Zone” means 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 Flood Insurance Laws.

 

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

 

    	 	23	 

     

    

“Foreign Plan” means any
employee pension benefit plan or arrangement (a) maintained, or contributed to by any Loan Party or Subsidiary that is not subject
to the laws of the United States, or (b) mandated by a government other than the United States for employees of any Loan Party
or Subsidiary.

 

“Foreign
Pledge Agreement” means, collectively, each local law pledge agreement executed and delivered by a Loan Party
and the Administrative Agent to grant a security interest in the Equity Interests of a Foreign Subsidiary, each in form and substance
satisfactory to the Administrative Agent.

 

“Foreign
Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“Foreign
Subsidiary Holdco” means any Domestic Subsidiary that owns no material assets other than the Equity Interests
of one or more Foreign Subsidiaries that are Controlled Foreign Corporations.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting
Lender’s L/C Exposure other than such Defaulting Lender’s L/C Exposure that has been reallocated to other Lenders or
Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s
Swingline Exposure other than such Defaulting Lender’s Swingline Exposure that has been reallocated to other Lenders.

 

“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,
bonds and similar extensions of credit in the ordinary course of its activities.

 

“GAAP” means generally accepted
accounting principles in effect from time to time in the United States.

 

“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 department, commission, board, bureau, 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) and any group or body
charged with setting financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards
Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority
to any of the foregoing).

 

“Guarantee
Agreement” means the Guarantee Agreement, dated as of the date Closing Date, among the Loan Parties and the Administrative
Agent.

 

“Guarantees”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor as to enable the
primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter
of guaranty issued to support such Indebtedness or obligation, provided that the term “Guarantee” shall not
include endorsements for collection or deposit in the ordinary course of business. The term “Guaranteed” has a meaning
analogous thereto. The amount of any Guarantee at any time shall be deemed to be an amount equal to the lesser at such time of
(i) the stated or determinable amount of the primary obligation in respect of which such Guarantee is made (or, if not stated or
determinable, the maximum reasonably anticipated amount of the obligations in respect of which such Guarantee is made) and (ii)
the maximum amount for which the guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee.

 

    	 	24	 

     

    

“Guarantors”
means (a) each Subsidiary Guarantor, and (b) each other Person that becomes a party to the Guarantee Agreement as a Guarantor.

 

“Hazardous
Materials” means all substances, wastes, chemicals, pollutants, or other contaminants, including petroleum or
petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, mold, infectious, pharmaceutical
or medical wastes and all other substances of any nature that are now or hereafter regulated under any Environmental Law or are
now or hereafter defined, listed, classified, considered or described as hazardous, dangerous or toxic by any Governmental Authority
or under any Environmental Law.

 

“Immaterial Subsidiary” means
any Subsidiary (a) which generated less than two and one-half percent (2.5%) of Consolidated EBITDA of the Borrower and its Subsidiaries
for the preceding twelve (12) month period or (b) had less than two and one half percent (2.5%) of consolidated assets of the Borrower
and its Subsidiaries as reflected on the most recent financial statements delivered pursuant to Section 6.1 prior to such date;
provided that no Subsidiary shall be excluded as an Immaterial Subsidiary until, and for so long as, the Borrower shall have designated
such Subsidiary’s status as such in writing to the Administrative Agent; provided, further, that no Subsidiary shall be excluded
as an Immaterial Subsidiary if (i) the Consolidated EBITDA of such Subsidiary, taken together with the Consolidated EBITDA of all
other Subsidiaries then designated as Immaterial Subsidiaries, exceeds five percent (5%) of Consolidated EBITDA of the Borrower
and its Subsidiaries or (ii) the consolidated assets of such Subsidiary, taken together with the consolidated assets of all other
Subsidiaries then designated as Immaterial Subsidiaries, exceeds five percent (5%) of consolidated assets of the Borrower and its
Subsidiaries.

 

“Incremental
Assumption Agreement” means an Incremental Assumption Agreement in form and substance reasonably satisfactory
to the Administrative Agent and the Borrower, among the Borrower, the Administrative Agent and each Incremental Term Lender and/or
existing or additional Revolving Lender party thereto.

 

“Incremental
Commitments” has the meaning assigned to such term in Section 2.11(a).

 

“Incremental
Term Facility” means a term loan credit facility evidenced by Incremental Term Loan Commitments, if any.

 

“Incremental
Term Lender” means a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 

“Incremental
Term Loan Commitment” means the commitment of any Lender, established pursuant to Section 2.11, to
make an Incremental Term Loan to the Borrower.

 

“Incremental
Term Loan Maturity Date” means the final maturity date of any Incremental Term Loan, as set forth in the applicable
Incremental Assumption Agreement, provided that if such date is not a Business Day, the Incremental Term Loan Maturity Date
shall be the Business Day immediately preceding such day.

 

“Incremental
Term Loan Repayment Date” means each date regularly scheduled for the payment of principal of any Incremental
Term Loan, as set forth in the applicable Incremental Assumption Agreement.

 

    	 	25	 

     

    

“Incremental
Term Loans” means term loans made by one or more Lenders to the Borrower pursuant to Section 2.1(c).
Incremental Term Loans may be made in the form of additional Term Loans or, to the extent permitted by Section 2.11
and provided for in the relevant Incremental Assumption Agreement, Other Term Loans.

 

“Indebtedness”
of any Person means, without duplication:

 

(a)               
all obligations of such Person for borrowed money;

 

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

 

(c)               
the maximum amount (after giving effect to any prior drawings or reductions which have been reimbursed) of all letters of credit
(including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, and similar instruments issued or
created by or for the account of such Person;

 

(d)               
the Swap Termination Value of each Swap Agreement (to the extent reflecting an amount owed by such Person or an amount that would
be owing were such Swap Agreement terminated);

 

(e)               
the Attributable Indebtedness of such Person in respect of Finance Lease Obligations, Synthetic Debt and Synthetic Lease Obligations
of such Person (regardless of whether accounted for as indebtedness under GAAP);

 

(f)                
all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable
in the ordinary course of business which are paid within 90 days of their respective due dates, (ii) any purchase price adjustments,
earn out or similar obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with
GAAP and if not paid after becoming due and payable and (iii) liabilities associated with customer prepayments and deposits);

 

(g)               
indebtedness (excluding prepaid interest thereon) secured by a Lien (or for which the holder of such indebtedness has an existing
right, contingent or otherwise, to be secured by a Lien) on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development
bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(h)               
all Earn-Out Obligations due and owing of such Person;

 

(i)                
all obligations of such Person in respect of Disqualified Equity Interests;

 

(j)                
all obligations of such Person to pay a specified purchase price for goods or services whether or not delivered or accepted (e.g.,
take or pay obligations) or similar obligations and, without duplication, all obligations of such Person under conditional sale
or other title retention agreements relating to property or assets purchased by such Person; and

 

(k)               
all Guarantees by such Person of any of the foregoing.

 

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, company, 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 Indebtedness
of any Person for purposes of clause (g) shall be deemed to be equal to the greater of (i) the aggregate unpaid amount of such
Indebtedness and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith.

 

    	 	26	 

     

    

“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 clause (a), Other Taxes.

 

“Indemnitee” has the meaning
assigned to such term in Section 10.3(b).

 

“Information” has the meaning
assigned to such term in Section 10.14(b).

 

“Information Memorandum”
means the Confidential Information Memorandum, dated as of the Closing Date, relating to the Borrower, its Subsidiaries and the
Transactions.

 

“Intellectual Property” has
the meaning assigned to such term in the Security Agreement.

 

“Interest Payment Date” means
(a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with respect to any LIBOR Loan,
the last day of the Interest Period applicable thereto and, in the case of a LIBOR Loan with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period, (c) with respect to all Loans, the Maturity Date of the Credit Facility under
which such Loan was made and (d) with respect to any Swingline Loan, the earlier of the maturity date selected therefor pursuant
to Section 2.3(b)(iii) and the Revolving Maturity Date.

 

“Interest Period” means,
with respect to any LIBOR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, two, three, or six months thereafter, as the Borrower may elect, provided that: (a)
if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day, unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day, (b) any Interest Period that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period, and (c) no Interest Period in respect of any Loan
shall end after the Maturity Date of the Credit Facility under which such Loan was made. 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. Interest shall accrue from and including the first day of an Interest Period to but excluding
the last day of such Interest Period.

 

“Interpolated Screen Rate”
means in relation to the LIBOR Rate for any Loan, the rate per annum determined by the Administrative Agent (which determination
shall be conclusive and binding absent manifest error) to be equal to the rate (rounded upwards, if necessary, to the nearest 1/100th)
that results from interpolating on a linear basis between: (a) the rate as displayed on the applicable Bloomberg page (or on any
successor or substitute page or service providing quotations of interest rates applicable to Dollar deposits in the London interbank
market comparable to those currently provided on such page, as determined by the Administrative Agent from time to time; in each
case the “Screen Rate”) for the longest period (for which that Screen Rate is available) that is shorter than
the applicable Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available) that exceeds
such Interest Period, in each case, at approximately 11:00 a.m., London time, on the Quotation Day for such Interest Period.

 

    	 	27	 

     

    

“Investment” means, as to
any Person, (a) any Acquisition by such Person, (b) any direct or indirect acquisition or investment by such Person in another
Person, whether by means of the purchase or other acquisition of Equity Interests or debt or other securities of another Person
(including any partnership or joint venture interest), or (c) any direct or indirect loan, advance or capital contribution to,
Guarantee with respect to any Indebtedness or other obligation of, such other Person. For purposes of covenant compliance, the
amount of any Investment on any date of determination shall be, in the case of any Investment in the form of (i) a loan or an advance,
the principal amount thereof outstanding on such date, (ii) a Guarantee, the amount of such Guarantee as determined in accordance
with the last sentence of the definition of such term, (iii) a transfer of Equity Interests or other property by the investor to
the investee, including any such transfer in the form of a capital contribution, or the issuance of Equity Interests to such investor,
the fair market value (as determined reasonably and in good faith by the chief financial officer of the Borrower) of such Equity
Interests or other property as of the time of the transfer or issuance, without any adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such Investment, and (iv) any Investment (other than any Investment
referred to in clauses (i), (ii) or (iii) above) in the form of an Acquisition or a purchase or other acquisition for value of
any evidences of Indebtedness or other securities of any other Person, the original cost of such Investment (including any Indebtedness
assumed in connection therewith), plus the cost of all additions, as of such date, thereto, and minus the amount,
as of such date, of any portion of such Investment repaid to the investor in cash as a repayment of principal or a return of capital,
as the case may be, but without any other adjustment for increases or decreases in value of, or write-ups, write-downs or write-offs
with respect to, such Investment.

 

“IRS” means the United States
Internal Revenue Service.

 

“ISP” means the International
Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect
at the applicable time of issuance).

 

“Latest Maturity Date” means,
at any date of determination, the latest Maturity Date applicable to any Loan or Commitment hereunder at such time, including the
latest Maturity Date of any Incremental Term Loan, in each case as extended in accordance with this Credit Agreement or pursuant
to any other Loan Document from time to time.

 

“L/C Advance” has the
meaning assigned to such term in Section 2.4(c)(iii).

 

“L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the applicable L/C Honor
Date or refinanced as a Revolving Borrowing.

 

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

 

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

 

“L/C Exposure” means, with
respect to any Revolving Lender at any time, its Applicable Percentage of the L/C Obligations.

 

“L/C Fronting Fee” has the
meaning assigned to such term in Section 3.2(b)(ii).

 

“L/C Honor Date” has the
meaning assigned to such term in Section 2.4(c)(i).

 

“L/C Issuer” means Citizens
Bank in its capacity as issuer of Letters of Credit hereunder.

 

“L/C Obligations” means,
at any time, with respect to all of the Revolving Lenders, the sum, without duplication, of (a) the undrawn portion of all Letters
of Credit plus (b) the aggregate of all Unreimbursed Amounts in respect of Letters of Credit (unless refinanced as a Revolving
Borrowing), including all L/C Borrowings.

 

    	 	28	 

     

    

“L/C Participation Fee” has
the meaning assigned to such term in Section 3.2(b)(i).

 

“L/C Sublimit” means an amount
equal to the lesser of (a) $10,000,000 and (b) the aggregate amount of the Revolving Commitments. The L/C Sublimit is a sublimit
of the Revolving Commitments.

 

“Lead Arrangers” means each
of (i) Citizens Bank, (ii) Wells Fargo Bank, National Association and (iii) Silicon Valley Bank, in each case, in their respective
capacities as joint lead arrangers and joint bookrunners of the credit facilities established under this Credit Agreement.

 

“Lenders” means (a) the financial
institutions listed on Schedule 2.1 (other than any such financial institution that has ceased to be a party hereto pursuant
to an Assignment and Acceptance) and (b) any financial institution that has become a party hereto pursuant to an Assignment and
Assumption or pursuant to an Incremental Assumption Agreement. Unless the context clearly indicates otherwise, the term “Lenders”
shall include the Swingline Lender.

 

“Letter of Credit” means
any standby letter of credit issued hereunder providing for the payment of cash upon the honoring of a presentation thereunder.

 

“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 Documents”
means, with respect to each Letter of Credit, such Letter of Credit, any amendments thereto, any documents delivered in connection
therewith, any Letter of Credit Application and any agreements, instruments, guarantees or other documents (whether general in
application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties
concerned or (b) any collateral for such obligations.

 

“Letter of Credit Expiration Date”
means the day that is five Business Days prior to the Maturity Date of the Revolving Facility (or, if such day is not a Business
Day, the next preceding Business Day).

 

“LIBOR Borrowing” means,
as to any Borrowing, the LIBOR Loans comprising such Borrowing.

 

“LIBOR Loan” means a Loan
bearing interest based on the Adjusted LIBOR Rate.

 

“LIBOR Rate” means, with
respect to each day during each Interest Period pertaining to an applicable Loan in Dollars, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100th) determined by the Administrative Agent to be the arithmetic average of the London
Interbank Offered Rates administered by the ICE Benchmark Administration (or any Person that takes over administration of such
rate) for deposits in Dollars for a duration equal to or comparable to the duration of such Interest Period which appear on the
relevant Bloomberg page (or such other commercially available source providing quotations of the London Interbank Offered Rates
for deposits in Dollars as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (London time)
on the Quotation Day for such Interest Period; provided that if such rate is not available at such time for any reason,
then the “LIBOR Rate” with respect to such Loan for such period shall be the Interpolated Screen Rate, where applicable.
Each calculation by the Administrative Agent of the LIBOR Rate hereunder shall be conclusive and binding on the parties hereto
for all purposes, absent clearly manifest error. Notwithstanding the foregoing, for purposes of this Credit Agreement, the LIBOR
Rate shall at no time be less than 0.50% per annum.

 

    	 	29	 

     

    

“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or
of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, Finance Lease or title retention
agreement relating to such asset, and (c) in the case of securities, any purchase option, call or similar right of a third party
with respect to such securities.

 

“Loan” means an extension
of credit by a Lender to the Borrower under Article 2 in the form of a Term Loan, a Revolving Loan or a Swingline Loan
(including any Incremental Term Loans).

 

“Loan Document Obligations”
means the due and punctual payment and performance of all advances to, and debts, liabilities, obligations, covenants and duties
of, any Loan Party under or pursuant to each of the Loan Documents or otherwise with respect to any Loan or Letter of Credit and
all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and
disbursements of counsel, in each case 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, expenses and fees 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, expenses and fees are allowed claims in such proceeding.

 

“Loan Documents” means, collectively,
this Credit Agreement, the Notes, the Guarantee Agreement, each Incremental Assumption Agreement, each Letter of Credit Application,
any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.10, the Fee
Letter, the Collateral Documents and each other document entered into in connection herewith.

 

“Loan Parties” means, collectively,
(a) the Borrower and (b) the Guarantors.

 

“Margin Stock” has the meaning
assigned to such term in Regulation U.

 

“Master Agreement” has the
meaning assigned to such term in the definition of “Swap Agreement.”

 

“Master
Intercompany Note” means a promissory note substantially in the form of Exhibit H.

 

“Material Adverse Effect”
means any event or circumstance that, taken alone or in conjunction with other events or circumstances, has or could be reasonably
expected to have a material adverse effect on (a) the business, operations, properties, assets or financial condition of the Borrower
and its subsidiaries, taken as a whole, or on the enforceability of any Loan Document, or on the validity, perfection or priority
of the liens and security interests of the Administrative Agent on the Collateral securing the Loans and other Obligations taken
as a whole; (b) the ability of the Borrower or any Guarantor to perform its obligations under the Loan Documents, including repayment
of the amounts due under the Credit Agreement, the other Loan Documents and other indebtedness permitted hereunder; or (c) the
rights and remedies of Administrative Agent or the Lenders under the Loan Documents or the ability of the Administrative Agent
or the Lenders to enforce or collect the amounts due under the Loan Documents or to realize upon any material portion of the Collateral.

 

“Material Indebtedness” means,
as of any date, Indebtedness (other than Indebtedness under the Loan Documents) or obligations in respect of one or more Swap Agreements,
of any one or more of the Loan Parties or any of their Subsidiaries in an aggregate principal amount exceeding the Threshold Amount.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations in respect of any Swap
Agreement at any time shall be its Swap Termination Value.

 

    	 	30	 

     

    

“Maturity Date” means (a)
with respect to the Revolving Facility, the Revolving Maturity Date, (b) with respect to the Term Loans, the Term Maturity Date,
and (c) with respect to any Incremental Term Loan, the applicable Incremental Term Loan Maturity Date.

 

“Measurement
Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the
Borrower ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 6.1(a)
or Section 6.1(b) or, prior to the first such requirement, the four quarter period ended September 30, 2020. A Measurement
Period may be designated by reference to the last day thereof (e.g., the December 31, 2020 Measurement Period refers to
the period of four consecutive fiscal quarters of the Borrower ended December 31, 2020), and a Measurement Period shall be deemed
to end on the last day thereof.

 

“Minimum Collateral Amount”
means, with respect to any L/C Obligations at any time, an amount equal to 105% of such L/C Obligations at such time.

 

“MIRE Event” means if there
are any Mortgaged Properties at any time, any increase, extension of the maturity or renewal of any of the Commitments or Loans
(including any incremental credit facility hereunder, but excluding (i) any continuation or conversion of Borrowings, (ii) the
making of any Revolving Loans or (iii) the issuance, renewal or extension of Letters of Credit).

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

“Mortgaged Property” means
each parcel of Owned Real Property, if any, which shall be subject to a Mortgage delivered pursuant to Section 6.12,
as applicable.

 

“Mortgages” means mortgages,
deeds of trust, assignments of leases and rents, modifications and other collateral documents delivered pursuant Section 6.12,
each in form and substance reasonably satisfactory to the Administrative Agent.

 

“Multiemployer Plan” means
a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Cash Proceeds” means,
with respect to any (a) Disposition or Casualty Event by any Loan Party or any of its Subsidiaries, the cash proceeds (including
cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received and including
all insurance settlements and condemnation awards from any single event or series of related events) net of the sum, without duplication,
of (i) transaction expenses (including reasonable broker’s fees or commissions, legal fees, accounting fees, investment banking
fees and other professional fees, transfer and similar taxes and the Borrower’s good faith estimate of income taxes paid
or payable in connection with the receipt of such cash proceeds), (ii) amounts set aside as a reserve, in accordance with GAAP,
including pursuant to any escrow arrangement, against any liabilities under any indemnification obligations associated with such
Disposition (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts
shall constitute Net Cash Proceeds), (iii) in the case of insurance settlements and condemnation awards related to a Casualty Event,
amounts previously paid by such Loan Party or such Subsidiary to replace or restore the affected property, and (iv) the principal
amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by a Lien
on the asset sold in such Disposition which is senior in priority to the Liens securing Secured Obligations and is required to
be repaid with such proceeds (other than any such Indebtedness assumed by the purchaser of such asset), and (b) with respect
to any Debt Incurrence, the cash proceeds thereof, net of all taxes and customary fees, commissions, costs and other expenses (including
reasonable broker’s fees or commissions, legal fees, accounting fees, investment banking fees and other professional fees,
and discounts and commissions) incurred in connection therewith.

 

    	 	31	 

     

    

“Non-Consenting Lender” means
any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Lenders
in accordance with the terms of Section 10.2 and (b) has been approved by the Required Lenders.

 

“Non-Defaulting Lender” means,
at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Loan Party Subsidiary”
means any Subsidiary of the Borrower that is not a Loan Party.

 

“Nonrenewal Notice Date”
has the meaning assigned to such term in Section 2.4(b)(iii).

 

“Notes” means, collectively,
the Revolving Loan Notes, the Term Loan Notes and the Swingline Loan Notes.

 

“OFAC” means the U.S. Department
of the Treasury’s Office of Foreign Assets Control, and any successor thereto.

 

“Organizational Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-United States jurisdiction), (b) with respect to any limited liability company,
the certificate or articles of formation or organization and operating or limited liability company agreement and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.

 

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

 

“Other Taxes” means all present
or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.7(b)).

 

“Other Term Loans” has the
meaning assigned to such term in Section 2.11(a).

 

“Outstanding Amount” means
(a) with respect to any Loan on any date, the outstanding principal amount thereof after giving effect to any borrowings and prepayments
or repayments thereof (including any refinancing of outstanding Unreimbursed Amounts under Letters of Credit or L/C Borrowings
as a Revolving Borrowing) occurring on such date, and (b) with respect to any Letter of Credit, Unreimbursed Amount, L/C Borrowing
or L/C Obligations on any date, the outstanding amount thereof on such date after giving effect to any related L/C Credit Extension
occurring on such date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding
Unreimbursed Amounts under related Letters of Credit (including any refinancing of outstanding Unreimbursed Amounts under related
Letters of Credit or related L/C Credit Extensions as a Revolving Borrowing) or any reductions in the maximum amount available
for drawing under related Letters of Credit taking effect on such date.

 

    	 	32	 

     

    

“Participant” has the meaning
assigned to such term in Section 10.4(d).

 

“Participant Register” has
the meaning assigned to such term in Section 10.4(d).

 

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

 

“PBGC” means the Pension
Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Pension Plan” means any
employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
or Section 430 of the Code or Section 302 or Section 303 of ERISA, and in respect of which any Loan Party or any
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Perfection Certificate”
means a perfection certificate in a form acceptable to the Administrative Agent.

 

“Permitted
Acquisitions” means, collectively, each Acquisition which satisfies each of the following conditions:

 

(a)               
at the time of and immediately before and after giving Pro Forma Effect thereto, no Default shall have occurred and be continuing;

 

(b)               
such Acquisition shall be consensual and, if applicable, has been approved by the Acquisition target’s board of directors
(or comparable governing body);

 

(c)               
the Person, assets or business unit acquired in the Acquisition shall be engaged in an Approved Line of Business;

 

(d)               
such Acquisition and all transactions related thereto shall be consummated in accordance with material laws, ordinances, rules,
regulations and requirements of all Governmental Authorities;

 

(e)               
all actions, if any, required to be taken with respect to such newly created or acquired Subsidiary (including each Subsidiary
thereof) or assets in order to satisfy the requirements set forth in the definition of the term “Collateral and Guarantee
Requirement” to the extent applicable shall be taken (or arrangements for the taking of such actions reasonably satisfactory
to the Administrative Agent shall have been made) within the time frames set forth in Section 6.12;

 

(f)                
to the extent required by the Collateral and Guarantee Requirement, (i) the property, assets, businesses and Equity Interests acquired
in such Acquisition shall become Collateral and (ii) any newly created or acquired Subsidiary (other than an Excluded Subsidiary)
shall become a Subsidiary Guarantor, in each case in accordance with Section 6.12;

 

(g)               
the aggregate cash consideration (excluding any amounts paid for with equity contributions from any direct or indirect equity holder
of any Loan Party or any of its Subsidiaries) paid by any Loan Party or any of its Subsidiaries in connection with all such Acquisitions
shall not exceed $5,000,000 in the aggregate during the term of the Credit Facility, provided that the aggregate cash consideration
of Acquisitions of (i) Persons that do not become Guarantors as required pursuant to the “Collateral and Guarantee Requirement”
or (ii) assets that are not made part of the Collateral as required pursuant to the “Collateral and Guarantee Requirement”
that are acquired by the Borrower or a Guarantor, in each case, will be limited in an aggregate amount not to exceed $500,000;

 

    	 	33	 

     

    

(h)               
after giving Pro Forma Effect to such Acquisition and, if applicable, the making of a Credit Extension in connection with such
Acquisition, the Consolidated Net Leverage Ratio shall not exceed the lesser of (i) the Consolidated Net Leverage Ratio as of the
Closing Date (after giving effect of the initial funding of the Credit Facilities) and (ii) 0.25x lower than the Consolidated Net
Leverage Ratio then permitted under Section 7.12(a) of this Credit Agreement for the most recently ended fiscal quarter
(or Fiscal Year) for which financial statements were required to be delivered pursuant to Section 6.1(a) or Section 6.1(b),
as applicable;

 

(i)                
not later than 10 Business Days (or such shorter period as may be reasonably practicable, if approved by the Administrative Agent)
prior to the consummation of any such Acquisition that is not funded solely with equity contributions, except with respect to an
Acquisition in which the cash acquisition consideration is less than $2,500,000, the Borrower shall have delivered to the Administrative
Agent (i) a description of the proposed Acquisition, (ii) to the extent obtained and available, a quality of earnings report and
(iii) to the extent reasonably requested by the Administrative Agent, (A) satisfactory environmental assessments and (B) financial
statements for the Borrower including the Acquisition target on a Pro Forma Basis;

 

(j)                
to the extent the cash purchase price of any such Acquisition is not funded solely with equity contributions, the Borrower shall
have delivered to the Administrative Agent within five Business Days after the Acquisition, fully executed copies of the acquisition
agreements for such Acquisition together with all schedules thereto, and, to the extent required to be obtained under the terms
of the acquisition agreements for such Acquisition, the applicable party under such acquisition agreements shall have received
all required regulatory and third party approvals; and

 

(k)               
unused availability under the Revolving Facility shall be least $2,500,000 after giving Pro Forma Effect to the Acquisition.

 

“Permitted
Encumbrances” means:

 

(a)               
Liens imposed by law for taxes, assessments or other governmental charges that are not yet due or are being Contested in Good Faith,
provided that enforcement of such Liens is stayed pending such contest;

 

(b)               
landlords’, vendors’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by
more than 30 days or are being Contested in Good Faith, provided that enforcement of such Liens is stayed pending such contest;

 

(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;

 

(d)               
deposits to secure the performance of bids, trade contracts (other than contracts for the payment of money), leases (other than
Finance Lease Obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature,
in each case incurred in the ordinary course of business;

 

(e)               
judgment liens in respect of judgments that do not constitute an Event of Default under Section 8.1(k);

 

(f)                
easements, 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 obligation and do not materially detract from the value of the affected property
or interfere with the ordinary conduct of business of the Loan Parties and their respective Subsidiaries;

 

    	 	34	 

     

    

(g)               
any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease agreement
entered into in the ordinary course of business, provided that the same do not in any material respect interfere with the
business of the Loan Parties or their Subsidiaries or materially detract from the value of the relevant assets of the Loan Parties
or its Subsidiaries;

 

(h)               
licenses, sublicenses, leases or subleases with respect to any assets granted to third Persons in the ordinary course of business,
provided that the same do not in any material respect interfere with the business of the Loan Parties or their Subsidiaries
or materially detract from the value of the relevant assets of the Loan Parties or their Subsidiaries;

 

(i)                
customary rights of set off, bankers’ liens, refunds or charge backs, under deposit agreements, the Uniform Commercial Code
or common law, of banks or other financial institutions where any Loan Party or any of such Loan Party’s Subsidiaries maintains
deposits (other than deposits intended as cash collateral) in the ordinary course of business;

 

(j)                
Liens on Margin Stock to the extent that a prohibition on such Liens would violate Regulation U;

 

(k)               
Liens (i) on earnest money deposits made in cash by the Borrower or any of its Subsidiaries in connection with any letter of intent
or purchase agreement in connection with a Permitted Acquisition or other Investment permitted under this Credit Agreement or (ii)
on amounts deposited as “security deposits” (or their equivalent) in the ordinary course of business in connection
with actions or transactions not prohibited by this Credit Agreement;

 

(l)                
Liens in favor of customs and revenue authorities arising in the ordinary course of business as a matter of law to secure payment
of customs duties in connection with the importation of goods;

 

(m)             
Liens resulting from the filing of precautionary UCC-1 financing statements (or equivalent) with respect to operating leases;

 

(n)               
Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into
by any Loan Party or any of its Subsidiaries in the ordinary course of business; and

 

(o)               
Liens incurred in the ordinary course of business imposed by law in connection with the purchase or shipping of goods or assets
(or the related assets and proceeds thereof), which Liens are in favor of the seller or shipper of such goods or assets and only
attach to such goods or assets;

 

provided that the term “Permitted Encumbrance”
shall not include any Lien securing Indebtedness.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Platform”
means DebtX, Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Prime
Rate” means a rate per annum equal to the prime rate of interest announced from time to time by Citizens Bank
or its parent company (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate
changes.

 

    	 	35	 

     

    

“Pro
Forma Balance Sheet” has the meaning assigned to such term in Section 5.5(b).

 

“Pro
Forma Basis” means, with respect to any transaction, that such transaction shall be deemed to have occurred as
of the first day of the four-quarter period (or twelve month period, as applicable) ending as of the most recent quarter end (or
month end, as applicable) preceding the date of such transaction for which financial statement information is available. Each of
the terms “Pro Forma Compliance” and “Pro
Forma Effect” shall have an analogous meaning.

 

“Pro
Forma Financial Statements” has the meaning assigned to such term in Section 5.5(b).

 

“PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public
Lender” has the meaning assigned to such term in Section 10.1(d)(i).

 

“Qualified
Equity Interests” means, with respect to the Equity Interests of any Person, any Equity Interests other than Disqualified
Equity Interests of such Person.

 

“Quotation
Day” means, with respect to any LIBOR Borrowing and any Interest Period, the day that is two Business Days prior
to the first day of such Interest Period.

 

“Real
Property” means, collectively, all right, title and interest in and to any and all parcels of or interests in
real property owned or leased by any Person, together with, in each case, all easements, hereditaments and appurtenances relating
thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property
and rights incidental to the ownership thereof.

 

“Recipient”
means the Administrative Agent, any Lender or the L/C Issuer, as applicable.

 

“Refinancing
Indebtedness” means Indebtedness of any Loan Party or its Subsidiaries arising after the Closing Date issued in
exchange for, or the proceeds of which are used to extend, refinance, refund, replace, renew, continue or substitute for other
Indebtedness (such extended, refinanced, refunded, replaced, renewed, continued or substituted Indebtedness, the “Refinanced
Obligations”); provided that (a) the principal amount of such Refinancing Indebtedness shall not exceed
the principal amount of the Refinanced Obligations (plus any interest capitalized in connection with such Refinanced Obligations,
the amount of prepayment premium, if any, original issue discount, if any, and reasonable fees, costs, and expenses incurred in
connection therewith), (b) such Refinancing Indebtedness shall have a final maturity that is no earlier than the final maturity
date of such Refinanced Obligations, (c) such Refinancing Indebtedness shall have a Weighted Average Life to Maturity not less
than the weighted average life to maturity of the Refinanced Obligations, (d) such Refinancing Indebtedness shall rank in right
of payment no more senior than, and be subordinated (if subordinated) to the Secured Obligations on terms, taken as a whole, not
materially less favorable to the Secured Parties than the Refinanced Obligations, (e) as of the date of incurring such Refinancing
Indebtedness and after giving effect thereto, no Default shall exist or have occurred and be continuing, (f) if the Refinanced
Obligations or any Guarantees thereof are unsecured, such Refinancing Indebtedness and any Guarantees thereof shall be unsecured,
(g) if the Refinanced Obligations or any Guarantees thereof are secured, (1) such Refinancing Indebtedness and any Guarantees thereof
shall be secured by substantially the same or less collateral, taken as a whole, as secured such Refinanced Obligations or any
Guarantees thereof, on terms, taken as a whole, not materially less favorable to the Secured Parties and (2) the Liens to secure
such Refinancing Indebtedness shall not have a priority, taken as a whole, more senior than the Liens securing the Refinanced Obligations
and if subordinated to any other Liens on such property, shall be subordinated, taken as a whole, to the Administrative Agent’s
Liens on terms and conditions, taken as a whole, not materially less favorable to the Secured Parties, (h) the obligors in respect
of the Refinanced Obligations immediately prior to such refinancing, refunding, extending, renewing, continuing, substituting or
replacing thereof shall be the only obligors on such Refinancing Indebtedness, and (i) the terms and conditions (excluding as to
pricing, premiums and optional prepayment or redemption provisions) of any such Refinancing Indebtedness, taken as a whole, are
not materially less favorable to the Loan Parties than the terms and conditions of the Refinanced Obligations.

 

    	 	36	 

     

    

“Register”
has the meaning assigned to such term in Section 10.4(c).

 

“Regulation
D” means Regulation D of the Board.

 

“Regulation
T, U or X” means Regulation
T, U or X, respectively, of the Board.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, members, directors,
officers, employees, agents, trustees, administrators, managers, advisors, attorneys-in-fact and representatives of such Person
and of such Person’s Affiliates.

 

“Release” means any actual
or threatened releasing, spilling, leaking, pumping, pouring, leaching, seeping, emitting, migration, emptying, discharging, injecting,
escaping, depositing, disposing, or dumping of Hazardous Materials into the indoor or outdoor environment, including the movement
of any Hazardous Material through the air, soil, surface water, groundwater or property and any other conditions resulting in potential
or actual human exposure to Hazardous Materials within a structure.

 

“Relevant Governmental Body”
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by
the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Removal
Effective Date” has the meaning assigned to such term in Section 9.6(b).

 

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans (other than Swingline
Loans), a Committed Loan Notice, (b) with respect to a L/C Credit Extension, a Letter of Credit Application, and (c) with respect
to a Swingline Loan, a Swingline Loan Notice.

 

“Required
Lenders” means, at any time, two or more unaffiliated Lenders having Total Credit Exposures representing more
than 50% of the Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded
in determining Required Lenders at any time.

 

“Resignation
Effective Date” has the meaning assigned to such term in Section 9.6(a).

 

“Responsible
Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer, assistant
treasurer, or other similar officer of a Loan Party. 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.

 

“Restricted
Payment” means, as to any Person, (a) any dividend or other distribution by such Person (whether in cash, securities
or other property) with respect to any Equity Interests of such Person, (b) any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation
or termination of any such Equity Interest, or on account of any return of capital to the holders of Equity Interests of such Person,
(c) the acquisition for value by such Person of any Equity Interests issued by such Person or any other Person that Controls such
Person, (d) any payment with respect to any Earn-out Obligation, and (e) with respect to clauses (a) through (d) any transaction
that has a substantially similar effect.

 

    	 	37	 

     

    

“Revolving
Borrowing” means a Borrowing consisting of Revolving Loans of the same Type made, converted or continued on the
same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect.

 

“Revolving
Commitment” means, with respect to each Revolving Lender, the commitment hereunder of such Revolving Lender to
make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans in an aggregate outstanding amount
not exceeding the amount of such Revolving Lender’s Revolving Commitment as set forth on Schedule 2.1 or in the
Assignment and Assumption pursuant to which such Revolving Lender shall have assumed its Revolving Commitment in accordance with
Section 10.4(b), as applicable, as such Revolving Commitment may be adjusted from time to time pursuant to Section 2.5
or Section 2.11 or pursuant to assignments by or to such Revolving Lender pursuant to Section 10.4. The
initial aggregate amount of the Revolving Commitments on the Agreement Date is $25,000,000.

 

“Revolving
Exposure” means, as to any Lender at any time, the sum of (a) the Outstanding Amount of its Revolving Loans, plus
(b) its L/C Exposure, plus (c) its Swingline Exposure.

 

“Revolving
Facility” means the credit facility established hereunder and evidenced by the Revolving Commitments.

 

“Revolving
Lender” means a Lender having a Revolving Commitment or, if the Revolving Commitments have expired or terminated,
having Revolving Exposure.

 

“Revolving
Loan” means a loan referred to in Section 2.1(a) and made pursuant to Section 2.2.

 

“Revolving
Loan Note” means with respect to a Revolving Lender, a promissory note evidencing the Revolving Loans of such
Lender payable to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns) substantially
in the form of Exhibit C-1.

 

“Revolving
Maturity Date” means the fifth (5th) anniversary of the Closing Date, provided that if such
day is not a Business Day, the Revolving Maturity Date shall be the Business Day immediately preceding such day.

 

“S&P”
means Standard & Poor's Financial Services LLC, a subsidiary of S&P Global Inc.

 

“Sale
and Leaseback” means any transaction or series of related transactions pursuant to which any Loan Party or any
of its Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter
acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use
for substantially the same purpose or purposes as the property being sold, transferred or disposed.

 

“Sanctioned Country” means
any country, territory or region which is itself the subject or target of any comprehensive Sanctions (which may include the Crimean
region of Ukraine, Cuba, Iran, North Korea, Darfur, South Sudan and Syria).

 

“Sanctioned
Person” means (a) any Person or group listed in any Sanctions related list of designated Persons maintained by
OFAC, including the List of Specially Designated Nationals and Blocked Persons, or the U.S. Department of State, the United Nations
Security Council, the European Union or any EU member state, (b) any Person subject to any law that would prohibit all or substantially
all financial or other transactions with that Person or would require that assets of that Person that come into the possession
of a third-party be blocked (c) any legal entity organized or domiciled in a Sanctioned Country, (d) any agency, political subdivision
or instrumentality of the government of a Sanctioned Country, (e) any natural person ordinarily resident in a Sanctioned Country,
or (f) any Person 50% or more owned, directly or indirectly, individually or in the aggregate by any of the above.

 

    	 	38	 

     

    

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union
or any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.

 

“SEC” means the Securities
and Exchange Commission.

 

“Secured
Obligation Designation Notice” means a notice substantially in the form of Exhibit J executed and delivered
to the Administrative Agent by a counterparty (other than the Administrative Agent and its Affiliates) to a Swap Agreement or an
agreement to provide Cash Management Services in order that the obligations in respect thereof constitute Swap Agreement Obligations
or Cash Management Obligations.

 

“Secured
Obligations” means, collectively, (a) the Loan Document Obligations, (b) the Cash Management Obligations and (c)
the Swap Agreement Obligations.

 

“Secured
Parties” means, collectively, (a) the Administrative Agent, (b) each Lender, (c) each L/C Issuer, (d) each
Person to whom any Cash Management Obligations are owed, (e) each counterparty to any Swap Agreement the obligations under which
constitute Swap Agreement Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under
any Loan Document and (g) the permitted successors and assigns of each of the foregoing.

 

“Security
Agreement” means the Pledge and Security Agreement, dated as of the Closing Date, among the Loan Parties and the
Administrative Agent.

 

“SOFR” with respect to any
day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator
of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Sold
Entity or Business” means any Person or any property or assets constituting a line of business or a division of
a Person Disposed of in a transaction permitted hereunder by the Borrower or any of its Subsidiaries.

 

“Solvency
Certificate” means a certificate, substantially in the form of Exhibit I.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination,
that on such date (a) the fair value of the present assets of such Person and its Subsidiaries, taken as a whole, is not less than
the sum of the debt (including contingent liabilities) of such Person and its Subsidiaries, taken as a whole, (b) the present fair
salable value of the assets of such Person and its Subsidiaries, taken as a whole, is not less than the amount that will be required
to pay the probable liabilities (including contingent liabilities) of such Person and its Subsidiaries, taken as a whole, on their
debts as they become absolute and matured, (c) the capital of such Person and its Subsidiaries, taken as a whole, is not unreasonably
small in relation to the business of such Person or its Subsidiaries, taken as a whole, contemplated as of such date and (d) such
Person and its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts (including current
obligations and contingent liabilities) beyond their ability to pay such debts as they mature in the ordinary course of business;
provided that the amount of contingent liabilities at any time shall be computed as the amount that, in light of all the
facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured
liability.

 

    	 	39	 

     

    

“Specified
Transaction” means any Investment, Disposition, incurrence or repayment of Indebtedness, Restricted Payment, Incremental
Term Loan or Incremental Revolving Commitments that by the terms of this Credit Agreement requires a test to be calculated on a
“Pro Forma Basis”, be given in “Pro Forma Compliance” with, or after giving “Pro Forma Effect”;
provided that any increase in the Revolving Commitments above the amount of Revolving Commitments in effect on the Closing
Date, for purposes of this definition, shall be deemed to be fully drawn.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any basic, marginal, special,
emergency, supplemental or other reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject for eurocurrency funding (currently referred to as “eurocurrency liabilities” in Regulation D). Such reserve
percentages shall include those imposed pursuant to Regulation D. LIBOR Loans and Swingline Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Subordinated
Debt” means Indebtedness incurred by a Loan Party that is subordinated in right of payment to the prior payment
of the Loan Document Obligations of such Loan Party and contains subordination and other terms acceptable to the Administrative
Agent.

