Document:

cpri03302019ex41

                                                                                                                                                                                                                                                                                                                                                                                                                                                                       SHARES                                         CHL                                                                                                                     CAPRI HOLDINGS LIMITED                                               ORDINARY SHARES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         OPERATOR:  DKS                                                                                                                                                                                                                                                                                                                                                                                                                                            CUSIP G1890L 10 7                                                                                                                                                                                                                                                                                                                                                                                                                                            SEE REVERSE FOR CERTAIN DEFINITIONS                                                                                                                                                                                      INCORPORATED UNDER THE LAWS OF THE BRITISH VIRGIN ISLANDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             NEW                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       DECEMBER  4, 2018  THIS CERTIFIES THAT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       PROOF  OF:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              CAPRI  HOLDINGS LIMIT ED                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     WO  - 18000550 FACE   IS THE OWNER OF                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       BY                      REGISTERED: COUNTERSIGNED  AND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        AMERICAN  STOCK TRANSFER & TRUST COMPANY,  LLC                                                                                                                                                                        FULLY PAID AND NON-ASSESSABLE ORDINARY SHARES, NO PAR VALUE, OF                                                                                                                                                                                                                                  CAPRI HOLDINGS LIMITED                                                    transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this certificate properly endorsed.                                                                This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.                                                               Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (BROOKLYN,  NY)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    COLORS  SELECTED FOR PRINTING: INTAGLIO PRINTS IN SC-7 DARK BLUE.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Dated:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (931)  388-3003                                                                                                                                                                                                                                                                                ding                                                                                                                                                                                                                                                                          ol                    s L                                                                                                                                                                                                                                                                      H                                    im                                                                                                                                                                                                                                                                                                                                                           ABnote  North America                                                                                                                                                                                                                                                                    i                                                                                                                                                                                                                                                                                     AUTHORIZED  OFFICER                                                                                                                                                                                                                                                                 r                                             i                                                                                                                                                                                                                                                               p                                               t                                                                                                                                                                                                                                                                                                                                                                             SALES:  HOLLY GRONER 931-490-7660                                                                                                                                                                                                                                                                                                                e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              TRANSFER  AGENT                                                                                                                                                                                                                                                               a                                                                                                                                                                                                                                                                       COMMON                                      d                                                                                                                                                                                                                                                       AND  REGISTRAR                                                                                                                                                                                                                                                               C                                                                                                                                                                                                                                                                               SEAL                                                                                                                                                                                                                                                                                                                                                                                            711  ARMSTRONG LANE, COLUMBIA, TN 38401                                                                                                              ASSISTANT SECRETARY                                                                                                                                                                                                                                                      CHAIRMAN AND CHIEF EXECUTIVE OFFICER                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          P LEASE  INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF: OK AS IS WITH CHANGES MAKE AND SEND ANOTHER PROOF 

 

              The      following         abbreviations,               when        used       in   the     inscription          on    the     face      of   this    certificate,          shall     be    construed            as    though         they were       written        out    in   full   according            to   applicable           laws       or   regulations:  TEN       COM            –   as    tenants         in  common                                                                                UNIF        GIFT        MIN      ACT–                             Custodian TEN       ENT            –   as    tenants         by    the    entireties                                                                                                                      (Cust)                                     (Minor) JT    TEN                –   as    joint    tenants         with     right                                                                                                                under       Uniform          Gifts      to   Minors                              of   survivorship             and      not    as                                                                                                                                                                                           Act                              tenants         in   common                                                                                                                                                       (State)                                                          Additional           abbreviations               may       also     be     used       though         not    in   the    above         list.          For       value          received,                                                                                                                        hereby             sell,      assign            and        transfer             unto   PLEASE        INSERT       SOCIAL       SECURITY          OR    OTHER           IDENTIFYING           NUMBER          OF   ASSIGNEE                                                               PLEASE      PRINT    OR   TYPEWRITE        NAME     AND   ADDRESS       INCLUDING        POSTAL     ZIP  CODE     OF   ASSIGNEE                                                                                                                                                                                                                       Ordinary               Shares  represented                        by        the          within             Certificate,                     and           do        hereby                irrevocably                      constitute                   and           appoint    Attorney              to     transfer             the       said        shares             on      the       books            of    the       within-named                       Corporation                    with        full     power             of  substitution                 in    the       premises.  Dated,                                                                                                                                                                   THE    SIGNATURE        TO   THIS   ASSIGNMENT          MUST     CORRESPOND           WITH                                                                                                                                           NOTICE:               THE   NAME      AS  WRITTEN       UPON      THE   FACE     OF   THE   CERTIFICATE,        IN                                                                                                                                                                 EVERY     PARTICULAR,        WITHOUT       ALTERATION        OR   ENLARGEMENT,           OR                                                                                                                                                                 ANY   CHANGE       WHATEVER. SIGNATURE(S)                     GUARANTEED:   THE    SIGNATURE(S)         MUST     BE   GUARANTEED          BY   AN   ELIGIBLE      GUARANTOR INSTITUTION       (BANKS,     STOCKBROKERS,            SAVINGS      AND   LOAN     ASSOCIATIONS AND    CREDIT      UNIONS       WITH    MEMBERSHIP           IN  AN   APPROVED         SIGNATURE GUARANTEE         MEDALLION        PROGRAM),        PURSUANT        TO   S.E.C.   RULE    17Ad-15.                                           ABnote North America                                                                                                     PROOF OF: DECEMBER 4, 2018                        711 ARMSTRONG LANE, COLUMBIA, TN 38401                                                                                                    CAPRI HOLDINGS LIMITED                                                      (931) 388-3003                                                                     WO - 18000550  BACK                                               OPERATOR:  DKS                                   SALES: HOLLY GRONER     931-490-7660                                                                                                                NEW       PLEASE INITIAL THE APPROPRIATE SELECTION FOR THIS PROOF:    OK AS IS    OK WITH CHANGES    MAKE CHANGES AND SEND ANOTHER PROOFExhibit
10.1

 

EXECUTION
VERSION

 

 

 

LOAN
AGREEMENT

 

dated
as of May 3, 2019

 

among

 

C-PAK
Consumer Product Holdings LLC

and

C-PAK
Consumer Product IP SPV LLC

as
the Borrowers,

 

C-PAK
Consumer Product HoldingS SPV I LLC

and
the other GUARANTORS from time to time party hereto,

 

the
LENDERS from time to time party hereto,

 

PINEY
LAKE OPPORTUNITIES ECI MASTER FUND LP,

as
Administrative Agent,

 

and
Collateral Agent

 

and

 

PINEY
LAKE OPPORTUNITIES ECI MASTER FUND LP,

as
Sole Lead Arranger

 

 

 

    	 		 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page(s)
	 	 	 
	ARTICLE
    I DEFINITIONS	1
	 	 	 	 
	 	Section
    1.01.	Defined
    Terms	1
	 	Section
    1.02.	Other
    Interpretive Provisions	40
	 	Section
    1.03.	Accounting
    Terms and Principles	41
	 	Section
    1.04.	Rounding	42
	 	Section
    1.05.	References
    to Agreements, Laws, etc	42
	 	Section
    1.06.	Times
    of Day	42
	 	Section
    1.07.	Timing
    of Payment or Performance	42
	 	Section
    1.08.	Corporate
    Terminology	42
	 	Section
    1.09.	Independence
    of Provisions	42
	 	Section
    1.10.	Divisions	42
	 	 	 	 
	ARTICLE
    II AMOUNT AND TERMS OF CREDIT FACILITIES	43
	 	 	 	 
	 	Section
    2.01.	Term
    Loans	43
	 	Section
    2.02.	Disbursement
    of Funds	43
	 	Section
    2.03.	Payment
    of Loans; Notes	44
	 	Section
    2.04.	Pro
    Rata Borrowings	45
	 	Section
    2.05.	Interest	45
	 	Section
    2.06.	Increased
    Costs, Illegality, etc	45
	 	Section
    2.07.	Compensation	48
	 	Section
    2.08.	Change
    of Lending Office	48
	 	Section
    2.09.	Right
    of First Offer.	48
	 	 	 	 
	ARTICLE
    III FEES, PREMIUMS AND COMMITMENT TERMINATIONS	49
	 	 	 	 
	 	Section
    3.01.	Fees	49
	 	Section
    3.02.	Prepayment
    Premiums	49
	 	Section
    3.03.	[Reserved]	50
	 	Section
    3.04.	Termination
    of Commitments	50
	 	 	 	 
	ARTICLE
    IV PAYMENTS	50
	 	 	 	 
	 	Section
    4.01.	Voluntary
    Prepayments	50
	 	Section
    4.02.	Mandatory
    Prepayments	51
	 	Section
    4.03.	Payment
    of Obligations; Method and Place of Payment	55
	 	Section
    4.04.	Taxes	56
	 	Section
    4.05.	[Reserved]	60
	 	Section
    4.06.	Computations
    of Interest and Fees	60
	 	Section
    4.07.	Investment
    Unit	60
	 	Section
    4.08.	Debt	60

 

    	 	i	 

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page(s)
	 	 	 