 

“Subordinated
Debt Documents” means any agreement, indenture or instrument pursuant to which any Subordinated Debt is issued,
in each case as amended to the extent permitted under the Loan Documents.

 

“subsidiary”
means, with respect to any Person (“Topco”), as of any date, any corporation,
limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of Topco
in Topco’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such
date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power is or, in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held by Topco
or one or more subsidiaries of Topco.

 

“Subsidiary”
means any direct or indirect subsidiary of the Borrower or a Loan Party, as the context may require.

 

“Subsidiary
Guarantors” means each Subsidiary that executes and delivers the Guarantee Agreement and each other Domestic Subsidiary
of the Borrower that becomes party thereto in by the execution and delivery of a Subsidiary Joinder Agreement, and the permitted
successors and assigns of each such Person.

 

“Subsidiary
Joinder Agreement” means a Subsidiary Joinder Agreement, substantially in the form of Exhibit F, pursuant
to which a Subsidiary (other than an Excluded Subsidiary) becomes a party to the Guarantee Agreement, to the Security Agreement
and to each other applicable Loan Document.

 

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

 

    	 	40	 

     

    

“Swap
Agreement Obligations” means all obligations of the Loan Parties under each Swap Agreement to which any Loan Party
or its Subsidiary is a party and that that (a) is with a counterparty that is the Administrative Agent or any of its Affiliates,
(b) is in effect on the Closing Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Closing Date or
(c) is entered into after the Closing Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such
Swap Agreement is entered into or becomes a Lender or an Affiliate of a Lender after it has entered into such agreement, provided
that any such counterparty (other than the Administrative Agent or its Affiliates) executes and delivers a Secured Obligation Designation
Notice to the Administrative Agent and, provided, further, that Swap Agreement Obligations shall not include, with
respect to any Guarantor, Excluded CEA Swap Obligations of such Guarantor.

 

“Swap
Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect
of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap
Agreements 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
Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer
in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Swingline
Exposure” means, with respect to any Revolving Lender at any time, its Applicable Percentage of the Outstanding
Amount of the Swingline Loans.

 

“Swingline
Lender” means Citizens Bank in its capacity as lender of Swingline Loans.

 

“Swingline
Loan” means a loan referred to and made pursuant to Section 2.3.

 

“Swingline
Loan Note” means with respect to the Swingline Lender, a promissory note evidencing the Swingline Loans of such
Lender payable to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns) substantially
in the form of Exhibit C-3.

 

“Swingline
Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.3(b), which, if in writing,
shall be substantially in the form of Exhibit B-2.

 

“Swingline
Sublimit” means $10,000,000. The Swingline Sublimit is a sublimit of the Revolving Commitments.

 

“Synthetic
Debt” means, with respect to any Person as of any date of determination thereof, all obligations of such Person
in respect of transactions entered into by such Person that are intended to function primarily as a borrowing of funds (including
any minority interest transactions that function primarily as a borrowing) but are not otherwise included in the definition of
“Indebtedness” or as a liability on the consolidated balance sheet of such Person and its Subsidiaries in accordance
with GAAP).

 

    	 	41	 

     

    

“Synthetic
Lease Obligation” means the monetary obligation of a Person at any time of determination under (i) a so called
synthetic, off balance sheet or tax retention lease, or (ii) an agreement for the use or possession of property, in each case,
creating obligations that do not appear on the balance sheet of such Person but which could be characterized as the indebtedness
of such Person (without regard to accounting treatment) (other than operating leases arising as a result of Sale and Leaseback
transactions).

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term
Facility” means, the credit facility evidenced by the Term Loan Commitment. Unless the context shall otherwise
require, the term “Term Facility” shall include Incremental Term Facilities.

 

“Term
Lender” means a Lender with a Term Loan Commitment or, if the Term Loan Commitments have expired or terminated,
outstanding Term Loans. Unless the context shall otherwise require, the term “Term Lenders” shall include Incremental
Term Lenders.

 

“Term
Loan” means a loan referred to in Section 2.1(b) and made pursuant to Section 2.2. Unless
the context shall otherwise require, the term “Term Loans” shall include any Incremental Term Loans.

 

“Term
Loan Borrowing” means a Borrowing consisting of Term Loans of the same Type made, converted or continued on the
same date and, in the case of LIBOR Loans, as to which a single Interest Period is in effect.

 

“Term
Loan Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make a single
Term Loan on the Closing Date pursuant to Section 2.1(b) in an amount not exceeding the amount of such Term Lender’s
Term Loan Commitment as set forth on Schedule 2.1 or in the Assignment and Assumption pursuant to which such Term Lender
shall have assumed its Term Loan Commitment, in accordance with Section 10.4(b), as applicable, as such Term Loan Commitment
may be adjusted from time to time pursuant to Section 2.5 or Section 2.11 or pursuant to assignments by
or to such Term Lender pursuant to Section 10.4. The aggregate amount of the Term Loan Commitments on the Agreement
Date is $40,000,000. Unless the context shall otherwise require, after the effectiveness of any Incremental Term Loan Commitment,
the term “Term Loan Commitment” shall include such Incremental Term Loan Commitment.

 

“Term
Loan Note” means with respect to a Term Lender, a promissory note evidencing the Term Loans of such Lender payable
to the order of such Lender (or, if required by such Lender, to such Lender and its registered assigns) substantially in the form
of Exhibit C-2.

 

“Term
Maturity Date” means the fifth (5th) anniversary of the Closing Date, provided that if such
day is not a Business Day, the Term Maturity Date shall be the Business Day immediately preceding such day.

 

“Term SOFR” means the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Termination
Date” means the date upon which all Commitments have terminated, no Letters of Credit are outstanding (or if Letters
of Credit remain outstanding, the same are Backstopped), and the Loans and L/C Obligations (other than with respect to the undrawn
portion of outstanding Letters of Credit), together with all interest and fees related thereto and other Loan Document Obligations
(other than unasserted contingent indemnification and unasserted expense reimbursement obligations in each case not yet due and
payable), have been indefeasibly paid in full in cash.

 

    	 	42	 

     

    

“Threshold
Amount” means $2,500,000.

 

“Total
Credit Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Exposure and outstanding
Term Loans of such Lender at such time.

 

“Total
Revolving Outstandings” means at any time, the aggregate Outstanding Amount of all Revolving Loans, Swingline
Loans and L/C Obligations at such time.

 

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

 

“Transaction
Expenses” means any fees, premiums, expenses or other costs incurred or paid by the Borrower, or any Subsidiary
in connection with the Transactions, this Credit Agreement and the other Loan Documents and the transactions contemplated hereby
and thereby in connection therewith.

 

“Transactions”
means (a) the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, (b) the borrowing
of the Loans and the issuance of the Letters of Credit, (c) the use of the proceeds of the Loans and the Letters of Credit, (d)
the satisfaction of the Collateral and Guarantee Requirement, (e) the Existing Credit Agreement Refinancing and (f) the payment
of Transaction Expenses.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBOR Rate or the Alternate Base Rate.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“Unaudited
Financial Statements” means the Form 10-Q containing the unaudited consolidated balance sheets and related statements
of income, comprehensive income, changes in equity and cash flows of the Borrower and its Subsidiaries, covering any of the first
three fiscal quarters that have ended after the most recent Fiscal Year covered by the Audited Financial Statements and at least
45 days before the Closing Date.

 

“Uniform
Commercial Code” or “UCC” means the Uniform Commercial
Code as the same may from time to time be in effect in the State of New York; provided that, if perfection or the effect
of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, “Uniform Commercial Code” or “UCC”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority.

 

“United
States” and “U.S.” mean the United States of America.

 

“Unreimbursed
Amount” has the meaning assigned to such term in Section 2.4(c)(i).

 

“USA
PATRIOT Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

    	 	43	 

     

    

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

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 3.6(g)(v).

 

“Voting
Equity Interests” means, with respect to any Person, shares of such Person’s Equity Interests having the
right to vote for the election of the members of the board of directors or other managing person of such Person under ordinary
circumstances.

 

“Weighted Average Life to Maturity”
means, 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.

 

“Wholly-Owned”
means, with respect to a Subsidiary of a Person, a Subsidiary of such Person all of the outstanding Equity Interests of which (other
than (x) director’s qualifying shares and (y) shares issued to foreign nationals to the extent required by applicable law)
are owned by such Person and/or by one or more wholly owned Subsidiaries of such Person.

 

“Withdrawal
Liability” means a liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding
Agent” means any Loan Party and the Administrative Agent.

 

“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.

 

“Yield Differential” has
the meaning assigned to such term in Section 2.11(c).

 

Section 1.2              
Classification of Loans and Borrowings. For purposes of this Credit Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “LIBOR Loan”) or by Class
and Type (e.g., a “LIBOR Revolving Loan”). Borrowings may also be classified and referred to by Class
(e.g., a “Revolving Borrowing”) or by Type (e.g., a “LIBOR Borrowing”) or by
Class and Type (e.g., a “LIBOR Revolving Borrowing”).

 

Section 1.3              
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.” 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.” Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time
to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements
or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import,
shall be construed to refer to this Credit Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Credit Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, and (f) 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. Any terms used in this Credit Agreement that are defined in the UCC shall
be construed and defined as set forth in the UCC unless otherwise defined herein; provided, that to the extent that the
UCC is used to define any term herein and such term is defined differently in different Articles of the UCC, the definition of
such term contained in Article 9 of the UCC shall govern.

 

    	 	44	 

     

    

Section 1.4              
Accounting Terms; GAAP.

 

(a)               
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be submitted pursuant to this Credit Agreement shall
be prepared in conformity with, GAAP, applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

 

(b)               
Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test contained in this Credit
Agreement with respect to any period during which any Specified Transaction occurs, Consolidated EBITDA, Consolidated Fixed Charge
Coverage Ratio and Consolidated Net Leverage Ratio (and all component definitions of any of the foregoing) shall be calculated
with respect to such period and all Specified Transactions occurring during such period on a Pro Forma Basis.

 

(c)               
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 Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the 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 Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Credit 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.

 

Section 1.5              
Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Credit Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by
which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

 

Section 1.6              
References to Time. Unless the context otherwise requires, references to a time shall refer to Eastern Standard Time or
Eastern Daylight Savings Time, as applicable.

 

Section 1.7              
Resolution of Drafting Ambiguities. Each Loan Party acknowledges and agrees that it was represented by counsel in connection
with the execution and delivery of the Loan Documents to which it is a party, that it and its counsel reviewed and participated
in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation hereof or thereof.

 

    	 	45	 

     

    

Section 1.8              
Status of Loan Document Obligations. In the event that any Loan Party shall at any time issue or have outstanding any Subordinated
Debt, the Borrower shall take or cause each other Loan Party to take all such actions as shall be necessary to cause the Loan Document
Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Debt and to enable the Administrative
Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders
of senior indebtedness under the terms of such Subordinated Debt. Without limiting the foregoing, the Loan Document Obligations
are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar
import under and in respect of the Subordinated Debt Documents under which such Subordinated Debt is issued and are further given
all such other designations as shall be required under the terms of any such Subordinated Debt in order that the Administrative
Agent and the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders
of senior indebtedness under the terms of such Subordinated Debt.

 

Section 1.9              
Reserved.

 

Section 1.10           
Interest; LIBOR Notification.  The interest rate on LIBOR Rate Loans is determined by reference to the LIBOR
Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate
at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the
U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks
to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
“IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that,
in the future, the London interbank offered rate may become unavailable or may no longer be deemed an appropriate reference rate
upon which to determine the interest rate on LIBOR Rate Loans. In light of this eventuality, public and private sector industry
initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered
rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth
in Section 3.3, an alternative rate of interest may be selected and implemented in accordance with the mechanism contained
in such Section. The Administrative Agent will notify the Borrower, pursuant to Section 3.3, in advance of any change to
the reference rate upon which the interest rate on LIBOR Rate Loans is based. However, the Administrative Agent does not warrant,
nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission
or any other matter related to the rates in the definition of “LIBOR Rate” or with respect to any comparable or successor
rate thereto or replacement rate thereof, including, without limitation, whether the composition or characteristics of any such
alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 3.3, will be
similar to, or produce the same value or economic equivalence of, the LIBOR Rate or have the same volume or liquidity as did the
London interbank offered rate prior to its discontinuance or unavailability.

 

Section 1.11           
Divisions.  For all purposes under the Loan Documents, in connection with Division: (a) if any asset, right,
obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be
deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence,
such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests
at such time.

 

    	 	46	 

     

    

Article 2

The Credits

 

Section 2.1              
Commitments.

 

(a)               
Revolving Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein
set forth, each Revolving Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower in Dollars from time
to time during the Availability Period in an aggregate principal amount that will not result in (i) such Revolving Lender’s
Revolving Exposure exceeding such Revolving Lender’s Revolving Commitment, (ii) the Total Revolving Outstandings exceeding
the aggregate Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the
Borrower may borrow, prepay and reborrow Revolving Loans. Revolving Loans may be ABR
Loans or LIBOR Loans, as further provided herein.

 

(b)               
Term Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein
set forth, each Term Lender agrees, severally and not jointly, to make a single loan (each such loan, a “Term Loan”)
to the Borrower in Dollars on the Closing Date in an principal amount not exceeding such Term Lender’s Term Loan Commitment.
Term Loans which are prepaid or repaid, in whole or in part, may not be reborrowed. Term
Loans may be ABR Loans or LIBOR Loans, as further provided herein.

 

(c)               
Incremental Term Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties
herein set forth, each Incremental Term Lender agrees, severally and not jointly, if such Incremental Term Lender has so committed
pursuant to Section 2.11, to make Incremental Term Loans in Dollars to the Borrower in an aggregate principal amount
not to exceed its Incremental Term Loan Commitment and otherwise on the terms and subject to the conditions set forth in the Incremental
Assumption Agreement to which such Lender is a party. Incremental Term Loans which are prepaid or repaid, in whole or in part,
may not be reborrowed. Incremental Term Loans may be ABR Loans or
LIBOR Loans, as further provided herein.

 

Section 2.2              
Borrowings, Conversions and Continuations of Loans.

 

(a)               
Each Borrowing (other than a Swingline Borrowing which shall be made in accordance with Section 2.3), each conversion
of Loans from one Type to the other, and each continuation of LIBOR Loans shall be made upon the Borrower’s irrevocable notice,
to the Administrative Agent, which may be given by telephone. Each such notice must be made in writing (or in the case of telephonic
notice, promptly confirmed in writing) substantially in the form of a Committed Loan Notice appropriately completed and signed
by a Responsible Officer of the Borrower and received by the Administrative Agent (i) in the case of an ABR Borrowing, not later
than 11:00 a.m. on the date of the proposed Borrowing, or (ii) in the case of any other Borrowing, not later than 11:00 a.m. three
Business Days before the date of the proposed Borrowing.

 

(b)               
Except as provided in Section 2.3(c) and Section 2.4(c), each Borrowing or conversion of Loans shall be
in a principal amount of the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof. Each Committed
Loan Notice (whether telephonic or written) shall specify (A) whether the Borrower is requesting a Borrowing, a conversion of Loans
from one Type to the other, or a continuation of LIBOR Loans, (B) the requested date of the Borrowing, conversion or continuation,
as the case may be (which shall be a Business Day), (C) the Class and principal amount of Loans to be borrowed, converted or continued,
(D) the Type of Loans to be borrowed or to which existing Loans are to be converted, (E) if applicable, the duration of the Interest
Period with respect thereto which shall be a period contemplated by the definition of the term “Interest Period”, and
(F) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.2. Notwithstanding anything in this Credit Agreement to the contrary, if the Borrower:

 

    	 	47	 

     

    

(i)                
requests a Borrowing of, conversion to, or continuation of LIBOR Loans in any such Committed Loan Notice, but fails to specify
an Interest Period, it will be deemed to have specified an Interest Period of one month; and

 

(ii)              
fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation,
then the applicable Loans shall be made as, continued as, or converted to, ABR Loans.

 

For avoidance of doubt, the Borrower and Lenders acknowledge and
agree that any conversion or continuation of an existing Loan shall be deemed to be a continuation of that Loan with a converted
interest rate methodology and not a new Loan. Any automatic conversion or continuation as provided above shall be effective as
of the last day of the Interest Period then in effect with respect to the applicable LIBOR Loans.

 

(c)               
Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of the amount
of its Applicable Percentage of the applicable Class of Loans, and if no timely notice of a conversion or continuation is provided
by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion or continuation
described in Section 2.2(b). In the case of each Borrowing, each Appropriate Lender shall make (or cause its Applicable
Lending Office to make) the amount of its Loan available to the Administrative Agent, by transfer in immediately available funds
to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, not later
than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction or waiver of the applicable
conditions set forth in Section 4.2 (and, if such Borrowing is the initial Credit Extension, Section 4.1),
the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by transfer to the
account of the Borrower maintained with Citizens Bank and designated in the Commitment Loan Notice the amount of such funds; provided
that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Borrower, there are Swingline Loans
or L/C Borrowings outstanding, then the proceeds of such Borrowing shall be applied first, to the payment in full of any such L/C
Borrowings, second, to the payment in full of any such Swingline Loans, and third, to the Borrower as provided above.

 

(d)               
Except as otherwise provided herein, a LIBOR Loan may be continued or converted only on the last day of an Interest Period for
such Loan unless the Borrower pays the amount due, if any, under Section 3.5 in connection therewith. During the existence
of an Event of Default, the Administrative Agent or the Required Lenders may require that (i) no Loans may be requested as, converted
to or continued as LIBOR Loans and (ii) unless repaid, each LIBOR Loan be converted to an ABR Loan at the end of the Interest Period
applicable thereto.

 

(e)               
The Administrative Agent shall promptly notify the Borrower and the Appropriate Lenders of the interest rate applicable to any
Interest Period for LIBOR Loans upon determination of such interest rate. The determination of the Adjusted LIBOR Rate by the Administrative
Agent shall be conclusive in the absence of manifest error.

 

(f)                
Anything in clauses (a) through (d) above to the contrary notwithstanding, after giving effect to all Borrowings, all conversions
of Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than six (6) Interest
Periods in effect at any time for all Borrowings of LIBOR Loans.

 

    	 	48	 

     

    

(g)               
The failure of any Appropriate Lender to make any Loan required to be made by it shall not relieve any other Appropriate Lender
of its obligations hereunder, provided that the Commitments of the Lenders are several, and no Lender shall be responsible
for any other Lender’s failure to make Loans as required. All Borrowings made on the Closing Date must be made as ABR Borrowings
unless the Borrower shall have given a Committed Loan Notice requesting a LIBOR Borrowing and provided an indemnity letter in form
and substance satisfactory to the Administrative Agent extending the benefits of Section 3.5 to the Appropriate Lenders
in respect of such Borrowings.

 

Section 2.3              
Swingline Loans.

 

(a)               
The Swingline. Subject to the terms and conditions hereof and relying upon the representations and warranties herein set
forth and upon the agreements of the Revolving Lenders set forth in this Section 2.3, the Swingline Lender may in its
sole discretion and without any obligation to do so make Swingline Loans to the Borrower in Dollars from time to time on any Business
Day after the making of the initial Revolving Loans through the seventh Business Day preceding the Revolving Maturity Date; provided
that after giving effect to each Swingline Loan, (i) the aggregate Outstanding Amount of Swingline Loans shall not exceed the Swingline
Sublimit and (ii) the Total Revolving Outstandings shall not exceed the aggregate Revolving Commitments; provided, further,
that the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan. Within the foregoing
limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.3, prepay
under Section 2.7, and reborrow under this Section 2.3.

 

(b)               
Borrowing Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline
Lender, which may be given by telephone. Each such notice must be received by the Swingline Lender not later than 1:00 p.m. on
the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be in an aggregate amount that is an
integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum, (ii) the requested borrowing date, which shall
be a Business Day and (iii) the maturity date of the requested Swingline Loan which shall be not later than seven Business Days
after the making of such Swingline Loan. Each such telephonic notice must be confirmed promptly by hand delivery or facsimile (or
transmitted by electronic communication, if arrangements for doing so have been approved by the Swingline Lender and the Administrative
Agent) of a written Swingline Loan Notice to the Swingline Lender and the Administrative Agent, appropriately completed and signed
by a Responsible Officer of the Borrower. Promptly after receipt by the Swingline Lender of any telephonic Swingline Loan Notice,
the Swingline Lender will, if it is willing to make the requested Swingline Loan and provided that all applicable conditions in
Section 4.2 are satisfied or waived, not later than 3:00 p.m. on the borrowing date specified in such Swingline Loan
Notice, make the amount of its Swingline Loan available to the Borrower by crediting the account of the Borrower maintained with
the Swingline Lender and notify the Administrative Agent thereof in writing.

 

(c)               
Refinancing of Swingline Loans. (i) The Swingline Lender at any time in its sole and absolute discretion may request, on
behalf of the Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), and in any event
shall request, no later than one week after each Swingline Borrowing has been made, that each Revolving Lender make an ABR Revolving
Loan in Dollars in an amount equal to such Revolving Lender’s Applicable Percentage of the amount of Swingline Loans then
outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes
hereof) and in accordance with the requirements of Section 2.2, without regard to the minimum and multiples specified
therein for the principal amount of ABR Loans. Each Revolving Lender shall make an amount equal to its Applicable Percentage of
the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds in Dollars
for the account of the Swingline Lender at the Administrative Agent’s Payment Office not later than 1:00 p.m. on the day
specified in such Committed Loan Notice, whereupon, subject to Section 2.3(c)(ii), each Revolving Lender that so makes
funds available shall be deemed to have made an ABR Revolving Loan to the Borrower in such amount. The Administrative Agent shall
remit the funds so received to the Swingline Lender.

 

    	 	49	 

     

    

(ii)              
If for any reason any Swingline Loan cannot be refinanced by a Revolving Borrowing in accordance with Section 2.3(c)(i),
the request for ABR Revolving Loans submitted by the Swingline Lender as set forth therein shall be deemed to be a request by the
Swingline Lender that each of the Revolving Lenders purchase for cash a risk participation in the relevant Swingline Loan in Dollars
and each Revolving Lender hereby irrevocably and unconditionally agrees to make such purchase in an amount equal to the product
of such Revolving Lender’s Applicable Percentage multiplied by the amount of such Swingline Loan. Each Revolving Lender’s
payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.3(c)(i) shall be
deemed payment in respect of such participation.

 

(iii)            
If any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.3(c) by the time
specified in Section 2.3(c)(i), the Swingline 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 Swingline Lender at the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A certificate
of the Swingline 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.

 

(iv)             
Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans
pursuant to this Section 2.3(c) shall be absolute and unconditional and shall not be affected by any circumstance,
provided that each Revolving Lender’s obligation to make Revolving Loans (but not to purchase and fund risk participations
in Swingline Loans) pursuant to this Section 2.3(c) is subject to the conditions set forth in Section 4.2.
No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swingline Loans,
together with interest as provided herein.

 

(d)               
Repayment of Participations. (i) At any time after any Revolving Lender has purchased and funded a risk participation in
a Swingline Loan, if the Swingline Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute
to such Revolving Lender its 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 Swingline Lender.

 

(ii)              
If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned
by the Swingline Lender under any of the circumstances described in Section 10.11 (including pursuant to any settlement
entered into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable
Percentage thereof on demand by 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 Effective Rate. The Administrative Agent will make such
demand upon the request of the Swingline Lender.

 

(e)               
Interest for Account of Swingline Lender. Until each Revolving Lender funds its ABR Revolving Loan or risk participation
pursuant to this Section 2.3 to refinance such Revolving Lender’s Applicable Percentage of any Swingline Loan,
interest in respect of such Applicable Percentage shall be solely for the account of the Swingline Lender.

 

    	 	50	 

     

    

(f)                
Payments Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the
Swingline Loans directly to the Swingline Lender and the Swingline Lender shall notify the Administrative Agent thereof.

 

Section 2.4              
Letters of Credit.

 

(a)               
The Letter of Credit Commitment. (i) Subject to the terms and conditions hereof and of any additional Letter of Credit Documents
required by the L/C Issuer and relying upon the representations and warranties herein set forth (A) based upon the agreements
of the Revolving Lenders set forth in this Section 2.4, the L/C Issuer agrees (1) from time to time on any Business
Day during the Availability Period to issue Letters of Credit denominated in Dollars for the account of the Borrower (provided
that any Letter of Credit may be for the joint account of the Borrower and any Subsidiary of the Borrower) and to amend or renew
Letters of Credit previously issued by it, in accordance with Section 2.4(b), and (2) to honor conforming drafts under
the Letters of Credit and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued pursuant to this
Section 2.4; provided that the L/C Issuer shall not be obligated to make any L/C Credit Extension with
respect to any Letter of Credit, and no Revolving Lender shall be obligated to participate in any such Letter of Credit if immediately
after giving effect to such L/C Credit Extension, (w) the aggregate L/C Obligations would exceed the L/C Sublimit, (x) the Revolving
Exposure of any Revolving Lender would exceed such Revolving Lender’s Revolving Commitment, or (y) the Total Revolving Outstandings
would exceed the aggregate Revolving Commitments.

 

(ii)              
The L/C Issuer shall be under no obligation to issue any Letter of Credit (and, in the case of clauses (B), (C)
or (D) below, shall not issue any Letter of Credit) if:

 

(A)             
any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the
L/C Issuer from issuing such Letter of Credit, or any law applicable to the L/C Issuer or any directive (whether or not
having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or direct that
the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Agreement Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Agreement Date (for which the L/C Issuer is not otherwise compensated
hereunder);

 

(B)             
subject to Section 2.4(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months
after the date of issuance or last renewal;

 

(C)             
the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless arrangements
satisfactory to the L/C Issuer for the Backstopping of such Letter of Credit have been made prior to the issuance thereof;

 

(D)             
the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person,
or in any Sanctioned Country or (ii) in any manner that would result in a violation of any Sanctions by any party to this Credit
Agreement;

 

    	 	51	 

     

    

(E)              
the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit
or any laws binding upon the L/C Issuer;

 

(F)              
the Letter of Credit is to be denominated in a currency other than Dollars;

 

(G)             
any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the
delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Defaulting
Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.10(a)(iv))
with respect to such Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit
and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its
sole discretion; or

 

(H)             
the Letter of Credit is in an initial amount less than $100,000 (or such lesser amount as agreed to by the L/C Issuer and
the Administrative Agent).

 

(iii)            
The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation
at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of
Credit does not accept the proposed amendment to such Letter of Credit.

 

(b)               
Procedures for Issuance and Amendment of Letters of Credit; Auto-Renewal Letters of Credit. (i) Each Letter of Credit shall
be issued or amended, as the case may be, upon the request of the Borrower hand delivered or sent by facsimile (or transmitted
by electronic communication, if arrangements for doing so have been approved by the L/C Issuer) to the L/C Issuer (with
a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent
not later than 1:00 p.m. at least three Business Days prior to the proposed issuance date or date of amendment, as the case
may be; or, in each case, such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion.
In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form
and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which
shall be a Business Day), (B) the amount, (C) the expiry date thereof, (D) the name and address of the beneficiary thereof, (E)
the documents to be presented by such beneficiary in case of any drawing thereunder, (F) the full text of any certificate to be
presented by such beneficiary in case of any drawing thereunder, and (G) such other matters as the L/C Issuer may reasonably
request. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall
specify in form and detail reasonably satisfactory to the L/C Issuer (1) the Letter of Credit to be amended, (2) the proposed
date of amendment thereof (which shall be a Business Day), (3) the nature of the proposed amendment, and (4) such other matters
as the L/C Issuer may reasonably request.

 

(ii)              
Subject to the terms and conditions set forth herein, the L/C Issuer shall, on the requested date, issue a Letter of Credit for
the account of the Borrower or enter into the applicable amendment, as the case may be. Immediately upon the issuance of each Letter
of Credit, each Revolving Lender shall be deemed to have, and hereby irrevocably and unconditionally agrees to, acquire from the
L/C Issuer a risk participation in such Letter of Credit in an amount equal to such Revolving Lender’s Applicable Percentage
of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation
to acquire risk participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall
not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Commitments.

 

    	 	52	 

     

    

(iii)            
If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer shall agree to issue a Letter of
Credit that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that
any such Auto-Renewal Letter of Credit must permit the L/C Issuer to prevent any such renewal at least once in each twelve-month
period (commencing with the date of issuance of such Auto-Renewal Letter of Credit) by giving prior notice to the beneficiary thereof
not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the
time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make
a specific request to the L/C Issuer for any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the Revolving
Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the renewal of such Auto-Renewal
Letter of Credit from time to time to an expiry date not later than the Letter of Credit Expiration Date; provided that
the L/C Issuer shall not permit any such renewal if (A) the L/C Issuer has determined that it would have no obligation
at such time to issue such Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2.4(a)(ii)
or otherwise), or (B) it has received notice (which may be by telephone, followed promptly in writing, or in writing) on or before
the day that is five Business Days before the applicable Nonrenewal Notice Date from the Administrative Agent or any Revolving
Lender, as applicable, or the Borrower that one or more of the applicable conditions specified in Section 4.2 is not
then satisfied.

 

(iv)             
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto
or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

 

(c)               
Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of
any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify promptly the Borrower and the Administrative
Agent thereof. On the Business Day on which the Borrower shall have received notice of any payment by the L/C Issuer under
a Letter of Credit or, if the Borrower shall have received such notice later than 12:00 p.m. on any Business Day, on the succeeding
Business Day (such applicable Business Day, the “L/C Honor Date”), the Borrower shall (regardless of whether
or not such Letter of Credit shall be for the sole account of the Borrower or for the joint account of the Borrower and any Subsidiary)
reimburse the L/C Issuer through the Administrative Agent in an amount equal to such drawing in Dollars. If the Borrower fails
to so reimburse the L/C Issuer on the L/C Honor Date (or if any such reimbursement payment is required to be refunded to the
Borrower for any reason), then (x) the Borrower shall be deemed to have requested a Borrowing of ABR Revolving Loans in the amount
of such drawing, and (y) the Administrative Agent shall promptly notify each Revolving Lender of the L/C Honor Date, the amount
of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable
Percentage thereof. Such Revolving Loans shall be made by the Revolving Lenders without regard to the Borrowing Minimums and Borrowing
Multiples. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.4(c)(i) may
be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall
not affect the conclusiveness or binding effect of such notice. For the avoidance of doubt, if any drawing occurs under a Letter
of Credit and such drawing is not reimbursed on the same day, the Unreimbursed Amount of such drawing shall, without duplication,
accrue interest for each day until the date of reimbursement at (x) prior to the third Business Day following the L/C Honor Date,
the rate per annum applicable to the outstanding principal balance of ABR Revolving Loans pursuant to Section 3.1(a),
and (y) thereafter, a rate per annum equal to the Default Rate applicable to the outstanding principal balance of ABR Revolving
Loans.

 

    	 	53	 

     

    

(ii)              
Each Revolving Lender (including the Revolving Lender acting as the L/C Issuer) shall upon any notice pursuant to Section 2.4(c)(i)
make funds available to the Administrative Agent for the account of the L/C Issuer at the Administrative Agent’s Payment
Office in an amount equal to its Applicable Percentage of any Unreimbursed Amount in respect of a Letter of Credit in Dollars not
later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent. The Administrative Agent shall remit
the funds so received to the L/C Issuer, and may apply Cash Collateral provided for this purpose to such Unreimbursed Amount.

 

(iii)            
Each Revolving Lender that makes funds available pursuant to Section 2.4(c)(ii) shall be deemed to have made an ABR
Revolving Loan in Dollars to the Borrower in such amount, provided that in the event the conditions for Revolving Borrowings
set forth in Section 4.2 cannot be satisfied (and have not been waived) or for any other reason, then (A) the Borrower
shall be deemed to have incurred from the L/C Issuer a L/C Borrowing in Dollars in the amount of the Unreimbursed Amount,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate, and
(B) such Revolving Lender shall be deemed to have purchased a participation in such L/C Borrowing in an amount equal to its Applicable
Percentage thereof (a “L/C Advance”).

 

(iv)             
Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.4(c) to reimburse
the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender’s Applicable
Percentage of such amount shall be solely for the account of the L/C Issuer.

 

(v)               
Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.4(c), shall be absolute and unconditional and shall
not be affected by any circumstance; provided that each Revolving Lender’s obligation to make Revolving Loans (but
not L/C Advances) pursuant to this Section 2.4(c) is subject to the conditions set forth in Section 4.2
(other than delivery by the Borrower of a Committed Loan Notice). No such making of a L/C Advance shall relieve or otherwise
impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer
under any Letter of Credit, together with interest as provided herein.

 

(vi)             
If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.4(c) by the time specified
in Section 2.4(c)(ii), the L/C Issuer 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 L/C Issuer at the greater of the Federal Funds Effective Rate
and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation. A certificate of the
L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this
Section 2.4(c)(vi) shall be conclusive absent manifest error.

 

    	 	54	 

     

    

(vii)           
If, at any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Lender
such Revolving Lender’s L/C Advance in respect of such payment in accordance with this Section 2.4(c), the
Administrative Agent receives for the account of such Revolving Lender any payment in respect of the related Unreimbursed Amount
or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by
the Administrative Agent), the Administrative Agent will distribute to such Revolving Lender its Applicable Percentage thereof
(appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s
L/C Advance was outstanding) in the same funds as those received by the Administrative Agent.

 

(viii)         
If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.4(c)
is required to be returned under any of the circumstances described in Section 10.11, each Revolving Lender shall pay
to the Administrative Agent its 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 by such Revolving Lender, at a rate per annum equal to the Federal
Funds Effective Rate.

 

(d)               
Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under each Letter
of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly
in accordance with the terms of this Credit Agreement under all circumstances, including the following:

 

(i)                
any lack of validity or enforceability of such Letter of Credit, this Credit Agreement, or any other agreement or instrument relating
thereto;

 

(ii)              
the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
the L/C Issuer or any other Person, whether in connection with this Credit Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)            
any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid
or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)             
any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly
comply with the terms of such Letter of Credit, or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or
other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with (x) any proceeding under any Debtor Relief Law or (y) any Bail-In Action;

 

(v)               
any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from
the Guarantee Agreement or any other guarantee, for all or any of the Loan Document Obligations of any Loan Party in respect of
such Letter of Credit; or

 

(vi)             
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, any Loan Party;

 

    	 	55	 

     

    

provided that the foregoing shall not excuse the L/C Issuer
from liability to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive
damages, claims in respect of which are waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower
that are caused by the L/C Issuer’s gross negligence or willful misconduct when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof.

 

(e)               
Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the
Person executing or delivering any such document. None of the L/C Issuer, any of its Related Parties nor any of the correspondents,
participants or assignees of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Required Lenders, (ii) any action taken or omitted in the absence of gross
negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument
related to any Letter of Credit or Letter of Credit Application. The Borrower hereby assumes all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended
to, and shall not, preclude the Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee
at law or under any other agreement. None of the L/C Issuer, any of its Related Parties nor any of the correspondents, participants
or assignees of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (iii)
of this Section 2.4(e); provided that anything in such clauses to the contrary notwithstanding, the Borrower
may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to
the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower caused by the L/C Issuer’s
willful misconduct or gross negligence or the L/C Issuer’s willful or grossly negligent failure to pay under any Letter
of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms
and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

 

(f)                
Conflict with Letter of Credit Application. Notwithstanding anything else to the contrary in any Letter of Credit Document
(including any Letter of Credit Application), in the event of any conflict between the terms hereof and the terms of any such Letter
of Credit Document, the terms hereof shall control, provided that all non-conflicting terms of any such Letter of Credit
Document shall remain in full force and effect.

 

(g)               
Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the L/C Issuer and the Borrower
when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing,
the L/C Issuer shall not be responsible to any Loan Party for, and the L/C Issuer’s rights and remedies against
any such Loan Party shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law,
order, or practice that is required or permitted to be applied to any Letter of Credit or this Credit Agreement, including the
law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or in
the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for
Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law &
Practice, whether or not any Letter of Credit chooses such law or practice.

 

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Section 2.5              
Termination and Reduction of Commitments.

 

(a)               
Unless previously terminated, (i) the Term Loan Commitments (other than any Incremental Term Loan Commitments) shall automatically
terminate upon the making of the Term Loans on the Closing Date, and (ii) the Revolving Commitments shall terminate on the last
day of the Availability Period. Any Incremental Term Loan Commitment shall terminate as provided in the applicable Incremental
Assumption Agreement.

 

(b)               
The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments, provided that (i) the Borrower
shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment or repayment of the
Revolving Loans and the Swingline Loans in accordance with Section 2.7, the sum of the Revolving Exposures of all Revolving
Lenders would exceed the aggregate Revolving Commitments, (ii) each such reduction of the Revolving Commitments shall be in an
amount that is an integral multiple of $1,000,000 and not less than $5,000,000, and (iii) any reduction of the Revolving Commitments
to an amount below the L/C Sublimit or the Swingline Sublimit shall automatically reduce the L/C Sublimit or the Swingline Sublimit,
as applicable, on a Dollar for Dollar basis. If at any time, as a result of such a partial reduction or termination as provided
in Section 2.5(a), the Revolving Exposure of all Lenders would exceed the aggregate Revolving Commitments, then the
Borrower shall on the date of such reduction or termination of Revolving Commitments, repay or prepay Revolving Borrowings or Swingline
Loans (or a combination thereof) and/or Cash Collateralize Letters of Credit in an aggregate amount equal to such excess.

 

(c)               
In addition to any termination or reduction of the Revolving Commitments under paragraphs (a) and (b) of this Section, the Revolving
Commitments shall be reduced as required under Section 2.7(b).

 

(d)               
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph
(b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such
election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the
Revolving Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable,
provided that a notice of termination of the Revolving Commitments may state that such notice is conditioned upon the effectiveness
of other credit facilities, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent
on or prior to the specified effective date) if such condition is not satisfied subject to the Borrower’s obligation to indemnify
the Lenders pursuant to Section 3.5. Each reduction, and any termination, of the Revolving Commitments shall be permanent
and each reduction of the Revolving Commitments shall be made ratably among the Revolving Lenders in accordance with their respective
Revolving Commitments.

 

Section 2.6              
Repayment of Loans; Evidence of Debt.

 

(a)               
Payment at Maturity. The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account
of (A) each Revolving Lender the then unpaid principal amount of each Revolving Loan together with all accrued interest thereon
on the earlier of the Revolving Maturity Date and, if different, the date of the termination of the Revolving Commitments in accordance
with the provisions of this Credit Agreement, (B) each Term Lender, the then unpaid principal amount of each Term Loan together
with all accrued interest thereon on the earlier of the Maturity Date applicable to the Term Facility and, if different, the date
of the acceleration of the Loans in accordance with Section 8.2, and (C) each Incremental Term Lender, the then unpaid
principal amount of each Incremental Term Loan together with all accrued interest thereon on the earlier of the applicable Incremental
Term Loan Maturity Date and, if different, the date of the acceleration of the Loans in accordance with Section 8.2,
and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan together with all accrued interest thereon
on the earliest of (A) the maturity date selected by the Borrower for such Swingline Loan, (B) the Revolving Maturity Date and
(C) the date of the termination of the Revolving Commitments in accordance with the provisions of this Credit Agreement.

 

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(b)               
Amortization Payments for Term Loans (other than Other Term Loans). On each date set forth below, the Borrower shall pay
to the Administrative Agent, for the account of the Term Lenders (other than Incremental Term Lenders with respect to Other Term
Loans), the aggregate unpaid principal balance of the Term Loans (other than Other Term Loans) in an amount equal to (i) the aggregate
outstanding principal amount of the Term Loans on the Closing Date (as adjusted from time to time pursuant to Section 2.7(a),
Section 2.7(b)(iii) and Section 2.11(d)) multiplied by (ii) the percentage set forth below adjacent
to such date under the heading “Percentage”:

 

	Date	Percentage 
	March 31, 2021	1.250%
	June 30, 2021	1.250%
	September 30, 2021	1.250%
	December 31, 2021	1.250%
	March 31, 2022	1.875%
	June 30, 2022	1.875%
	September 30, 2022	1.875%
	December 31, 2022	1.875%
	March 31, 2023	1.875%
	June 30, 2023	1.875%
	September 30, 2023	1.875%
	December 31, 2023	1.875%
	March 31, 2024	2.500%
	June 30, 2024	2.500%
	September 30, 2024	2.500%
	December 31, 2024	2.500%
	March 31, 2025	2.500%
	June 30, 2025	2.500%
	September 30, 2025	2.500%
	Term Loan Maturity Date	Total Remaining Principal Balance

 

(c)               
Amortization Payments for Other Term Loans. The Borrower shall pay to the Administrative Agent, for the account of the applicable
Incremental Term Lenders with respect to Other Term Loans, on each Incremental Term Loan Repayment Date, a principal amount of
the Other Term Loans (as adjusted from time to time pursuant to Section 2.7(a), Section 2.7(b)(iii) and
Sections 2.11(d)) equal to the amount set forth in the applicable Incremental Assumption Agreement, together in each
case with accrued and unpaid interest on the principal amount to be paid to, but excluding, the date of such payment.

 

(d)               
Notes. Any Lender may request through the Administrative Agent that Loans made by it be evidenced by a promissory note.
In such event, the Borrower shall execute and deliver to (i) in the case of a Revolving Lender, a Revolving Loan Note, (ii) in
the case of a Term Lender, a Term Loan Note and (iii) in the case of the Swingline Lender, a Swingline Loan Note. In addition,
if requested by a Lender, its Note may be made payable to such Lender and its registered assigns in which case all Loans evidenced
by such Note and interest thereon shall at all times (including after assignment pursuant to Section 10.4) be represented
by one or more Notes in like form payable to the order of the payee named therein and its registered assigns.

 

    	 	58	 

     

    

(e)               
Lender Records. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrower to such Lender resulting from each Loan owing to such Lender from time to time, including the amounts of principal
and interest payable and paid to such Lender from time to time hereunder.

 

(f)                
Register. Entries made in good faith by the Administrative Agent in the Register pursuant to Section 10.4(c),
and by each Lender in its account or accounts pursuant to Section 2.6(e), shall be prima facie evidence of the amount of
principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender
and, in the case of such account or accounts, such Lender, under this Credit Agreement, absent manifest error; provided,
however, that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect,
in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Credit
Agreement.

 

Section 2.7              
Prepayments.

 

(a)               
Optional Prepayments. (i) The Borrower may, upon written notice to the Administrative Agent, at any time and from time to
time, voluntarily prepay any Borrowing of any Class (other than Swingline Loans) in whole or in part without premium or penalty
(except as set forth in Section 3.5)), provided that (A) such notice must be received by the Administrative
Agent not later than 1:00 p.m. (1) three Business Days prior to any date of prepayment of a LIBOR Borrowing and (2) one Business
Day prior to the date of prepayment of an ABR Borrowing and (B) each prepayment shall be in a principal amount of (x) with respect
to Revolving Loans, minimum amounts of $100,000 and in multiples of $50,000 thereafter, and (y) with respect to Term Loans, minimum
amounts of $500,000 and in multiples of $100,000 thereafter or, in each case, the entire principal amount thereof then outstanding.
Each such notice shall specify the date and amount of such prepayment and the Class(es) and Type(s) of Loans to be prepaid. The
Administrative Agent will promptly notify each Appropriate Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such
prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein, provided
that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, in which
case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied subject to the Borrower’s obligation to indemnify the Lenders pursuant to Section 3.5.
Each prepayment of Term Loans pursuant to this Section 2.7(a) shall be applied against the scheduled repayments of
the Term Loans under Section 2.6 on a ratable basis and in the inverse order of maturity and shall be paid to the Administrative
Agent for the account of the Appropriate Lenders in accordance with their respective Applicable Percentages.

 

(ii)              
The Borrower may, upon written notice to the Swingline Lender (with a copy to the Administrative Agent), at any time or from time
to time, voluntarily prepay Swingline Loans in whole or in part without premium or penalty; provided that (A) such notice
must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment and
(B) any such prepayment shall be in a principal amount of $100,000 or a whole multiple of $50,000 in excess thereof or the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice
is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due
and payable on the date specified therein.

 

(b)               
Mandatory Prepayments.

 

(i)                
Net Cash Proceeds; Extraordinary Receipts.

 

    	 	59	 

     

    

(A)             
Dispositions. In the event that any Loan Party or any of its Subsidiaries receives Net Cash Proceeds in respect of any Disposition,
then, substantially simultaneously with (and in any event not later than the third Business Day next following) the receipt of
such Net Cash Proceeds, the Borrower shall prepay the Term Loans in an aggregate principal amount equal to 100% of such Net Cash
Proceeds in excess of $5,000,000.

 

(B)             
Debt Incurrences. In the event that any Loan Party or any of its Subsidiaries receives Net Cash Proceeds in respect of any
Debt Incurrence, then, substantially simultaneously with (and in any event not later than the third Business Day next following)
the receipt of such Net Cash Proceeds, the Borrower shall prepay the Term Loans in an aggregate principal amount equal to 100%
of such Net Cash Proceeds.

 

(C)             
Casualty Events. In the event that any Loan Party or any of its Subsidiaries receives Net Cash Proceeds in respect of any
Casualty Event, then, substantially simultaneously with (and in any event not later than the third Business Day next following)
the receipt of such Net Cash Proceeds, the Borrower shall prepay the Term Loans in an aggregate principal amount equal to 100%
of such Net Cash Proceeds in excess of $3,000,000.

 

(D)             
Extraordinary Receipts. In the event that any Loan Party or any of its Subsidiaries receives any Extraordinary Receipt,
then, substantially simultaneously with (and in any event not later than the third Business Day next following) the receipt thereof,
the Borrower shall prepay the Term Loans in an aggregate principal amount equal to 100% of such Extraordinary Receipt.

 

(ii)              
Mandatory Prepayments Related to Excess Cash Flow. Not later than the 90th day after the end of each Fiscal Year,
commencing with the Fiscal Year ending on December 31, 2021, the Borrower shall prepay the Term Loans in an aggregate principal
amount equal to the applicable Excess Cash Flow Percentage multiplied by the Excess Cash Flow for such Fiscal Year.

 

(iii)            
Application of Mandatory Prepayments. Each prepayment of outstanding Term Loans required to be made pursuant to Section 2.7(b)
shall be allocated pro rata among the Term Loans and applied against the remaining scheduled installments of principal due in respect
of Term Loans under Section 2.6(b) and Section 2.6(c), respectively, in the inverse order of maturity of
such remaining scheduled installments; provided that if, after applying all or a portion of such prepayment to the Term
Loans, the Term Loans have been paid in full, any unapplied portion thereof shall be applied to the prepayment of the Revolving
Loans.

 

(iv)             
Notice of Mandatory Prepayment. The Borrower shall deliver to the Administrative Agent, at the time of each prepayment required
under this Section 2.7(b), (i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable
detail the calculation of the amount of such prepayment and (ii) to the extent practicable, at least three Business Days’
prior written notice of such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan being
prepaid and the principal amount of each Loan (or portion thereof) to be prepaid.

 

(c)               
Prepayments of Revolving Loans. If for any reason the Total Revolving Outstandings at any time exceed the aggregate Revolving
Commitments then in effect, the Borrower shall immediately prepay, without premium or penalty, Revolving Loans and Swingline Loans
and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess.

 

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(d)               
General Rules. All prepayments shall be subject to Section 3.5, but shall otherwise be without premium or penalty.
Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. All prepayments shall be
accompanied by accrued interest thereon and, in the case of any prepayment of a LIBOR Loan, any additional amounts required pursuant
to Section 3.5.

 

Section 2.8              
Payments Generally; Administrative Agent’s Clawback.

 

(a)               
General. Each Loan Party shall make each payment required to be made by it hereunder or under any other Loan Document (whether
of principal of Loans, L/C Borrowings, interest or fees, or of amounts payable under Sections 3.4, 3.5, 3.6
or 10.3, or otherwise) prior to 12:00 noon on the date when due, in immediately available funds. In furtherance of the foregoing,
the Borrower hereby irrevocably authorizes the Administrative Agent, in the Administrative Agent’s sole discretion, to request
on behalf of the Borrower, Revolving Loans (which shall be ABR Loans) or Swingline Loans, in an amount sufficient to pay all principal,
L/C Borrowings, interest, fees, or other amounts from time to time due and payable by any Loan Party to any Credit Party hereunder
or under any other Loan Document. All payments to be made by a Loan Party hereunder shall be made free and clear of and without
condition or deduction for any counterclaim, defense, recoupment or setoff, without setoff or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent’s
Payment Office, except payments to be made to the L/C Issuer or the Swingline Lender as expressly provided herein and except
that payments pursuant to Sections 3.4, 3.5, 3.6 or 10.3, shall be made directly to the Persons
entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person
to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business
Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension.

 

(b)               
Pro Rata Treatment. Except as otherwise provided in this Section 2.8 and as otherwise required under Section 3.4(e),
each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each payment of
fees, each reduction of the Revolving Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a
Borrowing of any Type shall be allocated pro rata among the Appropriate Lenders in accordance with their respective applicable
Commitments (or, if such Commitments shall have expired or been terminated, in accordance with the respective principal amounts
of their outstanding Loans of the applicable Class). Each Lender agrees that in computing such Lender’s portion of any Borrowing
to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to
the next higher or lower whole Dollar amount.

 

(c)               
Administrative Agent’s Clawback. (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative
Agent shall have received notice from a Lender, prior to the proposed date of any Borrowing that such Lender will not make available
to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with Section 2.2 and may, in reliance upon such assumption, make
available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the Appropriate Lender and the Borrower severally agree to pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment
to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to ABR Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent
for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest
paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then
the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

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(ii)              
Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment
on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer,
as the case may be, the amount due. In such event, if the Borrower has 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, with interest thereon, for each day from and including the date such amount
is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(iii)            
Notice by Administrative Agent. A notice from the Administrative Agent to any Lender or the Borrower with respect to any
amount owing under this paragraph (c) shall be conclusive, absent manifest error.

 

(d)               
Obligations of Lenders Several. The obligations of the Lenders hereunder to make Loans and purchase participations in Letters
of Credit and Swingline Loans and to make payments pursuant to Section 10.3(c) are several and not joint. The failure
of any Lender to make any Loan or purchase participations in Letters of Credit and Swingline Loans or make any payment under Section 10.3(c)
on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its participation in Letters of Credit
and Swingline Loans or to make its payment under Section 10.3(c).

 

(e)               
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 Borrower by the Administrative Agent because the conditions to the borrowing of Loans set forth in Article 5
are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds
as received from such Lender) to such Lender, without interest.

 

(f)                
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.

 

(g)               
Insufficient Payment. Subject to the provisions of Article 8, whenever any payment received by the Administrative
Agent under this Credit Agreement or any of the other Loan Documents is insufficient to pay in full all amounts due and payable
to the Credit Parties under or in respect of this Credit Agreement and the other Loan Documents on any date, such payment shall
be distributed by the Administrative Agent and applied by the Administrative Agent (i) first, towards payment of all fees and expenses
due to the Administrative Agent under the Loan Documents, (ii) second, towards payment of all expenses then due hereunder, ratably
among the parties entitled thereto in accordance herewith, (iii) third, towards payment of interest, fees and commissions then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest, fees and commissions then
due to such parties, and (iv) fourth, towards payment of principal of Loans and unreimbursed L/C Borrowings then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal of Loans and unreimbursed L/C Borrowings
then due to such parties.

 

    	 	62	 

     

    

(h)               
Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender
receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater
than its pro rata share thereof as provided herein, then such Lender shall (x) notify the Administrative Agent of such fact, and
(y) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them; provided
that:

 

(i)                
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)              
the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting
Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Loans or participations in L/C Disbursements to any assignee or participant.

 

The Borrower 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 each Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender
were a direct creditor of each Loan Party in the amount of such participation.

 

Section 2.9              
Defaulting Lenders.

 

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

 

(i)                
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Credit Agreement shall be restricted as set forth in the definition of Required Lenders.

 

(ii)              
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8 or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.8 shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by
such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to the L/C Issuer or Swingline Lender hereunder; third, to Cash Collateralize the L/C Issuer’s
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.10; fourth, as the Borrower
may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to
fund its portion thereof as required by this Credit Agreement, as determined by the Administrative Agent; fifth, if so determined
by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Credit Agreement and (y) Cash Collateralize
the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit
issued under this Credit Agreement, in accordance with Section 2.10; sixth, to the payment of any amounts owing
to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender, the L/C Issuer or Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Credit Agreement; seventh, so long as no Default exists, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Credit Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment
is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded
its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions
set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C
Borrowings owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C
Borrowings owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations
and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving
effect to Section 2.9(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.9(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)            
Certain Fees.

 

(A)             
No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender
(and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender).

 

(B)             
Each Defaulting Lender shall be entitled to receive L/C Participation Fees for any period during which that Lender is a Defaulting
Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided
Cash Collateral pursuant to Section 2.10.

 

(C)             
With respect to any L/C Participation Fees and Commitment Fees not required to be paid to any Defaulting Lender pursuant to clause
(A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been
reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the L/C Issuer and Swingline Lender, as
applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the L/C Issuer’s
or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of
any such fee.

 

(iv)             
Reallocation of Participations to Reduce Fronting Exposure. If any L/C Obligations or Swingline Loans are outstanding at
the time such Lender becomes a Defaulting Lender, then all or any part of the Swingline Exposure and L/C Exposure of such Defaulting
Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated
without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation does not cause
the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment.
Subject to Section 10.17, no reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting
Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

    	 	64	 

     

    

(v)               
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially,
be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay
Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the L/C Issuer’s
Fronting Exposure in accordance with the procedures set forth in Section 2.10.

 

(b)               
Defaulting Lender Cure. If the Borrower, the Administrative Agent and each Swingline Lender and L/C Issuer agree in
writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans
of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and
funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with
the Commitments under the applicable Facility (without giving effect to Section 2.9(a)(iv)), whereupon such Lender
will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that
except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)               
New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not
be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such
Swingline Loan and (ii) the L/C Issuer shall not be required to issue, extend, renew or increase any Letter of Credit unless
it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

Section 2.10           
Cash Collateral.

 

(a)               
Certain Credit Support Events. The Borrower shall provide Cash Collateral to the L/C Issuer:

 

(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 a L/C Borrowing, within two Business Days following any request by the Administrative Agent or the L/C Issuer, in an amount
not less than the Minimum Collateral Amount of such L/C Borrowing,

 

(ii)              
if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, immediately (without the
necessity of any request), in an amount not less than the Minimum Collateral Amount of such L/C Obligation,

 

    	 	65	 

     

    

(iii)            
if the Borrower shall be required to provide Cash Collateral pursuant to Section 8.2, immediately upon any request
by the Administrative Agent or the L/C Issuer, in an amount not less than the Minimum Collateral Amount of all L/C Obligations,

 

(iv)             
if there shall exist a Defaulting Lender, within two Business Days following any request by the Administrative Agent or the L/C Issuer,
in an amount not less than the Minimum Collateral Amount of the Fronting Exposure of the L/C Issuer with respect to such Defaulting
Lender, and

 

(v)               
if on any Calculation Date, the L/C Obligations exceed the L/C Sublimit, within two Business Days following any request by the
Administrative Agent or the L/C Issuer, in an amount not less than the Minimum Collateral Amount of such excess.

 

(b)               
Grant of Security Interest. As security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.10(c),
(i) the Borrower (and to the extent provided by any Defaulting Lender, such Defaulting Lender) hereby grants to (and subjects to
the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and
agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other
property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, and (ii) to the extent provided by any
Defaulting Lender, such Defaulting Lender hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit
of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in
all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and
in all proceeds of the foregoing. Borrower shall enter into documentation reasonably satisfactory to the Administrative Agent as
may be reasonably requested in connection with the above described grant of security. If at any time the Administrative Agent determines
that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer
as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will,
promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit)
shall be maintained in blocked, non-interest bearing deposit accounts at Citizens Bank. The Borrower shall pay on demand therefor
from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance
and disbursement of Cash Collateral.

 

(c)               
Application. Notwithstanding anything to the contrary contained in this Credit Agreement, Cash Collateral provided under
any of this Section 2.10 or Sections 2.4, 2.7, 2.10 or 8.2 in respect of Letters of
Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein
(including, as to Cash Collateral provided by a Lender that is a Defaulting Lender, any interest accrued on such obligation) and
other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise
be provided for herein.

 

(d)               
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or
to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other
obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate,
its assignee following compliance with Section 10.4(b)(vii))) or (ii) the determination by the Administrative Agent
and the L/C Issuer that there exists excess Cash Collateral; provided that, subject to this Section 2.10,
the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall be held to support future anticipated
Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by
the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

 

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Section 2.11                
Incremental Commitments.

 

(a)               
The Borrower may, from time to time, by written notice to the Administrative Agent, request Incremental Term Loan Commitments and/or
additional Revolving Commitments, as applicable (collectively, “Incremental Commitments”), from one or more
Lenders (in the sole discretion of such Lenders) or Eligible Assignees who will become Lenders, in an aggregate principal amount
of up to $20,000,000; provided that at the time of the incurrence of such Incremental Commitments and immediately after
giving effect thereto and to the use of the proceeds thereof (assuming the full utilization thereof), no Default shall have occurred
and be continuing or would result therefrom; provided, further, that (1) each such person, if not already a Lender
hereunder, shall be subject to the approval of the Administrative Agent and, in connection with any additional Revolving Commitment,
the L/C Issuer and the Swingline Lender (which approvals shall not be unreasonably withheld, conditioned or delayed) and (2)
the Borrower may make only 4 such requests. Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments
or additional Revolving Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of
$5,000,000, or if the remaining Incremental Commitments are less than $5,000,000, the remaining Incremental Commitment), (ii) the
date on which such Incremental Term Loan Commitments and/or additional Revolving Commitments are requested to become effective
(which shall not be less than 10 Business Days nor more than 60 calendar days after the date of such notice, unless otherwise agreed
to by the Administrative Agent) and (iii) in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan
Commitments are to be Term Loan Commitments or commitments to make term loans with terms different from the Term Loans (“Other
Term Loans”). All Incremental Term Loans shall be made in Dollars.

 

(b)               
The Borrower and each Incremental Term Lender and/or additional Revolving Lender shall execute and deliver to the Administrative
Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to
evidence the Incremental Commitment of such Lender. Subject to clause (c) below, each Incremental Assumption Agreement in respect
of Incremental Term Loan Commitments shall specify the terms of the Incremental Term Loans to be made thereunder. The Administrative
Agent shall promptly notify each Lender as to the effectiveness of each Incremental Assumption Agreement. Each of the parties hereto
hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this Credit Agreement shall be deemed amended
to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Commitments evidenced thereby
and any increase to the Applicable Margins required by the foregoing provisions of this paragraph. Any such deemed amendment may
be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld, conditioned
or delayed) and furnished to the other parties hereto.

 

(c)               
The terms of each Incremental Term Loan and, as applicable, each additional Revolving Commitment shall be reasonably satisfactory
to the Administrative Agent and in any event:

 

(i)                
shall rank pari passu in right of payment and of security with the existing Revolving Loans and the existing Term Loans;

 

(ii)              
in the case of Incremental Term Loans, shall not mature earlier than the Latest Maturity Date of the Term Loans outstanding at
the time of incurrence of such Incremental Term Loans;

 

    	 	67	 

     

    

(iii)            
in the case of Incremental Term Loans, shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average
Life to Maturity of then existing Term Loans;

 

(iv)             
in the case of Incremental Term Loans, subject to clauses (ii) and (iii) above, shall have amortization determined
by the Borrower and the applicable Incremental Term Lenders;

 

(v)               
in the case of Incremental Term Loans, subject to clause (x) below, shall have an Applicable Margin determined by the
Borrower and the applicable Incremental Term Lenders;

 

(vi)             
in the case of Incremental Term Loans, may participate on a pro rata basis or less than pro rata basis (but not on
a greater than pro rata basis) in any voluntary or mandatory prepayments of initial Term Loans hereunder, as specified in
the applicable Incremental Assumption Agreement;

 

(vii)           
without the prior written consent of any Loan Party or Credit Party, if the Effective Yield on any secured Other Term Loans (as
determined by the Administrative Agent) exceeds by more than 50 basis points (the amount of such excess above 50 basis points being
referred to herein as the “Yield Differential”) the Effective Yield (as determined by the Administrative Agent)
on any then outstanding Class of Term Loans, then the Applicable Margin for each such Class of Term Loans shall automatically be
increased by the Yield Differential, effective upon the making of such Other Term Loans; and

 

(viii)         
all material terms of any additional Revolving Commitments and Revolving Loans under such additional Revolving Commitments shall
be identical to the existing Revolving Commitments and Revolving Loans.

 

(d)               
No Incremental Term Loan Commitments or additional Revolving Commitments shall become effective under this Section 2.11
unless, on the date of such effectiveness, (i) the conditions set forth in paragraphs (a) and (b) of Section 4.2 shall
be satisfied as if it was a borrowing date and the Administrative Agent shall have received a certificate to that effect dated
such date and executed by a Financial Officer of the Borrower; (ii) the Total Leverage Ratio on a Pro Forma Basis after giving
effect to such Incremental Term Loans or Revolving Commitments, as applicable, shall be at least 0.25x less than the maximum Consolidated
Net Leverage Ratio permitted for such period under Section 7.12; and (iii) the Administrative Agent shall have received (with sufficient
copies for each of the Incremental Term Lenders and/or additional Revolving Lenders) closing certificates, opinions of counsel
and other customary documentation requested by the Administrative Agent.

 

(e)               
In connection with any such additional Revolving Commitments, each existing Revolving Lender (other than a Defaulting Lender) that
shall have agreed to provide an Incremental Commitment in connection therewith shall have the right, subject to the other terms
and conditions of this Section 2.11, to provide a portion of such Incremental Commitment in an amount equal to (i)
its Applicable Percentage of the existing Revolving Commitments, multiplied by (ii) the amount of such Incremental Commitment.
In connection with any such Incremental Term Loan Commitments, each existing Term Lender (other than a Defaulting Lender) that
shall have agreed to provide an Incremental Commitment in connection therewith shall have the right, subject to the other terms
and conditions of this Section 2.11, to provide a portion of such Incremental Term Loan Commitments in an amount equal
to (i) a fraction, the numerator of which is the Outstanding Amount of such Term Lender’s Term Loans, and the denominator
of which it the Outstanding Amount of all Term Loans of all Term Lenders, multiplied by (ii) the amount of such Incremental
Commitment.

 

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(f)                
Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary
to ensure that all Incremental Term Loans (other than Other Term Loans), when originally made, are included in each Borrowing of
outstanding Term Loans on a pro rata basis and that following the establishment of any additional Revolving Commitments, the outstanding
Revolving Loans are held by the Revolving Lenders in accordance with their new Applicable Percentages. This may be accomplished
at the discretion of the Administrative Agent by requiring each outstanding LIBOR Borrowing of the relevant Class to be converted
into an ABR Borrowing of such Class on the date of each Incremental Term Loan or additional Revolving Commitment, or by allocating
a portion of each Incremental Term Loan to each outstanding LIBOR Term Borrowing of the same Class on a pro rata basis, even though
as a result thereof such Incremental Term Loan may effectively have a shorter Interest Period than the Term Loans included in the
Borrowing of which they are a part (and notwithstanding any other provision of this Credit Agreement that would prohibit such an
initial Interest Period), or requiring a prepayment and reborrowing of Revolving Loans. Any conversion or prepayment made pursuant
to the preceding sentence shall be subject to Section 3.5 (it being understood that, the Administrative Agent shall
consult with the Borrower regarding the foregoing and, to the extent practicable, will attempt to pursue options that minimize
breakage costs). In addition, to the extent any Incremental Term Loans are not Other Term Loans, the scheduled amortization payments
under Section 2.6(b) required to be made after the making of such Incremental Term Loans shall be ratably increased
by the aggregate principal amount of such Incremental Term Loans.

 

Article 3

Interest, Fees, Yield Protection, etc.

 

Section 3.1              
Interest.

 

(a)               
Interest Rate Generally. All ABR Loans shall bear interest at the Alternate Base Rate plus the Applicable Margin.
Each LIBOR Loan shall bear interest at a rate per annum equal to the sum of the Adjusted LIBOR Rate for the Interest Period in
effect for such Loan plus the Applicable Margin. Each Swingline Loan shall bear interest at the Alternate Base Rate plus
the Applicable Margin.

 

(b)               
Default Rate.

 

(i)                
Notwithstanding the foregoing, if any principal of or interest on any Loan, any reimbursement obligation in respect of any L/C
Disbursement or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal
to the Default Rate to the fullest extent permitted by applicable law.

 

(ii)              
Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, then, so long as such Event of Default is
continuing, all outstanding principal of each Loan and all Unreimbursed Amounts in respect of L/C Disbursements (including L/C
Borrowings) shall, without duplication of amounts payable under the preceding sentence, bear interest, after as well as before
judgment, at a rate per annum equal to the Default Rate to the fullest extent permitted by applicable law.

 

(iii)            
Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)               
Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such
Loan and at such other times as may be specified herein, provided that (i) interest accrued pursuant to paragraph (b) of
this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any
conversion of any LIBOR Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable
on the effective date of such conversion.

 

    	 	69	 

     

    

(d)               
Computation of Interest. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest
computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed
on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBOR Rate, Daily LIBOR
Rate and LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent clearly
manifest error.

 

Section 3.2              
Fees.

 

(a)               
Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender, a commitment
fee (the “Commitment Fee”), which shall accrue at a rate per annum equal to the Applicable Margin on the average
daily unused amount of the Revolving Commitment of such Revolving Lender during the period from and including the date on which
this Credit Agreement becomes effective pursuant to Section 10.6(a) to but excluding the date on which such Revolving
Commitment terminates. For purposes of computing Commitment Fees, the Revolving Commitment of any Revolving Lender shall be deemed
to be used to the extent of the aggregate principal amount at such time of its outstanding Revolving Loans and such Lender’s
L/C Exposure. Accrued Commitment Fees shall be payable in arrears on the last day of March, June, September and December of each
year, each date on which the Revolving Commitments are permanently reduced and on the date on which the Revolving Commitments terminate,
commencing on the first such date to occur after the Agreement Date. All Commitment Fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

(b)               
L/C Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of the Revolving Lenders a fee (the
“L/C Participation Fee”) in Dollars for each standby Letter of Credit, at a rate per annum equal to the Applicable
Margin multiplied by the average daily amount available to be drawn under such Letter of Credit, and (ii) to the L/C Issuer
for its own account a fee (the “L/C Fronting Fee”), which shall accrue at the rate or rates per annum separately
agreed upon between the Borrower and the L/C Issuer on the average daily amount of the L/C Obligations (excluding any portion
thereof attributable to unreimbursed L/C Disbursements) during the period from and including the Closing Date to but excluding
the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any L/C Obligations,
as well as the L/C Issuer’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter
of Credit or processing of drawings thereunder. Accrued L/C Participation Fees and L/C Fronting Fees shall be payable in arrears
on the last day of March, June, September and December of each year, commencing on the first such date to occur after the Agreement
Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such
fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to
the L/C Issuer pursuant to this paragraph shall be payable within 10 days after demand. All L/C Participation Fees and L/C
Fronting Fees shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). Notwithstanding the foregoing, if an Event of Default
has occurred and is continuing, then, so long as such Event of Default is continuing, L/C Participation Fees and L/C Fronting
Fees, as applicable, shall be calculated at a rate per annum equal to the Default Rate.

 

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(c)               
Other Fees. The Borrower agrees to pay to each Credit Party, for its own account, fees and other amounts payable in the
amounts and at the times separately agreed upon between the Borrower and such Credit Party.

 

(d)               
Payment of Fees Generally. All fees and other amounts payable hereunder shall be paid on the dates due, in immediately available
funds. Fees and other amounts paid shall not be refundable under any circumstances.

 

Section 3.3              
Alternate Rate of Interest.

 

(a)               
Temporary Unavailability of LIBOR Rate. If prior to the commencement of any Interest Period for a LIBOR Borrowing:

 

(i)                
the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBOR Rate or the LIBOR Rate, as applicable, for such Interest Period; or

 

(ii)              
the Administrative Agent is advised by Required Lenders that the Adjusted LIBOR Rate or the LIBOR Rate, as applicable, for such
Interest Period will not adequately and fairly reflect the cost of making or maintaining their Loans included in such Borrowing
for such Interest Period;

 

then the Administrative Agent shall give notice thereof to the Borrower
and the Lenders (or the Swingline Lender, as the case may be) by telephone or as otherwise permitted hereunder as promptly as practicable
thereafter and, until the Administrative Agent notifies the Borrower and the Lenders (or the Swingline Lender, as the case may
be) that the circumstances giving rise to such notice no longer exist, (x) any Committed Loan Notice that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a LIBOR Borrowing shall be ineffective, and (y) if any Request for Credit
Extension requests a LIBOR Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

(b)               
Successor LIBOR Rate.

 

(i)                
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend
this Credit Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition
Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed
amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of
objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election
will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written
notice that such Required Lenders accept such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant
to this Section 3.3(b) will occur prior to the applicable Benchmark Transition Start Date.

 

(ii)              
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Credit Agreement.

 

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(iii)            
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the
Lenders of (A) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness
of any Benchmark Replacement Conforming Changes and (D) the commencement or conclusion of any Benchmark Unavailability Period,
provided that the failure to give such notice under this clause (D) shall not affect the commencement or conclusion of any
Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders
pursuant to this Section 3.3(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto,
except, in each case, as expressly required pursuant to this Section 3.3(b).

 

(iv)             
Benchmark Unavailability Period. Upon the commencement of a Benchmark Unavailability Period, the Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of LIBOR Loans to be made, converted or continued during such
Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, (A) the obligation of the Lenders to
make or maintain LIBOR Loans shall be suspended, (B) any request for a Borrowing of, conversion to or continuation of LIBOR Loans
shall be ineffective and will be deemed to have been a request for a Borrowing of or conversion to ABR Loans, and (C) the component
of the Alternate Base Rate based upon the LIBOR Rate will not be used in any determination of the Alternate Base Rate.

 

Section 3.4              
Increased Costs; Illegality.

 

(a)               
Increased Costs Generally. If any Change in Law shall:

 

(i)                
impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement reflected in the Adjusted LIBOR Rate) or the L/C Issuer;

 

(ii)              
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)            
impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense (other than Taxes)
affecting this Credit Agreement or 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 the
cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its
obligation to make any such Loan, or to increase the cost to such Lender, the L/C Issuer or such other Recipient 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, the L/C Issuer or other Recipient hereunder (whether
of principal, interest or any other amount) then, upon request of such Lender, L/C Issuer or other Recipient, the Borrower
will pay to such Lender, the L/C Issuer or other Recipient, as the case may be, such additional amount or amounts as will
compensate such Lender, the L/C Issuer or other Recipient, as the case may be, for such additional costs incurred or reduction
suffered.

 

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(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 Applicable Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company,
if any, regarding capital or liquidity 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 Credit Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters
of Credit or Swingline Loans 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 and liquidity), then from
time to time the Borrower 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 paragraph (a) or (b)
of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower 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
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 Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to 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, notifies the 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)               
Illegality. Notwithstanding any other provision of this Credit Agreement, if, after the Agreement Date, any Change in Law
shall make it unlawful for any Lender to make or maintain any LIBOR Loan or to give effect to its obligations as contemplated hereby
with respect to any LIBOR Loan, then, by written notice to the Borrower and to the Administrative Agent:

 

(i)                
such Lender may declare that LIBOR Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder
(or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into LIBOR
Loans, whereupon any request for a LIBOR Borrowing or to convert an ABR Borrowing to a LIBOR Borrowing or to continue a LIBOR Borrowing,
as applicable, for an additional Interest Period shall, as to such Lender only, be deemed a request for an ABR Loan (or a request
to continue an ABR Loan as such for an additional Interest Period or to convert a LIBOR Loan into an ABR Loan, as applicable),
unless such declaration shall be subsequently withdrawn; and

 

(ii)              
such Lender may require that all outstanding LIBOR Loans made by it be converted to ABR Loans, in which event all such LIBOR Loans
shall be automatically converted to ABR Loans, as of the effective date of such notice as provided in the last sentence of this
paragraph.

 

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In the event any Lender shall exercise its rights under clause (i)
or (ii) of this paragraph, all payments and prepayments of principal that would otherwise have been applied to repay the LIBOR
Loans that would have been made by such Lender or the converted LIBOR Loans of such Lender shall instead be applied to repay the
ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such LIBOR Loans, as applicable. For purposes of
this paragraph, a notice to the Borrower by any Lender shall be effective as to each LIBOR Loan made by such Lender, if lawful,
on the last day of the Interest Period currently applicable to such LIBOR Loan; in all other cases such notice shall be effective
on the date of receipt by the Borrower.

 

Section 3.5              
Break Funding Payments. In the event of (a) the payment or prepayment of any principal of any LIBOR Loan other than on the
last day of an Interest Period applicable thereto (whether voluntary, mandatory, automatic, by reason of acceleration (including
as a result of a bankruptcy filing, or otherwise), (b) the conversion of any LIBOR Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice
delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.7(a) and is revoked in
accordance therewith), or (d) the assignment of any LIBOR Loan other than on the last day of the Interest Period or maturity date
applicable thereto as a result of a request by the Borrower pursuant to Section 3.7(b), then, in any such event, the
Borrower shall compensate each applicable Lender for the loss, cost and expense attributable to such event. In the case of a LIBOR
Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess,
if any, of (i) the amount of interest that would have accrued on the principal amount of such Loan had such event not occurred,
at the Adjusted LIBOR Rate that would have been applicable to such Loan, for the period from the date of such event to the last
day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that
would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such principal amount
for such period at the interest rate that such Lender would bid were it to bid, at the commencement of such period, for Dollar
deposits of a comparable amount and period from other banks in the eurocurrency market. A certificate of any Lender setting forth
any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall
be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within
10 days after receipt thereof.

 

Section 3.6              
Taxes.

 

(a)               
Defined Terms. For purposes of this Section 3.6, the term “Lender” includes the L/C Issuer
and the term “applicable law” includes FATCA.

 

(b)               
Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law
and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that
after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made.

 

(c)               
Payment of Other Taxes by the Loan Parties. Each of the Loan Parties shall timely pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

 

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(d)               
Indemnification by the Loan Parties. Each of the Loan Parties shall jointly and severally indemnify each Recipient, within
10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on
or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted
from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. Each of the Loan Parties shall also,
and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within 10
days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the
Administrative Agent as required pursuant to Section 3.6(e)(ii).

 

(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so),
(ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.4(d) relating
to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (e).

 

(f)                
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 3.6, such Loan Party 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.

 

(g)               
Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Section 3.6(g)(ii)(A), (ii)(B) and (ii)(D)
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender.

 

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

 

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

 

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

 

(1)               
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (A) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (B) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty;

 

(2)               
executed copies of IRS Form W-8ECI;

 

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

 

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

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the 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 Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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(D)             
if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Credit Agreement.

 

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

 

(h)               
Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.6 (including by the payment of
additional amounts pursuant to this Section 3.6), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net
of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid.

 

(i)                
Survival. Each party’s obligations under this Section 3.6 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender and the Termination Date.

 

(j)                
Confidentiality. Nothing contained in this Section shall require any Credit Party or any other indemnified party to make
available any of its Tax returns (or any other information that it deems to be confidential or proprietary) to the indemnifying
party or any other Person.

 

Section 3.7              
Mitigation Obligations; Replacement of Lenders.

 

(a)               
Designation of a Different Lending Office. If any Lender requests compensation under Section 3.4, or requires
the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.6, then such Lender shall (at the request of the Borrower) use reasonable efforts
to designate a different Applicable 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 3.4 or Section 3.6, as the case may be,
in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

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(b)               
Replacement of Lenders. If any Lender requests compensation under Section 3.4 or if the Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.6 and, in each case, such Lender has declined or is unable to designate a different Applicable Lending
Office in accordance with Section 3.7(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then
the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required
by, Section 10.4), all of its interests, rights (other than its existing rights to payments pursuant to Section 3.4
or Section 3.6) and obligations under this Credit Agreement and the related Loan Documents to an Eligible Assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that:

 

(i)                
unless waived by the Administrative Agent in its sole discretion, the Borrower shall have paid to the Administrative Agent the
assignment fee (if any) specified in Section 10.4;

 

(ii)              
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C
Obligations, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 3.5) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts);

 

(iii)            
in the case of any such assignment resulting from a claim for compensation under Section 3.4 or payments required to
be made pursuant to Section 3.6, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)             
such assignment does not conflict with applicable law; and

 

(v)               
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
(or is willing to consent upon becoming a Lender) to the applicable amendment, waiver or consent.

 

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 Borrower to require such
assignment and delegation cease to apply.

 

Article 4

Conditions Precedent to Credit Extensions

 

Section 4.1              
Conditions to Initial Credit Extensions. The effectiveness of this Credit Agreement and the obligation of each Lender and
the L/C Issuer to make its initial Credit Extension hereunder on the Closing Date is subject to satisfaction or waiver of
the following conditions precedent:

 

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(a)               
Credit Agreement. The Administrative Agent (or its counsel) shall have received a counterpart of this Credit Agreement (which
may include facsimile transmission or electronic mail transmission of a signed signature page of this Credit Agreement) that, when
taken together, bear the signatures of the Borrower and each Lender.

 

(b)               
Notes. The Administrative Agent shall have received a Note for each Lender that shall have requested one, signed on behalf
of the Borrower.

 

(c)               
Legal Opinion. The Administrative Agent shall have received a favorable written opinion (addressed to the Credit Parties
and dated the Closing Date) from Olshan Frome Wolosky LLP, special counsel to the Loan Parties, in form, scope and substance satisfactory
to the Administrative Agent. The Borrower hereby requests such counsel to deliver such opinions.

 

(d)               
Officers’ Closing Certificate. The Administrative Agent shall have received a certificate of the President or a Vice
President and the Secretary or Assistant Secretary of each Loan Party, dated the Closing Date, substantially in the form of Exhibit
E.

 

(e)               
Fees and Expenses. Substantially contemporaneously with the making of the Loans to be made on the Closing Date, the Borrower
shall have paid all fees and expenses that under the terms hereof or of the Fee Letter are due and payable on or prior to the Closing
Date, as well as the reasonable fees, disbursements and other charges of counsel to the Administrative Agent and the Lead Arrangers
in connection with the Transactions to the extent invoiced on or prior to the Closing Date.

 

(f)                
Collateral and Guarantee Requirement.

 

(i)                
The Collateral Documents set forth in Schedule 4.1(f) shall have been duly executed and/or delivered by each Loan Party
that is to be a party thereto and shall be in full force and effect. The Administrative Agent on behalf of the Secured Parties
shall have a security interest in the Collateral of the type and the priority described in each such Collateral Document; and

 

(ii)              
The Administrative Agent shall have received a Perfection Certificate with respect to each Loan Party dated the Closing Date and
duly executed by a Responsible Officer of the Borrower and shall have received the results of a search of the Uniform Commercial
Code filings (or equivalent filings) made with respect to the Loan Parties in the states (or other jurisdictions) of formation
of such persons, in each case as indicated on such Perfection Certificate, together with copies of the financing statements (or
similar documents) disclosed by such search, and accompanied by evidence satisfactory to the Administrative Agent that the Liens
indicated in any such financing statement (or similar document) would be permitted under Section 7.2 or have been or
will be contemporaneously released or terminated.

 

(g)               
Guarantee Agreement. The Guarantee Agreement shall have been duly executed and delivered by each Loan Party that is to be
a party thereto and shall be in full force and effect.

 

(h)               
Reserved.

 

(i)                
Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate attesting to the Solvency of each
Loan Party and its Subsidiaries (taken as a whole) on the Closing Date immediately before and after giving effect to the Transactions,
from the chief financial officer or an authorized person performing similar function of the Borrower.

 

(j)                
Committed Loan Notice; Letter of Credit Application. The Administrative Agent shall have received a completed Committed
Loan Notice and/or Letter of Credit Application, duly executed by a Responsible Officer of the Borrower with respect to any Credit
Extensions to be made on the Closing Date.

 

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(k)               
Insurance. The Administrative Agent shall have received evidence that all insurance required to be maintained pursuant to
the Loan Documents has been obtained and is in effect and that the Administrative Agent has been named as lender’s loss payee
and/or additional insured, as applicable, under each insurance policy with respect thereto and all endorsements thereto have been
delivered, in each case, in accordance with the terms of the Loan Documents, and the Administrative Agent is otherwise satisfied
with all of the insurance arrangements of the Loan Parties and their Subsidiaries.

 

(l)                
Pro-Forma Compliance Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and
signed by a Financial Officer of the Borrower, setting forth reasonably detailed calculations demonstrating compliance with the
Financial Covenants on a Pro Forma Basis immediately after giving effect to the Transactions occurring on the Closing Date.

 

(m)             
USA PATRIOT Act; KYC. At least three days prior to the Closing Date, each Lender shall have received:

 

(i)                
any and all documentation and other information requested by such Lender in connection with applicable “know your customer”
and anti-money-laundering rules and regulations, including the USA PATRIOT Act; and

 

(ii)              
to the extent the Borrower constitutes a “legal entity customer” under the Beneficial Ownership Regulation, a completed
Beneficial Ownership Certification in relation to the Borrower.

 

(n)               
Financial Statements. The Administrative Agent shall have received (i) the Audited Financial Statements, (ii) the Unaudited
Financial Statements and (iii) the Pro Forma Financial Statements. Availability of the Audited Financial Statements and the Unaudited
Financial Statements on the SEC’s website with respect to any fiscal year, or the availability of such report on the SEC’s
EDGAR website or the Borrower’s website (to the extent such report complies with the requirements of the applicable definitions),
shall be deemed to be compliance by the Borrower with this Section 4.1(n).