	ARTICLE
    V CONDITIONS PRECEDENT TO TERM LOANS	60
	 	 	 	 
	 	Section
    5.01.	Loan
    Documents	61
	 	Section
    5.02.	Lien
    and other Searches; Filings	61
	 	Section
    5.03.	Stock
    Pledges	61
	 	Section
    5.04.	Legal
    Opinions	61
	 	Section
    5.05.	Secretary’s
    Certificates	62
	 	Section
    5.06.	Other
    Documents and Certificates	62
	 	Section
    5.07.	Solvency	64
	 	Section
    5.08.	Funding
    Notice	64
	 	Section
    5.09.	Capitalization	64
	 	Section
    5.10.	Financial
    and other Information	64
	 	Section
    5.11.	Insurance	65
	 	Section
    5.12.	Payment
    of Outstanding Indebtedness	65
	 	Section
    5.13.	Material
    Adverse Effect	65
	 	Section
    5.14.	[Reserved]	65
	 	Section
    5.15.	[Reserved]	65
	 	Section
    5.16.	Fees
    and Expenses	65
	 	Section
    5.17.	Patriot
    Act Compliance and Reference Checks	65
	 	Section
    5.18.	[Reserved]	66
	 	Section
    5.19.	Banking
    Moratorium	66
	 	Section
    5.20.	Structure
    and Terms of Acquisition; Transactions	66
	 	Section
    5.21.	No
    Default	66
	 	Section
    5.22.	Representations
    and Warranties	66
	 	Section
    5.23.	No
    Injunctions	66
	 	Section
    5.24.	No
    Adverse Actions	66
	 	Section
    5.25.	IP
    Contribution	67
	 	 	 	 
	ARTICLE
    VI [Reserved]	67
	 	 	 	 
	ARTICLE
    VII REPRESENTATIONS AND WARRANTIES	67
	 	 	 	 
	 	Section
    7.01.	Status	67
	 	Section
    7.02.	Power
    and Authority; Execution and Delivery	67
	 	Section
    7.03.	Enforceability	67
	 	Section
    7.04.	No
    Violation	68
	 	Section
    7.05.	Approvals,
    Consents, etc	68
	 	Section
    7.06.	Use
    of Proceeds; Regulations T, U and X	68
	 	Section
    7.07.	Investment
    Company Act; Etc	68
	 	Section
    7.08.	Litigation,
    Labor Controversies, etc	68
	 	Section
    7.09.	Capitalization;
    Subsidiaries	69
	 	Section
    7.10.	Accuracy
    of Information	69
	 	Section
    7.11.	Financial
    Condition; Financial Statements	70
	 	Section
    7.12.	Tax
    Returns and Payments	70
	 	Section
    7.13.	Compliance
    with ERISA	71

 

    	 	ii	 

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page(s)
	 	 	 	 
	 	Section
    7.14.	Intellectual
    Property; Licenses, etc	71
	 	Section
    7.15.	Ownership
    of Properties; Title; Real Property; Leases	72
	 	Section
    7.16.	Environmental
    Matters	72
	 	Section
    7.17.	Solvency	73
	 	Section
    7.18.	No
    Default	73
	 	Section
    7.19.	Security
    Documents; Perfection	73
	 	Section
    7.20.	Compliance
    with Laws and Permits; Authorizations	74
	 	Section
    7.21.	No
    Material Adverse Effect	74
	 	Section
    7.22.	Contractual
    or Other Restrictions	74
	 	Section
    7.23.	No
    Brokers	74
	 	Section
    7.24.	Insurance	74
	 	Section
    7.25.	Evidence
    of Other Indebtedness	74
	 	Section
    7.26.	Deposit
    Accounts, Securities Accounts and Commodity Accounts	75
	 	Section
    7.27.	Principal
    Business	75
	 	Section
    7.28.	Absence
    of any Undisclosed Liabilities	75
	 	Section
    7.29.	Holdings	75
	 	Section
    7.30.	Acquisition;
    Transaction Agreement, Other Related Agreements	75
	 	Section
    7.31.	Anti-Terrorism
    Laws; The Patriot Act	76
	 	Section
    7.32.	Economic
    Sanctions/OFAC	76
	 	Section
    7.33.	Foreign
    Corrupt Practices Act	77
	 	Section
    7.34.	Material
    Contracts; No Hedging Contracts	77
	 	Section
    7.35.	Affiliate
    Transactions	78
	 	Section
    7.36.	Material
    Customers	78
	 	Section
    7.37.	Collective
    Bargaining Agreements	78
	 	Section
    7.38.	Qualified
    Capital Stock	78
	 	 	 	 
	ARTICLE
    VIII AFFIRMATIVE COVENANTS	78
	 	 	 	 
	 	Section
    8.01.	Financial
    Information, Reports, Certificates and Other Information	78
	 	Section
    8.02.	Books,
    Records and Inspections	83
	 	Section
    8.03.	Maintenance
    of Insurance	84
	 	Section
    8.04.	Payment
    of Taxes and Liabilities	84
	 	Section
    8.05.	Maintenance
    of Existence; Compliance with Laws, etc.	84
	 	Section
    8.06.	Environmental
    Compliance	85
	 	Section
    8.07.	ERISA	86
	 	Section
    8.08.	Maintenance
    of Properties	87
	 	Section
    8.09.	End
    of Fiscal Years; Fiscal Quarters	88
	 	Section
    8.10.	Additional
    Collateral, Guarantors and Grantors	88
	 	Section
    8.11.	Pledges
    of Additional Stock and Indebtedness	88
	 	Section
    8.12.	Use
    of Proceeds	89

 

    	 	iii	 

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page(s)
	 	 	 	 
	 	Section
    8.13.	Mortgages;
    Landlord Agreements	89
	 	Section
    8.14.	Accounts;
    Control Agreements	90
	 	Section
    8.15.	Further
    Assurances	90
	 	Section
    8.16.	Annual
    Lender Meetings	90
	 	Section
    8.17.	Board
    Observation Rights	91
	 	Section
    8.18.	Performance
    of Obligations	91
	 	Section
    8.19.	Intellectual
    Property; Licenses, etc.	92
	 	Section
    8.20.	Security
    Interests; Perfection, etc	92
	 	Section
    8.21.	Credit
    Enhancement	92
	 	Section
    8.22.	Post-Closing
    Obligation	92
	 	 	 	 
	ARTICLE
    IX NEGATIVE COVENANTS	93
	 	 	 	 
	 	Section
    9.01.	Limitation
    on Indebtedness	93
	 	Section
    9.02.	Limitation
    on Liens	94
	 	Section
    9.03.	Consolidation,
    Merger, Etc.	96
	 	Section
    9.04.	Permitted
    Dispositions	96
	 	Section
    9.05.	Investments	97
	 	Section
    9.06.	Restricted
    Payments	98
	 	Section
    9.07.	Payments
    and of Indebtedness; Cancellation of Indebtedness	100
	 	Section
    9.08.	Modification
    of Certain Agreements	100
	 	Section
    9.09.	Sale
    and Leaseback	100
	 	Section
    9.10.	Transactions
    with, or by, Affiliates	100
	 	Section
    9.11.	Restrictive
    Agreements, etc.	101
	 	Section
    9.12.	Changes
    in Name, Form, Business and Fiscal Year	101
	 	Section
    9.13.	Financial
    Covenants	102
	 	Section
    9.14.	Repurchase
    of Capital Stock	104
	 	Section
    9.15.	Acquisition
    of Debt	104
	 	Section
    9.16.	Management	104
	 	Section
    9.17.	Status
    of Holdings and Subsidiaries	104
	 	Section
    9.18.	Economic
    Sanctions/OFAC	104
	 	Section
    9.19.	Anti-Terrorism
    Laws; Foreign Corrupt Practices Act	105
	 	Section
    9.20.	Use
    of Proceeds	105
	 	Section
    9.21.	Key
    Person	105
	 	 	 	 
	ARTICLE
    X EVENTS OF DEFAULT	105
	 	 	 	 
	 	Section
    10.01.	Listing
    of Events of Default	105
	 	Section
    10.02.	Remedies
    Upon Event of Default	108
	 	 	 	 
	ARTICLE
    XI THE AGENTS	110
	 	 	 	 
	 	Section
    11.01.	Appointments	110
	 	Section
    11.02.	Delegation
    of Duties	111
	 	Section
    11.03.	Exculpatory
    Provisions	111

 

    	 	iv	 

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page(s)
	 	 	 	 
	 	Section
    11.04.	Reliance
    by Agents	112
	 	Section
    11.05.	Notice
    of Default	112
	 	Section
    11.06.	Non-Reliance
    on Agents and Other Lenders	113
	 	Section
    11.07.	Indemnification
    by Lenders	113
	 	Section
    11.08.	Agents
    in Their Individual Capacities	114
	 	Section
    11.09.	Successor
    Agents	114
	 	Section
    11.10.	Agents
    Generally	115
	 	Section
    11.11.	Restrictions
    on Actions by Secured Parties; Sharing of Payments	115
	 	Section
    11.12.	Agency
    for Perfection	116
	 	Section
    11.13.	Credit
    Bid	116
	 	Section
    11.14.	One
    Lender Sufficient	116
	 	Section
    11.15.	License	116
	 	 	 	 