 

(o)               
Legal Impediments. No law or regulation shall be applicable that restrains, prevents or imposes materially adverse conditions
upon the Credit Facilities.

 

(p)               
No Material Adverse Effect. Since December 31, 2019, there shall not have occurred a Material Adverse Effect or any event
or circumstance that could reasonably be expected to result in a Material Adverse Effect and the Administrative Agent shall have
received a certificate of a Financial Officer of the Borrower to the foregoing effect.

 

(q)               
Financial Officer Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed
by a Financial Officer of the Borrower confirming that (i) the conditions set forth in paragraph (p) of this Section 4.1
and clauses (a) and (b) of Section 4.2 shall be satisfied and (ii) on a Pro Forma Basis after giving effect to the
Transactions to be effected on the Closing Date, the Consolidated Net Leverage Ratio does not exceed 4.00 to 1.00.

 

(r)                
Existing Credit Agreement Refinancing. The Existing Credit Agreement Refinancing shall have been consummated substantially
contemporaneously with the funding of the Loans to be made on the Closing Date. The Existing Credit Agreement (and each related
loan document) and all commitments thereunder shall have been terminated, all obligations thereunder shall have been paid in full
(other than obligations that are contingent in nature or unliquidated at such time, which under the terms of the Existing Credit
Agreement or related loan documents expressly survive such payment and termination) and all documentation necessary to release
or terminate, as applicable, security interests and guarantees in respect thereof shall have been delivered to the Administrative
Agent or its counsel.

 

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For purposes of determining whether the Closing Date has occurred,
each Lender that has executed this Credit Agreement shall be deemed to have consented to, approved or accepted, or to be satisfied
with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to the Lead
Arrangers, Administrative Agent or such Lender, as the case may be, unless such Lender has notified the Administrative Agent of
any disagreement prior to the initial Credit Extensions hereunder. Notwithstanding the foregoing, the obligations of the Lenders
to make Credit Extension and of the L/C Issuer to issue Letters of Credit hereunder shall not become effective unless each
of the foregoing conditions shall have been satisfied (or waived pursuant to Section 10.2) at or prior to 5:00 p.m.
on December 22, 2020 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such
time).

 

Section 4.2              
Conditions to All Credit Extensions. The obligation of each Lender or the L/C Issuer, as the case may be, to honor
any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type, or
a continuation of LIBOR Loans) is subject to the satisfaction of the conditions in Section 4.1 and the following additional
conditions precedent:

 

(a)               
Each of the representations and warranties of the Loan Parties set forth in the Loan Documents shall be true and correct in all
material respects, in each case on and as of such date as if made on and as of such date, provided that to the extent that
such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects
as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein)
in all respects on such respective dates.

 

(b)               
No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds therefrom.

 

(c)               
The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender shall have received a Request for Credit
Extension in accordance with the requirements hereof.

 

(d)               
In the case of a Borrowing under an Incremental Facility, each of the applicable requirements set forth in Section 2.11
shall have been satisfied.

 

Each Request for Credit Extension (other than a Committed Loan Notice
requesting only a conversion of Loans to the other Type or a continuation of LIBOR Loans) submitted by the Borrower shall be deemed
to be a representation and warranty that the applicable conditions specified in Sections 4.2(a) and, if applicable,
(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article 5

Representations and Warranties

 

The Borrower represent and warrant to the Administrative Agent and the Lenders that:

 

Section 5.1              
Existence, Qualification and Power; Compliance with Laws. Each Loan Party and each of its Subsidiaries (a) is duly incorporated,
organized or formed, and validly existing and, where applicable, in good standing under the laws of the jurisdiction of its incorporation
or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business as now conducted
and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c) is duly qualified 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, and (d) has all requisite governmental licenses, authorizations, consents
and approvals to operate its business as currently conducted; except in each case referred to in clause (c) or (d), to the extent
that failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The
Borrower and its Subsidiaries are in compliance with all laws, rules, regulations and orders of any Governmental Authority applicable
to it or its property and maintains all permits and licenses necessary to conduct its business, except where the failure to do
so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

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Section 5.2              
Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Loan Party is a party, and the consummation of the Transactions, are within such Loan Party’s corporate, limited liability
company or other analogous powers, have been duly authorized by all necessary corporate, limited liability company or other analogous
action, and do not and will not (a) contravene the terms of any of such Person’s Organizational Documents, (b) conflict with
or result in any breach or contravention of, or the creation of any Lien under (other than under the Loan Documents), or require
any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties
of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject; or (c) violate any law; except with respect to any conflict, breach or contravention
or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach, contravention or
payment would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.3              
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 (a) the execution,
delivery or performance by, or enforcement against, any Loan Party of any Loan Document to which it is a party, or for the consummation
of the Transactions, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection
or maintenance of the Liens created under the Collateral Documents (including the priority thereof) or (d) the exercise by the
Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the Collateral pursuant
to the Loan Documents, except for (i) filings and recordings necessary to satisfy the Collateral and Guarantee Requirement, and
(ii) the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given
or made and are in full force and effect.

 

Section 5.4              
Binding Effect. Each Loan Document has been duly executed and delivered by each Loan Party that is party thereto and constitutes
a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject
to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section 5.5              
Financial Statements; No Material Adverse Effect.

 

(a)               
The Audited Financial Statements and Unaudited Financial Statements:

 

(i)                
fairly present the financial condition of the Borrower and its Subsidiaries, as applicable, as of the dates thereof and its results
of operations for the period covered thereby in accordance with GAAP consistently applied throughout the periods covered thereby,
subject, in the case of the Unaudited Financial Statements, to normal year-end audit adjustments and the absence of footnotes;
and

 

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(ii)              
show all material Indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries, as applicable,
as of the date thereof, including liabilities for Taxes, material commitments and contingent obligations.

 

(b)               
The unaudited pro forma consolidated balance sheet of the Borrower and its Subsidiaries as at September 30, 2020 (including the
notes thereto) (the “Pro Forma Balance Sheet”) and the unaudited pro forma consolidated statement of income
of the Borrower and its Subsidiaries for the nine month period ending on September 30, 2020 (together with the Pro Forma Balance
Sheet, the “Pro Forma Financial Statements”), copies of which have heretofore been furnished to the Administrative
Agent, have been prepared giving effect (as if such events had occurred on such date or at the beginning of such periods, as the
case may be) to the Transactions. The Pro Forma Financial Statements have been prepared in good faith, based on assumptions believed
by the Borrower to be reasonable as of the date of delivery thereof, and present fairly in all material respects on a pro forma
basis the estimated financial position of the Borrower and its Subsidiaries as at September 30, 2020 and their estimated results
of operations for the periods covered thereby, assuming that the events specified in the preceding sentence had actually occurred
at such date or at the beginning of the periods covered thereby.

 

(c)               
Since December 31, 2019, there has been no event or circumstance, either individually or in the aggregate, that has had or would
reasonably be expected to have a Material Adverse Effect.

 

Section 5.6              
Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against
any Loan Party or, to the knowledge of the Borrower, threatened against or affecting the Loan Parties or any of their Subsidiaries
(a) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (b)
that involve or affect, or that purport to or could reasonably be expected to involve or affect, any Loan Document or the Transactions.

 

Section 5.7              
Environmental Matters.

 

(a)               
Except for the Disclosed Matters and except for Environmental Claims which have been fully resolved with no remaining obligations
or conditions:

 

(i)                
each Loan Party and its Subsidiaries possess all Environmental Permits required under applicable Environmental Law to conduct their
respective businesses and are, and within applicable statutes of limitation, have been, in material compliance with the terms of
such Environmental Permits. No Loan Party or any of its Subsidiaries has received written notice that any Environmental Permits
possessed by any of them will be revoked, suspended or will not be renewed;

 

(ii)              
the execution and delivery of this Credit Agreement and the consummation by the Loan Parties of the Transactions does not require
any notification, registration, reporting, filing, investigation, or environmental response action under any Environmental Law;

 

(iii)            
each of the Loan Parties and their Subsidiaries are currently, and within applicable statutes of limitation, have been, in material
compliance with all applicable Environmental Law;

 

(iv)             
no Loan Party nor any of its Subsidiaries has received (A) notice of any pending or threatened civil, criminal or administrative
action, suit, demand, claim, hearing, notice of violation, investigation, notice or demand letter or request for information under
any Environmental Law, or (B) notice of actual or potential liability under any Environmental Law including any Environmental Liability
that such Loan Party or Subsidiary may have retained or assumed either contractually or by operation of law or of any Environmental
Claim, in either case with respect to clauses (A) or (B) that reasonably could be expected to result in material expenditure by
such Loan Party or Subsidiary. No Loan Party or any of its Subsidiaries has knowledge of any circumstances that reasonably could
be expected to result in a material Environmental Liability;

 

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(v)               
as of the Agreement Date: (A) no property or facility currently, or to the knowledge of each Loan Party, formerly owned, operated
or leased by any Loan Party or any of its current or former Subsidiaries or by any respective predecessor in interest, and (B)
no property at which Hazardous Materials generated, owned or controlled by any Loan Party, any of its present or former Subsidiaries
or any predecessor in interest have been stored, treated or disposed of, have been identified by a Governmental Authority as recommended
for or requiring or potentially requiring environmental assessment and/or response actions under Environmental Law;

 

(vi)             
(A) there has been no disposal, spill, discharge or Release of any Hazardous Material generated, used, owned, stored or controlled
by any Loan Party, any of its Subsidiaries or any predecessor in interest, on, at or under any property currently or formerly owned,
leased or operated by any Loan Party, any of its current or former Subsidiaries or any predecessor in interest, (B) there are no
Hazardous Materials located in, at, on or under such facility or property, or at any other location, in either case (A) or (B),
that reasonably would be expected to require investigation, removal, remedial or corrective measures by any Loan Party or any of
its Subsidiaries or that reasonably could result in material liabilities of, or material losses, damages or costs to any Loan Party
or any of its Subsidiaries under any Environmental Law, and (C) neither the Loan Parties nor any of their Subsidiaries has retained
or assumed any liability contractually or by operation of law with regard to the generation, treatment, storage or disposal of
Hazardous Materials or compliance with Environmental Law that would reasonably be expected to result in material expenditures by
any Loan Party or any of its Subsidiaries;

 

(vii)           
(A) there has not been any underground or aboveground storage tank or other underground storage receptacle or related piping, or
any impoundment or other disposal area in each case containing Hazardous Materials located on any facility or property currently
or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries, and (B) no asbestos or polychlorinated biphenyls
have been used or disposed of, or have been located at, on or under any facility or property currently or formerly owned, leased
or operated by any Loan Party or any of its Subsidiaries, in either case (A) or (B) except in material compliance with applicable
Environmental Laws or as would not result in material Environmental Liability;

 

(viii)         
no Lien has been recorded against any properties, assets or facilities currently owned, leased or operated by any Loan Party or
any of its Subsidiaries under any Environmental Law.

 

(b)               
Since the Agreement Date, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

(c)               
The Loan Parties and their Subsidiaries have provided to the Administrative Agent and its authorized representatives all material
records and files, including all material assessments, reports, studies, analyses, audits, tests and data in their possession or
under their control concerning any Environmental Claim, the existence of Hazardous Materials or any other environmental concern
at properties, assets or facilities currently or formerly owned, operated or leased by any Loan Party or any of their present or
former Subsidiaries or predecessor in interest, or concerning compliance by any Loan Party or any such Subsidiary with, or liability
under any Environmental Law.

 

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Section 5.8              
Ownership of Properties; Liens. Each Loan Party and its Subsidiaries (a) has good title to, or valid leasehold interests
in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilize such properties for their intended purposes, (b) owns, or
is entitled to use, all trademarks, service marks, trade names, domain names, copyrights, patents, patent rights, technology, software,
know-how database rights, design rights and other intellectual property rights material to its business, and the use thereof by
the Loan Parties and their respective Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (c) has complied
in all material respects with all obligations under all material leases to which it is a party and all such leases are in full
force and effect and (d) enjoys peaceful and undisturbed possession under all such material leases.

 

Section 5.9              
Casualty, Etc. 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, would
reasonably be expected to have a Material Adverse Effect.

 

Section 5.10           
Investment Company Status, Etc. No Loan Party or any of its Subsidiaries is (a) an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940 or (b) otherwise subject to any other regulatory scheme
limiting its ability to incur debt.

 

Section 5.11           
Taxes. Each Loan Party and its Subsidiaries has timely filed or caused to be filed all federal, provincial, state, municipal,
foreign and other Tax returns and reports required to be filed, and have timely paid all federal, provincial, state, municipal,
foreign and Taxes levied or imposed upon them or their properties, income or assets otherwise due and payable, except (a) those
which are being Contested in Good Faith and (b) failures to file or pay as could not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect. There are no Tax audits, deficiencies, assessments or other claims
with respect to any Loan Party or any of its Subsidiaries that would, either individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect.

 

Section 5.12           
ERISA.

 

(a)               
Each Loan Party and each of its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA
and the Code and the regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably expected
to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would
reasonably be expected to result in a Material Adverse Effect. No event described in Section 4062(e) of ERISA has occurred
and is continuing with respect to any Pension Plan. The present value of all accumulated benefit obligations under each Pension
Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Pension Plan
and the present value of all accumulated benefit obligations of all underfunded Pension Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed the fair market value of the assets of all such underfunded Pension Plans.

 

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(b)               
Each Pension Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter
from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge
of the Loan Parties, nothing has occurred which would prevent, or cause the loss of, such qualification. Each Loan Party and ERISA
Affiliate has made all required contributions to each Pension Plan subject to Section 412 of the Code, and no application
for a funding waiver pursuant to Section 412 of the Code has been made with respect to any Pension Plan.

 

(c)               
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 Pension Plan that would reasonably be expected to have a Material Adverse Effect. There has been
no violation of the fiduciary responsibility rules of ERISA with respect to any Pension Plan that has resulted in or would reasonably
be expected to have a Material Adverse Effect.

 

(d)               
No Loan Party or ERISA Affiliate (i) 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), (ii) has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would
result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan, and (iii) has engaged in a transaction
that could be subject to Section 4069 or Section 4212(c) of ERISA.

 

(e)               
No such Pension Plan or trust created thereunder, or party in interest (as defined in Section 3(14) of ERISA), or any fiduciary
(as defined in Section 3(21) of ERISA), has engaged in a “prohibited transaction” (as such term is defined in
Section 406 of ERISA or Section 4975 of the Code) which would subject such Pension Plan or any other plan of any Loan
Party or any of its ERISA Affiliates, any trust created thereunder, or any such party in interest or fiduciary, or any party dealing
with any such Pension Plan or any such trust, to any material penalty or tax on “prohibited transactions” imposed by
Section 502 of ERISA or Section 4975 of the Code.

 

(f)                
With respect to any Foreign Plan, (i) all employer and employee contributions required by law or by the terms of the Foreign Plan
have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets
of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance, or the book reserve established
for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations
with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions and valuations
most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and
(iii) it has been registered as required and has been maintained in good standing with applicable regulatory authorities.

 

Section 5.13           
Subsidiaries; Equity Interests. As of the Agreement Date, no Loan Party has any direct or indirect Subsidiaries or investments
(other than Cash Equivalents) in, or joint ventures or partnerships with, any Person, except as disclosed in Schedule 5.13.
Such Schedule sets forth (a) the name and jurisdiction of organization or incorporation of each Subsidiary and identifies each
Subsidiary that is a Subsidiary Guarantor and/or an Excluded Subsidiary on the Agreement Date, (b) the ownership interest of each
Loan Party and tier respective Subsidiaries in each of their respective Subsidiaries, including the percentage of such ownership
and (c) identifies each Person the Equity Interests of which are required to be pledged on the Closing Date pursuant to the Collateral
and Guarantee Requirement. Neither any Loan Party nor any of its Subsidiaries has issued any Disqualified Equity Interests and
there are no outstanding options or warrants to purchase Equity Interests of any Loan Party or any of its Subsidiaries of any class
or kind, and, except as disclosed in Schedule 5.13, there are no agreements, voting trusts or understandings with respect
thereto or affecting in any manner the sale, pledge, assignment or other disposition thereof, including any right of first refusal,
option, redemption, call or other rights with respect thereto, whether similar or dissimilar to any of the foregoing. All of the
issued and outstanding Equity Interests owned by any Loan Party in its Subsidiaries have been duly authorized and issued and are
fully paid and non-assessable and are free and clear of all Liens other than Liens in favor of the Administrative Agent under the
Collateral Documents.

 

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Section 5.14           
Insurance. Schedule 5.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties
and their Subsidiaries on the Agreement Date (including names of carriers, policy number, expiration dates, insurance types and
coverage amounts). As of the Agreement Date, all premiums in respect of such insurance that are due and payable have been paid.

 

Section 5.15           
Federal Reserve Regulations, Etc. Neither any Loan Party nor any of its Subsidiaries is engaged principally, or as one of
their important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. Immediately
before and after giving effect to the making of each Loan and the issuance of each Letter of Credit, Margin Stock will constitute
less than 25% of each Loan Party’s assets as determined in accordance with Regulation U. No part of the proceeds of any Loan
or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a)
to purchase, acquire or carry any Margin Stock or for any purpose that entails a violation of, or that is inconsistent with, the
provisions of the regulations of the Board, including Regulation T, U or X or (b) for any purpose that would violate any Anti-Corruption
Laws or applicable Sanctions.

 

Section 5.16           
Collateral Documents. The Security Agreement, upon execution and delivery thereof by the parties thereto, will create in
favor of the Administrative Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest
in the Collateral (as defined in the Security Agreement) and the proceeds thereof and (i) when the Pledged Equity Interests (other
than uncertificated Equity Interests) and the Pledged Debt Securities (as each such term is defined in the Security Agreement)
are delivered to the Administrative Agent together with the proper endorsements, the Lien created under Security Agreement shall
constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Loan Parties
in such Pledged Equity Interests and Pledged Debt Securities to the extent that the laws of the United States or any state, commonwealth
or other political subdivision thereof govern the creation and perfection of any such security interest, in each case prior and
superior in right to any other Lien or right of any other person and (ii) when financing statements in appropriate form are filed
in the offices specified on Schedule 5.16(a) and, with respect to Collateral consisting of Intellectual Property, when
the Security Agreement (or Copyright Security Agreements, Patent Security Agreements and/or Trademark Security Agreements, as applicable)
are filed with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and in each
case, all applicable filing fees have been paid, the Lien created under the Security Agreement will constitute a fully perfected
Lien on, and security interest in, all right, title and interest of the Loan Parties in the Collateral to the extent such security
interest may be perfected by the filing of a UCC financing statement and, with respect to Intellectual Property, the filing of
such Copyright Security Agreements, Patent Security Agreements and/or Trademark Security Agreements with 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
Lien or right of any other person, other than Liens expressly permitted by Section 7.2 which by operation of law or
contract have priority over the Liens securing the Secured Obligations.

 

Section 5.17           
Solvency. Immediately before and after the consummation of each Transaction, each of the Loan Parties and its Subsidiaries,
on a consolidated basis, are Solvent.

 

Section 5.18           
Anti-Corruption Laws; Sanctions; Anti-Terrorism Laws.

 

(a)               
Each Loan Party, its Subsidiaries and their respective officers and employees and their directors and agents, are in compliance
with Anti-Corruption Laws and applicable Sanctions. Neither any Loan Party, any of its Subsidiaries or any of their respective
directors, officers or employees is a Sanctioned Person. Each Loan Party and each of its Subsidiaries has implemented and maintains
in effect policies and procedures reasonably designed to ensure compliance by the Loan Party, its Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and all applicable Sanctions.

 

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(b)               
No Loan or Letter of Credit, use of the proceeds of any Loan or Letter of Credit or other transactions contemplated hereby will
violate Anti-Corruption Laws or applicable Sanctions. No part of the proceeds of the Loans or the Letters or Credit will be used,
directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of the Anti-Corruption Laws.

 

(c)               
Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the any regulations passed under the
USA PATRIOT Act or will violate the Trading with the Enemy Act, the International Emergency Economic Powers Act, or any regulations
passed thereunder, including the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle
B, Chapter V) or any enabling legislation or executive order relating thereto or successor statute thereto (together with Sanctions,
“Anti-Terrorism Laws”). Each Loan Party and each of its Subsidiaries are in compliance with applicable Anti-Terrorism
Laws.

 

Section 5.19           
Material Owned Real Property. Schedule 5.19 lists completely and correctly as of the Agreement Date all Material
Owned Real Property and the addresses thereof. One or more of the Loan Parties own in fee all the real property set forth on Schedule 5.19.

 

Section 5.20           
Accuracy of Information, Etc.

 

(a)               
Each Loan Party has disclosed to the Credit Parties 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, would reasonably
be expected to result in a Material Adverse Effect. Neither the Information Memorandum nor any of the other reports, financial
statements, certificates or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to any
Credit Party in connection with the transactions contemplated hereby and the negotiation of this Credit 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.

 

(b)               
As of the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

 

Section 5.21           
Labor Matters. There are no strikes, lockouts or slowdowns against any Loan Party or any of its Subsidiaries pending or,
to the knowledge of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties and their
Subsidiaries have not been in violation in any material respect of the Fair Labor Standards Act or any other applicable Federal,
state, local or foreign law dealing with such matters. All material payments due from the Loan Parties or any of their Subsidiaries,
or for which any claim may be made against any of the Loan Parties or any of their Subsidiaries, on account of wages and employee
health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Loan Party or such
Subsidiary. The consummation of the Transactions 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 of the Loan Parties or any of their Subsidiaries is bound.

 

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Section 5.22           
Absence of Certain Restrictions. No indenture, certificate of designation for preferred stock, agreement or instrument to
which any Loan Party or any of its Subsidiaries is a party (other than this Credit Agreement), prohibits or limits in any way,
directly or indirectly the ability of any Subsidiary to make Restricted Payments or loans to, to make any advance on behalf of,
or to repay any Indebtedness to, any Loan Party or to another Subsidiary.

 

Section 5.23           
No Default. No Loan Party nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any
of the obligations, covenants or conditions contained in any agreement, instrument or other undertaking to which such Person is
a party or by which it or any of its property is bound in any respect that would reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing.

 

Section 5.24           
Common Enterprise. The successful operation and condition of each of the Loan Parties is dependent on the continued successful
performance of the functions of the group of the Loan Parties as a whole and the successful operation of each of the Loan Parties
is dependent on the successful performance and operation of each other Loan Party. Each Loan Party expects to derive benefit (and
its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and
indirectly, from (a) successful operations of each of the other Loan Parties and (b) the credit extended by the Lenders to the
Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Loan Party has determined
that execution, delivery, and performance of this Credit Agreement and any other Loan Documents to be executed by such Loan Party
is within its purpose, will be of direct and indirect benefit to such Loan Party, and is in its best interest.

 

Section 5.25           
Brokers’ Fees. None of the Loan Parties or their Subsidiaries has any obligation to any Person in respect of any finder’s,
broker’s, investment banking or other similar fee in connection with any of the transactions contemplated under the Loan
Documents other than the closing and other fees payable pursuant to this Credit Agreement and as set forth in the Fee Letter.

 

Section 5.26           
EEA Financial Institutions. No Loan Party is an EEA Financial Institution.

 

Article 6

Affirmative Covenants

 

Until the Termination Date, the Borrower covenants and agrees with
the Credit Parties that:

 

Section 6.1              
Financial Statements and Other Information. The Borrower will furnish or caused to be furnished to the Administrative Agent
and each Lender either in hard copy or by electronic communication (including by email, internet and intranet websites) pursuant
to procedures approved by the Administrative Agent:

 

(a)               
within 90 days after the end of each Fiscal Year, (i) the Borrower’s Form 10-K containing the audited consolidated balance
sheet of the Borrower and its Subsidiaries together with the related statements of income, comprehensive income, stockholders’
equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
Fiscal Year, all reported on by Grant Thornton LLP or another registered independent public accounting firm of recognized national
standing (without a “going concern” or like qualification or exception and without any qualification or exception as
to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied and (ii) the unaudited consolidating balance sheets of the Borrower and its Subsidiaries and the related statements
of income, comprehensive income, stockholders’ equity and cash flows as of the end of and for such year, setting forth in
each case in comparative form the figures for the previous Fiscal Year and certified by one of its Financial Officers as presenting
fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidating
basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes,
together with a schedule of other financial information consisting of consolidating or combining details in columnar form with
its Subsidiaries separately identified, in accordance with GAAP consistently applied; provided, that delivery by the Borrower to
the Administrative Agent of the Borrower’s annual report on Form 10-K to the SEC with respect to any fiscal year, or the
Borrower’s notice to the Administrative Agent (email being sufficient) of the availability of such report on the SEC’s
EDGAR website or the Borrower’s website (to the extent such report complies with the requirements of this clause (a)), within
the period specified above shall be deemed to be compliance by the Borrower with this Section 6.1(a);

 

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(b)               
within 45 days after the end of each of the first three fiscal quarters of each Fiscal Year, (i) the Borrower’s Form 10-Q
containing the unaudited consolidated balance sheet of the Borrower and its Subsidiaries and the related unaudited statements of
income, comprehensive income, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then
elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or
periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by one of its Financial
Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes and (ii) the unaudited consolidating balance sheet of the Borrower and its Subsidiaries and the related
unaudited statements of income, comprehensive income, stockholders’ equity and cash flows as of the end of and for such fiscal
quarter and the then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower
and its Subsidiaries on a consolidating basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes, together with a schedule of other financial information consisting of consolidating or combining
details in columnar form with its Subsidiaries separately identified, in accordance with GAAP consistently applied; provided, that
delivery by the Borrower to the Administrative Agent of the Borrower’s quarterly report on Form 10-Q to the SEC with respect
to any fiscal quarter, or the Borrower’s notice to the Administrative Agent (email being sufficient) of the availability
of such report on the SEC’s EDGAR website or the Borrower’s website (to the extent such report complies with the requirements
of this clause (b)), within the period specified above shall be deemed to be compliance by the Borrower with this Section 6.1(b);

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate signed by a Financial
Officer of the Borrower (i) stating whether any change in GAAP or in the application thereof has occurred since the date of the
Audited Financial Statements and, if any such change has occurred, specifying the effect of such change on the financial statements
accompanying such Compliance Certificate, (ii) containing either a certification that no Default exists or, specifying the nature
of each such Default, the nature and status thereof and any action taken or proposed to be taken with respect thereto, (iii) certifying
that there have been no changes to the jurisdiction of organization or legal name of any Loan Party since the date of the last
Compliance Certificate delivered pursuant to the Credit Agreement, (iv) attaching reasonably detailed calculations demonstrating
compliance with Section 7.12, and (v) certifying that the Borrower has no Subsidiaries other than (A) those that existed
on the Closing Date and were reflected in the Perfection Certificate on such date, (B) those formed or acquired after the Closing
Date with respect to which the Administrative Agent was previously notified either pursuant to Section 6.12 of the
Credit Agreement, in an additional Perfection Certificate or in a previous Compliance Certificate, and (C) those other Subsidiaries
set forth on the relevant Schedule to such Compliance Certificate, which Schedule sets forth for each such Subsidiary whether such
Subsidiary is (w) a Domestic Subsidiary, (x) a Subsidiary Guarantor (including the basis for it not being a Subsidiary Guarantor,
if applicable), (y) a first tier Foreign Subsidiary or (z) an Excluded Subsidiary (including the basis for its constituting an
Excluded Subsidiary).

 

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(d)               
concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported
on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements
of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

 

(e)               
within 60 days after the beginning of each Fiscal Year, an annual consolidated and consolidating forecast for the Borrower and
its Subsidiaries for such Fiscal Year and the following two Fiscal Years, including projected consolidated and consolidating statements
of income and comprehensive income of the Borrower and its Subsidiaries, all in reasonable detail acceptable to the Administrative
Agent;

 

(f)                
[reserved];

 

(g)               
promptly following any request therefor, (i) such other information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” requirements under the USA Patriot
Act, the Beneficial Ownership Regulation or other applicable Anti-Corruption and Anti-Terrorism Laws (including those passed pursuant
to the USA PATRIOT Act), and (ii) such other information regarding the operations, business affairs and financial condition of
the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as any Credit Party may reasonably request.

 

Section 6.2              
Notices of Material Events. The Borrower will furnish or caused to be furnished to the Administrative Agent and each Lender
prompt written notice of the following:

 

(a)               
the occurrence of any Default, specifying the nature and extent thereof;

 

(b)               
the filing or commencement of, or any threat or notice of intention of any Person to file or commence, any action, suit or proceeding,
whether at law or in equity or by or before any Governmental Authority, against, or affecting, any Loan Party or any of its Subsidiaries
that would reasonably be expected to result in a Material Adverse Effect;

 

(c)               
if requested by Administrative Agent from time to time, copies of any annual report required to be filed in connection with each
Pension Plan or Foreign Plan, and as soon as possible after, and in any event within 10 days after any Loan Party or any ERISA
Affiliate knows or has reason to know that, any ERISA Event (or any similar event with respect to a Foreign Plan) has occurred
that, alone or together with any other ERISA Event (or any similar event with respect to a Foreign Plan) would reasonably be expected
to result in liability of any Loan Party or any ERISA Affiliate in an aggregate amount exceeding the Threshold Amount;

 

(d)               
as soon as possible and in no event later than five Business Days after the receipt by any Loan Party or any of its Subsidiaries,
of a copy of any notice, summons, citation or other written communication concerning any actual, alleged, suspected or threatened
violation of any Environmental Law by, Environmental Claim against or Environmental Liability of, any Loan Party or any of its
Subsidiaries, in each case, which would reasonably be expected to have a Material Adverse Effect;

 

(e)               
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by any Loan Party or any of its Subsidiaries with the Securities and Exchange Commission, or any Governmental Authority succeeding
to any or all of the functions of said Commission, or with any national securities exchange, or distributed by any Loan Party to
its shareholders generally, as the case may be;

 

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(f)                
promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt securities of any Loan
Party or of any of its Subsidiaries pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise
required to be furnished to the Lenders pursuant to any other clause of this Section 6.2;

 

(g)               
promptly after any Loan Party or any of its Subsidiaries (i) being required to file reports under Section 15(d) of the Securities
Exchange Act of 1934, or (ii) registering securities under Section 12 of the Securities Exchange Act of 1934;

 

(h)               
promptly after any Person becomes, or ceases to be, a Subsidiary or a Guarantor, an updated list of Subsidiaries or Guarantors,
as the case may be;

 

(i)                
within five Business Days following the consummation of any acquisition for which the value of the total consideration paid by
the Borrower or any Subsidiary (whether in cash or otherwise) is greater than or equal to $1,000,000, (1) a notice of such acquisition,
which notice shall set forth evidence of pro forma compliance with all the financial covenants under the Loan Documents, and (2)
true and complete copies of each acquisition document together with all schedules thereto, each executed by all of the parties
thereto;

 

(j)                
the occurrence of any other development that has resulted in, or would reasonably be expected to result in, a Material Adverse
Effect; and

 

(k)               
any change in the information provided in the most recently delivered Beneficial Ownership Certification that would result in a
change to the list of beneficial owners identified therein.

 

Each notice delivered under this Section shall be accompanied by
a statement of a Financial Officer of the Borrower or other executive officer of the Borrower setting forth the details of the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

Section 6.3              
Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges
and franchises material to the conduct of its business, provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 7.3 or any sale, lease, transfer or other disposition permitted
by Section 7.5.

 

Section 6.4              
Payment and Performance of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay or perform its
obligations, including Tax liabilities, that, if not paid or performed, would reasonably be expected to result in a Material Adverse
Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being Contested
in Good Faith and (b) the failure to make payment pending such contest would not reasonably be expected to result in a Material
Adverse Effect, provided that nothing in this Section shall be deemed to require any Loan Party to pay any subordinated
Indebtedness in violation of the subordination provisions applicable thereto.

 

Section 6.5              
Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries to, keep and maintain all property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.

 

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Section 6.6              
Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, (a) keep adequate books
of record and account in which full, true and correct entries are made of all transactions in relation to its business and activities
and (b) permit any representatives designated by any Credit Party, upon reasonable prior notice, to visit and inspect its properties,
to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and
independent accounting firm, all at the expense of the Borrower and at such reasonable times and as often as reasonably requested;
provided, however, during the existence of an Event of Default, the Administrative Agent or any Lender (or any of
their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any
time during normal business hours and without advance notice.

 

Section 6.7              
Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property and maintain all permits and licenses necessary to conduct
its business, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in
a Material Adverse Effect. In addition, and without limiting the foregoing sentence, each Loan Party will, and will cause each
of its Subsidiaries to, comply with all applicable Environmental Laws in all material respects, and with Anti-Corruption Laws,
applicable Sanctions and the USA PATRIOT Act and the regulations promulgated thereunder in all respects.

 

Section 6.8              
Use of Proceeds.

 

(a)               
The proceeds of the Loans and the Letters of Credit will be used only as follows: (i) on the Closing Date, the proceeds of the
Term Loans and the Revolving Loans will be used to consummate the Existing Credit Agreement Refinancing and to pay Transaction
Expenses, and (ii) thereafter the proceeds of the Loans and the Letters of Credit will be used (A) to reimburse the L/C Issuer
in respect of amounts drawn under Letters of Credit and to reimburse the Swingline Lender in respect of Swingline Loans, (B) to
finance Permitted Acquisitions and (C) for general corporate and working capital purposes not inconsistent with the terms hereof
or in contravention of any Law or any Loan Document.

 

(b)               
No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (a) to purchase, acquire or carry any Margin Stock or (b) for any purpose that entails a violation
of any of the regulations of the Board, including Regulations T, U and X. The Borrower will not request any Credit Extension, and
the Borrower shall not use, and shall ensure that each Loan Party, their respective Subsidiaries and their respective directors,
officers, employees and agents shall not use, the proceeds of any Credit Extension (i) 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 Anti-Corruption
Laws or (ii) in any manner that would result in the violation of any applicable Sanctions or any Anti-Terrorism Laws by any Person,
including any Credit Party.

 

Section 6.9              
Information Concerning Collateral. The Borrower will furnish to the Administrative Agent at least 10 days prior written
notice of any change in (a) the legal name or jurisdiction of incorporation or formation of any Loan Party, (b) the location of
the chief executive office of any Loan Party, its principal place of business, any office in which it maintains books or records
relating to Collateral owned or held by it or on its behalf or, except as provided in the applicable Collateral Documents, any
office or facility at which Collateral owned or held by it or on its behalf with an aggregate book value in excess of $2,000,000
is located (including the establishment of any such new office or facility), (c) the identity or organizational structure of any
Loan Party such that a filed financing statement becomes misleading or (d) the Federal Taxpayer Identification Number or company
organizational number of any Loan Party. The Borrower agrees 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 Administrative Agent to continue
at all times following such change to have a valid, legal and perfected security interest in all the Collateral. The Borrower also
agrees promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.

 

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Section 6.10           
Insurance.

 

(a)               
The Borrower will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurance companies,
adequate insurance for its insurable properties, all to such extent and against such risks, including fire, casualty, business
interruption and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses
operating in the same or similar locations and of same or similar size, including public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied
or controlled by it (including the insurance required pursuant to the Collateral Documents); and maintain such other insurance
as may be required by law.

 

(b)               
With respect to any portion of any Mortgaged Property that is located in a Flood Zone within a community participating in the Flood
Program, the Borrower will, and will cause any applicable Loan Party to, maintain through the Flood Program or through private
insurance policies, with financially sound and reputable insurance companies (except to the extent that any insurance company insuring
the Mortgaged Property of the Borrower and each other Loan Party ceases to be financially sound and reputable after the Closing
Date, in which case, the Borrower shall promptly replace such insurance company with a financially sound and reputable insurance
company), (A) such flood insurance coverage under policies issued pursuant to and in compliance with the Flood Insurance Laws (“Flood
Insurance Policies”) in an amount equal to the maximum limit of coverage available for such Mortgaged Property under
Flood Insurance Laws, subject only to deductibles consistent in scope and amount with those permitted under the Flood Program and
(B) such additional coverage as required by Administrative Agent, if any, under supplemental private insurance policies in an amount
so required by the Administrative Agent.

 

(c)               
The Borrower will, and will cause each of its Subsidiaries to, (i) cause all such policies of such Loan Party and its Subsidiaries
to be endorsed or otherwise amended to include an additional insured endorsement or a “standard” or “New York”
lender’s loss payable endorsement, as appropriate, each in form and substance reasonably satisfactory to the Administrative
Agent, and which lender’s loss payable endorsement or amendment shall provide that, from and after the Closing Date, if the
insurance carrier shall have received written notice from the Administrative Agent of the occurrence of an Event of Default, the
insurance carrier shall pay all proceeds otherwise payable to such Loan Party under such policies directly to the Administrative
Agent, (ii) cause all such policies to provide that neither such Loan Party, any Subsidiary or the Administrative Agent nor any
other party shall be a co-insurer thereunder and to contain a “Replacement Cost Endorsement”, without any deduction
for depreciation, and such other provisions as the Administrative Agent may reasonably require from time to time to protect its
interests, (iii) deliver original or certified copies of all such policies to the Administrative Agent, (iv) cause each such policy
to provide that it shall not be canceled, modified or not renewed for any other reason upon not less than 30 days’ (or in
the case of Flood Insurance Policies issued by private insurance companies, 45 days’) prior written notice thereof by the
insurer to the Administrative Agent, (v) deliver to the Administrative 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 Administrative Agent) together with evidence satisfactory to the Administrative Agent of payment of the premium
therefor.

 

(d)               
The Borrower will promptly upon request of the Administrative Agent or any other Lender, deliver to the Administrative Agent (for
distribution to all Lenders), evidence of compliance by all Loan Parties with the requirements contained Sections 6.10(a)
through (c) in form and substance reasonably acceptable to the Administrative Agent and the Lenders, including, without
limitation, evidence of annual renewals of such insurance.

 

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(e)               
The Borrower will, and will cause each of its Subsidiaries to, notify the Administrative Agent immediately whenever any separate
insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 6.10
is taken out by any Loan Party; and promptly deliver to the Administrative Agent a duplicate original copy of such policy or policies.

 

(f)                
In connection with the covenants set forth in this Section 6.10, it is understood and agreed that no Credit Party or
any of its Related Parties shall be liable for any loss or damage insured by the insurance policies required to be maintained under
this Section 6.10, it being understood that (A) each Loan Party shall look solely to its insurance companies or any
other parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have
no rights of subrogation against any Credit Party or any of their Related Parties, provided, however, that if the
insurance policies do not provide waiver of subrogation rights against such parties, as required above, then the Borrower (for
itself and each of its Subsidiaries) hereby agrees, to the extent permitted by law, to waive its right of recovery, if any, against
the Credit Parties and their Related Parties.

 

Section 6.11           
Casualty Events; Extraordinary Receipts.

 

(a)               
The Borrower will, and will cause each of its Subsidiaries to, furnish to the Credit Parties prompt written notice of (i) each
Casualty Event or other insured damage to any portion of any property owned or held by or on behalf of itself or any of its Subsidiaries
or the commencement of any action or proceeding for the condemnation or other taking of any such property or any part thereof or
interest therein under power of eminent domain or by condemnation or similar proceeding, and (ii) each Extraordinary Receipt.

 

(b)               
If any Casualty Event results in Net Cash Proceeds (whether in the form of insurance proceeds, condemnation award or otherwise),
the Administrative Agent is authorized to collect such Net Cash Proceeds in excess of $3,000,000 and, if received by any Loan Party
or any of its Subsidiaries, such Net Cash Proceeds shall not be commingled with any of its other funds or property but shall be
held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent hereunder and shall be forthwith
paid over to the Administrative Agent, provided that (i) to the extent that any Loan Party or any of its Subsidiaries intends
to use any such Net Cash Proceeds to repair, restore, reinvest or replace assets of the Borrower or any of its Subsidiaries as
provided in the definition of Net Cash Proceeds, the Administrative Agent shall, subject to the terms and conditions of such proviso,
deliver such Net Cash Proceeds to the Borrower on behalf of the applicable Loan Party, (ii) otherwise, the Administrative Agent
shall, and each Loan Party hereby authorizes the Administrative Agent to, apply such Net Cash Proceeds to prepay the Loans in accordance
with Section 2.7 and (iii) all proceeds of business interruption insurance shall be paid over to the Borrower unless
a Default has occurred and is continuing.

 

(c)               
All proceeds received by or paid to the Administrative Agent that do not constitute Net Cash Proceeds shall be paid over to the
Borrower on behalf of the applicable Loan Party unless a Default has occurred and is continuing.

 

Section 6.12           
Covenant to Guarantee and Provide Security. If any Domestic Subsidiary of a Loan Party (other than an Excluded Subsidiary
or a Subsidiary that is a party to this Credit Agreement and the Collateral Documents) is formed or acquired after the Agreement
Date or if an Excluded Subsidiary ceases to be an Excluded Subsidiary, the Borrower will notify the Credit Parties in writing thereof
within 10 Business Days following the date on which such Subsidiary is formed or acquired or such Excluded Subsidiary ceases to
be an Excluded Subsidiary (or such later date as may be acceptable to the Administrative Agent in its sole discretion) and, by
such date:

 

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(a)               
the Borrower will cause each such Subsidiary to (A) execute and deliver a Subsidiary Joinder Agreement and a Perfection Certificate
and (B) promptly take such actions to create and perfect Liens on such Subsidiary’s assets to secure the Secured Obligations
as the Administrative Agent shall reasonably request (including the execution and delivery of any collateral document necessary
or appropriate to create and perfect Liens with respect to such Subsidiary’s owned or leased real property or any Collateral
Access Agreement or similar document) (it being understood that not more than 100% of the non-voting Equity Interests (if any)
and 65% of the voting Equity Interests in each First Tier Foreign Subsidiary that is a Controlled Foreign Corporation shall be
pledged),

 

(b)               
if any Equity Interests issued by any such Subsidiary are owned or held by or on behalf of any Loan Party, the Borrower will cause
such Equity Interests to be pledged pursuant to the Collateral Documents not later than the 10th Business Day after
the date on which such Subsidiary is formed or acquired,

 

(c)               
the Borrower will cause each such Subsidiary to become a party to the Master Intercompany Note not later than the 10th
Business Day after the date on which such Subsidiary is formed or acquired, and

 

(d)               
the Borrower will deliver or cause to be delivered to the Administrative Agent such certificates and legal opinions (provided,
that the Administrative Agent may agree in writing, in its discretion, to waive delivery of such legal opinion) as would have been
required had such Subsidiary been a Subsidiary Guarantor on the Closing Date.

 

Section 6.13           
Environmental Matters. The Borrower will, and will cause each of its Subsidiaries to, (a) conduct its operations in material
compliance with all applicable Environmental Laws, (b) implement any and all investigation, remediation, removal and response actions
that either are necessary to materially comply with Environmental Laws pertaining to the presence, generation, treatment, storage,
use, disposal, transportation or Release of any Hazardous Material on, at, under, or from any of their owned or leased property
or are requested by Government Authorities pursuant to Environmental Law, (c) notify the Administrative Agent promptly upon becoming
aware of any violation of Environmental Laws or any Release of Hazardous Materials on, at, under, or from, any property that is
reasonably likely to result in an Environmental Claim against any Loan Party or any of its Subsidiaries in excess of the Threshold
Amount in the aggregate and promptly forward to the Administrative Agent a copy of any written communication received in connection
therewith. If the Administrative Agent at any time has a reasonable basis to believe that there may be a violation of any Environmental
Laws or a Release of Hazardous Materials on, at, under, or from any property owned or leased by any Loan Party or any of its Subsidiaries
that would reasonably be expected to have a Material Adverse Effect, then, subject to Section 9.3(d), upon request
by the Administrative Agent the Borrower shall cause such Loan Party to permit the Administrative Agent to appoint a nationally-recognized
independent environmental testing firm or such other consultant as the Administrative Agent shall determine, at the Loan Parties’
expense, to have access to all property owned or leased by each Loan Party and each of its Subsidiaries for the purpose of conducting
such environmental testing, including subsurface sampling of soil and groundwater, as the Administrative Agent deems appropriate
to investigate the subject of the potential violation or Release.

 

Section 6.14           
Certain Post-Closing Obligations. As promptly as practicable, and in any event within the time periods after the
Closing Date specified in Schedule 6.14 or such later date as the Administrative Agent reasonably agrees to in writing, the Borrower
and each other Loan Party shall deliver the documents or take the actions specified on Schedule 6.14, in each case except to the
extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth in the definition of the term “Collateral
and Guarantee Requirement”.

 

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Article 7

Negative Covenants

 

Until the Termination Date, the Borrower covenants and agrees with
the Credit Parties that:

 

Section 7.1              
Indebtedness; Equity Interests.

 

(a)               
The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(i)                
Indebtedness created under the Loan Documents;

 

(ii)              
Indebtedness existing on the Agreement Date and set forth in Schedule 7.1, and any Refinancing Indebtedness with respect
thereto;

 

(iii)            
Indebtedness of the Borrower or any of its Subsidiaries incurred to finance the acquisition, construction or improvement of any
fixed or capital assets, including Finance Lease Obligations and any Indebtedness assumed in connection with the acquisition of
any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and any Refinancing Indebtedness with
respect thereto, provided that (A) such Indebtedness is incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement and (B) the aggregate outstanding principal amount of Indebtedness permitted by
this clause (iii) shall not, without duplication, exceed $1,000,000 at any time;

 

(iv)             
Indebtedness of any Person that becomes a Subsidiary of the Borrower after the Agreement Date, and any Refinancing Indebtedness
with respect thereto, provided that (A) 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 (B) the aggregate outstanding principal
amount of Indebtedness permitted by this clause (iv) shall not, without duplication, exceed $1,000,000 at any time;

 

(v)               
intercompany Indebtedness of the Borrower or any Subsidiary owing to and held by the Borrower or any Subsidiary; provided,
however, that (A) if the Borrower or any Subsidiary Guarantor is the obligor on such Indebtedness and any Subsidiary (other
than a Subsidiary Guarantor) is the obligee thereof, such Indebtedness must be unsecured and expressly subordinated to the prior
payment in full in cash of all Secured Obligations (including, with respect to any Subsidiary Guarantor, its obligations under
the Security Agreement), (B) Indebtedness owed to the Borrower or any Subsidiary Guarantor must be evidenced by the Master Intercompany
Note or an unsubordinated promissory note pledged to the Administrative Agent under the Security Agreement and (C) Indebtedness
of Subsidiaries (other than Subsidiary Guarantors) owed to the Borrower and/or a Subsidiary Guarantor may not exceed $1,000,000
in the aggregate at any time outstanding;

 

(vi)             
Guarantees by (A) any Loan Party of Indebtedness of any other Loan Party, (B) any Non-Loan Party Subsidiary of Indebtedness of
any other Non-Loan Party Subsidiary, and (C) any Non-Loan Party Subsidiary of any Indebtedness of any Loan Party, provided
that, in each case, such Indebtedness is otherwise permitted by this Section 7.1(a);

 

(vii)           
obligations under any Swap Agreements permitted by Section 7.7;

 

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(viii)         
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn
against insufficient funds in the ordinary course of business;

 

(ix)             
unsecured guarantees arising as a result of customary indemnification obligations to purchasers that are not Affiliates of a Loan
Party in connection with any Disposition permitted by Section 7.5;

 

(x)               
Indebtedness incurred in the ordinary course of business under (A) appeal bonds or similar instruments and (B) surety bonds, payment
bonds, performance bonds, bid bonds, completion guarantees and similar obligations, workers’ compensation claims, health,
disability or other employee benefits, and bankers acceptances issued for the account of any Loan Party or its Subsidiaries and
unsecured guarantees thereof;

 

(xi)             
Earn-Out Obligations owing to sellers incurred in connection with a Permitted Acquisition so long as the maximum amount of potential
liability in respect of such Earn-Out Obligations does not exceed $1,000,000 in the aggregate at any time outstanding and are subject
to payment and subordination terms reasonably acceptable to the Administrative Agent in its discretion;

 

(xii)           
contingent payment obligations and contingent liabilities in respect of any indemnification obligations and adjustments of purchase
price, in each case in connection with a Permitted Acquisition; and

 

(xiii)         
additional unsecured Indebtedness (in addition to Indebtedness described in clauses (i) through (xii) above) in an aggregate principal
amount not to exceed $1,000,000 at any one time outstanding.

 

(b)               
the Borrower will not, and will not permit any of its Subsidiaries to, (i) issue any Disqualified Equity Interests, or (ii) be
or become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make any other
payment in respect of any Equity Interests of any Loan Party or any of its Subsidiaries, except as permitted under Section 7.8.

 

Section 7.2              
Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any
Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except:

 

(a)               
Liens created under the Loan Documents;

 

(b)               
Permitted Encumbrances;

 

(c)               
any Lien on any property or asset of the Borrower or any Subsidiary existing on the Agreement Date and set forth in Schedule 7.2,
provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the Agreement Date and any extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof;

 

(d)               
any Lien on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary, provided that (i)
such Lien secures Indebtedness permitted by Section 7.1(a)(iii), (ii) such Lien and the Indebtedness secured thereby
are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the
Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and
(iv) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary;

 

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(e)               
any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any
property or asset of any Person that becomes a Subsidiary after the Agreement Date prior to the time such Person becomes a Subsidiary,
provided that (i) such Lien secures Indebtedness permitted by Section 7.1(a)(iv), (ii) such Lien is not created
in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as applicable, (iii) such Lien
shall not apply to any other property or assets of the Borrower or any Subsidiary and (iv) such Lien shall secure only the Indebtedness
and other obligations that it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as applicable,
and any extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; and

 

(f)                
Liens of a depository bank or securities intermediary permitted by any Control Agreement.

 

Section 7.3              
Fundamental Changes; Business; Fiscal Year.

 

(a)               
The Borrower will not, and will not permit any of its Subsidiaries to, merge into or consolidate with any other Person, or permit
any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise Dispose of (in one transaction or
in a series of transactions) all or substantially all of its assets, or all or substantially all of the Equity Interests issued
by any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve or consummate a Division,
provided that, if at the time thereof and immediately after giving effect thereto, no Default shall or would have occurred
and be continuing:

 

(i)                
any Wholly-Owned Subsidiary of the Borrower may merge into or consolidate with (A) the Borrower in a transaction in which the Borrower
is the surviving entity, (B) any Subsidiary Guarantor in a transaction in which such Subsidiary Guarantor is the surviving entity,
and (C) to the extent such Subsidiary is a Non-Loan Party Subsidiary, any other Non-Loan Party Subsidiary;

 

(ii)              
the Borrower or any Subsidiary may merge into or consolidate with any Person in a transaction that is not permitted by Section 7.3(a)(i),
provided that (x) in the case of a merger involving the Borrower, the Borrower shall be the surviving entity of such merger,
(y) such merger is permitted by Section 7.4 and either (A) the Subsidiary Guarantor shall be the surviving entity or
(B) such other Person shall become a Subsidiary Guarantor pursuant to Section 6.12, and (z) such merger shall not be
prohibited by Section 7.5;

 

(iii)            
(A) any Subsidiary of a Loan Party may sell, transfer, lease or otherwise Dispose of all or substantially all of its assets to
the Borrower or to any Subsidiary Guarantor and (B) any Non-Loan Party Subsidiary may sell, transfer, lease or otherwise Dispose
of all or substantially all of its assets to the Borrower or any Subsidiary of the Borrower;

 

(iv)             
the Borrower or any of its Subsidiaries may sell, transfer, lease or otherwise Dispose of its assets in a transaction that is not
permitted by Section 7.3(a)(iii), provided that such sale, transfer, lease or other Disposition is permitted
by Section 7.5; and

 

(v)               
(A) any Non-Loan Party Subsidiary may liquidate or dissolve so long as any remaining assets are transferred to another Non-Loan
Party Subsidiary or a Loan Party and (B) any Subsidiary Guarantor may liquidate or dissolve so long as any remaining assets of
such Subsidiary Guarantor are transferred to another Loan Party; provided that, in each case, the Borrower determines in
good faith that such liquidation or dissolution is in the best interests of Borrower and its Subsidiaries and is not disadvantageous
to the Administrative Agent or any Lender in any material respect;

 

    	 	99	 

     

    

(b)               
The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than
an Approved Line of Business; and

 

(c)               
The Borrower will not, and will not permit any of its Subsidiaries to, change its Fiscal Year.

 

Section 7.4              
Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of its Subsidiaries
to, purchase, hold or acquire (including pursuant to any merger or Division) any Investment, make or permit to exist any Guarantees
of any obligations of, or make or permit to exist any investment or any other interest in, any other Person, make any Acquisition
or purchase or otherwise enter into or become party to any derivative transaction, except:

 

(a)               
Investments in cash and Cash Equivalents;

 

(b)               
investments existing on the Agreement Date and set forth in Schedule 5.13 and Schedule 7.4;

 

(c)               
equity Investments made by the Borrower in the Equity Interests of any Subsidiary Guarantor or any Non-Loan Party Subsidiary and
made by any Subsidiary Guarantor in the Equity Interests of any other Subsidiary Guarantor or any Non-Loan Party Subsidiary; provided
that Investments pursuant to this Section 7.4(c) in any Non-Loan Party Subsidiary shall not exceed $1,000,000 in the
aggregate after the Agreement Date less any amounts expended pursuant to subsection (e) below;

 

(d)               
Investments constituting Indebtedness made by (i) any Loan Party to any Subsidiary thereof or (ii) any Subsidiary to any Loan Party
or another Subsidiary, in each case subject to the limitations set forth in Section 7.1(a)(v) and (vi);

 

(e)               
acquisitions made by (i) any Loan Party from any other Loan Party; (ii) any Non-Loan Party Subsidiary from any other Non-Loan Party
Subsidiary; and (iii) any Non-Loan Party Subsidiary from any Loan Party; provided, that, with respect to this clause (iii), the
amount of any such Investments shall not exceed $1,000,000 in the aggregate after the Closing Date less any amounts expended pursuant
to subsection (c) above and provided, further, that no material assets of the Loan Parties (including, without limitation, any
Intellectual Property) shall be acquired by a Non-Loan Party pursuant to this clause (iii);

 

(f)                
Guarantees permitted by Section 7.1(a);

 

(g)               
Swap Agreements permitted by Section 7.7;

 

(h)               
Permitted Acquisitions;

 

(i)                
payroll, commission, travel and other similar cash advances made to directors (or comparable Persons), officers or employees in
the ordinary course of business;

 

(j)                
(i) promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 7.5
and (ii) Investments received in settlement of amounts due to any Loan Party or any of its Subsidiaries effected in the ordinary
course of business as a result of insolvency, bankruptcy, reorganization, or other similar proceeding involving an account debtor
or upon the foreclosure or enforcement of any Lien in favor of a Loan Party or its Subsidiaries;

 

    	 	100	 

     

    

(k)               
Investments of any Person existing at the time such Person becomes a Subsidiary or consolidates or merges with Borrower or any
Subsidiary thereof (including in connection with a Permitted Acquisition) so long as such Investments were not made in contemplation
of such Person becoming a Subsidiary or of such consolidation or merger;

 

(l)                
deposits of cash made in the ordinary course of business to secure performance of (i) operating leases and (ii) other contractual
obligations that do not constitute Indebtedness, including earnest money deposits made in cash in connection with any letter of
intent or purchase agreement in connection with a Permitted Acquisition;

 

(m)             
Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business; and

 

(n)               
so long as no Default shall have occurred and be continuing or would immediately result therefrom, other Investments by the Borrower
and its Subsidiaries after the Agreement Date in an aggregate amount not to exceed $1,000,000.

 

In determining the amount of Investments, acquisitions, loans, and
advances permitted under this Section 7.4, Investments and acquisitions shall always be taken at the original cost
thereof (regardless of any subsequent appreciation or depreciation therein) minus all returns of principal, capital, dividends,
distributions and other cash returns thereof and minus all liabilities expressly assumed by another Person in connection
with the sale or other Disposition of any Investment, and loans and advances shall be taken at the principal amount thereof then
remaining unpaid.

 

Section 7.5              
Dispositions. The Borrower will not, and will not permit any of its Subsidiaries to, Dispose of any of its assets except:

 

(a)               
issuances of Qualified Equity Interests by any Wholly-Owned Subsidiary of a Loan Party to a Loan Party, in each case subject to
the Collateral and Guarantee Requirement and Section 2.7(b)(i)(B);

 

(b)               
the sale or lease of inventory in the ordinary course of business;

 

(c)               
the use or transfer of money, cash or Cash Equivalents in a manner that is not prohibited by the terms of this Credit Agreement
or the other Loan Documents;

 

(d)               
the licensing and sublicensing on a non-exclusive basis of patents, trademarks, copyrights, and other intellectual property rights
in the ordinary course of business, and the leasing and subleasing of any other property;

 

(e)               
the granting of Liens permitted hereunder and the other transactions permitted by Section 7.2;

 

(f)                
any Casualty Event and the Disposition of any property subject thereto;

 

(g)               
the abandonment, cancellation or lapse of issued patents, registered trademarks and other registered intellectual property of a
Loan Party or Subsidiary thereof to the extent, in such Loan Party’s reasonable business judgment, not economically desirable
in the conduct of such Loan Party’s business or so long as such lapse is not materially adverse to the interests of the Lenders
and (ii) the expiration of patents in accordance with their statutory terms;

 

(h)               
the sale of assets (other than Equity Interests of any Wholly-Owned Subsidiary, unless all of the Equity Interests of such Wholly-Owned
Subsidiary (other than the Borrower) are sold in accordance with this clause (h)) for at least fair market value, so long as (A)
no Default then exists or would immediately result therefrom, (B) at least 75% of the consideration received by the applicable
Loan Party consists of cash or Cash Equivalents and is paid at the time of the closing of such sale, (C) the Net Cash Proceeds
therefrom are applied and/or reinvested as (and to the extent) required by Section 2.7(b)(i)(A) and (D) the aggregate
amount of the cash and non-cash proceeds received from all assets sold pursuant to this clause (i) shall not exceed $2,500,000
in the aggregate during the term of this Credit Agreement (for this purpose, using the fair market value of property other than
cash and Cash Equivalents);

 

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(i)                
Dispositions of assets acquired by the Borrower and its Subsidiaries pursuant to a Permitted Acquisition consummated within 12
months of the date of such Permitted Acquisition in an aggregate amount not to exceed $500,000 for each such Permitted Acquisition;

 

(j)                
any trade in of equipment in exchange for other equipment in the ordinary course of business; and

 

(k)               
the unwinding or terminating of hedging arrangements or transactions contemplated by any Swap Agreement which are not prohibited
hereunder.

 

To the extent the Required Lenders or all the Lenders, as applicable,
waive the provisions of this Section 7.5 with respect to the sale of any Collateral, or any Collateral is sold as permitted
by this Section 7.5, such Collateral (unless sold to a Loan Party) shall be sold automatically free and clear of the
Liens created by the Collateral Documents and, at the expense of the Loan Parties, the Administrative Agent shall take all reasonable
actions any Loan Party reasonably requests in writing in order to effect the foregoing.

 

Section 7.6              
Sale and Lease Back Transactions. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any
Sale and Leaseback arrangement, directly or indirectly, with any Person.

 

Section 7.7              
Swap Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except
(a) Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary
has actual exposure (other than those in respect of Equity Interests of the Borrower or any Subsidiary) and that are not for speculative
purposes, and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment
of such Loan Party or Subsidiary.

 

Section 7.8              
Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to
pay for or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except:

 

(a)               
subject to the Collateral and Guarantee Requirement, any Subsidiary of the Borrower may declare and pay, and agree to pay, dividends
and other distributions with respect to its Equity Interests payable solely in perpetual common Equity Interests (other than Disqualified
Equity Interests),

 

(b)               
any Subsidiary of the Borrower may declare and pay dividends or other distributions with respect to its Equity Interests to the
Borrower or any Subsidiary Guarantor,

 

(c)               
so long as (i) no Default shall have occurred and be continuing both before and after giving effect thereto and (ii) the Consolidated
Net Leverage Ratio, calculated on a Pro Forma Basis after giving effect thereto, shall be no greater than 0.25x less than the maximum
Consolidated Net Leverage Ratio permitted by Section 7.12(a) for the subject period, the Borrower may make additional Restricted
Payments in an aggregate amount not to exceed $500,000; and

 

    	 	102	 

     

    

(d)               
the making of dividends or distributions by a Non-Loan Party Subsidiary to a Loan Party or another Non-Loan Party Subsidiary.

 

Section 7.9              
Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, Dispose (including
pursuant to a merger or Division) of any property or assets to, or purchase, lease or otherwise acquire (including pursuant to
a merger or Division) any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) transactions in the ordinary course of business and at prices and on terms and conditions not less favorable to such Loan Party
or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties (it being understood that
this Section shall not apply to any transaction that is expressly permitted under Sections 7.1, 7.3, 7.4,
7.5 or 7.8 of this Credit Agreement between or among the Loan Parties and not involving any other Affiliate) and
(b) the Transactions.

 

Section 7.10           
Restrictive Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter
into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the
ability of any Loan Party or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets
(unless such agreement or arrangement does not prohibit, restrict or impose any condition upon the ability of any Loan Party to
create, incur or permit to exist, or the ability of the Administrative Agent to exercise any right or remedy with respect to, any
Lien in favor of the Secured Parties created under the Loan Documents) or (b) the ability of any Subsidiary to pay dividends or
make other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any
other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary, provided that (i) the foregoing shall
not apply to (A) restrictions and conditions imposed by law or by the Loan Documents, (B) restrictions and conditions existing
on the Agreement Date identified on Schedule 7.10 (but shall apply to any extension or renewal of, or any amendment
or modification expanding the scope of, any such restriction or condition), and (C) customary restrictions and conditions contained
in agreements relating to the sale of a subsidiary pending such sale; provided that such restrictions and conditions apply
only to its Subsidiary that is to be sold and such sale is permitted hereunder, (ii) clause (a) of this Section shall not apply
to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Credit Agreement if such
restrictions or conditions apply only to the property or assets securing such Indebtedness, and (iii) clause (a) of this Section
shall not apply to customary provisions in agreements restricting the assignment thereof.

 

Section 7.11           
Amendment of Material Documents. The Borrower will not, and will not permit any of its Subsidiaries to, amend, supplement
modify or waive any of its rights under any Subordinated Debt Document or any of its Organizational Documents, other than immaterial
amendments, modifications or waivers that would not reasonably be expected to adversely affect the Credit Parties, provided
that the Borrower shall deliver or cause to be delivered to the Administrative Agent and each Lender a copy of all amendments,
modifications or waivers thereto promptly after the execution and delivery thereof.

 

Section 7.12           
Financial Covenants.

 

(a)               
Consolidated Net Leverage Ratio. The Borrower will not permit the Consolidated Net Leverage Ratio as of the end of any fiscal
quarter during any period set forth in the following table to be greater than the ratio set forth therein with respect to such
period:

 

    	 	103	 

     

    

	Fiscal Quarter Ended	Consolidated Net Leverage Ratio
	December 31, 2020	4.00 to 1.00
	March 31, 2021	3.75 to 1.00
	June 30, 2021	3.50 to 1.00
	September 30, 2021	3.25 to 1.00
	December 31, 2021 and thereafter	3.00 to 1.00

 

(b)               
Consolidated Fixed Charge Coverage Ratio. The Borrower will not permit the Consolidated Fixed Charge Coverage Ratio as of
the end of any fiscal quarter to be less than 1.25 to 1.00.

 

Section 7.13           
Payments on Subordinated Debt. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or
agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement,
acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document
Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom,
the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable
thereto.

 

Section 7.14           
Government Regulation. The Borrower will not, and will not permit any of its Subsidiaries to, (a) at any time be or become
the subject of any law, regulation, or list of any government agency (including the United States Office of Foreign Asset Control
list) that prohibits or limits any Lender from making any loans or extension of credit (including the Loans and the Letters of
Credit) to any Loan Party or from otherwise conducting business with any Loan Party, or (b) fail to provide documentary and other
evidence of any Loan Party’s identity as may be requested by any Credit Party at any time to enable such Credit Party to
verify any Loan Party’s identity or to comply with any applicable law or regulation, including Section 326 of the USA
PATRIOT Act.

 

Section 7.15           
Hazardous Materials. The Borrower will not, and will not permit any of its Subsidiaries to, cause or permit a Release or
threat of Release of Hazardous Materials on, at, in, above, to, from or about any of the property where such Release or threat
of Release would (a) violate, or form the basis for any Environmental Claims under, any Environmental Law or any Environmental
Permit or (b) otherwise adversely impact the value or marketability of any property of any Loan Party or any of its Subsidiaries
or any of the Collateral, other than such Release, violation or Environmental Claim as would not reasonably be expected to result
in a material Environmental Liability.

 

Article 8

Events of Default

 

Section 8.1              
Events of Default. Any of the following shall constitute an Event of Default:

 

(a)               
Non-Payment of Principal or L/C Disbursement. Any Loan Party shall fail to pay any principal of any Loan or any reimbursement
obligation in respect of any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof
or at a date fixed for prepayment thereof or otherwise.

 

(b)               
Other Non-Payment. Any Loan Party shall fail to pay any interest on any Loan or on any reimbursement obligation in respect
of any L/C Disbursement or any fee, commission or any other amount (other than an amount referred to in clause (a) of this Section)
payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied
for a period of three Business Days.

 

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(c)               
Representations and Warranties. Any representation or warranty made or deemed made by or on behalf of any Loan Party or
any of its Subsidiaries in or in connection with any Loan Document or any amendment or modification hereof or waiver thereunder,
or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document
or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when
made or deemed made.

 

(d)               
Specific Covenants. Any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Sections 6.1,
6.2(a), 6.3, 6.7, 6.8, 6.10, 6.12 or 6.14, in Article 7 or any Loan
Party shall fail to observe or perform any covenant, condition or agreement contained in the Guarantee Agreement or any Collateral
Document to which it is a party.

 

(e)               
Other Covenants. Any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan
Document to which it is a party (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall
continue unremedied for a period of 30 days after the occurrence thereof.

 

(f)                
Cross Default - Payment Default on Material Indebtedness. Any Loan Party shall fail to make any payment (whether of principal,
interest or otherwise and regardless of amount) in respect of any Material Indebtedness when and as the same shall become due and
payable (after giving effect to any applicable grace period).

 

(g)               
Other Cross-Defaults. (i) Any event or condition occurs that results in any Material Indebtedness becoming due prior to
its scheduled maturity or payment date, or that enables or permits (with or without the giving of notice, the lapse of time or
both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness
to become due prior to their scheduled maturity or payment date or to require the prepayment, repurchase, redemption or defeasance
thereof prior to their scheduled maturity or payment date (in each case after giving effect to any applicable notice and any applicable
cure period), provided that this clause (g) shall not apply to secured Indebtedness that becomes due solely as a result
of the voluntary sale, transfer or other disposition of the property or assets securing such Indebtedness; or (ii) any Loan Party
or any of its Subsidiaries shall breach or default on any payment obligation constituting a Swap Agreement Obligation.

 

(h)               
Involuntary Proceedings. An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of any Loan Party or any of its Subsidiaries or its debts, or of a substantial
part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Loan Party or any of its Subsidiaries or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering
any of the foregoing shall be entered.

 

(i)                
Voluntary Proceedings. Any Loan Party or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for any Loan Party or any of its Subsidiaries or for a substantial part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing.

 

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(j)                
Inability to Pay Debts. Any Loan Party or any of its Subsidiaries shall become unable, admit in writing its inability or
fail generally to pay its debts as they become due.

 

(k)               
Judgments. One or more (i) non-monetary judgments which would, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, or (ii) judgments for the payment of money in an aggregate amount in excess of the Threshold
Amount shall be rendered against any Loan Party or any of its Subsidiaries or any combination thereof (which shall not be fully
covered (without taking into account any applicable deductibles) by insurance from an unaffiliated insurance company with an A.M.
Best financial strength rating of at least A-, it being understood that even if such amounts are covered by insurance from such
an insurance company, such amounts shall count against such basket if responsibility for such amounts has been denied by such insurance
company) and the same shall remain undischarged or unbonded for a period of 30 consecutive days during which execution shall not
be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan
Party or any of its Subsidiaries to enforce any such judgment.

 

(l)                
ERISA Events. (i) An ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with
all other ERISA Events that have occurred, could reasonably be expected to result in liability of any Loan Party or any of its
Subsidiaries (or in the case of an ERISA Event described in subsection (b) of the definition of that term in Section 1.1,
could reasonably be expected to subject any Loan Party, any of its Subsidiaries, any Pension Plan, any trust created thereunder,
any trustee or administrator thereof, or any party dealing with any Pension Plan or trust to a tax or penalty on “prohibited
transactions” under Section 502 of ERISA or Section 4975 of the Code) in an aggregate amount exceeding (A) $250,000
in any year or (B) $500,000 for all periods, (ii) an ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan
that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan;
(iii) a Loan Party or ERISA Affiliate shall fail to pay when due any installment payment with respect to its withdrawal liability
under Section 4201 of ERISA under a Multiemployer Plan; (iv) any event similar to the foregoing shall occur or exist with
respect to a Foreign Plan; or (v) there shall be at any time a Lien imposed against the assets of any Loan Party or ERISA Affiliate
under Section 412 or Section 430 of the Code or Sections 302, Section 303, or Section 4068 of ERISA.

 

(m)             
Invalidity of Loan Documents. Any Loan Document shall cease, for any reason, to be in full force and effect, or any Loan
Party shall so assert in writing or shall disavow any of its obligations thereunder.

 

(n)               
Liens. Any Lien purported to be created under any Collateral Document shall cease to be, or shall be asserted by any Loan
Party not to be, a valid and perfected Lien on any Collateral with a value (individually or in the aggregate) in excess of $2,500,000,
with the priority required by the applicable Collateral Document, except (i) as a result of the sale or other disposition of the
applicable Collateral in a transaction permitted under the Loan Documents or (ii) as a result of the Administrative Agent’s
failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Security
Agreement.

 

(o)               
Licenses. There shall occur the loss, suspension or revocation of, or failure to renew any license or permit now held or
hereafter acquired if such loss, suspension, revocation or failure to renew would reasonably be expected to have a Material Adverse
Effect.

 

(p)               
Change of Control. A Change of Control shall occur.

 

    	 	106	 

     

    

(q)               
Cessation of Business. There shall occur a cessation of a substantial part of the business of any Loan Party which would
reasonably be expected to have a Material Adverse Effect.

 

(r)                
Criminal Action. Any Loan Party shall be criminally indicted or convicted under any law.

 

(s)                
Invalidity of Subordination Provisions. The subordination provisions of any agreement or instrument governing any Subordinated
Debt shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Loan Party shall
contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder,
or the Obligations for any reason shall not have the priority contemplated by this Credit Agreement or such subordination provisions.

 

(t)                
Loss of Collateral. A material portion of the Collateral shall be subject to loss, theft or destruction which is not covered
by adequate insurance.

 

Section 8.2              
Remedies Upon Event of Default. If any Event of Default occurs and is continuing, then, and in every such event (other than
an event described in Section 8.1(h) or (i)), and at any time thereafter during the continuance of such event,
the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both
of the following actions (whether before or after the Closing Date), at the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole
(or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees
and other obligations of each Loan Party accrued under the Loan Documents, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrower, and (iii) require that the Borrower
Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto) and thereupon
such Cash Collateral shall become due and payable immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower, and in case of any event described in Section 8.1(h) or (i),
the Commitments shall automatically terminate (whether before or after the Closing Date) the principal of the Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of each Loan Party accrued under the Loan Documents,
shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower and Cash Collateral for the L/C Obligations as described above shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

 

Section 8.3              
Application of Funds. After the exercise of remedies provided for in Section 8.2 (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 Section 2.10), any amounts received on account of the Secured Obligations shall be applied by the Administrative
Agent in the following order:

 

First, to the payment of that portion of the Secured
Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to
the Administrative Agent and amounts payable under Article 3), in each case payable to the Administrative Agent in
its capacity as such;

 

Second, to the extent of any excess of such proceeds,
to the payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including
fees, charges and disbursements of counsel to the L/C Issuer and the L/C Fronting Fee), in each case payable to the L/C Issuer
in its capacity as such;

 

    	 	107	 

     

    

Third, to the extent of any excess of such proceeds,
to the payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts, payable to the Credit
Parties (including fees, charges and disbursements of counsel to the respective Credit Parties and amounts payable under Article 3),
ratably among them in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to the extent of any excess of such proceeds,
to the payment of that portion of the Secured Obligations constituting accrued and unpaid interest on the Loans, L/C Obligations
and other Secured Obligations, ratably among the Credit Parties in proportion to the respective amounts described in this clause
Fourth payable to them;

 

Fifth, to the extent of any excess of such proceeds,
to the payment of that portion of the Secured Obligations constituting unpaid principal of the Loans and L/C Obligations, the Cash
Management Obligations and the Swap Agreement Obligations, ratably among the Secured Parties in proportion to the respective amounts
described in this clause Fifth held by them;

 

Sixth, to the extent of any excess of such proceeds,
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;

 

Seventh, to the extent of any excess of such proceeds,
to the payment of all other Secured Obligations of the Loan Parties owing under or in respect of the Loan Documents that are due
and payable to the Secured Parties, or any of them, on such date, ratably based on the respective aggregate amounts of all such
Secured Obligations owing to the Secured Parties on such date; and

 

Last, to the extent of any excess of such proceeds, the
balance, if any, after all of the Secured Obligations (other than unasserted contingent indemnification and unasserted expense
reimbursement obligations in each case not yet due and payable) have been paid in full, to the Borrower or as otherwise required
by law.

 

Subject to Section 2.10, amounts used to Cash Collateralize
the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth 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 Secured Obligations, if any, in the order set forth
above. The Administrative Agent shall have no obligation to calculate the amount of any Swap Agreement Obligations or Cash Management
Obligations and may request a reasonably detailed calculation thereof from the provider of such Secured Obligations. If the provider
of any Swap Agreement Obligations or Cash Management Obligations fails to deliver the calculation of such Secured Obligations within
five days following request thereof by the Administrative Agent, then the Administrative Agent may assume the amount of such Secured
Obligations are zero. Notwithstanding anything to the contrary set forth above, Excluded CEA Swap Obligations with respect to any
Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made
with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth above in
this Section.

 

    	 	108	 

     

    

Article 9

The Administrative Agent

 

Section 9.1              
Appointment and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints Citizens Bank 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 neither the Borrower nor any other Loan Party
shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties.

 

Section 9.2              
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may
accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and
generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

Section 9.3              
Exculpatory Provisions.

 

(a)               
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative
Agent:

 

(i)                
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)              
shall not 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 is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor
Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any
Debtor Relief Law; and

 

(iii)            
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

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(b)               
The Administrative Agent shall not 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 the Administrative Agent shall
believe in good faith shall be necessary, under the circumstances as provided in Section 8.2 and Section 10.2),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to the Administrative Agent in writing by the Borrower, a Lender or the L/C Issuer.

 

(c)               
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Credit 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 Credit Agreement, any other Loan Document or any other
agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article 5 or elsewhere herein,
other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

(d)               
The Administrative Agent shall not be responsible or have any liability for, or have any duty to investigate a violation or potential
violation of an Environmental Law or a Release or threat of Release of a Hazardous Material pursuant to Section 6.13,
nor shall it have any liability for any action it takes or does not take in connection with any such investigation.

 

Section 9.4              
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by the proper Person. The Administrative 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, extension, renewal or increase
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 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. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

Section 9.5              
Delegation of Duties. The Administrative 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 the Administrative Agent. The
Administrative 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 Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the Credit Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible
for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a
final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection
of such sub-agents.

 

Section 9.6              
Resignation of Administrative Agent.

 

    	 	110	 

     

    

(a)               
The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint
a successor, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with an office in New
York, New York. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed
by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but
shall not be obligated to), on behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting
the qualifications set forth above, provided that in no event shall any such successor Administrative Agent be a Defaulting
Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on
the Resignation Effective Date.

 

(b)               
If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person remove such Person
as Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the
Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance
with such notice on the Removal Effective Date.

 

(c)               
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan
Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring or removed Administrative Agent,
all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be
made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or removed
Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the
retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other
Loan Documents. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s
resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.3
shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as Administrative Agent.

 

Section 9.7              
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently
and without reliance upon the Administrative 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 Credit Agreement. Each
Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative 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 Credit Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

    	 	111	 

     

    

Section 9.8              
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers or any agent listed on
the cover page hereof shall have any powers, duties or responsibilities under this Credit Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

 

Section 9.9              
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 reimbursement for any L/C Disbursement shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered
(but not obligated) by intervention in such proceeding or otherwise:

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
and all other Loan Document 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 and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective
agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Section 10.3)
allowed in such judicial proceeding; and

 

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

 

and any custodian, 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, in the event that 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 Section 10.3.

 

Section 9.10           
Collateral and Guarantee Matters.

 

(a)               
The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion,

 

(i)                
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (A) at the Termination
Date, (B) that is sold or otherwise Disposed of or to be sold or otherwise Disposed of as part of or in connection with any sale
or other Disposition permitted under the Loan Documents (including all of the Collateral of a Guarantor which is released from
its obligations under the Loan Documents pursuant to clause (iii) below); provided, however, any sale or Disposition of
all or substantially all of the Collateral or all or substantially all of the value of the Guarantees under the Guarantee Agreement
shall be subject to Section 10.2(b), or (C) subject to Section 10.2, if approved, authorized or ratified
in writing by the Required Lenders;

 

(ii)              
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 7.2(d); and

 

(iii)            
to release any Guarantor from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result of
a transaction permitted under the Loan Documents, provided, however, that the release of all or substantially all
of the Collateral or all or substantially all of the value of the Guarantees under the Guarantee Agreement shall be subject to
Section 10.2(b).

 

    	 	112	 

     

    

Upon request by the Administrative Agent at any time, the Required
Lenders will confirm in writing the Administrative 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 Loan Documents pursuant to this Section 9.10.

 

(b)               
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

Section 9.11           
Compliance with Flood Insurance Laws. The Administrative Agent has adopted internal policies and procedures that address
requirements placed on federally regulated lenders under the Flood Insurance Laws and will post on the applicable electronic platform
(or otherwise distribute to each Lender documents that it receives in connection with the Flood Insurance Laws (collectively, the
“Flood Documents”); provided, however that the Administrative Agent makes no representation or warranty
with respect to the adequacy of the Flood Documents or their compliance with the Flood Insurance Laws. Each Lender acknowledges
and agrees that it is individually responsible for its own compliance with the Flood Insurance Laws and that it shall, independently
and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it shall from
time to time deem appropriate, including the Flood Documents posted or distributed by the Administrative Agent, continue to do
its own due diligence to ensure its compliance with the Flood Insurance Laws.

 

Section 9.12           
Cash Management Obligations and Swap Agreement Obligations. Except as otherwise expressly set forth herein or in the Security
Agreement, any other Collateral Document or any other Loan Document, no Person holding Cash Management Obligations or Swap Agreement
Obligations that obtains the benefits of any Guarantee under the Guarantee Agreement or any Collateral by virtue of the provisions
hereof or of any Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder
or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral
or amendment to any Loan Document (including any Collateral Document) other than in its capacity as a Lender or Administrative
Agent and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this
Article 9 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Cash Management Obligations or Swap Agreement Obligations except to the extent expressly
required hereunder, provided that the Administrative Agent has received a Secured Obligation Designation Notice, together
with such supporting documentation as the Administrative Agent may request, from the applicable Person holding such Secured Obligations.
The Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made
with respect to, Cash Management Obligations and Swap Agreement Obligations.

 

Article 10

Miscellaneous

 

Section 10.1           
Notices.

 

(a)               
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and
except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service as follows:

 

    	 	113	 

     

    

(i)                
if to any Loan Party, c/o Harvard Bioscience, Inc., 84 October Hill Road, Holliston, MA 01746, Attention: Michael A. Rossi, Chief
Financial Officer;

 

(ii)              
the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address, facsimile number, electronic mail address
or telephone number specified for such Person on Schedule 10.1; and

 

(iii)            
if to any other Credit Party, the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire.

 

Notices sent by hand or overnight courier service shall be deemed
to have been given when received. Notices delivered through electronic communications to the extent provided in paragraph (b) below,
shall be effective as provided in said paragraph (b).

 

(b)               
Electronic Communications. Notices and other communications 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 Credit Party pursuant to Article 2 if such Credit Party has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication.

 

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
of transmission to the intended recipient (such as by the “delivery receipt requested” function, return e-mail, confirmation
of system-generated posting notices by a Platform or other written acknowledgement) and (ii) notices or communications posted to
a Platform or an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying
the website address therefor; provided that for both clauses (i) and (ii) above, if such notice 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. Notwithstanding anything to the contrary herein, borrowing requests
and other notices to Administrative Agent sent by email or posted to a Platform or an Internet or intranet website shall only be
effective against Administrative Agent if receipt of such transmission is affirmatively acknowledged by Administrative Agent.

 

(c)               
Change of Address, Etc. Any party hereto may change its address for notices and other communications hereunder by notice
to the other parties hereto.

 

(d)               
Platform.

 

(i)                
The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications available to the
L/C Issuer and the other Lenders by posting the Communications on the Platform and that certain of the Lenders (each, a “Public
Lender”) may have personnel who do not wish to receive material non-public information with respect to the Loan Parties
or their Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ securities.