	ARTICLE
    XII MISCELLANEOUS	117
	 	 	 	 
	 	Section
    12.01.	Amendments
    and Waivers	117
	 	Section
    12.02.	Notices
    and Other Communications	118
	 	Section
    12.03.	No
    Waiver; Cumulative Remedies	120
	 	Section
    12.04.	Survival
    of Representations and Warranties	120
	 	Section
    12.05.	Payment
    of Expenses and Taxes; Indemnification	120
	 	Section
    12.06.	Successors
    and Assigns; Participations and Assignments	122
	 	Section
    12.07.	Replacements
    of Lenders Under Certain Circumstances	126
	 	Section
    12.08.	Securitization	127
	 	Section
    12.09.	Adjustments;
    Set-off	128
	 	Section
    12.10.	Effectiveness
    of Facsimile Documents and Signatures	128
	 	Section
    12.11.	Counterparts	129
	 	Section
    12.12.	Severability	129
	 	Section
    12.13.	Integration	129
	 	Section
    12.14.	GOVERNING
    LAW	129
	 	Section
    12.15.	Waiver
    of Certain Rights	129
	 	Section
    12.16.	Acknowledgments	130
	 	Section
    12.17.	No
    Arranger Duties	130
	 	Section
    12.18.	Confidentiality	130
	 	Section
    12.19.	Press
    Releases, etc.	132
	 	Section
    12.20.	Termination
    of Obligations; Releases of Guaranties and Liens	132
	 	Section
    12.21.	USA
    Patriot Act	133
	 	Section
    12.22.	No
    Fiduciary Duty	133
	 	Section
    12.23.	Reliance
    on Certificates	133
	 	Section
    12.24.	No
    Waiver	133
	 	Section
    12.25.	The
    Borrower as the Loan Parties’ Representative	134
	 	Section
    12.26.	[Reserved]	134
	 	Section
    12.27.	Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	134
	 	Section
    12.28.	Interest
    Rate Limitation	135
	 	Section
    12.29.	Joint
    and Several Liability of the Borrowers	135
	 	 	 	 
	ARTICLE
    XIII JURISDICTION; WAIVERS; MISCELLANEOUS	136
	 	 	 	 
	 	Section
    13.01.	[Reserved]	136
	 	Section
    13.02.	JURISDICTION;
    VENUE; SERVICE OF PROCESS; JURY TRIAL WAIVER; ETC	136

 

    	 	v	 

    	 

    

 

TABLE
                                         OF CONTENTS

(continued)

 

	 	 	Page(s)
	SCHEDULES	 	 
	 	 	 
	Schedule
    1.01(a)	Term
    Loan Commitments	 
	Schedule
    7.08 	Litigation	 
	Schedule
    7.09 	Capitalization
    and Subsidiaries	 
	Schedule
    7.14 	Intellectual
    Property	 
	Schedule
    7.15 	Real
    Property	 
	Schedule
    7.19 	Security
    Filings and Filing Offices	 
	Schedule
    7.23 	Brokers	 
	Schedule
    7.24	Insurance	 
	Schedule
    7.25 	Existing
    Indebtedness	 
	Schedule
    7.26 	Deposit
    Accounts, Securities Accounts and Commodity Accounts	 
	Schedule
    7.34(a) 	Material
    Contracts	 
	Schedule
    7.35 	Affiliate
    Transactions	 
	Schedule
    7.37 	Collective
    Bargaining Agreements	 
	Schedule
    8.13 	Excluded
    Real Property	 
	Schedule
    9.02 	Liens	 
	Schedule
    9.05 	Investments	 
	Schedule
    9.12 	Description
    of Business	 

 

	EXHIBITS	 	 
	 	 	 
	Exhibit
    A	Form
    of Term Loan Note	 
	Exhibit
    B 	Reserved	 
	Exhibit
    C 	Reserved	 
	Exhibit
    D 	Form
    of Compliance Certificate	 
	Exhibit
    E 	Form
    of Perfection Certificate	 
	Exhibit
    F 	Form
    of Assignment and Acceptance	 

 

    	 	vi	 

    	 

    

 

LOAN
AGREEMENT

 

LOAN
AGREEMENT dated as of May 3, 2019 among C-PAK Consumer Product Holdings LLC, a Delaware limited liability company (“C-PAK”),
C-PAK Consumer Product IP SPV LLC, a Delaware limited liability company (“C-PAK
IP”, and collectively, jointly and severally with C-PAK, the “Borrowers”, and each individually,
a “Borrower”), C-Pak Consumer Product Holdings SPV I LLC, a Delaware limited liability company (“Holdings”),
the Subsidiaries of Holdings that are Guarantors or become Guarantors hereunder pursuant to Section 8.10 hereof, the Lenders
from time to time party hereto, Piney Lake Opportunities ECI Master Fund LP (“Piney Lake”), as administrative
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative
Agent”) and as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns
in such capacity, the “Collateral Agent”, and together with the Administrative Agent, each an “Agent”
and collectively the “Agents”).

 

Introductory
Statement

 

WHEREAS,
the Borrowers have requested that the Lenders extend term loans to the Borrowers on the Closing Date in the aggregate principal
amount of $22,000,000, on the terms and subject to the conditions set forth herein, the proceeds of which term loans the Borrowers
will use in accordance with Section 8.12; and

 

WHEREAS,
the Lenders desire to extend such term loans to the Borrowers, the Administrative Agent desires to act as administrative agent
for the Lenders, and the Collateral Agent desires to act as collateral agent for the Secured Parties, in each case on and subject
to the terms and conditions of this Loan Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the agreements contained herein, in reliance upon the representations, warranties
and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, and intending to be legally bound, the parties hereto agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.01. Defined Terms. As used herein, the following terms have the meanings specified in this Section 1.01 unless
the context otherwise requires:

 

“Account
Control Agreement” means, with respect to a deposit account or a securities account (other than an Excluded Deposit
Account), an account control agreement in form and substance reasonably satisfactory to the Collateral Agent, executed and delivered
by the Loan Party owning such account, the Collateral Agent, and the applicable depositary bank or securities intermediary, as
applicable, which account control agreement provides the Collateral Agent with, among other things, “control” over
such account (as defined in, and for purposes of, the UCC) and the cash or investment property therein, as applicable.

 

    	 	1	 

    	 

    

 

“Accounting
System” means an accounting system and related accounting processes that allow the Loan Parties to generate customary
accounting reports and complete customary accounting functions, in each case, with respect to the Loan Parties and their Subsidiaries.

 

“Accounts
Receivable” means “Accounts”, as such term is defined in the UCC as in effect on the date hereof.

 

“Acquisition”
means the acquisition by the Borrowers of substantially all of the assets relating to the Joy Business (as defined in the Transaction
Agreement) and the Cream Suds Business (as defined in the Transaction Agreement) pursuant to the Transaction Documents.

 

“Acquisition
Consideration” means the consideration for any Permitted Acquisition and all other payments, directly or indirectly,
by any Loan Party or any Subsidiary of any Loan Party in exchange for, or as part of, or in connection with, any Permitted Acquisition,
whether paid in cash or by exchange of properties (including capital expenditures used to fund any portion of a purchase price)
or otherwise (but excluding exchange of capital stock) and whether payable at or prior to the consummation of such Permitted Acquisition
or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of any contingency
(calculated, in the case of an earn-out, as the maximum reasonably anticipated liability in respect thereof as determined by such
Person in good faith and in its reasonable business judgment), and includes any and all payments representing the purchase price
and any assumptions of Indebtedness, earn-outs and other agreements to make any payment the amount of which is, or the terms of
payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like), or
events or actions of any Person or business. The foregoing to the contrary notwithstanding, except to the extent expressly treated
as a component of the purchase price calculation in connection with the applicable Permitted Acquisition, any fees, costs, or
expenses of the Loan Parties associated with the Permitted Acquisition shall not constitute Acquisition Consideration.

 

“Acquisition
Debt” has the meaning given to such term in Section 2.09(a).

 

“Additional
Lender” has the meaning given to such term in Section 2.09(c).

 

“Administrative
Agent” has the meaning given to such term in the preamble to this Loan Agreement.

 

“Affiliate”
means, with respect to any Person, (i) any other Person that directly, or indirectly (through one or more intermediaries or otherwise),
Controls or is Controlled by or is under common Control with such Person, and (ii) such Person’s officers, directors and
other Persons functioning in substantially similar roles. The term “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; provided that, for purposes of this definition, any Person which owns
directly or indirectly 10% or more of the equity interests having ordinary voting power for the election of directors or other
members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than
as a limited partner of such Person) shall be deemed an Affiliate of such Person. The terms “Controlling” and
“Controlled” have meanings correlative thereto. Notwithstanding anything herein to the contrary, neither Agent
nor any Lender nor any of their respective managed or Approved Funds or Affiliates shall be deemed an Affiliate of any of Parent
or any of its Subsidiaries or any other their respective Affiliates.

 

    	 	2	 

    	 

    

 

“Agents”
and “Agent” each has the meaning given to such term in the preamble to this Loan Agreement.

 

“Anti-Terrorism
Laws” has the meaning given to such term in Section 7.31.

 

“Applicable
Laws” means, as to any Person, any Laws applicable to, or otherwise binding upon, such Person or any of its property,
products, business, assets or operations, or to which such Person or any of its property, products, business, assets or operations
is subject.

 

“Applicable
Term Loan Margin” means twelve percent (12.00%).

 

“Approved
Fund” means any Person (other than a natural person) that is or will be engaged in making, purchasing, holding or investing
in one or more debt securities, bank loans, other commercial loans, or other similar extensions of credit in the ordinary course
of business, and which Person either: (i) is administered, managed, advised or underwritten by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity or an Affiliate of an entity that administers, manages, advises or underwrites a Lender; or (ii)
purchases, holds or invests in, or was formed for the purpose of purchasing, holding or investing in, one or more debt securities,
bank loans, other commercial loans, or other similar extensions of credit originated by (a) a Lender or (b) an Affiliate of a
Lender.

 

“Assignment
and Acceptance” means an assignment and acceptance substantially in the form of Exhibit F.

 

“Assignment
of Claims Act” means (i) Title 31, United States Code § 3727, and Title 41, United States Code § 15, in each
case as revised or amended, and any rules or regulations issued pursuant thereto, and (ii) all other federal and state laws, rules
and regulations governing the assignment of government contracts or claims against a Governmental Authority.