 

(ii)              
The Borrower hereby acknowledges hereby agrees that so long as any Loan Party is the issuer of any outstanding debt or equity securities
that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use
commercially reasonable efforts to identify that portion of the Communications that may be distributed to the Public Lenders and
that: (A) all such Communications (i) shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means
that the word “PUBLIC” shall appear prominently on the first page thereof; (B) by marking such Communications (ii)
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, Lead Arrangers and the Lenders
to treat such Communications as not containing any material non-public information (although it may be sensitive and proprietary)
with respect to any Loan Party or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Communications constitute Information, they shall be treated as set forth in Section 10.14);
(C) all Communications marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information”; and (D) the Administrative Agent and the Lead Arrangers shall be entitled to treat any Communications
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information”.

 

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(iii)            
The Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant
the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. 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 Communications
or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
have any liability to the Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind,
including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise)
arising out of any Loan Party’s or the Administrative Agent’s transmission of communications through the Platform.

 

Section 10.2           
Waivers; Amendments.

 

(a)               
No failure or delay by any Credit Party in exercising any right or power under any Loan Document shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Credit Parties under the Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event
be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making
of a Loan and/or the issuance, amendment, extension or renewal 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.

 

(b)               
Except as expressly provided by Section 2.11, Section 3.3(b), or in the other paragraphs of this Section 10.2,
neither this Credit Agreement, any other Loan Document (other than the Fee Letter) nor any provision thereof may be waived, amended
or modified except pursuant to an agreement or agreements in writing entered into by the Loan Parties and the Required Lenders,
or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement
shall:

 

(i)                
extend or increase any Commitment of any Lender without the written consent of such Lender or increase the L/C Sublimit without
the consent of the L/C Issuer (it being understood that a waiver of any condition precedent set forth in Article 4
or the waiver of any Default shall not constitute an extension or increase of any Commitment of any Lender or an increase of the
L/C Sublimit);

 

    	 	115	 

     

    

(ii)              
reduce the principal amount of any Loan or any reimbursement obligation with respect to a L/C Disbursement, or reduce the rate
of any interest, or reduce any fees or other amounts, payable under the Loan Documents, without the written consent of each Credit
Party directly and adversely affected thereby; provided that only the consent of the Required Lenders shall be necessary
to amend or modify any Financial Covenant, any defined terms used therein or the definition of “Default Rate” or to
waive any obligation of the Borrower to pay interest at the Default Rate, in each case, notwithstanding the fact that any such
amendment, modification or waiver actually results in reduction in the rate of interest or fees;

 

(iii)            
postpone any date scheduled for any payment of principal of, or interest on, any Loan or reimbursement obligation with respect
to any L/C Disbursement, or any fees or other amounts payable hereunder or under any other Loan Document, or reduce the amount
of, waive or excuse any such payment, or postpone the stated termination or expiration of the Revolving Commitments or reduce the
amount of or postpone the date of any prepayment required by Section 2.7(b) without the written consent of each Credit
Party directly and adversely affected thereby;

 

(iv)             
except as provided in Section 2.10 and subsection (c) below change any provision hereof in a manner that would alter
the pro rata sharing of payments required by Section 2.8(b) or the pro rata reduction of Revolving Commitments required
by Section 2.5(d), without the written consent of each Credit Party directly and adversely affected thereby;

 

(v)               
change any of the provisions of this Section or the definition of the terms “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder;

 

(vi)             
amend, modify or waive any provision of Section 2.10 without the written consent of the Administrative Agent, the Swingline
Lender and the L/C Issuer;

 

(vii)           
change the currency in which any Commitment or Loan is, or is to be, denominated, Letters of Credit are to be issued or payment
under the Loan Documents is to be made without the written consent of each Lender directly affected thereby;

 

(viii)         
release any Guarantor from its Guarantee under the Guarantee Agreement (except as expressly provided therein or in Section 9.10),
or limit its liability in respect of such Guarantee, without the written consent of each Lender; or

 

(ix)             
release all or substantially all of the Collateral from the Liens of the Loan Documents (except as expressly provided in the applicable
Collateral Document or in connection with a transaction permitted by Section 7.3), without the consent of each Lender;

 

(x)               
to effect any amendments (i) to subordinate the Lien on the Collateral securing the Obligations to any other Lien securing Indebtedness
of the Loan Parties or (ii) providing for payment subordination of the Obligations; or

 

(xi)             
amend, modify or waive any provision of Section 8.3; and

 

    	 	116	 

     

    

provided, further, that no such
amendment, waiver or consent shall amend, modify or otherwise affect the rights or duties hereunder or under any other Loan Document
of (A) the Administrative Agent, unless in writing executed by the Administrative Agent, (B) any Issuing Bank, unless
in writing executed by such Issuing Bank and (C) any Swingline Lender, unless in writing executed by such Swingline Lender,
in each case in addition to the Borrower and the Lenders required above.

 

(c)               
Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder (and any amendment, waiver or consent that by its terms requires the consent of all the Lenders or
each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the
Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Loan may not be extended, the
rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each
case without the consent of such Defaulting Lender and (y) any amendment, waiver or consent requiring the consent of all the
Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the other affected Lenders
shall require the consent of such Defaulting Lender.

 

(d)               
In addition, notwithstanding anything in this Section to the contrary, if the Administrative Agent and the Borrower shall have
jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan
Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision, and, in each case, such amendment
shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected
to in writing by the Required Lenders to the Administrative Agent within 10 Business Days following receipt of notice thereof.

 

Section 10.3           
Expenses; Indemnity; Damage Waiver.

 

(a)               
Costs and Expenses. The Loan Parties, jointly and severally, shall pay (i) all reasonable and documented out-of-pocket expenses
incurred by the Administrative Agent, Lead Arrangers and their respective Affiliates (including Attorney Costs of counsel for the
Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration of this Credit Agreement and the other Loan Documents or any amendments, modifications or
waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable and documented out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred
by the Administrative Agent, Lead Arrangers or any Credit Party (including Attorney Costs of the Administrative Agent or any Credit
Party), in connection with the enforcement or protection of its rights (whether through negotiations, legal proceedings or otherwise)
(A) in connection with this Credit Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)               
Indemnification by Loan Parties. The Loan Parties, jointly and severally, shall indemnify the Administrative Agent (and
any sub-agent thereof), each 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, damages, liabilities
and related expenses (including Attorney Costs), incurred by any Indemnitee or asserted against any Indemnitee by any third party
or by any Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Credit 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, (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), (iii) any actual or alleged presence or Release of Hazardous Materials at, on,
under or from any property owned or operated by any Loan Party or any of its Subsidiaries, or any Environmental Claim or Environmental
Liability related in any way to any Loan Party or any of its Subsidiaries, (iv) 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 Loan Party, and regardless of whether any Indemnitee is a party thereto or (v) any government investigation, audit,
hearing or enforcement action resulting from any Loan Party’s or any of its Affiliate’s noncompliance (or purported
noncompliance) with any applicable Sanctions, other Anti-Terrorism Laws or Anti-Corruption Laws (it being understood and agreed
that the Indemnitees shall be entitled to indemnification pursuant to this clause (including indemnification for fines, penalties
and other expenses) regardless of whether any adverse finding is made against any Loan Party or any of its Affiliates), 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 non-appealable judgment to have resulted
from the gross negligence, willful misconduct or material breach of the Loan Documents of such Indemnitee or (y) result from a
claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if such Loan Party has obtained a final and non-appealable judgment in its favor on such claim
as determined by a court of competent jurisdiction. To the extent that the indemnity set forth above in this paragraph shall be
held to be unenforceable in whole or in part because it is violative of any law or public policy, the Borrower shall contribute
the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all indemnified
amounts incurred by Indemnitees or any of them.

 

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(c)               
Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under
paragraph (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer,
the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each
Lender’s share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect
of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to the L/C Issuer or the
Swingline Lender solely in its capacity as such, only the Revolving Lenders shall be required to pay such unpaid amounts, such
payment to be made severally among them based on such Revolving Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) provided, further, that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in its capacity as such, or against
any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent), the L/C Issuer or the
Swingline Lender in connection with such capacity. The obligations of the Lenders under this paragraph (c) are subject to the provisions
of Section 2.8(d).

 

(d)               
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Loan Party shall assert, and
each Loan Party hereby waives, 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 connection with, or as a result of, this Credit
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated
hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b)
above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby.

 

 

 

 

 

 

 

 

 

 

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(e)               
Payments. All amounts due under this Section shall be payable promptly and in no event later than 10 days after demand therefor.

 

Section 10.4           
Successors and Assigns.

 

(a)               
Successors and Assigns Generally. The provisions of this Credit 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 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 assignee in accordance
with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph
(d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (e)
of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Credit
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent
expressly contemplated hereby, the Related Parties of each of Credit Party) any legal or equitable right, remedy or claim under
or by reason of this Credit Agreement.

 

(b)               
Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Credit Agreement (including all or a portion of its Commitments and the Loans at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

 

(i)                
Minimum Amounts.

 

(A)             
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the
time owing to it (in each case with respect to any Credit Facility) or contemporaneous assignments to related Approved Funds (determined
after giving effect to such assignments) that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the
aggregate or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and

 

(B)             
in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable 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 $5,000,000, in the case of any assignment in respect of a Revolving
Facility, or $5,000,000, in the case of any assignment in respect of a Term Facility, unless each of the Administrative Agent and,
so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably
withheld or delayed).

 

(ii)              
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 Credit Agreement with respect to the Loan or the Commitment assigned, except that
this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Classes
on a non-pro rata basis.

 

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(iii)            
Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B)
of this Section and, in addition:

 

(A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender (other than a Defaulting
Lender), an Affiliate of a Lender (other than a Defaulting Lender) or an Approved Fund, provided that the Borrower shall
be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent
within five Business Days after written notice of such assignment shall have delivered to the Borrower; and provided, further,
that the Borrower’s consent shall not be required during the primary syndication of the Credit Facilities;

 

(B)             
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of (i) the Revolving Facility or any unfunded Term Loan Commitment if such assignment is to a Person that is not a Lender
with a Commitment in respect of such facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (ii)
a funded Term Facility to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)             
the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)             
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 (which will not be required to be paid by the Borrower
or its Subsidiaries), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.
In addition, each assignee shall, on or before the effective date of such assignment, deliver to the Borrower and the Administrative
Agent certification as to exemption from deduction or withholding of any United States Taxes in accordance with Section 3.6(g).

 

(v)               
No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates
or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would
constitute a Defaulting Lender or a Subsidiary thereof or (C) a Person who, at the time of such assignment, is a Sanctioned Person
if such assignment would violate applicable law.

 

(vi)             
No Assignment to Natural Persons. No such assignment shall be made to a natural person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person).

 

(vii)           
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder,
no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the prior written consent of the Borrower and the Administrative Agent, the applicable
pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee
and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its
full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Credit Agreement until such compliance occurs.

 

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Subject to acceptance and recording thereof by the Administrative
Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Credit 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 Credit Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Credit Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 3.5
and Section 10.3 with respect to facts and circumstances occurring prior to the effective date of such assignment.
Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this paragraph
shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (d) of this Section.

 

(c)               
Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain 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 owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrower, 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 Credit Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by
the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)               
Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent,
sell participations to any Person (other than (w) a natural person (or a holding company, investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural person), (x) the Borrower or any of the Borrower’s Affiliates or Subsidiaries,
(y) any Defaulting Lender or any of its subsidiaries or (z) a Person who, at the time of such participation, is a Sanctioned Person
if the sale of such participation would violate applicable law) (each, a “Participant”) in all or a portion
of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of its Revolving Commitment
and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Credit Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent and each Credit Party shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Credit Agreement.

 

 

 

 

 

 

 

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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 Credit Agreement and to approve any
amendment, modification or waiver of any provision of this Credit Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in Section 10.2(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 3.4, 3.5 and 3.6 (subject to the requirements and limitations therein, including
the requirements under Section 3.6 (it being understood that the documentation required under Section 3.6(g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of
Sections 3.7 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive
any greater payment under Sections 3.5 or 3.6, with respect to any participation, than its participating Lender
would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at
the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 3.7(b)
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8
as though it were a Lender; provided that such Participant agrees to be subject to Section 2.8(h) as though
it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments,
loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent
(in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)               
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Credit Agreement and the Loan Documents 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 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.

 

(f)                
Cashless Settlement. Notwithstanding anything to the contrary contained in this Credit Agreement, any Lender may exchange,
continue or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar
transaction permitted by the terms of this Credit Agreement, pursuant to a cashless settlement mechanism approved by the Borrower,
the Administrative Agent and such Lender.

 

Section 10.5           
Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates
or other instruments prepared or delivered in connection with or pursuant to this Credit Agreement or any other Loan Document shall
be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of any Loan Document
and the making of any Loans and the issuance of any Letter of Credit, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that any Credit Party may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any L/C Obligation or any fee or any other amount payable under the Loan Documents is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 3.4, 3.5, 3.6, 10.3, 10.9, and 10.10 and Article 9
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby or the
Termination Date.

 

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Section 10.6           
Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)               
Counterparts; Integration; Effectiveness. This Credit 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 Credit Agreement and the other Loan Documents, and any separate letter agreements with respect to fees
payable to the Administrative Agent, 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 4.1, this Credit 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 Credit Agreement by facsimile
or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed
counterpart of this Credit Agreement.

 

(b)               
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.

 

Section 10.7           
Severability. In the event any one or more of the provisions contained in this Credit Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular
jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 10.8           
Setoff. If an Event of Default shall have occurred and be continuing, each Credit Party and each of their respective Affiliates
is hereby authorized at any time and from time to time, 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 Credit Party or any such Affiliate to or for the credit or the account
of any Loan Party or any of its Subsidiaries against any and all of the obligations of such Loan Party or such Subsidiary now or
hereafter existing under this Credit Agreement or any other Loan Document to such Credit Party or Affiliate, irrespective of whether
or not such Credit Party shall have made any demand under this Credit Agreement or any other Loan Document and although such obligations
of such Loan Party or Subsidiary may be contingent or unmatured or are owed to a branch or office of such Credit Party different
from the branch or office holding such deposit or obligated on such indebtedness, provided, that in the event that any Defaulting
Lender shall exercise any right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.9 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders,
and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Credit Party
and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such
Credit Party and its Affiliates may have. Each Credit Party agrees to notify the 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.

 

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Section 10.9           
Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)               
Governing Law. This Credit Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York.

 

(b)               
Submission to Jurisdiction. Each of the parties hereto irrevocably and unconditionally submits, for itself and its property,
to the exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District
Court for 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 Credit Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of
the 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 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 Credit 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 Credit Agreement or any other Loan Document against the Borrower or any other Loan Party or its properties in the courts
of any jurisdiction.

 

(c)               
Waiver of Objection to Venue. Each of the parties hereto 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 Credit Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by 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 of the parties hereto irrevocably consents to service of process in the manner provided for notices
in Section 10.1. Nothing in this Credit Agreement will affect the right of any party to this Credit Agreement to serve
process in any other manner permitted by law.

 

Section 10.10       
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 CREDIT 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 HEREBY (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 AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 10.11       
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent or
any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff
or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Law or Fraudulent Transfer Law, 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 severally agrees to pay to
the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by the Administrative Agent,
plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal
Funds Effective Rate.

 

    	 	124	 

     

    

Section 10.12       
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Credit Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this
Credit Agreement.

 

Section 10.13       
Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to
any Loan or L/C Obligation, together with all fees, charges and other amounts that are treated as interest thereon under applicable
law (collectively the “charges”), shall exceed the maximum lawful rate (the “maximum rate”)
that may be contracted for, charged, taken, received or reserved by the Lender holding an interest in such Loan or L/C Obligation
in accordance with applicable law, the rate of interest payable in respect of such Loan or L/C Obligation hereunder, together with
all of the charges payable in respect thereof, shall be limited to the maximum rate and, to the extent lawful, the interest and
the charges that would have been payable in respect of such Loan or L/C Obligation but were not payable as a result of the operation
of this Section shall be cumulated, and the interest and the charges payable to such Lender in respect of other Loans or L/C Obligations
or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon
at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

Section 10.14       
Confidentiality; Treatment of Certain Information.

 

(a)               
Each Credit Party agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents,
advisors and other 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), (ii) 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), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any action or proceeding relating to this Credit Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to
(A) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under
this Credit Agreement or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction
under which payments are to be made by reference to the Borrower and its obligations, this Credit Agreement or payments hereunder,
(vii) on a confidential basis to (A) any rating agency in connection with rating the Borrower, its Subsidiaries or the Credit Facilities
or (B) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect
to the Credit Facilities, (viii) with the consent of the Borrower or (ix) to the extent such Information (A) becomes publicly available
other than as a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Credit Party or any
of their respective Affiliates on a non-confidential basis from a source other than the Borrower or (C) is independently generated
by the Administrative Agent, any Credit Party or any of their respective Affiliates. In addition, the Administrative Agent and
the Lenders may disclose the existence of this Credit Agreement and information about this Credit Agreement to (i) market data
collectors, league table providers and other similar service providers to the lending industry and (ii) service providers to the
Administrative Agent or any Lender in connection with the administration of this Credit Agreement, the other Loan Documents, and
the Commitments.

 

    	 	125	 

     

    

(b)               
For purposes of this Section, “Information” means all information received from any Loan Party or any of its
Subsidiaries relating to any Loan Party or any of its Subsidiaries or any of their respective businesses, other than any such information
that is available to the Administrative Agent or any other Credit Party on a non-confidential basis prior to disclosure by any
Loan Party or any Subsidiary or that is independently prepared by the Administrative Agent or any other Credit Party, provided
that, in the case of information received from any Loan Party or any of its Subsidiaries after the Agreement 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.
Notwithstanding anything herein to the contrary, “Information” shall not include, and each Credit Party (and their
Affiliates and respective partners, directors, officers, employees, agents, advisors and representatives) may disclose to any and
all persons, without limitation of any kind, any information with respect to the U.S. federal income tax treatment and U.S. federal
income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses)
that are provided to such Credit Party relating to such tax treatment and tax structure.

 

(c)               
The Loan Parties agree, on behalf of themselves and their Affiliates, that they will not in the future issue any press releases
or other public disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring
to this Credit Agreement or any of the other Loan Documents without the prior written consent of such Person, unless (and only
to the extent that) the Loan Parties or such Affiliate is required to do so under law and then, in any event, the Loan Parties
or such Affiliate will consult with such Person before issuing such press release or other public disclosure (provided, for the
avoidance of doubt, the Loan Parties shall not have any obligation to consult with the Administrative Agent prior to making filings
with the SEC as required by law).

 

(d)               
The Loan Parties consent to the publication by the Administrative Agent or any Lender of customary advertising material relating
to the Transactions (including, without limitation amount and type of facility) using the name, product photographs, logo or trademark
of the Loan Parties.

 

Section 10.15       
USA PATRIOT Act. Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, 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 or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the USA PATRIOT Act. The Borrower shall, and shall cause each Subsidiary to, provide such information
and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative
Agent and the Lenders in maintaining compliance with the USA PATRIOT Act.

 

Section 10.16       
No Fiduciary Duty. Each Loan Party agrees that in connection with all aspects of the transactions contemplated hereby and
any communications in connection therewith, such Loan Party and its Affiliates, on the one hand, and the Administrative Agent,
the Lead Arrangers, the Documentation Agent, the Syndication Agent, the other Credit Parties and their respective Affiliates, on
the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the
part of the Administrative Agent, the Lead Arrangers, the Documentation Agent, the Syndication Agent, the other Credit Parties
or their respective Affiliates and no such duty will be deemed to have arisen in connection with any such transactions or communications.

 

    	 	126	 

     

    

Section 10.17       
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

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

 

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

 

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

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Credit
Agreement or any other Loan Document; or

 

(iii)            
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA
Resolution Authority.

 

Section 10.18       
Certain ERISA Matters.

 

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent, the Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit
of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(i)                
such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)
of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)              
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit Agreement,

 

(iii)            
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter
into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Credit Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Credit Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge
of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Credit
Agreement, or

 

    	 	127	 

     

    

(iv)             
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has
not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, the Lead Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent or the Lead Arrangers or any of their
respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or
exercise of any rights by the Administrative Agent under this Credit Agreement, any Loan Document or any documents related to hereto
or thereto).

 

Section 10.19       
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that
the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States):

 

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to
a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

(b)               
As used in this Section 10.19, the following terms have the following meanings:

 

    	 	128	 

     

    

“BHC Act Affiliate” of a party means
an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Covered Entity” means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Default Right” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“QFC” has the meaning assigned to the
term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

[Signature pages follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	129	 

     

    

IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement
to be duly executed by their respective authorized officers as of the day and year first above written.

 

 

	 	HARVARD BIOSCIENCE, INC.

                                                                  

	 	By:	
        /s/ Michael A. Rossi

	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

	 	 CITIZENS BANK, N.A. as the Administrative Agent, the L/C Issuer, the Swingline
Lender, Joint Lead Arranger and a Lender

 

 

By:   /s/ Jason Upham                                

Name: Jason Upham

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Joint Lead Arranger, Joint Bookrunner,
Co-Syndication Agent and a Lender

 

 

By:   /s/ Jonathan Antonio                                       

Name: Jonathan Antonio

Title: Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

	 	 SILICON VALLEY BANK, as Joint Lead Arranger, Joint Bookrunner, Co-Syndication
Agent and a Lender

 

 

By:   /s/ Joseph
Hammer                                       

Name: Joseph Hammer

Title: Managing DirectorExhibit 10.2

 

 

PLEDGE AND SECURITY AGREEMENT

among

HARVARD BIOSCIENCE, INC.

EACH OF THE GUARANTORS PARTY HERETO

and

CITIZENS BANK, N.A.,

as Administrative Agent

____________________________________

Dated as of December 22, 2020

 

 

 

     

     

    

 

TABLE OF CONTENTS

Page 

 

	Article 1 DEFINITIONS AND RULES OF CONSTRUCTION	1
	Section 1.1   Credit Agreement Defined Terms	1
	Section 1.2   Uniform Commercial Code Terms and Provisions	1
	Section 1.3   Other Defined Terms	1
	Section 1.4   Incorporation By Reference: Security Agreement	8
	Article 2 SECURITY INTEREST	8
	Section 2.1   Grant of Security Interest	8
	Section 2.2   Revisions to Uniform Commercial Code	10
	Section 2.3   Security for Secured Obligations	10
	Section 2.4   No Assumption of Liability	10
	Article 3 REPRESENTATIONS, WARRANTIES AND COVENANTS	11
	Section 3.1   Generally	11
	Section 3.2   Equipment and Inventory	15
	Section 3.3   Receivables	15
	Section 3.4   Investment-Related Property	17
	Section 3.5   Letter-of-Credit Rights	21
	Section 3.6   Intellectual Property Collateral	21
	Section 3.7   Commercial Tort Claims	24
	Section 3.8   Deposit Accounts	24
	Article 4 FURTHER ASSURANCES; FILING AUTHORIZATION	25
	Section 4.1   Further Assurances	25
	Section 4.2   Filings	25
	Article 5 REMEDIES UPON DEFAULT	26
	Section 5.1   Remedies Generally	26

 

     

     

    

	Section 5.2   Application of Proceeds of Collateral	28
	Section 5.3   Federal Securities Laws	28
	Section 5.4   Grant of License to Use Intellectual Property	28
	Section 5.5   Registration, etc	29
	Section 5.6   Remedies Cumulative	29
	Section 5.7   Deficiency	30
	Article 6 CONCERNING THE ADMINISTRATIVE AGENT	30
	Section 6.1   In General	30
	Section 6.2   Standard of Care	30
	Section 6.3   Administrative Agent Appointed Attorney-in-Fact	31
	Section 6.4   Reimbursement of Administrative Agent	31
	Article 7 WAIVERS; AMENDMENTS	32
	Article 8 SECURITY INTEREST ABSOLUTE	33
	Article 9 TERMINATION; RELEASE	33
	Section 9.1   Termination and Release	33
	Section 9.2   Other Releases of Grantors; Collateral	33
	Section 9.3   Release Documentation	34
	Article 10 ADDITIONAL GUARANTORS AND GRANTORS	34
	Article 11 MISCELLANEOUS	34
	Section 11.1   Notices	34
	Section 11.2   Binding Effect; Several Agreement; Assignments	34
	Section 11.3   Survival Of Agreement; Severability	35
	Section 11.4   Governing Law; Jurisdiction; Venue; Waivers	35
	Section 11.5   WAIVER OF JURY TRIAL	35
	Section 11.6   Waiver of Consequential Damages, Etc	36
	Section 11.7   Headings	36
	Section 11.8   Counterparts	36

    	 	(ii)	 

     

    

 

 

SCHEDULES:

 

	Schedule 3.4	Pledged Collateral

 

 

EXHIBITS:

 

	Exhibit A	Form of Copyright Security Agreement
	Exhibit B	Form of Patent Security Agreement
	Exhibit C	Form of Trademark Security Agreement

 

 

 

 

 

 

 

 

 

 

    	 	(iii)	 

     

    

 

PLEDGE AND SECURITY
AGREEMENT, dated as of December 22, 2020 (as amended, restated, supplemented or otherwise modified, this “Agreement”),
among HARVARD BIOSCIENCE, INC., a Delaware corporation, each Subsidiary party hereto as of the date hereof or which becomes a party
hereto in accordance to Article 10 (each such Subsidiary, individually, a “Guarantor” and, collectively,
the “Guarantors”), and CITIZENS BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) under the Credit Agreement referred to in the next paragraph acting on behalf of the Secured Parties.

 

RECITALS

 

A.       Reference
is made to the Credit Agreement, dated as of December 22, 2020, among the Borrower, the Lenders party thereto and the Administrative
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

B.       The
Credit Parties have agreed to make Credit Extensions to or for the account of the Borrower pursuant to, and upon the terms and
subject to the conditions specified in, the Credit Agreement. Each of the Guarantors is a direct or indirect subsidiary of the
Borrower.

 

C.       Each
Grantor further acknowledges that it will derive substantial direct and indirect benefit from the making of the Credit Extensions.

 

D.       The
execution and delivery by the Grantors of this Agreement is a condition precedent to the effectiveness of the Credit Agreement,
and the Credit Parties would not have entered into the Credit Agreement if the Grantors had not executed and delivered this Agreement.

 

Accordingly, the parties
hereto agree as follows:

 

Article
1

 

DEFINITIONS AND RULES OF CONSTRUCTION 

 

Section
1.1              Credit
Agreement Defined Terms. Capitalized terms used herein and not defined herein, and the term “subsidiary”,
shall have the meanings assigned to such terms in the Credit Agreement.

 

Section
1.2               Uniform
Commercial Code Terms and Provisions. Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein
that are defined in the Uniform Commercial Code (as defined below) have the meanings assigned to them in the Uniform Commercial
Code, including the following: “Account”; “Chattel Paper”; “Certificated Security”;
“Commodity Contract”; “Commodity Intermediary”; “Document”; “Equipment”;
“Financial Asset”; “Fixtures”; “General Intangible”; “Goods”;
“Instrument”; “Inventory”; “Letter of Credit Right”; “Proceeds”;
“Record”; “Securities Intermediary”; “Security”; “Security Certificate”;
“Security Entitlement”; and “Uncertificated Security”. All references herein to provisions
of the Uniform Commercial Code shall include all successor provisions under any subsequent version or amendment to any Article
of the Uniform Commercial Code. In the event that a term is defined in Article 9 of the Uniform Commercial Code differently than
in another Article of the Uniform Commercial Code, such term will have the meaning specified in Article 9 of the Uniform Commercial
Code.

 

Section
1.3              
Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

    	 		 

     

    

“Account Debtor”
means each Person who is or may become obligated to a Grantor in respect of any Receivable or any Supporting Obligation or Collateral
Support relating thereto.

 

“Additional
Grantor” has the meaning assigned to such term in Article 10.

 

“Applicable
Date” means (a) in the case of any Grantor (other than an Additional Grantor), the date hereof, and (b) in the case of
any Additional Grantor, the date of the Subsidiary Joinder Agreement executed and delivered by such Additional Grantor.

 

“Applicable
Filing Offices” means the filing offices set forth on Schedule 16 to each Applicable Perfection Certificate.

 

“Applicable
Perfection Certificate” means, (a) in the case of any Grantor (other than an Additional Grantor), the Perfection Certificate
delivered on the date hereof, and (b) in the case of any Additional Grantor, the Perfection Certificate delivered on the date that
such Additional Grantor becomes a party hereto.

 

“Approved Depository”
means a depository bank in which a Deposit Account is maintained by a Grantor which is reasonably acceptable to the Administrative
Agent and with respect to which such Grantor has delivered to the Administrative Agent an executed Control Agreement.

 

“Approved Intermediary”
means a Securities Intermediary or a Commodity Intermediary, as applicable, in respect of a Securities Account, Commodities Account
or Commodity Contract maintained by a Grantor, which is reasonably acceptable to the Administrative Agent and with respect to which
such Grantor has delivered to the Administrative Agent an executed Control Agreement.

 

“Authorization”
means, collectively, any license, approval, permit or other authorization issued by any Governmental Authority.

 

“Borrower”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Claim Proceeds”
means, with respect to any Commercial Tort Claim or any Collateral Support or Supporting Obligation relating thereto, all Proceeds
thereof, including all insurance proceeds and other amounts and recoveries resulting or arising from the settlement or other resolution
thereof, in each case regardless of whether characterized as a “commercial tort claim” under Article 9 of the Uniform
Commercial Code or “proceeds” under the Uniform Commercial Code.

 

“Collateral”
has the meaning assigned to such term in Section 2.1.

 

“Collateral
Records” means all books, instruments, certificates, Records, ledger cards, files, correspondence, customer lists, blueprints,
models, drawings, technical specifications, manuals, warranties and other documents, and all computer software, computer printouts,
tapes, disks and related data processing software and similar items, in each case that at any time represent, cover or otherwise
evidence, or contain information relating to, any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereupon.

 

“Collateral
Support” means all property (real or personal) assigned, hypothecated or otherwise securing any of the Collateral, and
shall include any security agreement or other agreement granting a lien or security interest in such real or personal property.

 

    	 	- 2 -	 

     

    

“Commercial
Tort Claim” means, collectively, (a) each Commercial Tort Claim (as defined in the Uniform Commercial Code) other than
any Commercial Tort Claim (as defined in the Uniform Commercial Code) in which a Grantor seeks damages arising out of torts committed
against it that could reasonably be expected to result in a damage award to it of less than $100,000, including all claims described
on Schedule 13 to each Applicable Perfection Certificate, and (b) all Claim Proceeds.

 

“Commodity Accounts”
means, collectively, with respect to a Grantor, (a) each “commodity account” (as defined in the Uniform Commercial
Code) maintained by such Grantor and all accounts and sub-accounts relating to any of the foregoing accounts including all such
accounts described on Schedule 10(c) to each Applicable Perfection Certificate and (b) all cash, funds, checks, Commodity
Contracts, notes and instruments from time to time from time to time held in or credited to any of the accounts or sub-accounts
described in clause (a) of this definition.

 

“Control”
means (a) in the case of a Deposit Account, “control,” as such term is defined in Section 9-104 of the Uniform Commercial
Code, (b) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the Uniform
Commercial Code and (c) in the case of a Commodity Contract, “control,” as such term is defined in Section 9-106 of
the Uniform Commercial Code.

 

“Control Agreement”
means an agreement, in form and substance satisfactory to the Administrative Agent, among the applicable Grantor, the Administrative
Agent and an Approved Depository or Approved Intermediary, as applicable, pursuant to which the Administrative Agent obtains Control
over a Deposit Account, Securities Account or Commodity Account, as applicable.

 

“Copyright License”
means any written agreement, now or hereafter in effect, granting any right to any third party under any Copyright now or hereafter
owned or held by or behalf of any Grantor or which any Grantor otherwise has the right to license, or granting any right to any
Grantor under any Copyright now or hereafter owned by any third party, and all rights of any Grantor under any such agreement,
including each agreement described on Schedule 12(b) to each Applicable Perfection Certificate.

 

“Copyright Security
Agreement” means a security agreement with respect to Copyrights, substantially in the form of Exhibit A.

 

“Copyrights”
means all of the following: (a) all copyright rights in any work subject to the copyright laws of the United States of America
or any other country, whether as author, assignee, transferee or otherwise, (b) all registrations and applications for registration
of any such copyright in the United States of America or any other country, including registrations, recordings, supplemental registrations
and pending applications for registration in the United States Copyright Office or any similar offices in the United States of
America or any other country, including those described on Schedule 12(b) to each Applicable Perfection Certificate, (c)
all rights and privileges arising under applicable law with respect to the use of such copyrights, (d) all reissues, renewals,
continuations and extensions thereof and amendments thereto, and (e) all income, fees, royalties, damages, claims and payments
now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements
thereof.

 

“Credit Agreement”
has the meaning assigned to such term in the Recitals to this Agreement.

 

    	 	- 3 -	 

     

    

“Deposit Accounts”
means, collectively, with respect to a Grantor, (a) all “deposit accounts” (as defined in the Uniform Commercial Code)
maintained by such Grantor and all accounts and sub-accounts relating to any of the foregoing accounts including all such accounts
described on Schedule 11 to each Applicable Perfection Certificate and (b) all cash, funds, checks, notes and instruments
from time to time on deposit in any of the accounts or sub-accounts described in clause (a) of this definition.

 

“Excluded Accounts”
means any Deposit Account or Securities Account that is solely used for the holding of (i) funds used for payroll and payroll taxes
and other employee benefit payments to or for the benefit of a Loan Party’s employees, (ii) taxes required to be collected,
remitted or withheld (including federal and state withholding taxes (including the employer’s share thereof)), (iii) funds
which any Loan Party holds in trust or as an escrow or fiduciary for another Person that is not a Loan Party and (iv) solely for
purposes of the exception set forth in subsection (c)(iii) of the definition of “Collateral and Guarantee Requirement”
in the Credit Agreement relating to exceptions to Control Agreement requirements, Deposit Accounts that do not contain amounts
at any time in an aggregate amount in excess of $10,000 for any one account and $75,000 in the aggregate for all such accounts.

 

“Excluded Assets”
means (a) any Margin Stock (including any Margin Stock held through a Securities Account), (b) solely to the extent that a pledge
hereunder could reasonably be expected to result in an adverse tax consequence to the holder of any applicable Equity Interests,
Equity Interests in any Controlled Foreign Corporation in excess of 65% of the Voting Equity Interests therein, (c) motor vehicles
and other assets subject to certificates of title or ownership to the extent a security interest therein cannot be perfected by
a filing of a financing statement, (d) any United States intent-to-use trademark application prior to the filing of a “Statement
of Use” or “Amendment to Allege Use” with respect thereto, (e) any right under any contract or agreement constituting
a General Intangible, but only to the extent and for so long as the granting of a security interest therein or an assignment thereof
would violate any applicable law (but only to the extent any such prohibition on the granting of security interests is not rendered
ineffective by, or is not otherwise unenforceable under, the Uniform Commercial Code or applicable law), other than proceeds and
receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other similar applicable
law notwithstanding such prohibition, (f) any contract, instrument, document, lease, license or other agreement to which a Grantor
or any of its property is subject with any Person if, to the extent and for so long as the grant of a lien thereon constitutes
a breach of or a default under, or creates a right of termination in favor of any party (other than such Grantor) to, such contract,
instrument, document, lease, license or other agreement (but only to the extent any such prohibition on the granting of liens is
not rendered ineffective by, or is otherwise unenforceable under, the Uniform Commercial Code or applicable law), (g) Excluded
Accounts (other than those defined in subsection (iv) of the definition thereof), and (h) any assets as to which the Administrative
Agent shall have notified the Grantors in writing that the Administrative Agent determined in its reasonable discretion that the
costs, burden, difficulty or consequence (including, without limitation, a material and adverse effect on the ability of the Borrower
and its Subsidiaries to conduct their operations and business in the ordinary course) of obtaining a security interest in the same
are excessive in relation to the benefit to the Secured Parties of the security intended to be afforded thereby.

 

“Federal Securities
Laws” has the meaning assigned to such term in Section 5.3.

 

“Grantors”
means, collectively, the Borrower and the Guarantors.

 

    	 	- 4 -	 

     

    

“Guarantors”
has the meaning assigned to such term in the preamble to this Agreement.

 

“Insurance”
means all insurance policies covering any or all of the Collateral (regardless of whether the Administrative Agent or any other
Secured Party is the loss payee thereof) and all business interruption insurance policies.

 

“Intellectual
Property” means, collectively, with respect to a Grantor, all of such Grantor’s rights, priorities and privileges
relating to all intellectual and similar property of every kind and nature, whether arising under United States, multinational
or foreign laws or otherwise, now existing or hereafter adopted or acquired, including, without limitation inventions, designs,
Patents, Copyrights, Trademarks, Licenses, domain names, Trade Secrets, confidential or proprietary technical and business information,
know how, show how or other data or information, software and databases and all embodiments or fixations thereof and related documentation,
registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection
with, any of the foregoing, and all rights to sue at law or in equity for any infringement or other impairment thereof, including
the right to receive all proceeds and damages therefrom.

 

“Investment-Related
Property” means, collectively, (a) all “investment property” as defined in the Uniform Commercial Code including
(i) all Certificated Securities and Uncertificated Securities, (ii) all Security Entitlements, and (iii) all Securities Accounts,
Commodity Contracts and Commodity Accounts and all of the assets held therein, (b) all security entitlements, in the case of any
United States Treasury book-entry securities, as defined in 31 C.F.R. section 357.2, or, in the case of any United States federal
agency book-entry securities, as defined in the corresponding United States federal regulations governing such book-entry securities,
and (c) whether or not constituting “investment property” as so defined, all Pledged Collateral.

 

“License”
means any Copyright License, Patent License, Trademark License, Trade Secret License or other license (other than any Authorization)
or sublicense to which any Grantor is a party.

 

“LLC Interests”
means the membership interests and other interests in any limited liability company and the certificates, if any, representing
such limited liability company interests and any interest of the owner thereof in the books and records of such limited liability
company and any Securities Entitlements relating thereto and all dividends, distributions, cash, warrants, rights, options, instruments,
securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange
for any or all of such limited liability company interests and any other warrant, right or option or other agreement to acquire
any of the foregoing, all management rights, all voting rights, any interest in any capital account of a member in such limited
liability company, all rights as and to become a member of the limited liability company, all rights of the holder thereof under
any shareholder or voting trust agreement or similar agreement in respect of such limited liability company, all of the holder’s
right, title and interest as a member to any and all assets or properties of such limited liability company, and all other rights,
powers, privileges, interests, claims and other property in any manner arising out of or relating to any of the foregoing.

 

“Partnership
Interests” shall mean all partnership interests and other interests in any general partnership, limited partnership,
limited liability partnership or other partnership and the certificates, if any, representing such partnership interests, and any
interest of the holder thereof in the books and records of such partnership and all dividends, distributions, cash, warrants, rights,
options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such partnership interests and any other warrant, right or option to acquire any
of the foregoing, all management rights, all voting rights, any interest in any capital account of a partner in such partnership,
all rights as and to become a partner of such partnership, all of the holder’s right, title and interest as a partner to
any and all assets or properties of such partnership, and all other rights, powers, privileges, interests, claims and other property
in any manner arising out of or relating to any of the foregoing.

 

    	 	- 5 -	 

     

    

“Patent License”
means any written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention
covered in whole or in part by a Patent, now or hereafter owned or held by or on behalf of any Grantor or which any Grantor otherwise
has the right to license, or granting to any Grantor any right to make, use or sell any invention on which a Patent, now or hereafter
owned by any third party, and all rights of any Grantor under any such agreement, including each agreement described on Schedule
12(a) to each Applicable Perfection Certificate.

 

“Patent Security
Agreement” means a security agreement with respect to Patents, substantially in the form of Exhibit B.

 

“Patents”
means all of the following: (a) all letters patent of the United States of America or any other country, all registrations and
recordings thereof and all applications for letters patent of the United States of America or any other country, including registrations,
recordings and pending applications in the United States Patent and Trademark Office or any similar offices in the United States
of America or any other country, including those described on Schedule 12(a) to each Applicable Perfection Certificate,
(b) all inventions and improvements described and claimed therein, including the right to make, use and/or sell the inventions
disclosed or claimed therein, (c) all reissues, continuations, divisions, continuations in part, renewals or extensions thereof
and amendments thereto, and the inventions disclosed or claimed therein, and (d) all income, fees, royalties, damages, claims and
payments now or hereafter due and/or payable thereunder and with respect thereto.

 

“Pledged Collateral”
means, collectively, the Pledged Debt, Pledged Debt Securities and the Pledged Equity Interests.

 

“Pledged Debt”
means all debt now or hereafter owed or owing to any Grantor, including all such debt described on Part C of Schedule
3.4, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such debt.

 

“Pledged Debt
Securities” means all Securities or Instruments (including promissory notes) evidencing Pledged Debt and held by any
Grantor, whether now owned or hereafter acquired, including all such Securities and Instruments described on Part C of Schedule
3.4.

 

“Pledged Equity
Interests” means all Equity Interests, including all LLC Interests and Partnership Interests, now owned or hereafter
acquired by any Grantor in (a) each Subsidiary (except to the extent that such Equity Interests constitute Excluded Assets), (b)
each other Person unless in the case of this clause (b) such Equity Interests are held in a Securities Account or constitute Margin
Stock; in each case whether now owned or hereafter created or acquired, together with all Security Certificates and other certificates
evidencing such Equity Interests, including (A) in the case of certificated Equity Interests constituting Securities, the Equity
Interests listed in Part A of Schedule 3.4 and (B) in the case of Equity Interests constituting Pledged LLC Interests
and Pledged Partnership Interests, the Equity Interests listed in Part B of Schedule 3.4.

 

    	 	- 6 -	 

     

    

“Pledged Securities”
means the Pledged Debt Securities, any other promissory notes, instruments, Security Certificates, unit certificates, certificates
evidencing LLC Interests or Partnership Interests and other Certificated Securities now or hereafter included in the Pledged Collateral
representing or evidencing any Pledged Collateral, in each case excluding any Excluded Assets.

 

“Receivables”
means all rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned
or otherwise disposed of, or services rendered or to be rendered, including all such rights constituting or evidenced by any Account,
Chattel Paper, Instrument or other document, General Intangible or Investment-Related Property, together with all of the applicable
Grantor’s rights, if any, in any goods or other property giving rise to such right to payment, and all Collateral Support
and Supporting Obligations relating thereto and all Receivables Records.

 

“Receivables
Records” means (a) all originals of all documents, instruments or other writings or electronic records or other Records
evidencing any Receivable, (b) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and
other papers relating to any Receivable, including all tapes, cards, computer tapes, computer discs, computer runs, record keeping
systems and other papers and documents relating to any Receivable, whether in the possession or under the control of the applicable
Grantor or any computer bureau or agent from time to time acting for such Grantor or otherwise, (c) all evidences of the filing
of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other
modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including
lien search reports, from filing or other registration officers, (d) all credit information, reports and memoranda relating thereto,
and (e) all other written forms of information related in any way to the foregoing or any Receivable.

 

“Securities
Accounts” means, collectively, with respect to a Grantor, (a) each “securities account” (as defined in the
Uniform Commercial Code) maintained by such Grantor and all accounts and sub-accounts relating to any of the foregoing accounts
including all such accounts described on Schedule 10(c) to each Applicable Perfection Certificate and (b) all cash, funds,
checks, notes, Security Entitlements and instruments from time to time held in or credited to in any of the accounts or sub-accounts
described in clause (a) of this definition.

 

“Security Interest”
has the meaning assigned to such term in Section 2.1.

 

“Supporting
Obligations” means (a) all “supporting obligations” as defined in Article 9 of the Uniform Commercial Code
and (b) all Guarantees and other secondary obligations supporting any of the Collateral, in each case regardless of whether characterized
as a “supporting obligation” under the Uniform Commercial Code.

 

“Trade Secrets”
means all trade secrets and all other confidential or proprietary information and know-how now or hereafter owned or used in, or
contemplated at any time for use in, the business of any Grantor, whether or not such Trade Secret has been reduced to a writing
or other tangible form, including all documents and things embodying, incorporating or referring in any way to such Trade Secret,
the right to sue for any past, present and future infringement of any Trade Secret, and all proceeds of the foregoing, including
licenses, royalties, income, payments, claims, damages and proceeds of suit.

 

    	 	- 7 -	 

     

    

“Trade Secret
License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any Trade
Secret now or hereafter owned or held by or on behalf of any Grantor or which such Grantor otherwise has the right to license,
or granting to any Grantor any right to use any Trade Secret now or hereafter owned by any third party, and all rights of any Grantor
under any such agreement, including each agreement described on Schedule 12(a) to each Applicable Perfection Certificate.

 

“Trademark License”
means any written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter
owned or held by or on behalf of any Grantor or which such Grantor otherwise has the right to license, or granting to any Grantor
any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such agreement,
including each agreement described on Schedule 12(a) to each Applicable Perfection Certificate.

 

“Trademark Security
Agreement” means a security agreement with respect to Trademarks, substantially in the form of Exhibit C.

 

“Trademarks”
means all of the following: (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious
business names, trade styles, trade dress, logos, other source or business identifiers, prints and labels on which any of the foregoing
have appeared or appear, uniform resource locations (URL’s), domain names, designs and general intangibles of like nature,
now existing or hereafter adopted or acquired, (b) all registrations and recordings thereof and all registration and recording
applications filed in connection therewith, including registrations and registration applications in the United States Patent and
Trademark Office or any similar offices in the United States of America or any other country, and all common-law rights related
thereto, including those described on Schedule 12(a) to each Applicable Perfection Certificate, and (c) all reissues, continuations,
extensions and renewals thereof and amendments thereto, (d) all goodwill associated therewith or symbolized by any of the foregoing,
(e) all income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto
and (f) all other assets, rights and interests that uniquely reflect or embody such goodwill.

 

“Uniform Commercial
Code” or “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State
of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the
perfection or priority of the Administrative Agent’s and the Secured Parties’ security interest in any item or portion
of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the
terms “Uniform Commercial Code” and “Uniform Commercial Code” shall mean the Uniform Commercial Code as
in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority
and for purposes of definitions relating to such provisions.

 

Section
1.4              Incorporation By Reference: Security Agreement. The provisions of Sections 1.3 and 1.7 of the
Credit Agreement are incorporated herein by this reference mutatis mutandis. This Pledge and Security Agreement is the “Security
Agreement” under, and as such term is defined in, the Credit Agreement.

 

Article
2

 

SECURITY INTEREST

 

Section
2.1              Grant
of Security Interest. As security for the payment or performance, as applicable, in full when due (whether at the stated maturity,
by acceleration or otherwise) of the Secured Obligations, each Grantor hereby grants to the Administrative Agent and its permitted
successors and assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”)
in all such Grantor’s right, title and interest in, to and under any and all of the following assets, whether now owned
or hereafter acquired and wheresoever located (collectively, the “Collateral”):

 

    	 	- 8 -	 

     

    

(a)               
all Accounts, including all Receivables and Receivable Records;

 

(b)               
all Chattel Paper (whether tangible or electronic),

 

(c)               
all Commercial Tort Claims (including those listed on each Applicable Perfection Certificate),

 

(d)               
all cash and cash equivalents,

 

(e)               
all Deposit Accounts,

 

(f)                
all Documents,

 

(g)               
all Equipment,

 

(h)               
all Fixtures,

 

(i)                
all General Intangibles,

 

(j)                
all Goods,

 

(k)               
all Instruments, including the Pledged Debt and Pledged Debt Securities,

 

(l)                
all Insurance,

 

(m)             
all Intellectual Property,

 

(n)               
all Inventory,

 

(o)               
all Investment-Related Property and all Securities Accounts and Commodities Accounts and all assets held therein,
including the Pledged Equity Interests,

 

(p)               
all letters of credit and Letter-of-Credit Rights,

 

(q)               
all Proceeds of Authorizations and, to the extent not constituting Excluded Assets, all Authorizations and the goodwill
associated with all Authorizations,

 

(r)                
all other personal property of such Grantor, whether tangible or intangible,

 

(s)                
to the extent not otherwise included in clauses (a) through (r) of this Section, all Collateral Records, Collateral
Support and Supporting Obligations in respect of any of the foregoing,

 

(t)                
to the extent not otherwise included in clauses (a) through (s) of this Section, all other property in which a security
interest may be granted under the Uniform Commercial Code or which may be delivered to and held by the Administrative Agent pursuant
to the terms hereof, and

 

    	 	- 9 -	 

     

    

(u)               
to the extent not otherwise included in clauses (a) through (t) of this Section, all Proceeds, products, substitutions,
accessions, rents and profits of or in respect of any of the foregoing, whether cash or non-cash, immediate or remote, and any
indemnities, warranties and guaranties payable by reason of loss or damage to or otherwise with respect to any of the foregoing
and including, subject to Section 3.4(c), all payments of principal or interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion
of, the Pledged Collateral;

 

provided that
none of the Collateral shall include, and in no event shall the Security Interest attach to, any asset to the extent and for so
long as such asset is an Excluded Asset (it being understood that the Security Interest shall immediately attach to, and the Collateral
shall immediately include, any such asset (or any portion thereof) upon such asset (or such portion thereof) ceasing to be an Excluded
Asset); provided, further, that Proceeds, substitutions or replacements of Excluded Assets shall not be subject to
the preceding proviso unless such Proceeds, substitutions or replacements would themselves constitute Excluded Assets.

 

Section
2.2              Revisions
to Uniform Commercial Code. For the avoidance of doubt, it is expressly understood and agreed that, to the extent the Uniform
Commercial Code is revised after the date hereof such that the definition of any of the foregoing terms included in the description
or definition of the Collateral is changed, the parties hereto desire that any property which is included in such changed definitions,
but which would not otherwise be included in the Security Interest on the date hereof, nevertheless be included in the Security
Interest upon the effective date of such revision. Notwithstanding the immediately preceding sentence, the Security Interest is
intended to apply immediately on the Agreement Date to all of the Collateral to the fullest extent permitted by applicable law,
regardless of whether any particular item of the Collateral was then subject to the Uniform Commercial Code.

 

Section
2.3              Security
for Secured Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment
or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise
(including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of Title
11 of the United States Code, or any similar provision of any other bankruptcy, insolvency, receivership or other similar law),
of all Secured Obligations.

 

Section
2.4               No
Assumption of Liability. Notwithstanding anything to the contrary herein, the Security Interest is granted as security only
and shall not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or
liability of any Grantor with respect to or arising out of the Collateral.

 

    	 	- 10 -	 

     

    

Article
3

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section
3.1              
Generally.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that:

 

(i)               All
representations and warranties relating to it contained in the Credit Agreement are true and correct.

 

(ii)              Each
Applicable Perfection Certificate has been duly prepared, completed and executed and the information set forth therein (including
(A) the exact legal name of each Grantor and (B) the jurisdiction of organization of each Grantor) is correct and complete in
all material respects as of the relevant Applicable Date. Uniform Commercial Code financing statements (including fixture filings,
as applicable) or other appropriate filings, recordings or registrations containing a description of the Collateral have been
prepared by the Administrative Agent based upon the information provided to the Administrative Agent and the Secured Parties in
each Applicable Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 5.16(a)
to the Credit Agreement (or specified by notice from Borrower to the Administrative Agent after the Closing Date in the case
of filings, recordings or registrations required by Section 6.12 of the Credit Agreement), which are all the filings,
recordings and registrations (other than filings required to be made in the United States Patent and Trademark Office and the
United States Copyright Office in order to perfect the Security Interest in the Intellectual Property) that are necessary to publish
notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Administrative
Agent (for the ratable benefit of the Secured Parties) in respect of all Collateral in which the Security Interest may be perfected
by filing, recording or registration in the United States (or any state, commonwealth or other political subdivision thereof)
and its territories and possessions, and no further or subsequent filing, refiling, recording, re-recording, registration or reregistration
is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of Uniform Commercial
Code continuation statements.

 

(iii)            
Each Grantor has good and valid rights in or title to, the Collateral with respect to which it has purported to grant
the Security Interest, except for minor defects in title that do not interfere with its ability to conduct its business as currently
conducted or to utilize such Collateral for its intended purposes, and except for Liens expressly permitted pursuant to the Loan
Documents. Such Grantor has not filed or consented to the filing of (A) any financing statement or analogous document under the
Uniform Commercial Code or any other applicable laws covering any such Collateral, (B) any assignment in which it assigns any such
Collateral or any security agreement or similar instrument covering any such Collateral with the United States Patent and Trademark
Office or the United States Copyright Office, or any similar offices in the United States of America or any other country, or (C)
any assignment in which it assigns any such Collateral or any security agreement or similar instrument covering any such Collateral
with any foreign governmental, municipal or other office, in each case which financing statement, analogous document, assignment
or other instrument, as applicable, is still in effect, except for Liens expressly permitted by Section 7.2 of the Credit
Agreement.

 

    	 	- 11 -	 

     

    

(iv)            The
Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted pursuant to Section 7.2
of the Credit Agreement. No Grantor has filed or consented to the filing of (i) any financing statement or analogous
document under the Uniform Commercial Code or any other applicable laws covering any Collateral (except for financing statements
or analogous documents filed for precautionary reasons relating to operating leases, consignments and other similar items, in
each case (x) in the ordinary course of business, and (y) as permitted under the Credit Agreement), (ii) any assignment
in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with the United
States Patent and Trademark Office or the United States Copyright Office, (iii) any notice under the Assignment of Claims Act,
or (iv) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering
any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment,
security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.2
of the Credit Agreement.

 

(v)              All
contracts, instruments, documents, leases, licenses or other agreements that are excluded from the Collateral by virtue of clauses
(e) and (f) of the definition of Excluded Assets are not material to the business of Loan Parties, taken as a whole.

 

(b)               
Covenants and Agreements. Each Grantor hereby covenants and agrees as follows:

 

(i)               It
shall maintain, at its own cost and expense, such materially complete and accurate Records with respect to the Collateral owned
or held by it or on its behalf as is consistent with its current practices and in accordance with such prudent and standard practices
used in industries that are the same as or similar to those in which it is engaged, but in any event to include materially complete
accounting Records indicating all payments and proceeds received with respect to any part of such Collateral, and, at such time
or times as the Administrative Agent may reasonably request, promptly to prepare and deliver to the Administrative Agent a duly
certified schedule or schedules in form and detail reasonably satisfactory to the Administrative Agent showing the identity and
amount of any and all such Collateral.

 

(ii)              It
shall, at its own cost and expense, take any and all actions necessary to defend title to the Collateral owned or rights in Collateral
held by it or on its behalf against all Persons and to defend the Security Interest in such Collateral and the priority thereof
against any Lien or other interest not expressly permitted by the Loan Documents, and in furtherance thereof, it shall not take,
or permit to be taken, any action not otherwise expressly permitted by the Loan Documents that could impair the Security Interest
or the priority thereof or any Secured Party’s rights in or to such Collateral.

 

    	 	- 12 -	 

     

    

(iii)            During
normal business hours, the Administrative Agent and such Persons as the Administrative Agent may designate shall, as often as
reasonably requested, have the right, at the cost and expense of such Grantor, to inspect all of its Records (and to make extracts
and copies from such Records), to discuss its affairs with its officers and independent accountants and to verify under reasonable
procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Collateral
owned or rights in Collateral held by or on behalf of such Grantor, including, in the case of Receivables, Pledged Debt, General
Intangibles, Commercial Tort Claims or Collateral in the possession of any third person, by contacting Account Debtors, contract
parties or other obligors thereon or any third person possessing such Collateral for the purpose of making such a verification.
The Administrative Agent shall have the absolute right to share on a confidential basis any information it gains from such inspection
or verification with any Secured Party.

 

(iv)            At
its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Collateral owned or held by or on behalf of such Grantor, and not permitted by
the Loan Documents, and may pay for the maintenance and preservation of such Collateral to the extent such Grantor fails to do
so as required by the Loan Documents, and such Grantor agrees, jointly with the other Grantors and severally, to reimburse the
Administrative Agent on demand for any payment made or any cost or expense incurred by the Administrative Agent pursuant to the
foregoing authorization; provided, however, that nothing in this paragraph shall be interpreted as excusing any Grantor from the
performance of, or imposing any obligation on the Administrative Agent or any other Secured Party to cure or perform, any covenants
or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances
and maintenance as set forth herein or in the other Loan Documents.

 

(v)             It
shall remain liable for the failure to observe and perform all the conditions and obligations to be observed and performed by
it under each contract, agreement or instrument relating to the Collateral owned or held by it or on its behalf, all in accordance
with the terms and conditions thereof, and it agrees, jointly with the other Grantors and severally, to indemnify and hold harmless
the Administrative Agent and the other Secured Parties from and against any and all liability for such performance.

 

(vi)            It shall not make, or permit to be made, an assignment, pledge or hypothecation of the Collateral owned or held by
it or on its behalf, or grant any other Lien in respect of such Collateral, except as expressly permitted by the Loan Documents.
Except for Liens or transfers expressly permitted by the Loan Documents, it shall not make or permit to be made any transfer of
such Collateral, and it shall remain at all times in possession of such Collateral and the direct owner, beneficially and of record,
of the Pledged Equity Interests included in such Collateral, except that (A) Inventory may be sold in the ordinary course of business
and (B) unless and until the Administrative Agent shall notify it that an Event of Default shall have occurred and be continuing
and that, during the continuance thereof, it shall not sell, convey, lease, assign, transfer or otherwise dispose of any such Collateral
(which notice may be given by telephone if promptly confirmed in writing), it may use and dispose of such Collateral in any lawful
manner not inconsistent with the provisions of this Agreement or any other Loan Document.

 

    	 	- 13 -	 

     

    

(vii)           It
shall, at its own cost and expense, maintain or cause to be maintained insurance covering physical loss or damage to the Collateral
owned or held by it or on its behalf against all risks and liability arising from the use or intended use, or otherwise attributable
or relating to, such Collateral, in each case in accordance with Section 6.10 of the Credit Agreement. It shall cause each
such insurance policy (A) to contain the provisions and endorsements set forth in Section 6.10(c) of the Credit Agreement
and (B) provide that the Administrative Agent and other Secured Parties have no responsibility for premiums, warranties or representations
to underwriters. On the Agreement Date, and at least 30 days prior to expiry of each such insurance policy, such Grantor shall
deliver or cause to be delivered to the Administrative Agent an insurance broker’s opinion letter from such Grantor’s
independent insurance agent confirming that the insurance premiums with respect to the policies of insurance required to be maintained
pursuant to this subsection have been paid, that such policies are in force and that such policies meet the requirements set forth
in this subsection. Such Grantor irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees
or agents designated by the Administrative Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the
purpose, during the continuance of an Event of Default, of making, settling and adjusting claims in respect of such Collateral
under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the
proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. In the event that
such Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay
any premium in whole or part relating thereto, the Administrative Agent may, without waiving or releasing any obligation or liability
of the Grantors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and
pay such premium and take any other actions with respect thereto as the Administrative Agent deems advisable. All sums disbursed
by the Administrative Agent in connection with this subsection, including attorneys’ fees and disbursements, court costs,
expenses and other costs relating thereto, shall be payable, upon demand, by such Grantor to the Administrative Agent and shall
be additional Secured Obligations secured hereby.

 

(viii)         
It will not (A) maintain its place of business (if it has only one) or its chief executive office (if it has more
than one place of business) at a location other than a location specified in Section 7(a) of the Applicable Perfection Certificate,
(B) change its jurisdiction of incorporation or organization or otherwise reincorporate or reorganize itself under the laws of
any jurisdiction other than the jurisdiction in which it is incorporated or organized as specified in Section 2 of the Applicable
Perfection Certificate or (C) change its name, identity, corporate structure, organizational identification number or taxpayer
identification number, unless in each such case the Borrower shall have given the Administrative Agent not less than 30 days’
prior written notice of such event or occurrence and the Administrative Agent shall have either (x) confirmed to the Borrower and/or
such Grantor its determination that such event or occurrence will not adversely affect the validity, perfection or priority of
the Administrative Agent’s security interest in the Collateral, or (y) taken such steps (with the cooperation of the Borrower
to the extent necessary or advisable) as are necessary or advisable to properly maintain the validity, perfection and priority
of the Administrative Agent’s security interest in the Collateral.

 

    	 	- 14 -	 

     

    

(ix)             Each
Grantor will use commercially reasonable efforts to obtain the consent of the counterparty to each contract, instrument, document,
lease, license or other agreement that is excluded from the Collateral by virtue of clauses (e) and (f) of the definition of Excluded
Assets to the Security Interest granted hereunder to the extent such contract, instrument, document, lease, license or other agreement
is material to the business of the applicable Loan Party.

 

Section
3.2              
Equipment and Inventory.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that, as of the Applicable Date, all of the Equipment and
Inventory included in the Collateral owned or held by it or on its behalf (other than mobile goods, Inventory and Equipment in
transit and other Collateral in which possession is not maintained in the ordinary course of its business) is kept only at the
locations specified in Section 7 of the Applicable Perfection Certificate, which sets forth with respect to each Grantor,
Equipment and Inventory (i) maintained at the premises owned by any Grantor, (ii) maintained at leased premises, (iii) in the possession
of a warehouseman or other bailee and (iv) on consignment.

 

(b)               
Covenants and Agreements. Each Grantor covenants and agrees that it shall not permit any Equipment or Inventory
with a value in excess of $100,000 owned or held by it or on its behalf (and shall not permit, with respect to all Grantors, taken
as a whole, Equipment and Inventory with a value in excess of $100,000 in the aggregate) to be in the possession or control of
any warehouseman, bailee, agent or processor, unless (i) the Borrower shall have given the Administrative Agent not less than 10
days prior written notice and (ii) such warehouseman, bailee, agent or processor shall have been notified of the Security Interest
and, at the request of the Administrative Agent, the Borrower shall have used commercially reasonable efforts to deliver to the
Administrative Agent a Collateral Access Agreement executed by such warehouseman, bailee, agent or processor.

 

Section
3.3              
Receivables.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that no Receivable included in the Collateral owned or held
by it or on its behalf is evidenced by an Instrument or Chattel Paper that has not been delivered to the Administrative Agent.

 

(b)               
Covenants and Agreements. Each Grantor hereby covenants and agrees that:

 

(i)               It shall mark conspicuously, in form and manner reasonably satisfactory to the Administrative Agent, all Chattel
Paper, Instruments and other evidence of any Receivables included in the Collateral owned or held by it or on its behalf (other
than any delivered to the Administrative Agent as provided herein), as well as the related Receivables Records, with an appropriate
reference to the fact that the Administrative Agent has a security interest therein.

 

    	 	- 15 -	 

     

    

(ii)              It will not, without the Administrative Agent’s prior written consent (which, so long as no Default has occurred
and is continuing, consent shall not be unreasonably withheld, conditioned or delayed), grant any extension of the time of payment
of any such Receivable, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly,
any Supporting Obligation or Collateral Support relating thereto, or allow any credit or discount whatsoever thereon, other than
extensions, credits, discounts, releases, compromises or settlements granted or made in the ordinary course of business and consistent
with its current practices or in accordance with such practices reasonably believed by such Grantor to be prudent.

 

(iii)            
Except as otherwise provided in this Section, it shall continue to collect all amounts due or to become due to it
under all such Receivables and any Supporting Obligations or Collateral Support relating thereto, and diligently exercise each
material right it may have thereunder, in each case at its own cost and expense, and in connection with such collections and exercise,
it shall, upon the occurrence and during the continuance of an Event of Default, take such action as it or the Administrative Agent
may reasonably deem necessary. Notwithstanding the foregoing, the Administrative Agent shall have the right at any time after the
occurrence and during the continuance of an Event of Default to notify, or require such Grantor to notify, any Account Debtor with
respect to any such Receivable, Supporting Obligation or Collateral Support of the Administrative Agent’s security interest
therein, and in addition, at any time during the continuation of an Event of Default, the Administrative Agent may: (A) direct
such Account Debtor to make payment of all amounts due or to become due to such Grantor thereunder directly to the Administrative
Agent and (B) enforce, at the cost and expense of such Grantor, collection thereof and to adjust, settle or compromise the amount
or payment thereof, in the same manner and to the same extent as such Grantor would be able to have done. If the Administrative
Agent notifies such Grantor that it has elected to collect any such Receivable, Supporting Obligation or Collateral Support in
accordance with the preceding sentence, any payments thereof received by such Grantor shall not be commingled with any of its other
funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative
Agent hereunder and shall be forthwith delivered to the Administrative Agent in the same form as so received (with any necessary
indorsement), and such Grantor shall not grant any extension of the time of payment thereof, compromise, compound or settle the
same for less than the full amount thereof, release the same, wholly or partly, or allow any credit or discount whatsoever thereon.

 

(iv)             It
shall use its reasonable best efforts to keep in full force and effect any Supporting Obligation or Collateral Support relating
to any Receivable.

 

(v)             During
the continuance of a Default, at the request of the Administrative Agent, it shall direct each Account Debtor to make payment
on each Receivable to a Controlled Account.

 

    	 	- 16 -	 

     

    

Section
3.4              
Investment-Related Property.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that:

 

(i)               Schedule 3.4 sets forth, as of the Applicable Date, all of the Pledged Collateral. Part A of Schedule
3.4 correctly sets forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer
thereof represented by the Pledged Equity Interests and includes all Pledged Equity Interests required to be pledged hereunder.
Part B of Schedule 3.4 also correctly sets forth with respect to each LLC Interest and Partnership Interest whether
such interest is a Security. Part C of Schedule 3.4 correctly sets forth Pledged Debt and includes all Pledged Debt
required to be pledged hereunder.

 

(ii)              The
Pledged Equity Interests and the Pledged Debt Securities have been duly and validly authorized and issued by the issuers thereof
and (A) in the case of Pledged Equity Interests, are fully paid and nonassessable (to the extent such concepts are applicable)
and (B) in the case of Pledged Debt Securities, are legal, valid and binding obligations of the issuers thereof, except to the
extent that enforceability of such obligations may be limited by applicable bankruptcy, insolvency, and other similar laws affecting
creditor’s rights generally.

 

(iii)             (A)
None of the Pledged Collateral owned by it has been issued or transferred in violation of the securities registration, securities
disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (B) except as set forth on Schedule
3.4, there are existing no options, warrants, calls or commitments of any character whatsoever relating to such Pledged Collateral
or which obligate the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and
(C) no consent, approval, authorization, or other action by, and no giving of notice to or filing with, any governmental authority
or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Agreement or for the
execution, delivery and performance of this Agreement by such Grantor, or for the exercise by the Administrative Agent of the
voting or other rights provided for in this Agreement or for the remedies in respect of the Pledged Collateral pursuant to this
Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities
generally.

 

(iv)            No
Person other than the Administrative Agent has Control over any Investment-Related Property of such Grantor.

 

(b)               
Registration in Nominee Name; Denominations. Each Grantor hereby agrees that (i) without limiting Section
6.3, the Administrative Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion)
to hold, where applicable, Investment-Related Property included in the Collateral owned or held by it or on its behalf in the Administrative
Agent’s own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor,
endorsed or assigned, where applicable, in blank or in favor of the Administrative Agent, (ii) at the Administrative Agent’s
request, such Grantor will promptly give to the Administrative Agent copies of any material notices or other written communications
received by it with respect to any Investment-Related Property included in the Collateral owned or held by it or on its behalf
registered in its name and (iii) the Administrative Agent shall at all times have the right to exchange any certificates, instruments
or other documents representing or evidencing any Investment-Related Property included in the Collateral owned or held by or on
behalf of such Grantor for certificates, instruments or other documents of smaller or larger denominations for any purpose consistent
with this Agreement.

  

    	 	- 17 -	 

     

    

(c)               
Voting and Distributions.

 

(i)               Unless
and until an Event of Default shall have occurred and be continuing:

 

(A)              Each
Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of the
Investment-Related Property included in the Collateral owned or held by it or on its behalf, or any part thereof, for any purpose
consistent with the terms of this Agreement and the other Loan Documents; provided, however, that such Grantor will
not be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a
holder of the Investment-Related Property or the rights and remedies of any of the Secured Parties under this Agreement or any
other Loan Document or the ability of any of the Secured Parties to exercise the same.

 

(B)              The
Administrative Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to each Grantor, all such
proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling it to exercise
the voting and/or consensual rights and powers it is entitled to exercise pursuant to subsection (c)(i)(A) and to receive the
cash payments it is entitled to receive pursuant to subsection (c)(i)(C).

 

(C)             
Each Grantor shall be entitled to receive, retain and use any and all cash dividends, interest and principal paid
on the Investment-Related Property included in the Collateral owned or held by it or on its behalf to the extent and only to the
extent that such cash dividends, interest and principal are not prohibited by, and not otherwise paid in a manner that violates
the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws. All non-cash dividends, interest
and principal, and all dividends, interest and principal paid or payable in cash or otherwise in connection with a partial or total
liquidation or dissolution, return of capital, capital surplus or paid in surplus, and all other distributions (other than distributions
referred to in the preceding sentence) made on or in respect of the Investment-Related Property included in the Collateral owned
or held by it or on its behalf, whether paid or payable in cash or otherwise, whether resulting from a subdivision, combination
or reclassification of the outstanding Equity Interests in any issuer or received in exchange for any Investment-Related Property,
or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets
to which such issuer may be a party or otherwise, shall be and become part of the Collateral, and, if received by such Grantor,
shall not be commingled with any of its other funds or property but shall be held separate and apart therefrom, shall be held in
trust for the benefit of the Administrative Agent hereunder and shall be forthwith delivered to the Administrative Agent in the
same form as so received (with any necessary endorsement).

 

    	 	- 18 -	 

     

    

(ii)              Without
limiting the generality of the foregoing, upon the occurrence and during the continuance of an Event of Default:

 

(A)             
all rights of each Grantor to dividends, interest or principal that it is authorized to receive pursuant to subsection
(c)(i)(C) shall cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole
and exclusive right and authority to receive and retain such dividends, interest or principal, as applicable. All dividends, interest
and principal received by or on behalf of any Grantor contrary to the provisions of this Section shall be held in trust for the
benefit of the Administrative Agent, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered
to the Administrative Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and
other property paid over to or received by the Administrative Agent pursuant to the provisions of this subsection (c)(ii)(A) shall
be retained by the Administrative Agent in an account to be established in the name of the Administrative Agent, for the ratable
benefit of the Secured Parties, upon receipt of such money or other property and shall be applied in accordance with the provisions
of Section 5.2. Subject to the provisions of this subsection (c)(ii)(A), such account shall at all times be under the sole
dominion and control of the Administrative Agent, and the Administrative Agent shall at all times have the sole right to make withdrawals
therefrom and to exercise all rights with respect to the funds and other property from time to time therein or credited thereto
as set forth in the Loan Documents. After all Events of Default have been cured or waived, the Administrative Agent shall, within
five Business Days after all such Events of Default have been cured or waived, repay to the applicable Grantor all cash dividends,
interest and principal (without interest) that such Grantor would otherwise be permitted to retain pursuant to the terms of subsection
(c)(i)(C) and which remain in such account.

 

(B)             
all rights of each Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant
to subsection (c)(i)(A), and the obligations of the Administrative Agent under subsection (c)(i)(B), shall cease, and all such
rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to
exercise such voting and consensual rights and powers, provided that, unless otherwise directed by the Required Lenders, the Administrative
Agent shall have the right from time to time following and during the continuance of an Event of Default to permit such Grantor
to exercise such rights. After all Events of Default have been cured or waived, the applicable Grantor will have the right to exercise
the voting and consensual rights and powers that it would otherwise be entitled to exercise pursuant to the terms of subsection
(c)(i)(A).

 

(d)               
Covenants and Agreements. Each Grantor hereby covenants and agrees as follows:

 

(i)               Each
Grantor agrees to deliver or cause to be delivered to the Administrative Agent any and all Pledged Securities (A) in the case
of any such Pledged Securities owned by such Grantor on the Closing Date, on the Closing Date, and (B) in the case of Pledged
Securities acquired by such Grantor after the Closing Date, promptly and in any event within 14 days after the acquisition thereof
by such Grantor (or such longer period agreed to by the Administrative Agent in its reasonable discretion).

 

    	 	- 19 -	 

     

    

(ii)              (A)
Except with respect to intercompany Indebtedness evidenced by the Master Intercompany Note, if any Indebtedness for borrowed money
in a principal amount in excess of $100,000 (individually) is owing to any Grantor and such Indebtedness is evidenced by a promissory
note, such Grantor shall deliver to the Administrative Agent such promissory note, together with undated instruments of transfer
with respect thereto endorsed in blank and (B) with respect to intercompany Indebtedness, all Indebtedness of the Borrower and
each of its Subsidiaries that is owing to any Grantor (or Person required to become a Grantor) shall be evidenced by the Master
Intercompany Note, and the Administrative Agent shall have received such Master Intercompany Note duly executed by the Borrower,
each such Subsidiary and each such other Grantor, together with undated instruments of transfer with respect thereto endorsed
in blank;

 

(iii)             Upon
delivery to the Administrative Agent, (A) any certificate, instrument or document representing or evidencing Pledged Securities
shall be accompanied by undated stock or note powers duly executed in blank or other undated instruments of transfer satisfactory
to the Administrative Agent and duly executed in blank and by such other instruments and documents as the Administrative Agent
may reasonably request and (B) all other property comprising part of the Pledged Collateral shall be accompanied by proper instruments
of assignment duly executed by the applicable Grantor and such other instruments or documents as the Administrative Agent may
reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the Pledged Securities,
which schedule shall be attached hereto as Part A, B or C, as applicable, of Schedule 3.4; provided
that failure to attach any such schedule hereto shall not affect the validity of the pledge of such Pledged Securities. Each
schedule so delivered shall supplement any prior schedules so delivered.

 

(iv)             Except
for Excluded Accounts, no Grantor shall establish or maintain, or permit any other Grantor to establish or maintain, any Securities
Account or Commodities Account that is not subject to the Control of the Administrative Agent.

 

(v)              Except
for restrictions and limitations imposed by the Loan Documents or securities laws generally, the Pledged Collateral is and will
continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right
of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit,
impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto
or the exercise by the Administrative Agent of rights and remedies hereunder.

 

(vi)             Each
Grantor pledging Uncertificated Securities shall deliver to the Administrative Agent an agreement among the issuer thereof, the
Administrative Agent and such Grantor, in form and substance satisfactory to the Administrative Agent, pursuant to which such
issuer agrees to comply with any and all instructions originated by the Administrative Agent without further consent by such Grantor
and not to comply with instructions regarding such Uncertificated Securities originated by any other person other than a court
of competent jurisdiction. The Administrative Agent agrees with each Grantor that the Administrative Agent shall not give any
such instructions or directions to any such issuer unless an Event of Default has occurred and is continuing. In addition, each
Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with written
instructions of the Administrative Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity Interests
hereunder without further consent by the applicable owner or holder of such Equity Interests.

 

    	 	- 20 -	 

     

    

(vii)           In
the event (A) any Grantor or any Approved Intermediary shall, after the date hereof, terminate an agreement with respect to the
maintenance of a Securities Account or Commodities Account for any reason, (B) the Administrative Agent shall demand the termination
of an agreement with respect to the maintenance of a Securities Account or a Commodities Account as a result of the failure of
the applicable Approved Intermediary to comply with the terms of the applicable Control Agreement, or (C) the Administrative Agent
determines in its sole discretion that the financial condition of an Approved Intermediary has materially deteriorated, such Grantor
agrees to promptly transfer the assets held in such Securities Account or Commodities Account, as applicable, to another Securities
Account or Commodities Account, as applicable, acceptable to the Administrative Agent and that is subject to the Control of the
Administrative Agent.

 

(e)               
LLC Interests and Partnership Interests. Each Grantor acknowledges and agrees that (i) each LLC Interest or
Partnership Interest pledged hereunder and represented by a Security Certificate shall be a Security and shall be governed by Article
8 of the Uniform Commercial Code and (ii) each such LLC Interest or Partnership Interest, as applicable, shall at all times hereafter
be represented by a Security Certificate. Each Grantor has taken or will, prior to the pledge of any such LLC Interest or Partnership
Interest, will take, all steps necessary to cause the Organizational Documents of such limited liability company or partnership
to provide that interests therein constitute a Security governed by Article 8 of the Uniform Commercial Code. Each Grantor further
acknowledges and agrees that (A) each LLC Interest or Partnership Interest pledged hereunder and not represented by a Security
Certificate shall not be a Security and shall not be governed by Article 8 of the Uniform Commercial Code, and (B) such Grantor
shall at no time elect to treat any such interest as a Security or issue any certificate representing such interest, unless such
Grantor provides prior written notification to the Administrative Agent of such election and immediately delivers any such Security
Certificate to the Administrative Agent pursuant to the terms hereof together with appropriate undated stock powers or instruments
of transfer executed in blank.

 

Section
3.5               Letter-of-Credit
Rights. Each of the Grantors, jointly with the other Grantors and severally, represents and warrants to the Administrative
Agent and the other Secured Parties that Schedule 17 to each Applicable Perfection Certificate sets forth, as of the Applicable
Date, each letter of credit giving rise to a Letter of Credit Right included in the Collateral owned or held by or on behalf of
such Grantor. If a Grantor obtains any letters of credit or Letter of Credit Rights after the Closing Date with a value in excess
of $100,000 individually or in the aggregate, the applicable Grantor shall take all steps reasonably requested by the Administrative
Agent to perfect the Administrative Agent’s security interest therein.

 

Section
3.6              
Intellectual Property Collateral.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that Schedule 12(a) and 12(b) of each Applicable
Perfection Certificate sets forth, as of the Applicable Date, a list of all of the (i) Trademarks, Patents and Copyrights, in each
case included in the Collateral owned by or on behalf of such Grantor and with respect to which a registration, recording or pending
application has been made in the United States Patent and Trademark Office or the United States Copyright Office, as applicable,
or any similar offices in the United States of America or any other country, and (ii) Trademark Licenses, Patent Licenses, Copyright
Licenses and Trade Secret Licenses and domain names, in each case included in the Collateral owned or held by or on behalf of such
Grantor.

 

    	 	- 21 -	 

     

    

(b)               
Covenants and Agreements. Each Grantor hereby covenants and agrees as follows:

 

(i)               It will not, nor will it permit any of its licensees (or sublicensees) to, do any act, or omit to do any act, whereby
any material Patent included in the Collateral that is related to the conduct of its business may become invalidated or dedicated
to the public, and it shall continue to mark any products covered by a Patent with the relevant patent number as necessary to establish
and preserve its maximum rights under applicable patent laws.

 

(ii)              It will (either directly or through its licensees or its sublicensees), for each Trademark included in the Collateral
that is related to the conduct of its business, (A) maintain such Trademark in full force free from any claim of abandonment or
invalidity for non-use, (B) maintain the quality of products and services offered under any such Trademark, (C) display such Trademark
with notice of Federal or other analogous registration to the extent necessary to establish and preserve its rights under applicable
law, and (D) not knowingly use or knowingly permit any of its licensees or sublicensees to use such Trademark in violation of any
third party’s valid and legal rights.

 

(iii)             It will (either directly or through its licensees or its sublicensees), for each material work covered by a Copyright
included in the Collateral that is related to the conduct of its business, continue to publish, reproduce, display, adopt and distribute
such work with appropriate copyright notice as necessary to establish and preserve its maximum rights under applicable copyright
laws.

 

(iv)             It
will promptly notify the Administrative Agent in writing if it knows that any Intellectual Property included in the Collateral
material to the conduct of its business may become abandoned, lost or dedicated to the public, or of any adverse determination
or development (including the institution of, or any such determination or development in, any proceeding in the United States
Patent and Trademark Office or the United States Copyright Office, or any similar offices or tribunals in the United States of
America or any other country) regarding such Grantor’s ownership of any such Intellectual Property, its right to register
the same, or to keep and maintain the same.

 

    	 	- 22 -	 

     

    

(v)              In no event shall it, either directly or through any agent, employee, licensee or designee, file an application for
any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar
offices in the United States of America or any other country, unless it promptly notifies the Administrative Agent in writing thereof
and, upon request of the Administrative Agent, executes and delivers any and all agreements, instruments, documents and papers
as the Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in such Intellectual
Property, and such Grantor hereby appoints the Administrative Agent as its attorney-in-fact to execute and file such writings for
the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with an interest,
is irrevocable.

 

(vi)             It will take all necessary steps that are consistent with the practice in any proceeding before the United States
Patent and Trademark Office, the United States Copyright Office or any similar offices or tribunals in the United States of America
or any other country, to maintain and pursue each material application relating to the Intellectual Property included in the Collateral
owned or held by it or on its behalf (and to obtain the relevant grant or registration) and to maintain each issued Patent and
each registered Trademark and Copyright included in the Collateral that is material to the conduct of its business, including timely
filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if
consistent, in good faith, with reasonable business judgment, to initiate opposition, interference and cancellation proceedings
against third parties. In the event that it has reason to believe that any Intellectual Property included in the Collateral material
to the conduct of its business has been or is about to be infringed, misappropriated or diluted by a third party, it promptly shall
notify the Administrative Agent in writing and shall, if consistent, in good faith, with reasonable business judgment, promptly
sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or
dilution, and take such other actions consistent with reasonable business practices under the circumstances to protect such Intellectual
Property.

 

(vii)           During
the continuance of an Event of Default, it shall use its best efforts to obtain all requisite consents or approvals by the licensor
of each License included in the Collateral owned or held by it or on its behalf to effect the assignment (as collateral security)
of all of its right, title and interest thereunder to the Administrative Agent or its designee.