 

“Attributable
Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear as a liability on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Authorized
Officer” means, with respect to any Person, the president, chief executive officer, chief financial officer, chief operating
officer or secretary of such Person (or a manager, in the case of a Person that is a limited liability company), provided
that: (i) with respect to financial reporting and other financial matters (including Compliance Certificates, Consolidated Excess
Cash Flow, and Solvency Certificates), “Authorized Officer” means the chief financial officer of the applicable
Loan Party or such other officer or similar Person performing such duties for such Loan Party; and (ii) with respect to the certificate
delivered pursuant to Section 5.10(a), in the case of clauses (ii) and (v) of such Section, “Authorized
Officer” means each of the chief financial officer and the chief executive officer of the applicable Loan Party or such
other officer or similar Person performing such duties for such Loan Party.

 

    	 	3	 

    	 

    

 

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

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States, or any successor thereto.

 

“Board
of Directors” has the meaning given to such term in Section 8.17(a).

 

“Borrower(s)”
has the meaning given to such term in the preamble to this Loan Agreement.

 

“Budget”
has the meaning given to such term in Section 8.01(f).

 

“Business”
means branded consumer product cleaning supplies, detergents and soaps, and any branded business reasonably related or incidental
thereto.

 

“Business
Day” means (a) any day that is not a Saturday, Sunday or other day on which commercial banks in the City of New York
are required, authorized or otherwise permitted by law or other governmental actions to close, and (b) with respect to any notices
or determinations in connection with any LIBOR Rate established hereunder, any day that is also a day for trading by and between
banks in Dollar deposits in the London Interbank Eurodollar market (or its successor or replacement).

 

“C-PAK”
has the meaning given to such term in the preamble to this Loan Agreement.

 

“C-PAK
Exclusive License” means that certain Intercompany Trademark License Agreement, by and between C-PAK and C-PAK IP of
even date herewith, in form and substance satisfactory to the Administrative Agent, as amended from time to time as permitted
hereby.

 

“C-PAK
IP” has the meaning given to such term in the preamble to this Loan Agreement.

 

“Capital
Park Group” means collectively, Parent and its Controlled Investment Affiliates.

 

“Capital
Stock” means any and all shares, interests, participations, units or other equivalents (however designated) of capital
stock of a corporation, membership interests in a limited liability company, partnership interests of a limited partnership, any
and all equivalent ownership interests in a Person, and in each case any and all warrants, rights or options to purchase, and
all conversion or exchange rights, voting rights, calls or rights of any character with respect to, any of the foregoing.

 

    	 	4	 

    	 

    

 

“Capitalized
Lease Obligations” means, as applied to any Person, subject to Section 1.03, all obligations under Capitalized
Leases of such Person or any of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities on the
balance sheet (excluding the footnotes thereto) of such Person in accordance with GAAP.

 

“Capitalized
Leases” means, as applied to any Person, all leases of property (real or personal) that have been or should be, in accordance
with GAAP, classified as capitalized leases on the balance sheet of such Person or any of its Subsidiaries, on a consolidated
basis.

 

“Cash
Equivalents” means:

 

(a)
any direct obligation of, or unconditional guaranty by, the United States of America (or any agency or political subdivision thereof,
to the extent such obligations are supported by the full faith and credit of the United States of America) maturing not more than
one (1) year after the date of acquisition thereof;

 

(b)
commercial paper maturing not more than one hundred eighty (180) days from the date of issue and issued by a corporation (other
than an Affiliate of any Loan Party) organized under the laws of any state of the United States of America or of the District
of Columbia and, at the time of acquisition thereof, rated A 1 or higher by S&P or P 1 or higher by Moody’s;

 

(c)
any Dollar denominated certificate of deposit, time deposit or bankers’ acceptance, maturing not more than one (1) year
after its date of issuance, which is issued by a bank organized under the laws of the United States of America (or any state thereof)
which has, at the time of acquisition of such certificate of deposit, time deposit or bankers’ acceptance, as applicable,
(i) a credit rating of A or higher from S&P or A-2 or higher from Moody’s and (ii) a combined capital and surplus greater
than $500,000,000;

 

(d)
any repurchase agreement having a term of thirty (30) days or less entered into with any commercial banking institution satisfying,
at the time of acquisition thereof, the criteria set forth in clause (c)(i) which (i) is secured by a fully perfected security
interest in any obligation of the type described in clause (a), and (ii) has a market value at the time such repurchase
agreement is entered into of not less than 100% of the repurchase obligation of such commercial banking institution thereunder;

 

(e)
mutual funds with assets in excess of $5,000,000, substantially all of which are of the type described in clauses (a) through
(d) of this definition; and

 

(f)
other short term liquid investments approved in writing by the Administrative Agent.

 

“Casualty
Event” means the damage, destruction or condemnation, as the case may be, of property of any Person or any of its Subsidiaries.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601, et seq.), as amended,
and all rules, regulations and binding standards and guidelines issued thereunder.

 

    	 	5	 

    	 

    

 

“Change
of Control” means the occurrence of any of the following:

 

(a)
any “person” or “group” (within the meaning of Section 13(d) and 14(d) of the Exchange Act) becoming the
beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of an amount of equity securities
of Parent representing 35% or more of the aggregate ordinary voting power (or the equivalent thereof) represented by the issued
and outstanding Capital Stock of Parent, and the percentage of the aggregate ordinary voting power (or the equivalent thereof)
so owned by such “person” or “group” is greater than the aggregate ordinary voting power (or equivalent
thereof) that is owned and controlled, directly or indirectly, by Permitted Holders, or (ii) the Permitted Holders at any time
ceasing to own and control directly, beneficially and of record, on a fully diluted basis, the greater of (x) sixty-six and two-thirds
percent (66 2/3%) of the Management Stock of Parent, or (y) the percentage of any class or series of Management Stock required
to constitute Requisite Holders (or any other defined term, or component thereof, in each case, indicating the requisite percentage
of such Management Stock necessary to authorize the actions set forth in Section 5 of the Parent’s Certificate of Designation,
Preferences, and Rights of Series B Preferred Stock (or, to the extent such certificate is amended, restated, replaced, substituted,
or otherwise modified, any section or provision thereof (or substitute therefor) setting forth equivalent or similar actions));

 

(b)
Capital Park Group at any time ceasing to own and control directly, beneficially and of record, on a fully diluted basis, 100%
of the outstanding voting and economic equity interests of PrefCo (other than any equity interests of PrefCo owned by Piney Lake
or any of its Affiliates or assignees);

 

(c)
PrefCo at any time ceasing to own and control directly, beneficially and of record, on a fully diluted basis, 90% of the outstanding
voting and economic equity interests of Holdings;

 

(d)
Holdings at any time ceasing to own and control directly, beneficially and of record, on a fully diluted basis, 100% of the outstanding
voting and economic equity interests of C-PAK;

 

(e)
C-PAK at any time ceasing to own and control directly, beneficially and of record, on a fully diluted basis, 100% of the outstanding
voting and economic equity interests of C-PAK IP;

 

(f)
other than as a result of a liquidation or dissolution of a Subsidiary of any Loan Party permitted under Section 9.03,
any Borrower or any other Loan Party at any time ceasing to own and control, directly or indirectly, beneficially and of record,
on a fully diluted basis, 100% of the Capital Stock of any Guarantor (other than Holdings); or

 

(g)
a “change of control” (as defined in the Revolving Credit Agreement) or any term of similar effect under any Revolving
Loan Document.

 

For
purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of a Person through the ability to exercise voting power, and the terms “controlling”
and “controlled” have meanings correlative thereto. Notwithstanding anything herein to the contrary, neither
Agent nor any Lender nor any of their respective managed or Approved Funds or Affiliates shall be deemed to have control over
any Loan Party or Affiliate thereof solely by virtue of the transactions contemplated by this Loan Agreement and the other Loan
Documents or on account of ownership of Holdings Common Units or Preferred Stock.

 

    	 	6	 

    	 

    

 

“Charges”
has the meaning given to such term in Section 12.28.

 

“Claims”
has the meaning given to such term in the definition of Environmental Claims.

 

“Closing
Date” means the first date upon which all conditions precedent listed in Article V have been satisfied pursuant
to the terms thereof (i.e., May 3, 2019).

 

“Closing
Date IP Contribution” has the meaning given to such term in Section 5.25.

 

“Closing
Date IP Contribution Agreement” means that certain Assignment of Intellectual Property dated as of the date hereof,
between C-PAK and C-PAK IP, in form and substance satisfactory to the Administrative Agent.

 

“Closing
Date Leverage Test” has the meaning given to such term in Section 5.10(a).

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and all rules, regulations, standards and guidelines issued
thereunder. Section references to the Code are to the Code as in effect at the date of this Loan Agreement, and any subsequent
provisions of the Code amendatory thereof, supplemental thereto or substituted therefor.

 

“Collateral”
means any assets of any Loan Party or other assets upon which the Collateral Agent has been granted a Lien in connection with
this Loan Agreement, including pursuant to the Security Documents.

 

“Collateral
Agent” has the meaning given to such term in the preamble to this Loan Agreement.

 

“Collateral
Assignee” has the meaning given to such term in Section 12.06(d).

 

“Collateral
Assignee Default Notice” has the meaning given to such term in Section 11.09(b).

 

“Collateral
Assignment of Transaction Documents” means that certain Collateral Assignment of Transaction Documents dated as of the
Closing Date between C-PAK and the Collateral Agent (for the benefit of the Secured Parties), as amended, supplemented or otherwise
modified, renewed or replaced from time to time.

 

“Collections”
means all cash, checks, credit card slips or receipts, notes, instruments, and other items of payment (including insurance proceeds,
proceeds of cash sales, rental proceeds, and tax refunds) of the Loan Parties.

 

“Commitment”
means with respect to each Lender, such Lender’s Term Loan Commitment.

 

    	 	7	 

    	 

    

 

“Compliance
Certificate” means a certificate duly completed and executed by an Authorized Officer of Holdings on behalf of each
Borrower substantially in the form of Exhibit D, together with such changes thereto or departures therefrom as the Administrative
Agent may reasonably request or approve from time to time.

 

“Confidential
Information” has the meaning given to such term in Section 12.18.

 

“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
Adjusted EBITDA” means, for a specified period, an amount determined for the Consolidated Companies equal to, on a trailing
twelve month basis (including, subject to the established Consolidated Adjusted EBITDA amounts provided below, any months that
precede the Closing Date): (a) Consolidated Net Income of the Consolidated Companies, plus (b) to the extent reducing Consolidated
Net Income, the sum of, without duplication, amounts for

 

(i)
Consolidated Interest Expense during such measurement period,

 

(ii)
provisions for Taxes based on income,

 

(iii)
total depreciation expense,

 

(iv)
total amortization expense,

 

(v)
other non-cash charges and expenses reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents
an accrual or reserve for potential cash items in any future period or amortization of a prepaid cash item that was paid in a
prior period) including, without limitation, non-cash compensation expense in respect of stock option and incentive plans and
accrued Management Fees and the Transaction Fee,

 

(vi)
fees and expenses incurred in connection with the consummation of the Transactions to the extent paid on or within thirty (30)
days of the Closing Date not to exceed $1,500,000 in the aggregate,

 

(vii)
reasonable out-of-pocket fees and expenses paid in connection with (a) Permitted Acquisitions that have been consummated, (b)
acquisitions (that would qualify as Permitted Acquisitions if consummated), other Investments, Capital Stock issuances and other
similar non-ordinary course transactions that have not been (and will not be) consummated, in an aggregate amount, solely with
respect to this clause (b), not to exceed $250,000 in the aggregate during any trailing twelve month period and $500,000
in the aggregate during the term of this Loan Agreement,

 

(viii)
non-recurring costs, charges and expenses not to exceed $200,000 for the term of this Loan Agreement or that have otherwise been
approved by the Administrative Agent as add-backs to Consolidated Adjusted EBITDA,

 

    	 	8	 

    	 

    

 

(ix)
amounts paid by any Borrower or its Subsidiaries during such period which (a) have been indemnified or reimbursed by third parties
that are not Affiliates of such Borrower (excluding any seller under the Transaction Agreement) during such period or (b) are
reasonably expected to be indemnified or reimbursed by third parties that are not Affiliates of such Borrower (excluding any seller
under the Transaction Agreement) pursuant to a Contractual Obligation; provided that a readjustment to Consolidated Adjusted
EBITDA shall be made if such amount is not indemnified or reimbursed in accordance with the terms of such Contractual Obligation
within ninety (90) days of such expected indemnification or reimbursement,

 

(x)
fees paid to the Administrative Agent and the Lenders to the extent not included above,

 

(xi)
proceeds of any business interruption insurance,

 

(xii)
each payments made to members of the Board of Directors of each Loan Party with respect to board of director fees and expenses
to the extent permitted hereby,

 

(xiii)
extraordinary (as such term was defined in GAAP prior to the effectiveness of FASB 2015-01) losses during the specified period,
and

 

(xiv)
other add-backs to Consolidated Adjusted EBITDA mutually agreed upon in writing by the Borrowers and the Administrative Agent.

 

minus
(without duplication) (c) to the extent increasing Consolidated Net Income, the sum of, without duplication, (i) amounts for
other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash item to the extent it represents
the reversal of an accrual or reserve for potential cash item in any prior period) and (ii) extraordinary (as such term was defined
in GAAP prior to the effectiveness of FASB 2015-01) and other non-recurring items paid during the specified period;

 

For
purposes of calculating Consolidated Adjusted EBITDA (other than for purposes of calculating Consolidated Excess Cash Flow) for
any Test Period, if at any time during such Test Period the Loan Parties shall have consummated a Permitted Acquisition, the calculation
of Consolidated Adjusted EBITDA shall be made on a pro forma basis giving effect to each Permitted Acquisition that shall have
been consummated during such Test Period with each such Permitted Acquisition being deemed to have occurred on the first day of
such Test Period, using Consolidated Adjusted EBITDA attributable to the Person, asset, Related Brand or license of a Related
Brand acquired pursuant to each such Permitted Acquisition for the most recent four fiscal quarter period ending prior to the
date on which such Permitted Acquisition is consummated, calculated in a manner acceptable to the Administrative Agent in its
sole discretion.

 

    	 	9	 

    	 

    

 

Notwithstanding
anything herein to the contrary, (X) proceeds of an Equity Cure Investment shall not be included in the calculation of Consolidated
Adjusted EBITDA for purposes of any calculation of Consolidated Excess Cash Flow and (Y) any positive EBITDA of any Foreign Subsidiary
or any Domestic Subsidiary that is not a Loan Party shall be excluded for the purpose of calculating Consolidated Adjusted EBITDA
for any purpose set forth herein, except to the extent of the amount of dividends or other distributions actually paid in cash
to any Loan Party for such period.

 

Consolidated
Adjusted EBITDA for each of the following periods set forth below shall be as set forth opposite such period:

 

Historical
Consolidated Adjusted EBITDA figures:

 

	Fiscal
    quarter ended March 31, 2018	 	$	2,116,999.18	 
	Fiscal
    quarter ended June 30, 2018	 	$	2,444,153.47	 
	Fiscal
    quarter ended September 31, 2018	 	$	1,772,282.23	 
	Fiscal
    quarter ended December 31, 2018	 	$	1,672,130.89	 

 

“Consolidated
Adjusted EBITDA Calculation” means the calculations set forth as Attachment (2a) to the Compliance Certificate.

 

“Consolidated
Capital Expenditures” means, for any specified period, the sum of, without duplication, all expenditures made, directly
or indirectly, by the Consolidated Companies during such period, determined on a consolidated basis in accordance with GAAP, that
are or should be reflected as additions to property, plant or equipment or similar items reflected in the consolidated statement
of cash flows of the Consolidated Companies, or have a useful life of more than one year, but excluding (i) expenditures made
in connection with the acquisition, replacement, substitution, improvement, expansion or restoration of assets to the extent financed
(a) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being replaced
or restored, (b) with cash awards of compensation arising from the taking by eminent domain or condemnation of the assets being
replaced, (c) with cash proceeds of Dispositions that are reinvested in accordance with this Loan Agreement, (d) with proceeds
of landlord financed leasehold improvements, or (e) with the Net Equity Proceeds of an equity issuance (other than the Net Equity
Proceeds from any Equity Cure Investment) by Holdings to the extent not prohibited by this Loan Agreement, and (ii) expenditures
made to fund the purchase price for assets acquired in Permitted Acquisitions or other Investments permitted hereunder in all
or substantially all of the equity or assets of another Person or business unit or division.

 

“Consolidated
Companies” means the Loan Parties and their Subsidiaries on a consolidated basis in accordance with GAAP.

 

    	 	10	 

    	 

    

 

“Consolidated
Excess Cash Flow” means, for a specified period, the excess (if any), of: (a) Consolidated Adjusted EBITDA for such
period, minus (b) the sum for such period (without duplication and to the extent that the following amounts have not already been
deducted in determining Consolidated Adjusted EBITDA for such period) of (i) Consolidated Interest Expense paid in cash, plus
(ii) scheduled principal payments actually made during such period in accordance with Section 2.03(a), plus (iii) Taxes
based on income required to be paid during such period and actually paid in cash by the Consolidated Companies, plus (iv) Consolidated
Capital Expenditures made in cash (and not financed other than with the proceeds of Term Loans or loans under the Revolving Credit
Facility or under any other revolving credit facility), plus (v) Tax distributions paid in cash during such period, plus (vi)
[reserved], plus (vii) any cash add-backs to Consolidated Adjusted EBITDA, plus (viii) cash payments under any subordinated Indebtedness
(including the Revolving Credit Facility to the extent accompanied by a permanent reduction of the commitments thereunder), to
the extent permitted to be paid under this Loan Agreement, plus (ix) [reserved], plus (x) increases in Consolidated Working Capital
(minus decreases in Consolidated Working Capital); plus (xi) insurance proceeds solely to the extent actually reinvested within
the allotted reinvestment period pursuant to Section 4.02(a); plus (xii) amounts paid in cash to redeem Capital Stock in
accordance with Section 9.06(e), in each case above to the extent permitted to be paid under the terms of the Loan Documents.

 

“Consolidated
Interest Expense” means, for the Consolidated Companies, the sum of: all interest (net of interest income) in respect
of Indebtedness (including, without limitation, the interest component of any payments in respect of Capitalized Lease Obligations)
accrued or capitalized during such period (whether or not actually paid during such period); provided, however,
that for purposes of calculating the Fixed Charge Coverage Ratio, Consolidated Interest Expense shall include the amount of any
interest on the Term Loans that otherwise would be required to be paid if not for the prepayment of the Term Loans with the proceeds
of any Equity Cure Investment, for the fiscal quarter immediately preceding such Equity Cure Investment and, without duplication,
for each of the following three fiscal quarters.