 

(viii)         
It shall take reasonable steps necessary to protect the secrecy of all Trade Secrets used in the conduct of its business,
including restricting access to such Trade Secrets.

 

(ix)             It
shall, in the ordinary course of business and consistent with past practice, continue to collect all amounts due or to become
due to such Grantor under all licenses of Intellectual Property included in the Collateral owned or held by it or on its behalf,
and diligently exercise each material right it may have thereunder, in each case at its own cost and expense, and in connection
with such collections and exercise, it shall, upon the occurrence and during the continuance of an Event of Default, take such
action as it or the Administrative Agent may reasonably deem necessary. Notwithstanding the foregoing, the Administrative Agent
shall have the right at any time after the occurrence and during the continuance of an Event of Default to notify, or require
such Grantor to notify, any relevant obligors with respect to such amounts of the Administrative Agent’s security interest
therein.

 

    	 	- 23 -	 

     

    

(x)              On
the date hereof, each Grantor having Trademarks (or applications with respect thereto), Patents (or applications with respect
thereto) or Copyrights (or applications with respect thereto) shall execute and deliver to the Administrative Agent a Trademark
Security Agreement, Patent Security Agreement and/or Copyright Security Agreement, as applicable. In addition, each Grantor shall
promptly notify the Administrative Agent in writing upon the filing of an application with the United States Patent and Trademark
Office and United States Copyright Office, as applicable, and shall deliver a Trademark Security Agreement, Patent Security Agreement
and/or Copyright Security Agreement, as applicable, with respect thereto. Any expense incurred in connection with each Grantor’s
obligations under this Section 3.6 shall be borne by such Grantor.

 

Section
3.7              
Commercial Tort Claims.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that Schedule 13 to each Applicable Perfection Certificate
sets forth, as of the Applicable Date, all Commercial Tort Claims.

 

(b)               
Covenants and Agreements. Each Grantor hereby covenants and agrees that it shall provide the Administrative
Agent with prompt written notice of each Commercial Tort Claim, and any judgment, settlement or other disposition thereof and will
take such action as the Administrative Agent may request to grant and perfect a security interest therein in favor of the Administrative
Agent and the other Secured Parties.

 

Section
3.8              
Deposit Accounts.

 

(a)               
Representations and Warranties. Each of the Grantors, jointly with the other Grantors and severally, represents
and warrants to the Administrative Agent and the other Secured Parties that the only Deposit Accounts maintained by any Grantor
each Applicable Date are those listed on Schedule 11 to the Applicable Perfection Certificate.

 

(b)               
Covenants and Agreements. Each Grantor hereby covenants and agrees as follows:

 

(i)               Each
Grantor shall cause all cash and all cash Proceeds of Collateral received by such Grantor to be deposited in, or swept into, a
Controlled Account on a daily basis. No Grantor shall establish or maintain any account with any financial or other institution
in which cash or the cash Proceeds of Collateral are deposited other than a Controlled Account; provided that amounts in
all such accounts are swept into a Controlled Account as set forth in the first sentence of this paragraph (exclusive of the amounts
in held in Excluded Accounts).

 

(ii)              In
the event (A) any Grantor or any Approved Depository in which a Controlled Account is maintained shall, after the date hereof,
terminate the applicable Control Agreement for any reason, (B) the Administrative Agent shall demand the termination of an agreement
with respect to the maintenance of a Deposit Account as a result of the failure of the applicable depository bank to comply with
the terms of the applicable Control Agreement, or (C) the Administrative Agent determines in its sole discretion that the financial
condition of a depository bank party to a Control Agreement has materially deteriorated, such Grantor agrees to notify all of
its obligors that were making payments to such terminated Deposit Account to make all future payments to another Controlled Account.

 

    	 	- 24 -	 

     

    

Article
4

 

FURTHER ASSURANCES; FILING AUTHORIZATION

 

Section
4.1              
Further Assurances. Each Grantor hereby covenants and agrees, at its own cost and expense, to execute, acknowledge,
deliver and/or cause to be duly filed all such further agreements, instruments and other documents (including favorable legal opinions
in connection with any Transaction if reasonably required by the Administrative Agent), and take all such further actions, that
the Administrative Agent may from time to time reasonably request to preserve, protect and perfect the Security Interest granted
by it and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with its execution
and delivery of this Agreement, the granting by it of the Security Interest and the filing of any financing statements or other
documents in connection herewith or therewith.

 

Section
4.2              
Filings.

 

(a)               
Each Grantor hereby irrevocably authorizes the Administrative Agent at any time and from time to time to file in
any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of
the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment relating to
the Collateral, including (i) whether such Grantor is an organization, the type of organization and any organizational identification
number issued to such Grantor, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as
as-extracted collateral or timber to be cut, a sufficient description of the real property to which the Collateral relates, and
(iii) any financing or continuation statements or other documents without the signature of such Grantor where permitted by law,
including the filing of financing statements describing the Collateral as “all assets now owned or hereafter acquired by
the Grantor or in which Grantor otherwise has rights” or any similar phrase, regardless of whether any particular asset comprised
in the Collateral falls within the scope of Article 9 of the Uniform Commercial Code, or as being of an equal or lesser scope
or with greater detail. Each Grantor agrees to provide all information described in the immediately preceding sentence to the Administrative
Agent promptly upon the reasonable request by the Administrative Agent. Each Grantor also ratifies its authorization for the Administrative
Agent to have filed in any Uniform Commercial Code jurisdiction any like financing statements or amendments thereto if filed prior
to the date hereof.

 

(b)               
Each Grantor hereby further authorizes the Administrative Agent to file filings with the United States Patent and
Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country), including
this Agreement or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest
granted by such Grantor hereunder, without the signature of such Grantor, and naming such Grantor, as debtor, and the Administrative
Agent, as secured party.

 

    	 	- 25 -	 

     

    

Article
5

 

REMEDIES UPON DEFAULT

 

Section
5.1              
Remedies Generally.

 

(a)               
General Rights. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees
to deliver each item of Collateral owned or held by it or on its behalf to the Administrative Agent on demand, and it is agreed
that the Administrative Agent shall have the right to take any of or all the following actions at the same or different times:
(i) with respect to any Collateral consisting of Intellectual Property or Commercial Tort Claims, on demand, to cause the Security
Interest to become an assignment, transfer and conveyance of any such Collateral by the applicable Grantors to the Administrative
Agent, or, in the case of Intellectual Property, to license or sublicense, whether general, special or otherwise, and whether on
an exclusive or non-exclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as
the Administrative Agent shall determine, unless any of the Grantor’s obligations set forth in this clause (a) would violate
any then-existing licensing arrangements to the extent that waivers cannot be obtained, (ii) with or without legal process and
with or without prior notice or demand for performance, to take possession of the Collateral owned or held by it or on its behalf
and without liability for trespass to enter any premises where such Collateral may be located for the purpose of taking possession
of or removing such Collateral and, generally, to exercise any and all rights afforded to a Secured Party under the Uniform Commercial
Code or other applicable law, and (iii) appoint a receiver for all or any portion of the Collateral. Without limiting the generality
of the foregoing, each Grantor agrees that the Administrative Agent shall have the right, upon the occurrence and during the continuance
of an Event of Default, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of any of the Collateral
owned or held by or on behalf of such Grantor, at public or private sale or at any broker’s board or on any securities exchange,
for cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall
be irrevocably authorized at any such sale of such Collateral constituting securities (if it deems it advisable to do so) to restrict
the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing such Collateral for their
own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale, the
Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral
so sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part
of the applicable Grantor, and such Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay, valuation
and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted.

 

    	 	- 26 -	 

     

    

(b)               
Sale of Collateral. The Administrative Agent shall give each Grantor ten days’ written notice (which
such Grantor agrees is reasonable notice within the meaning of Section 9-611 of the Uniform Commercial Code as in effect in the
State of New York or its equivalent in other jurisdictions (or any successor provisions)) of the Administrative Agent’s intention
to make any sale of any of the Collateral owned or held by or on behalf of such Grantor. Such notice, in the case of a public sale,
shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange,
shall state the board or exchange at which such sale is to be made and the day on which such Collateral will first be offered for
sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at
such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral
to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute
discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine
not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may,
without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same
was so adjourned. In case any sale of any of the Collateral is made on credit or for future delivery, the Collateral so sold may
be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative
Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so
sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted
by applicable law, private) sale made pursuant to this Section, any Secured Party may bid for or purchase, free (to the extent
permitted by applicable law) from any right of redemption, stay, valuation or appraisal on the part of such Grantor (all said rights
being also hereby waived and released to the extent permitted by law), any of the Collateral offered for sale and may make payment
on account thereof by using any claim then due and payable to such Secured Party from such Grantor as a credit against the purchase
price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further
accountability to such Grantor therefor. For purposes hereof, (i) a written agreement to purchase any of the Collateral shall be
treated as a sale thereof, (ii) the Administrative Agent shall be free to carry out such sale pursuant to such agreement, and (iii)
no Grantor shall be entitled to the return of any of the Collateral subject thereto, notwithstanding the fact that after the Administrative
Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid
in full. As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a
suit or suits at law or in equity to foreclose upon any of the Collateral and to sell any of the Collateral pursuant to a judgment
or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale
pursuant to the provisions of this Article shall be deemed to conform to the commercially reasonable standards as provided in Part
6 of Article 9 of the Uniform Commercial Code as in effect in the State of New York or its equivalent in other jurisdictions (or
any successor provisions). Without limiting the generality of the foregoing, each Grantor agrees as follows: (A) if the proceeds
of any sale of the Collateral owned or held by it or on its behalf pursuant to this Article are insufficient to pay all the Secured
Obligations, it shall be liable for the resulting deficiency and the fees, charges and disbursements of any counsel employed by
the Administrative Agent or any other Secured Party to collect such deficiency, (B) it hereby waives any claims against the Administrative
Agent arising by reason of the fact that the price at which any such Collateral may have been sold at any private sale pursuant
to this Article was less than the price that might have been obtained at a public sale, even if the Administrative Agent accepts
the first offer received and does not offer such Collateral to more than one offeree, (C) there is no adequate remedy at law for
failure by it to comply with the provisions of this Section and that such failure would not be adequately compensable in damages,
and therefore agrees that its agreements in this Section may be specifically enforced, (D) the Administrative Agent may sell any
such Collateral without giving any warranties as to such Collateral, and the Administrative Agent may specifically disclaim any
warranties of title or the like, and (E) the Administrative Agent shall have no obligation to marshal any such Collateral.

 

    	 	- 27 -	 

     

    

If an Event of Default shall occur and
be continuing, all Proceeds received by any Grantor consisting of cash, cash equivalents, checks and other near-cash items shall
be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon
receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor (duly endorsed by
such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall, pending
application thereof as set forth in Section 5.2, be held by the Administrative Agent in a collateral account maintained
under its sole dominion and control. All Proceeds while held by the Administrative Agent in a collateral account (or by such Grantor
in trust for the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute
payment thereof until applied as provided in Section 5.2.

 

Section
5.2              Application
of Proceeds of Collateral. All proceeds received by the Administrative Agent in respect of any sale, any collection from,
or other realization upon all or any part of the Collateral as well as any Collateral consisting of cash shall be applied in full
or in part by the Administrative Agent against the Secured Obligations in accordance with Section 8.3 of the Credit Agreement.

 

Section
5.3              
Federal Securities Laws. In view of the position of each Grantor in relation to the Investment-Related Property,
or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter
in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from
time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Investment-Related
Property permitted hereunder. Each Grantor understands that compliance with the Federal Securities Laws might very strictly limit
the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of
the Investment-Related Property, and might also limit the extent to which or the manner in which any subsequent transferee of any
Investment-Related Property could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting
the Administrative Agent in any attempt to dispose of all or part of the Investment-Related Property under applicable “blue
sky” or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light
of such restrictions and limitations the Administrative Agent may, with respect to any sale of the Investment-Related Property,
limit the purchasers to those who will agree, among other things, to acquire such Investment-Related Property for their own account,
for investment, and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that in light of
such restrictions and limitations, the Administrative Agent, in its sole and absolute discretion, (i) may proceed to make such
a sale whether or not a registration statement for the purpose of registering such Investment-Related Property, or any part thereof,
shall have been filed under the Federal Securities Laws and (ii) may approach and negotiate with a single potential purchaser to
effect such sale. Each Grantor acknowledges and agrees that any such sale might result in prices and other terms less favorable
to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Administrative
Agent shall incur no responsibility or liability for selling all or any part of the Investment-Related Property at a price that
the Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding
the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as
aforesaid or if more than a single purchaser were approached. The provisions of this Section will apply notwithstanding the existence
of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Administrative
Agent sells any such Investment-Related Property.

 

    	 	- 28 -	 

     

    

Section
5.4              Grant
of License to Use Intellectual Property. For the purpose of enabling the Administrative Agent to exercise rights and remedies
under this Article, for such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies,
each Grantor hereby grants, to the extent it has the right to grant, to the Administrative Agent an irrevocable, nonexclusive
license (exercisable without payment of royalty or other compensation to such Grantor) to use, license or sublicense any of the
Collateral consisting of Intellectual Property now owned or held or hereafter acquired or held by or on behalf of such Grantor,
and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed
items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The use
of such license by the Administrative Agent shall be exercised, at the option of the Administrative Agent, upon the occurrence
and during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered
into by the Administrative Agent in accordance herewith shall be binding upon such Grantor notwithstanding any subsequent cure
of an Event of Default. Any royalties and other payments received by the Administrative Agent shall be applied in accordance with
Section 5.2.

 

Section
5.5              Registration,
etc. Each Grantor agrees that, upon the occurrence and during the continuance of an Event of Default, if for any reason the
Administrative Agent desires to sell any of the Pledged Collateral owned or held by or on behalf of such Grantor at a public sale,
it will, at any time and from time to time, upon the written request of the Administrative Agent, use its best efforts to take
or to cause, where applicable, the issuer of such Pledged Collateral to take such action and prepare, distribute and/or file such
documents, as are required or advisable in the reasonable opinion of counsel for the Administrative Agent to permit the public
sale of such Pledged Collateral. Each Grantor further agrees to indemnify, defend and hold harmless the Administrative Agent,
each other Secured Party, any underwriter and their respective officers, directors, affiliates and controlling Persons from and
against all loss, liability, expenses, costs of counsel (including fees and expenses of legal counsel), and claims (including
the costs of investigation) that they may incur, insofar as such loss, liability, expense or claim, as applicable, relates to
such Grantor or any of its property, and arises out of or is based upon any alleged untrue statement of a material fact contained
in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is
based upon any alleged omission to state a material fact required to be stated therein or necessary to make the statements in
any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information
furnished in writing to such Grantor or the issuer of such Pledged Collateral, as applicable, by the Administrative Agent or any
other Secured Party expressly for use therein. Each Grantor further agrees, upon such written request referred to above, to use
its best efforts to qualify, file or register, or cause, where applicable, the issuer of such Pledged Collateral to qualify, file
or register, any of the Pledged Collateral owned or held by or on behalf of such Grantor under the “blue sky” or other
securities laws of such states as may be requested by the Administrative Agent and keep effective, or cause to be kept effective,
all such qualifications, filings or registrations. Each Grantor will bear all costs and expenses of carrying out its obligations
under this Section. Each Grantor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions
of this Section and that such failure would not be adequately compensable in damages, and therefore agrees that its agreements
contained in this Section may be specifically enforced.

 

    	 	- 29 -	 

     

    

Section
5.6              
Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Administrative
Agent or any other Secured Party shall be in addition to every other right, power and remedy specifically given to the Administrative
Agent or any other Secured Party under this Agreement, the other Collateral Documents or now or hereafter existing at law, in equity
or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised
from time to time or simultaneously and as often and in such order as may be deemed expedient by the Administrative Agent or any
other Secured Party. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise
of one shall not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Administrative Agent
or any other Secured Party in the exercise of any such right, power or remedy, no single or partial exercise of any such right,
power or remedy, no abandonment or discontinuance of steps to enforce such right, power or remedy and no renewal or extension of
any of the Secured Obligations shall impair any such right, power or remedy or shall be construed to be a waiver of any Default
or an acquiescence thereof. No notice to or demand on any Loan Party in any case shall entitle it to any other or further notice
or demand in similar or other circumstances or constitute a waiver of any of the rights of the Administrative Agent or any other
Secured Party to any other or further action in any circumstances without notice or demand. In the event that the Administrative
Agent shall bring any suit to enforce any of its rights hereunder and shall be entitled to judgment, then in such suit the Administrative
Agent may recover its expenses, including attorneys’ fees and expenses, and the amounts thereof shall be included in such
judgment.

 

Section
5.7              
Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition
of the Collateral are insufficient to pay the Secured Obligations and the documented out-of-pocket fees and disbursements of any
attorneys employed by the Administrative Agent to collect such deficiency.

 

Article
6

 

CONCERNING THE ADMINISTRATIVE AGENT

 

Section
6.1              
In General. The Administrative Agent has been appointed pursuant to the Credit Agreement. The actions of the
Administrative Agent hereunder are subject to the provisions of the Credit Agreement. The Administrative Agent shall have the right
hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking
action (including the release or substitution of the Collateral), in accordance with this Agreement and the Credit Agreement. The
Administrative Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence
or misconduct of any such agents or attorneys-in-fact selected by it in good faith except for gross negligence or willful misconduct.
The Administrative Agent may resign and a successor Administrative Agent may be appointed in the manner provided in the Credit
Agreement. Upon the acceptance of any appointment as the Administrative Agent by a successor Administrative Agent, that successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent under this Agreement, and the retiring Administrative Agent shall thereupon be discharged from its duties
and obligations under this Agreement. After any retiring Administrative Agent’s resignation, the provisions hereof shall
inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Administrative
Agent.

 

Section
6.2              
Standard of Care. The Administrative Agent shall be deemed to have exercised reasonable care in the custody
and preservation of the Collateral in its possession if such Collateral is accorded treatment substantially equivalent to that
which the Administrative Agent, in its individual capacity, accords its own property consisting of similar instruments or interests,
it being understood that neither the Administrative Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining
or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral,
whether or not the Administrative Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking
any necessary steps to preserve rights against any Person with respect to any Collateral.

 

    	 	- 30 -	 

     

    

Section
6.3              
Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent and
any officer or agent thereof, as its true and lawful agent and attorney-in-fact for the purpose of carrying out the provisions
of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable
to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest, and without limiting the generality
of the foregoing, the Administrative Agent shall have the right, with power of substitution for such Grantor and in such Grantor’s
name or otherwise, for the use and benefit of the Administrative Agent and the other Secured Parties, upon the occurrence and during
the continuance of an Event of Default and at such other time or times permitted by the Loan Documents, (i) to receive, endorse,
assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the
Collateral owned or held by it or on its behalf or any part thereof; (ii) to demand, collect, receive payment of, give receipt
for, and give discharges and releases of, any of such Collateral; (iii) to sign the name of such Grantor on any invoice or bill
of lading relating to any of such Collateral; (iv) to send verifications of Receivables included in the Collateral owned or held
by it or on its behalf to any Account Debtor; (v) to commence and prosecute any and all suits, actions or proceedings at law or
in equity in any court of competent jurisdiction to collect or otherwise realize on any of the Collateral owned or held by it or
on its behalf or to enforce any rights in respect of any of such Collateral; (vi) to settle, compromise, compound, adjust or defend
any actions, suits or proceedings relating to any of such Collateral; (vii) to notify, or to require such Grantor to notify, Account
Debtors and other obligors to make payment directly to the Administrative Agent, (viii) to use, sell, assign, transfer, pledge,
make any agreement with respect to or otherwise deal with any of such Collateral, and (ix) to do all other acts and things necessary
to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner
of such Collateral for all purposes; provided, however, that nothing herein contained shall be construed as requiring
or obligating the Administrative Agent or any other Secured Party to make any commitment or to make any inquiry as to the nature
or sufficiency of any payment received by the Administrative Agent or any other Secured Party, or to present or file any claim
or notice, or to take any action with respect to any of the Collateral or the monies due or to become due in respect thereof or
any property covered thereby, and no action taken or omitted to be taken by the Administrative Agent or any other Secured Party
with respect to any of the Collateral shall give rise to any defense, counterclaim or offset in favor of such Grantor or to any
claim or action against the Administrative Agent or any other Secured Party. The provisions of this Article shall in no event relieve
any Grantor of any of its obligations hereunder or under the other Loan Documents with respect to any of the Collateral or impose
any obligation on the Administrative Agent or any other Secured Party to proceed in any particular manner with respect to any of
the Collateral, or in any way limit the exercise by the Administrative Agent or any other Secured Party of any other or further
right that it may have on the date of this Agreement or hereafter, whether hereunder, under any other Loan Document, by law or
otherwise.

 

    	 	- 31 -	 

     

    

Section
6.4              
Reimbursement of Administrative Agent. Each Grantor agrees, jointly with the other Grantors and severally,
to pay to the Administrative Agent the amount of any and all out-of-pocket costs and expenses, including the fees and disbursements
of counsel and of any experts or agents, that the Administrative Agent may incur in connection with (i) the administration of this
Agreement relating to such Grantor or any of its property, which costs and expenses shall be reasonable and documented, (ii) the
custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral owned or held by
or on behalf of such Grantor, which costs and expenses shall be reasonable and documented, (iii) the exercise, enforcement or protection
of any of the rights of the Administrative Agent hereunder relating to such Grantor or any of its property, or (iv) the failure
by such Grantor to perform or observe any of the provisions hereof. Without limitation of its indemnification obligations under
the other Loan Documents, each of the Grantors agrees, jointly with the other Grantors and severally, to indemnify the Administrative
Agent and the other Indemnitees against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related out-of-pocket costs and expenses, including counsel fees and disbursements, incurred by or asserted against any Indemnitee
arising out of, in any way connected with, or as a result of (a) the execution or delivery by such Grantor of this Agreement or
any other Loan Document or any agreement or instrument contemplated hereby or thereby, or the performance by such Grantor of its
obligations under the Loan Documents and the other transactions contemplated thereby, which costs and expenses shall be reasonable
and documented or (b) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee
is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. Any amounts payable as provided hereunder
shall be additional Secured Obligations secured hereby and by the other Collateral Documents. The provisions of this Section shall
remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation
of the transactions contemplated hereby or thereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability
of any term or provision of this Agreement or any other Loan Document or any investigation made by or on behalf of the Administrative
Agent or any other Secured Party. All amounts due under this Section shall be payable within ten days of written demand therefor
and shall bear interest on the unpaid portion thereof from the due date therefor at the rate applicable to ABR Borrowings specified
in Section 3.1 of the Credit Agreement.,

 

Article
7

 

WAIVERS; AMENDMENTS

 

No failure or delay
of the Administrative Agent in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent and the other Secured Parties hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No notice or demand on any Grantor in any case shall entitle such Grantor to any other
or further notice or demand in similar or other circumstances. Neither this Agreement nor any provision hereof may be waived, amended,
supplemented or otherwise modified, or any departure therefrom consented to, except pursuant to an agreement or agreements in writing
entered into by, between or among the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment,
other modification or consent is to apply, subject to any consent required in accordance with Section 10.2 of the Credit
Agreement.

 

    	 	- 32 -	 

     

    

Article
8

 

SECURITY INTEREST ABSOLUTE

 

All rights of the Administrative
Agent hereunder, the Security Interest and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective
of (i) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any
of the Secured Obligations, or any other agreement or instrument relating to any of the foregoing, (ii) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other waiver, amendment,
supplement or other modification of, or any consent to any departure from, the Credit Agreement, any other Loan Document or any
other agreement or instrument relating to any of the foregoing, (iii) except as otherwise expressly permitted under the Loan Documents
or effected pursuant thereto, any exchange, release or non-perfection of any Lien on any other collateral, or any release or waiver,
amendment, supplement or other modification of, or consent under, or departure from, any guaranty, securing or guaranteeing all
or any of the Secured Obligations, or (iv) any other circumstance (other than indefeasible payment in full of the Secured Obligations)
that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or
in respect of this Agreement or any other Loan Document.

 

Article
9

 

TERMINATION; RELEASE

 

Section
9.1              
Termination and Release. This Agreement, the Guarantees made herein, the Security Interest and all other security
interests granted hereby shall terminate, and the Grantors shall automatically be released from their obligations hereunder, upon
the Termination Date.

 

Section
9.2              
Other Releases of Grantors; Collateral.

 

(a)               
Upon the effectiveness of any written consent to the release of the Security Interest in any Collateral pursuant
to Section 10.2 of the Credit Agreement, the Security Interest in such Collateral shall be automatically released.

 

(b)               
Upon any sale, transfer or other disposition of Collateral permitted by the Loan Documents (other than to a Loan
Party), the Security Interest in such Collateral shall be automatically released (other than to the extent any such sale, transfer
or other disposition of such Collateral would, immediately after giving effect thereto, result in the receipt by such Grantor of
any other property (whether in the form of Proceeds or otherwise) that would, but for the release of the Security Interest therein
pursuant to this clause, constitute Collateral, in which event the Lien created hereunder shall continue in such property).

 

(c)               
If any of the Pledged Equity Interests in any Grantor are sold, transferred or otherwise disposed of pursuant to
a transaction permitted by the Loan Documents and, immediately after giving effect thereto, such Grantor would no longer be a Subsidiary
of a Loan Party, then the obligations of such Grantor under this Agreement and the Security Interest in the Collateral owned or
rights in Collateral held by or on behalf of such Grantor shall be automatically released.

 

    	 	- 33 -	 

     

    

Section
9.3               Release
Documentation. In connection with any termination or release pursuant to this Article 9, the Administrative Agent shall
execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request
to evidence such termination or release so long as the applicable Grantor shall have provided the Administrative Agent such certifications
or documents as the Administrative Agent shall reasonably request in order to demonstrate compliance with the relevant provisions
of this Article 9. Any execution and delivery of documents by the Administrative Agent pursuant to this Section shall be
without recourse to or warranty by the Administrative Agent.

 

Article
10

 

ADDITIONAL GUARANTORS AND GRANTORS

 

Upon execution and
delivery after the date hereof by the Administrative Agent and a Subsidiary of a Subsidiary Joinder Agreement, such Subsidiary
or subsidiary, as applicable, shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor
herein (each an “Additional Grantor”). The execution and delivery of any Subsidiary Joinder Agreement shall
not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder, each other Loan Party
and each other party (other than a Credit Party) under the Loan Documents shall remain in full force and effect notwithstanding
the addition of any Additional Grantor as a party to this Agreement. Each Subsidiary Joinder Agreement shall be accompanied by
a Perfection Certificate, signed by the Borrower and/or the Additional Grantor, and such certificates, legal opinions and other
documents as the Administrative Agent shall reasonably request.

 

Article
11

 

MISCELLANEOUS

 

Section
11.1            
Notices. All communications and notices hereunder shall be in writing and given as provided in Section
10.1 of the Credit Agreement.

 

Section
11.2            
Binding Effect; Several Agreement; Assignments Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the successors and assigns of such party, and all covenants, promises and agreements
by or on behalf of any Grantor that are contained in this Agreement shall bind and inure to the benefit of each party hereto and
its successors and assigns. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf
of such Grantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf
of the Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective
successors and assigns, and shall inure to the benefit of such Grantor, the Administrative Agent and the other Secured Parties,
and their respective successors and assigns, except that no Grantor shall have the right to assign its rights or obligations hereunder
or any interest herein or in any of the Collateral (and any such attempted assignment shall be void), except as expressly contemplated
by this Agreement or the other Loan Documents. This Agreement shall be construed as a separate agreement with respect to each of
the Grantors and may be amended, supplemented, waived or otherwise modified or released with respect to any Grantor without the
approval of any other Grantor and without affecting the obligations of any other Grantor hereunder.

 

    	 	- 34 -	 

     

    

Section
11.3            
Survival Of Agreement; Severability. All covenants, agreements, representations and warranties made by the
Grantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement
or any other Loan Document shall be considered to have been relied upon by the Administrative Agent and the other Secured Parties
and shall survive the execution and delivery of any Loan Document and the making of any Credit Extension, regardless of any investigation
made by the Secured Parties or on their behalf, and shall continue in full force and effect until this Agreement shall terminate.
In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in
and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good faith negotiations
to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

Section
11.4            
Governing Law; Jurisdiction; Venue; Waivers.

 

(a)               
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(b)               
Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the for
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 for recognition or enforcement of any judgment, and each of the 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 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 shall affect any right that the Administrative Agent may otherwise have
to bring any action or proceeding relating to this Agreement against any Grantor or its properties in the courts of any jurisdiction.

 

(c)               
Each of the parties hereto 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 in any court referred to in Section 11.4(b). Each of the 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)               
Each of the parties hereto irrevocably consents to service of process in the manner provided for notices in Section
11.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted
by law.

 

Section
11.5           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 THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO HEREBY (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 AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	- 35 -	 

     

    

Section
11.6           
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Grantor shall
assert, and each Grantor hereby waives, 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 connection with, or as a result of, this Agreement
or any agreement or instrument contemplated hereby, the transactions contemplated hereby, any Loan or Letter of Credit or the use
of the proceeds thereof.

 

Section
11.7            Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

Section
11.8           
Counterparts(a). 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 (subject to Section 11.2) and shall become effective as provided in Section 11.2. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[Signature pages follow]

 

 

 

 

 

    	 	- 36 -	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	HARVARD BIOSCIENCE, INC.
	 	 
	 	 
	 	By:	
        /s/ Michael A. Rossi

	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

	 	WARNER INSTRUMENTS LLC
	 	 
	 	 
	 	By:	
        /s/ Michael A. Rossi

	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

	 	DATA SCIENCE TECHNOLOGIES, INC.
	 	 
	 	 
	 	By:	
        /s/ Michael A. Rossi

	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

    		 	 

     

    

	 	CITIZENS BANK, N.A., as the Administrative Agent
	 	 
	 	 
	 	
        /s/ Jason Upham

	 	Name:	Jason Upham
	 	Title:	Vice President

 

 

 

 

 

 

 

    		 	 

     

    

 

SCHEDULE 3.4

 

PLEDGED COLLATERAL

 

Part A: Pledged Equity Interests (other
than LLC Interests and Partnership Interests) 

 

	Issuer	Certificate No. (if Applicable)	Registered Owner	No. and Class of Shares	% of Outstanding Equity Interests of Class
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

Part B: Pledged LLC Interests and Partnership
Interests 

 

	Issuer	Certificate No. (if Applicable)	Registered Owner	No. and Class of Shares	% of Outstanding Equity Interests of Class	Security for Article 8 Purposes?
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

 

    		 	 

     

    

 

Part C: Pledged Debt Securities

 

	Grantor	Obligor	Principal Amount	Date of Incurrence	Maturity Date (if Applicable	Type of Document Evidencing Debt

(if Applicable)
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

 

    		 	 

     

    

 

EXHIBIT A

TO

PLEDGE AND SECURITY
AGREEMENT

 

FORM OF COPYRIGHT
SECURITY AGREEMENT

 

COPYRIGHT SECURITY
AGREEMENT, dated as of December 22, 2020 (as amended, restated, supplemented or otherwise modified, this “Agreement”),
among HARVARD BIOSCIENCE, INC., a Delaware corporation (the “Borrower”), each Subsidiary party hereto as of
the date hereof (collectively, the “Subsidiaries” and together with the Borrower, the “Grantors”)
and CITIZENS BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 

Reference is made to
(a) the Credit Agreement, dated as of December 22, 2020 among the Borrower, the Lenders party thereto and the Administrative Agent
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and (b) the Pledge and Security Agreement, dated as of December 22, 2020, by and among the Grantors party thereto and the Administrative
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”).

 

The Lenders have agreed
to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement, the Guarantors have guaranteed
Secured Obligations and the Grantors have secured their obligations pursuant to the Security Agreement. The obligations of the
Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.

 

Accordingly, the parties
hereto agree as follows:

 

1.                  
Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Security Agreement or the Credit Agreement.

 

2.                  
Grant of Security Interest. As security for the payment or performance, as applicable, in full when due (whether
at the stated maturity, by acceleration or otherwise) of the Secured Obligations, each Grantor, pursuant to the Security Agreement,
did and hereby does grant to the Administrative Agent (and its successors and assigns), for the ratable benefit of the Secured
Parties, a security interest in, all such Grantor’s right, title and interest in, to or under any and all of the following
assets now owned or at any time hereafter acquired (collectively, the “Copyright Collateral”):

 

(a)               
all copyright rights in any work subject to the copyright laws of the United States of America, whether as author, assignee,
transferee or otherwise, all registrations and applications for registration of any such copyright in the United States of America,
in each case described on Schedule I and all reissues, renewals, continuations and extensions thereof and amendments thereto
(the (“Copyrights”);

 

(b)               
all rights and privileges arising under applicable law with respect to the use of Copyrights;

 

(c)               
all reissues, renewals, continuations and extensions thereof and amendments thereto, and

 

(d)               
all income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including
damages and payments for past, present or future infringements thereof.

 

    		 	 

     

    

3.                  
Security Agreement. The security interests granted to the Administrative Agent herein are granted in furtherance,
and not in limitation of, the security interests granted to the Administrative Agent pursuant to the Security Agreement. Each Grantor
hereby acknowledges and affirms that the rights and remedies of the Administrative Agent with respect to the Copyright Collateral
are more fully set forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference
as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the
terms of the Security Agreement shall govern.

 

4.                  
Counterparts. 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. Delivery of
an executed counterpart of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf” or
“tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

5.                  
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York.

 

[Signature page follows]

 

 

 

 

 

    		 	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Copyright Security Agreement as of the day and year first above written.

 

	 	HARVARD BIOSCIENCE, INC.
	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

    		 	 

     

    

	 	WARNER INSTRUMENTS LLC
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

    		 	 

     

    

 

	 	DATA SCIENCE TECHNOLOGIES, INC.
	 	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

	 	CITIZENS BANK, N.A., as Administrative Agent
	 	 
	 	By:	 
	 	 	Name:	Aman Patel
	 	 	Title:	Vice President

 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

SCHEDULE I

 

COPYRIGHTS

 

	Title	Reg. No.	Reg. Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

EXHIBIT B

TO

PLEDGE AND SECURITY
AGREEMENT

 

FORM OF PATENT SECURITY
AGREEMENT

 

PATENT SECURITY AGREEMENT,
dated as of December 22, 2020 (as amended, restated, supplemented or otherwise modified, this “Agreement”),
among HARVARD BIOSCIENCE, INC., a Delaware corporation (the “Borrower”), each Subsidiary party hereto as of
the date hereof (collectively, the “Subsidiaries” and together with the Borrower, the “Grantors”)
and CITIZENS BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 

Reference is made to
(a) the Credit Agreement, dated as of December 22, 2020 among the Borrower, the Lenders party thereto and the Administrative Agent
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and (b) the Pledge and Security Agreement, dated as of December 22, 2020, by and among the Grantors party thereto and the Administrative
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”).

 

The Lenders have agreed
to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement, the Guarantors have guaranteed
Secured Obligations and the Grantors have secured their obligations pursuant to the Security Agreement. The obligations of the
Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.

 

Accordingly, the parties
hereto agree as follows:

 

1.       Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Security Agreement
or the Credit Agreement.

 

2.       Grant
of Security Interest. As security for the payment or performance, as applicable, in full when due (whether at the stated maturity,
by acceleration or otherwise) of the Secured Obligations, each Grantor, pursuant to the Security Agreement, did and hereby does
grant to the Administrative Agent (and its successors and assigns), for the ratable benefit of the Secured Parties, a security
interest in, all such Grantor’s right, title and interest in, to or under any and all of the following assets now owned or
at any time hereafter acquired (collectively, the “Patent Collateral”):

 

(a)               
all letters patent of the United States of America, all registrations and recordings thereof and all applications for letters
patent of the United States of America, including registrations, recordings and pending applications in the United States Patent
and Trademark Office, in each case described on Schedule I and all reissues, renewals, continuations and extensions thereof
and amendments thereto (the “Patents”);

 

(b)               
all inventions and improvements described and claimed therein, including the right to make, use and/or sell the inventions
disclosed or claimed therein,

 

(c)               
all reissues, continuations, divisions, continuations in part, renewals or extensions thereof and amendments thereto, and
the inventions disclosed or claimed therein, and

 

(d)               
all income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect
thereto.

 

    		 	 

     

    

3.       Security
Agreement. The security interests granted to the Administrative Agent herein are granted in furtherance, and not in limitation
of, the security interests granted to the Administrative Agent pursuant to the Security Agreement. Each Grantor hereby acknowledges
and affirms that the rights and remedies of the Administrative Agent with respect to the Patent Collateral are more fully set forth
in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth
herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security
Agreement shall govern.

 

4       Counterparts.
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. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

5.       Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

[Signature page follows]

 

 

 

 

 

 

    		 	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Copyright Security Agreement as of the day and year first above written.

 

	 	HARVARD BIOSCIENCE, INC.
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

    		 	 

     

    

 

	 	WARNER INSTRUMENTS LLC
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

    		 	 

     

    

 

	 	DATA SCIENCE TECHNOLOGIES, INC.
	 	 	 
	 	By	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

    		 	 

     

    

 

	 	CITIZENS BANK, N.A., as Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:	Aman Patel
	 	 	Title:	Vice President

 

 

 

 

 

 

 

 

    		 	 

     

    

 

SCHEDULE I

 

PATENTS

 

	Patent Title	Patent No.	Reg. Date	Serial No.	Filing Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

EXHIBIT C

TO

PLEDGE AND SECURITY
AGREEMENT

 

FORM OF TRADEMARK
SECURITY AGREEMENT

 

TRADEMARK SECURITY
AGREEMENT, dated as of December 22, 2020 (as amended, restated, supplemented or otherwise modified, this “Agreement”),
among HARVARD BIOSCIENCE, INC., a Delaware corporation (the “Borrower”), each Subsidiary party hereto as of
the date hereof (collectively, the “Subsidiaries” and together with the Borrower, the “Grantors”)
and CITIZENS BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).

 

Reference is made to
(a) the Credit Agreement, dated as of December 22, 2020 among the Borrower, the Lenders party thereto and the Administrative Agent
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
and (b) the Pledge and Security Agreement, dated as of December 22, 2020, by and among the Grantors party thereto and the Administrative
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”).

 

The Lenders have agreed
to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement, the Guarantors have guaranteed
Secured Obligations and the Grantors have secured their obligations pursuant to the Security Agreement. The obligations of the
Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.

 

Accordingly, the parties
hereto agree as follows:

 

1.       Terms.
Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Security Agreement
or the Credit Agreement.

 

2.       Grant
of Security Interest. As security for the payment or performance, as applicable, in full when due (whether at the stated maturity,
by acceleration or otherwise) of the Secured Obligations, each Grantor, pursuant to the Security Agreement, did and hereby does
grant to the Administrative Agent (and its successors and assigns), for the ratable benefit of the Secured Parties, a security
interest in, all such Grantor’s right, title and interest in, to or under any and all of the following assets now owned or
at any time hereafter acquired (collectively, the “Trademark Collateral”):

 

(a)               
all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade
styles, trade dress, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared
or appear, uniform resource locations (URL’s), domain names, designs and general intangibles of like nature, now existing
or hereafter adopted or acquired and all registrations and recordings thereof and all registration and recording applications filed
in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office,
in each case described on Schedule I and all reissues, renewals, continuations and extensions thereof and amendments thereto
(the “Trademarks”),

 

(b)               
all reissues, continuations, extensions and renewals thereof and amendments thereto,

 

(c)               
all goodwill associated therewith or symbolized by any of the foregoing,

 

    		 	 

     

    

(d)               
all income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto,
and

 

(e)               
all other assets, rights and interests that uniquely reflect or embody such goodwill.

 

3       Security
Agreement. The security interests granted to the Administrative Agent herein are granted in furtherance, and not in limitation
of, the security interests granted to the Administrative Agent pursuant to the Security Agreement. Each Grantor hereby acknowledges
and affirms that the rights and remedies of the Administrative Agent with respect to the Trademark Collateral are more fully set
forth in the Security Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set
forth herein. In the event of any conflict between the terms of this Agreement and the Security Agreement, the terms of the Security
Agreement shall govern.

 

4       Counterparts.
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. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

5.       Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Copyright Security Agreement as of the day and year first above written.

 

	 	HARVARD BIOSCIENCE, INC.
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

    		 	 

     

    

	 	WARNER INSTRUMENTS LLC
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

    		 	 

     

    

	 	DATA SCIENCE TECHNOLOGIES, INC.
	 	 	 
	 	By:	 
	 	 	Name:	Michael A. Rossi
	 	 	Title:	
        Chief Financial Officer

         

         

 

 

 

 

 

 

 

 

 

 

    		 	 

     

    

	 	CITIZENS BANK, N.A., as Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:	Aman Patel
	 	 	Title:	Vice President

 

 

 

 

 

 

 

 

 

    		 	 

     

    

 

SCHEDULE I

 

TRADEMARKS

 

	Mark	Reg. No.	Reg. Date	Serial No.	Filing Date

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