 

“Consolidated
Net Income” means, for any specified period, the consolidated net income (or deficit) of the Consolidated Companies,
after deduction of all expenses, taxes, and other proper charges, determined in accordance with GAAP, after eliminating therefrom
all extraordinary (as such term was defined in GAAP prior to the effectiveness of FASB 2015-01) nonrecurring items of income or
loss, provided that there shall be excluded (i) the income (or loss) of any Person in which any Person (other than any
of the Consolidated Companies) has a joint interest, except to the extent of the amount of dividends or other distributions actually
paid in cash to any of the Consolidated Companies by such Person during such specified period, (ii) the income (or loss) of any
Person accrued prior to the date it becomes a consolidated Subsidiary of any of the Consolidated Companies or is merged into or
consolidated with any of the Consolidated Companies or such Person’s assets are acquired by any of the Consolidated Companies,
and (iii) the income of any consolidated Subsidiary of any of the Consolidated Companies to the extent that the declaration or
payment of dividends or other distributions by that consolidated Subsidiary of that income is not at the time permitted by operation
of the terms of any Contractual Obligation, its Organization Documents or Applicable Law applicable to that consolidated Subsidiary
(iv) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of
income accrued during such period; (v) any gain attributable to the write-up of any asset and any loss attributable to the write-down
of any asset; (vi) any net gain from the collection of the proceeds of life insurance policies; (vii) any net gain arising from
the acquisition of any securities, or the extinguishment, under GAAP, of any Indebtedness, of any of the Consolidated Companies,
(viii) in the case of a successor to any consolidated Subsidiary of any of the Consolidated Companies by consolidation or merger
or as a transferee of its assets, any earnings of such successor prior to such consolidation, merger or transfer of asset (unless
such successor was a consolidated Subsidiary of any of the Consolidated Companies prior to such consolidation, merger or transfer),
(ix) any deferred credit representing the excess of equity in any consolidated Subsidiary of any of the Consolidated Companies
at the date of acquisition of such consolidated Subsidiary over the cost to the Consolidated Companies of the investment in such
Subsidiary, (x) the cumulative effect of any change in GAAP during such period, and (xi) any noncash FASB ASC 815 income (or loss)
related to hedging activities.

 

    	 	11	 

    	 

    

 

“Consolidated
Working Capital” means, as of any date of determination, the excess of (a) the sum of all amounts (other than cash and
current tax assets) that would, in conformity with GAAP, be set forth opposite the caption “total current assets”
(or any like caption) on a consolidated balance sheet of the Consolidated Companies at such date minus (b) the sum of all amounts
that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption)
on a consolidated balance sheet of the Consolidated Companies on such date, including deferred revenue but excluding, without
duplication, (i) the current portion of any Indebtedness, (ii) all Indebtedness consisting of the Term Loans to the extent otherwise
included therein, (iii) the current portion of interest and (iv) the current portion of current and deferred income Taxes; provided,
however, that if a Permitted Acquisition is consummated during the applicable period of determination, changes in Consolidated
Working Capital for the target of such Permitted Acquisition will be measured for the period commencing on the first day of the
first month after such Permitted Acquisition was consummated and ending on the last day of the period of determination.

 

“Contingent
Liability” means, for any Person, any agreement, undertaking or arrangement by which such Person guarantees, endorses
or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds
for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness
of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends
or other distributions upon the Capital Stock of any other Person. The amount of any Person’s obligation under any Contingent
Liability shall (subject to any limitation set forth therein) be determined 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 such Person or any of its property is bound or subject.

 

“Controlled
Investment Affiliate” means, with respect to any Person, (x) any other investment fund or similar Person that (i) is
organized for the purpose of making equity investments in one or more companies and (ii) is controlled by, or is under common
control with, such Person or (y) any fund, investment vehicle or other Person that is a co-investor in such Person, directly or
indirectly, but only so long as Parent controls such investment in such Person by such co-investor. For purposes of this definition
“control” means the power to direct or cause the direction of management and policies of a Person through the ownership
of voting Capital Stock.

 

    	 	12	 

    	 

    

 

“Copyright
Security Agreements” means any Copyright Security Agreements made in favor of the Collateral Agent (for the benefit
of the Secured Parties) by each applicable Loan Party, in each case as amended, supplemented or otherwise modified, renewed or
replaced from time to time.

 

“Cream
Suds Business” has the meaning given to such term in the Transaction Agreement as in effect on the Closing Date.

 

“Cure
Notice” has the meaning given to such term in Section 9.13(e)(i).

 

“Default”
means any event, act or condition that, with notice or lapse of time, or both, would constitute an Event of Default.

 

“Diligence
Materials” has the meaning given to such term in Section 2.09.

 

“Disposition”
means, with respect to any Person, any sale, transfer, lease, contribution or other conveyance (including by way of merger) of,
or the granting of options, warrants or other rights to, any of such Person’s or any of such Person’s Subsidiaries’
assets or properties (including Capital Stock of Subsidiaries) to any other Person in a single transaction or series of transactions.
Without limiting any of the foregoing, a Disposition shall include the transfer or distribution of assets through a Division.

 

“Disqualified
Capital Stock” means any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock 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 Capital Stock), pursuant to a sinking fund obligation or otherwise, (b) is redeemable
at the option of the holder thereof (other than solely for Qualified Capital Stock), in whole or in part, (c) provides for the
scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Capital
Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is six (6) months after the Maturity
Date; provided, that if such Capital Stock is issued pursuant to a plan for the benefit of employees of any Loan Party
or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Capital Stock solely because it may
be required to be repurchased by a Loan Party in order to satisfy applicable statutory or regulatory obligations. Notwithstanding
anything here to the contrary, the Preferred Stock shall not be deemed to be Disqualified Capital Stock for purposes of this Loan
Agreement.

 

“Division”
means, in reference to any Person which is an entity, the division of such Person into two (2) or more separate Persons, with
the dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section
18-217 of the Delaware Limited Liability Act for limited liability companies formed under Delaware law, or any analogous action
taken pursuant to any other applicable Law with respect to any corporation, limited liability company, partnership or other entity.
The word “Divide,” when capitalized, shall have a correlative meaning.

 

“Dollars”
and “$” means dollars in lawful currency of the United States of America.

 

    	 	13	 

    	 

    

 

“Domestic
Subsidiary” means each Subsidiary of a Loan Party that is a “United States person” within the meaning of
Section 7701(a)(30) of the Code.

 

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

 

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

 

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

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender and (c) an Approved Fund, but excluding in every case each
Loan Party, Permitted Holder, and each Affiliate of the foregoing (it being understood that, notwithstanding anything to the contrary,
Piney Lake and its managed and Approved Funds and all Affiliates thereof are Eligible Assignees for all purposes hereunder).

 

“Environmental
Claims” means any and all actions (including administrative, regulatory and judicial actions), suits, demands, demand
letters, claims, liens, notices of noncompliance or violation, requests for information, warning letters, notices of deficiencies,
investigations (other than internal reports prepared by the Loan Parties (a) in the ordinary course of such Person’s business
or (b) as required in connection with a financing transaction or an acquisition or disposition of real estate) or proceedings
relating to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (“Claims”),
including (i) any and all Claims by Governmental Authorities for enforcement, cleanup, removal, response, fines, penalties, remedial
or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking
damages, contribution, indemnification, cost recovery, fines, penalties, compensation or injunctive relief resulting from the
Release or threatened Release of Hazardous Materials or arising from any alleged violation of Environmental Law.

 

“Environmental
Law” means any applicable federal, state, foreign, local or municipal statute, law, rule, regulation, order, ordinance,
code, decree, or other binding written requirement of any Governmental Authority now or hereafter in effect, in each case as amended,
and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent
decree or judgment, relating to or imposing liability or standards of conduct concerning protection of the environment or natural
resources, protection of human health or safety (from exposure to Hazardous Materials), or occupational health and safety (from
exposure to Hazardous Materials), including public environmental notification requirements and environmental transfer of ownership,
notification or approval statutes.

 

    	 	14	 

    	 

    

 

“Equity
Cure Investment” has the meaning given to such term in Section 9.13(e)(ii).

 

“Equity
Cure Right” has the meaning given to such term in Section 9.13(e).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.
Section references to ERISA are to ERISA as in effect at the date of this Loan Agreement and any subsequent provisions of ERISA
amendatory thereof, supplemental thereto or substituted therefor.

 

“ERISA
Affiliate” means each person (as defined in Section 3(9) of ERISA) that, together with any Loan Party or any Subsidiary
of any Loan Party, is, or within the last six (6) years was, treated as a “single employer” (i) within the meaning
of Sections 414(b), (c), (m) or (o) of the Code or (ii) as a result of any Loan Party or any Subsidiary of any Loan Party being
or having been a general partner of such person.

 

“ERISA
Event” means any of the following: (i) a Reportable Event occurs or is reasonably likely to occur with respect to any
Plan; (ii) any Plan is insolvent or in reorganization or in endangered or critical status within the meaning of Section 432 of
the Code or Section 4241 or 4245 of ERISA (or is reasonably likely to be insolvent or in reorganization) or notice of any such
insolvency or reorganization has been given to any of the Loan Parties, any of their respective Subsidiaries or any ERISA Affiliate;
(iii) any Plan is, or is reasonably expected to be, in “at risk” status (as defined in Section 430 of the Code or
Section 303 of ERISA); (iv) any Plan (other than a Multiemployer Plan) has failed to satisfy the minimum funding standard of Section
412 of the Code or Section 302 of ERISA (whether or not waived in accordance with Section 412(c) of the Code or Section 302(c)
of ERISA), or is reasonably likely to do so, or any of the Loan Parties or any Subsidiary of any Loan Party has applied for or
received a waiver of the minimum funding standard or an extension of any amortization period within the meaning of Section 412
of the Code or Section 302, 303 or 304 of ERISA with respect to any Plan; (v) any Loan Party, any Subsidiary of any Loan Party
or any ERISA Affiliate fails to make a required installment under Section 430(j) of the Code with respect to any Plan or to make
any required contribution to a Multiemployer Plan when due; (vi) any of the Loan Parties, any of their respective Subsidiaries
or to the extent applicable or potentially applicable to the Loan Parties or any of their respective Subsidiaries, any ERISA Affiliate
incurs (or is reasonably expected to incur) any liability to or on account of a Plan pursuant to Section 409, 502(i), 502(l),
515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 436(f), 4971, 4975 or 4980 of the Code or is notified in writing
that it will incur any liability under any of the foregoing Sections with respect to any Plan; (vii) any proceeding in instituted
(or is reasonably likely to be instituted) to terminate, partially terminate or reorganize any Plan or to appoint a trustee to
administer any Plan, or any written notice of any such proceeding is given to any of the Loan Parties, any of their respective
Subsidiaries or any ERISA Affiliate; (viii) the imposition of any Lien under the Code or ERISA on the assets of any of the Loan
Parties, any of their respective Subsidiaries or any ERISA Affiliate or notification to any of the Loan Parties, any of their
respective Subsidiaries or any ERISA Affiliate that such a Lien will be imposed on the assets of any of the Loan Parties, any
of their respective Subsidiaries or any ERISA Affiliate on account of any Plan; (ix) engaging in a non-exempt prohibited transaction
within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to a Plan; (x) the complete or partial withdrawal
of any of the Loan Parties, any of their respective Subsidiaries or any ERISA Affiliate from a Multiemployer Plan which results
in the imposition of Withdrawal Liability, the reorganization or insolvency under Title IV of ERISA of any Multiemployer Plan;
or (xi) a determination that any Multiemployer Plan is in endangered or critical status under Section 432 of the Code or Section
305 of ERISA.

 

    	 	15	 

    	 

    

 

“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 given to such term in Article X.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded
Deposit Accounts” means, collectively, deposit accounts which (i) are used for the sole purpose of making payroll for
the then current payroll period and withholding Tax payments related thereto and other employee wage and benefit payments and
accrued and unpaid employee compensation (including salaries, wages, benefits and expense reimbursements), (ii) are used for the
sole purpose of paying Taxes, including withholding and sales Taxes, (iii) are zero balance deposit accounts, (iv) constitute
custodian, trust, fiduciary or other escrow accounts established for the benefit of third parties in the ordinary course of business
in connection with transactions permitted hereunder, or (v) deposit accounts, together with all other deposit accounts (other
than those identified in clauses (i) through (iv) above) which have an average daily balance for each fiscal month
of less than $100,000 in the aggregate.

 

“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 Term Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Term Loan or Commitment (other than pursuant
to an assignment request by the Borrowers under Section 12.07) or (ii) such Lender changes its lending office, except in
each case to the extent that, pursuant to Section 4.04, amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 4.04(f), and (d) any U.S.
federal withholding Taxes imposed under FATCA.

 

“Executive
Order” has the meaning given to such term in Section 7.31.

 

    	 	16	 

    	 

    

 

“Extraordinary
Receipts” means any cash or other amounts or receipts received by, on behalf of or on account of any Loan Party or any
Subsidiary of any Loan Party from the following: (a) proceeds of judgments, proceeds of settlements and other consideration of
any kind received in connection with any cause of action, (b) releases of escrowed amounts under the Transaction Documents or
under any other purchase agreement or related documentation, (c) any cash or other receipts in the nature of indemnification payments
under or in respect of the Transaction Agreement or any other purchase agreement or related documentation, (d) payment under any
so-called “representation and warranty policy” or other insurance policy issued pursuant to the Transaction Document
or under any other purchase agreement or related documentation or otherwise issued in relation to the transactions contemplated
by the Transaction Documents or under any other purchase agreement or related documentation, (e) any pension plan reversions or
purchase price adjustment (excluding any working capital adjustment) received pursuant to the Transaction Documents or under any
other purchase agreement or related documentation, and (f) foreign, United States, state or local tax refunds, but excluding (1)
any of the foregoing amounts that are received to the extent that such amounts so received are applied for the purpose of remedying
the condition giving rise to the claim for reimbursement or to reimburse the Loan Party for any such claim previously remedied
and (2) any amounts received which are subject to any other clause in Section 4.02(a).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Loan Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements 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 entered into in connection with the implementation of such sections
of the Code.

 

“Federal
Flood Insurance” means federally-backed or private insurance that either meets the requirements set forth by the Federal
Emergency Management Agency in its Mandatory Purchase of Flood Insurance Guidelines or is available under the National
Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating
in the National Flood Insurance Program.

 

“Fee
Letter” means the fee letter, dated as of the date hereof, among each Borrower and Administrative Agent, as amended,
amended and restated, supplemented or otherwise modified, renewed or replaced from time to time.

 

“Fees”
means all amounts payable pursuant to, or referred to in, Section 3.01 or in the Fee Letter.

 

“Financial
Covenant Cure Amount” has the meaning given to such term in Section 9.13(e)(i).

 

“Financial
Covenant Default” has the meaning given to such term in Section 9.13(e).

 

“Fixed
Charge Coverage Ratio” means (without duplication), as of the last day of any specified Test Period, the ratio of (x)
Consolidated Adjusted EBITDA for such Test Period ending on such date minus (a) cash income Taxes, (b) any Restricted Payments
paid in cash, (c) unfinanced Consolidated Capital Expenditures (except to the extent financed with the Term Loans, loans under
the Revolving Credit Facility or loans under any other revolving credit facility), excluding Consolidated Capital Expenditures
made with Capital Stock contributions or reinvestment of asset sales or insurance proceeds within the permitted reinvestment period
pursuant to Section 4.02(a), and (d) earn outs paid in cash, divided by (y) Fixed Charges.

 

    	 	17	 

    	 

    

 

“Fixed
Charges” means the sum of (a) cash interest expense (including on Capitalized Lease Obligations) and (b) regularly scheduled
principal amortization (including on Capitalized Lease Obligations), in each case giving pro forma effect to any Permitted Acquisitions
consummated during the relevant Test Period and the incurrence of any Indebtedness in connection therewith; provided, however,
that for purposes of calculating the Fixed Charge Coverage Ratio for any Test Period ending on or prior to March 31, 2020, the
amounts calculated pursuant to clauses (a) and (b) for the relevant Test Periods shall equal such actual amounts
from the Closing Date to and including the last day of the relevant Test Period, multiplied by a fraction equal to (x) 365 divided
by (y) the number of days actually elapsed from the Closing Date to such date of determination.

 

“Foreign
Lender” means a Lender that is not a U.S. Person.

 

“Foreign
Subsidiary” means each Subsidiary of a Loan Party that is not a Domestic Subsidiary.

 

“Funded
Debt” means, as of any date of determination, all then outstanding Indebtedness of the Consolidated Companies of the
type described in clauses (a), (b), (d), (f) and (j) of the definition of “Indebtedness”
and in each case, the Guaranty Obligations with respect to each of the foregoing; provided, however, that for purposes
of financial covenant calculations, the amount of any prepayment of the Term Loans shall not include any such payment from the
proceeds of any Equity Cure Investment for any period in which the proceeds of such Equity Cure Investment are deemed to increase
Consolidated Adjusted EBITDA.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth from time to time in statements and pronouncements
of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
accounting profession), including the FASB Accounting Standards CodificationTM, which are applicable to the circumstances
as of the date of determination, subject to Section 1.03.

 

“Governmental
Authority” means any federal, state or local government of the United States, any foreign country, any multinational
authority, or any state, commonwealth, province, protectorate or political subdivision thereof, and any entity, body or authority
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, including
the PBGC and other quasi-governmental entities established to perform such functions, and in each case any department or agency
thereof.

 

“Guarantors”
means (a) Holdings, (b) each Person that is a Subsidiary of Holdings (other than the Borrowers) on the Closing Date, and (c) each
other Person that becomes a party to the Guaranty and Security Agreement or otherwise provides a guaranty for the payment and
performance of the Obligations after the Closing Date pursuant to an agreement reasonably acceptable to the Collateral Agent pursuant
to Section 8.10.

 

“Guaranty
and Security Agreement” means that certain Guaranty and Security Agreement among each Loan Party and the Collateral
Agent for the benefit of the Secured Parties dated as of the Closing Date, as amended, supplemented or otherwise modified, renewed
or replaced from time to time.

 

    	 	18	 

    	 

    

 

“Guaranty
Obligations” means, as to any Person, any Contingent Liability of such Person or other obligation of such Person guaranteeing
or intended to guarantee any Indebtedness of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness
or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment
of any such Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness or (d)
otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided, that the
term “Guaranty Obligations” shall not include endorsements of instruments for deposit or collection in the ordinary
course of business or customary and reasonable indemnity obligations in effect on the Closing Date, entered into in connection
with any acquisition or disposition of assets permitted under this Loan Agreement (other than with respect to Indebtedness). The
amount of any Guaranty Obligation shall be determined in accordance with GAAP.

 

“Hazardous
Materials” means (a) any petroleum or petroleum products, radioactive materials, friable, asbestos, urea formaldehyde
foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated
biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “waste”,
“recycled materials”, “sludge”, “hazardous substances”, “hazardous waste”, “hazardous
materials”, “extremely hazardous waste”, “restricted hazardous waste”, “toxic substances”,
“toxic pollutants”, “contaminants” or “pollutants”, or words of similar import under any applicable
Environmental Law; and (c) any other chemical, waste, recycled material, material or substance, which is prohibited, limited or
regulated by any Environmental Law.

 

“Hedging
Agreement” means (a) any and all agreements or documents not entered into for speculative purposes that provide for
an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross
currency rate swap, currency option, or any combination of, or option with respect to, these or similar transactions, for the
purpose of hedging exposure to fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations
or commodity prices, 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.

 

“Hedging
Obligations” means, with respect to any Person, the obligations of such Person under Hedging Agreements.

 

“Holdings”
has the meaning given to such term in the preamble to this Loan Agreement.

 

    	 	19	 

    	 

    

 

“Holdings
Common Units” means any Common Units (as defined in the Holdings Limited Liability Company Agreement).

 

“Holdings
Equity Investment Agreement” means that certain C-Pak Consumer Product Holdings SPV I LLC Subscription Agreement, dated
as of the date hereof, by and between Holdings and Piney Lake, as amended, restated, amended and restated, supplemented or otherwise
modified, renewed or replaced from time to time in accordance with the terms hereof.

 

“Holdings
Equity Investment Documents” means the Holdings Equity Investment Agreement, the Holdings Investors’ Rights Agreement
and any other agreements, documents and instruments executed in connection therewith, dated as of the date hereof, each of which
shall be in form and substance satisfactory to the Administrative Agent.

 

“Holdings
Investors’ Rights Agreement” means that certain Investors’ Rights Agreement, dated as of the date hereof,
by and among Holdings, PrefCo and Piney Lake, as amended, restated, amended and restated, supplemented or otherwise modified,
renewed or replaced from time to time in accordance with the terms hereof.

 

“Holdings
Limited Liability Company Agreement” means that certain Amended and Restated Limited Liability Company Agreement of
Holdings, dated as of the date hereof, as amended from time to time in accordance with the terms hereof.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, the following:

 

(a)
all indebtedness of such Person for borrowed money and all indebtedness of such Person evidenced by bonds, debentures, notes,
loan agreements or other similar instruments;

 

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

 

(c)
net Hedging Obligations of such Person;

 

(d)
all obligations of such Person from installment purchases of property or services or representing the deferred purchase price
for property or services, other than trade accounts payable in the ordinary course of business (but including any earn-out obligations,
calculated in accordance with GAAP);

 

(e)
obligations (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
obligations 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;

 

(f)
all Attributable Indebtedness;

 

    	 	20	 

    	 

    

 

(g)
all obligations of such Person in respect of Disqualified Capital Stock;

 

(h)
all other obligations upon which interest charges are customarily paid or accrued, other than ordinary trade payables and balances
on credit cards incurred in the ordinary course of business;

 

(i)
all Guaranty Obligations of such Person in respect of any of the foregoing; and

 

(j)
trade payables more than ninety (90) days past due which such Person is not disputing in good faith and by appropriate measures.

 

provided,
however, that Indebtedness shall not include (i) prepaid or deferred revenue arising in the ordinary course of business,
and (ii) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of
an asset to satisfy warranties or other unperformed obligations of the seller of such asset.

 

Indebtedness
of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent
such Person’s liability for such Indebtedness is otherwise limited and only to the extent such Indebtedness would constitute
Funded Debt. The amount of any net Hedging Obligations on any date shall be deemed to be the Swap Termination Value thereof as
of such date. The amount of Indebtedness of any Person for purposes of clause (e) above shall be deemed to be equal to
the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby
as determined by such Person in good faith.

 

“Indemnified
Liabilities” has the meaning given to such term in Section 12.05.

 

“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 (a), Other Taxes

 

“Initial
Accounting Termination Date” means the earlier to occur of (a) the date on which the Loan Parties shall have implemented
an Accounting System reasonably satisfactory to the Administrative Agent and (b) November 2, 2019.

 

“Initial
Lenders” means Piney Lake together with its Affiliates and Approved Funds, severally and not jointly.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person under any provision of the Title 11 of the United
States Code, as now or hereafter in effect, or any successor thereto or under any other state or federal bankruptcy or insolvency
law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors,
or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Intercompany
Note” has the meaning given to such term in Section 9.01(j).

 

    	 	21	 

    	 

    

 

“Intercreditor
Agreement” means the intercreditor agreement to be executed in connection with the Revolving Credit Facility, which
shall be in form and substance satisfactory to the Administrative Agent in its sole discretion, as such intercreditor agreement
may be amended, supplemented, or otherwise modified, renewed or replaced from time to time.

 

“Interest
Payment Date” means the last day of each fiscal month (or portion thereof), commencing with the last day of June 2019;
provided that if any Interest Payment Date occurs on a day that is not a Business Day, then such Interest Payment Date
shall be deemed to occur on the next succeeding Business Day.

 

“Interest
Period” means, with respect to any Term Loan, initially the period from the Closing Date through the last day of the
first calendar month to end after the Closing Date, and at all times thereafter each period of one (1) calendar month.

 

“Inventory”
means any and all “goods” (as defined in the UCC) which shall at any time constitute “inventory” (as defined
in the UCC) of any Loan Party, wherever located (including without limitation, goods in transit and goods in the possession of
third parties), or which from time to time are held for sale, lease or consumption in any Loan Party’s business, furnished
under any contract of service or held as raw materials, work in process, finished inventory or supplies (including without limitation,
packaging and/or shipping materials).

 

“Investment”
means, relative to any Person, (a) any loan, advance or extension of credit made by such Person to any other Person, including
the purchase by such first Person of any bonds, notes, debentures or other debt securities of any such other Person; (b) the incurrence
of Contingent Liabilities in favor of any other Person; and (c) the acquisition of, or capital contribution in respect of, any
Capital Stock or other investment held by such Person in any other Person. The amount of any Investment at any time shall be the
original principal or capital amount thereof less all returns of principal or equity or capital thereon received (in cash or in
the same form as the Investment) on or before such time and shall, if made by the transfer or exchange of property other than
cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such property at
the time of such Investment. Without limiting any of the foregoing, an Investment shall include the effective acquisition, purchase,
contribution or any other investment effected through a Division.

 

“IP
Rights” has the meaning given to such term in Section 7.14.

 

“IRS”
means the U.S. Internal Revenue Service.

 

“Joy
Business” has the meaning given to such term in the Transaction Agreement as in effect on the Closing Date.

 

“Landlord
Agreement” means, with respect to (i) the headquarters location of each Loan Party and (ii) each leased location of
a Loan Party and each other location owned by a third party at which a Loan Party stores (1) original books and records, primary
servers, or any other material systems necessary to operate the business in the ordinary course of business are located or (2)
Collateral with an aggregate value of greater than $250,000, a landlord waiver, bailee letters, collateral access agreement or
other acknowledgement agreement of the applicable landlord, lessor, warehouseman, processor, consignee, or other Person in possession
of, having a Lien upon, or having rights or interests in such Collateral as may be reasonably requested by the Collateral Agent,
in each case in form and substance reasonably satisfactory to the Collateral Agent.

 

    	 	22	 

    	 

    

 

“Law”
means any law (including common law), statute, regulation, ordinance, rule, order, decree, judgment, consent decree, writ, injunction,
settlement agreement or binding governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental
Authority or determination of an arbitrator.

 

“Lender”
means each Person identified as a “Lender” on Schedule 1.01(a), their assignees pursuant to Section 12.06,
and each other Lender that has made or holds Term Loans, and “Lenders” means all such Persons collectively.

 

“LIBOR
Rate” means, for any Interest Period, a rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1.00%)
equal to the greater of (i) one percent (1.00%) per annum and (ii) Three Month London Inter-Bank Offered Rate for U.S. Dollar
Deposits as set and published by ICE Benchmark Administration Limited (or its successor) and as obtained by the Administrative
Agent from a wire that is sent through Bloomberg, L.P. (or, if unavailable, another service or publication selected by the Administrative
Agent) two (2) Business Days prior to the first day of such Interest Period. If the applicable Bloomberg LP page (or the applicable
successor page) no longer reports LIBOR or if such index no longer exists, the Administrative Agent may, in consultation with
Borrowers, select a replacement index, replacement page or replacement rate, as the case may be.

 

“Lien”
means any statutory or other lien, security interest, mortgage, pledge, hypothecation, assignment for collateral purposes, encumbrance,
option, purchase right, call right, easement, right-of-way, license, restriction (including zoning restrictions), defect, exception
or irregularity in title or similar charge or encumbrance, including any agreement to give any of the foregoing, any conditional
sale or other title retention agreement or any lease in the nature thereof.

 

“Liquidity”
means unrestricted cash and Cash Equivalents of Holdings and its Domestic Subsidiaries plus amounts available to be drawn under
the Revolving Credit Facility; provided that the amount available to be drawn under the Revolving Credit Facility shall
be deemed to be $0 after the occurrence and during the continuance of an event of default under the Revolving Credit Facility.

 

“Loan
Agreement” means this Loan Agreement, as amended, amended and restated, supplemented or otherwise modified, renewed
or replaced from time to time.

 

“Loan
Documents” means this Loan Agreement, the Notes, the Fee Letter, the Security Documents, the Perfection Certificates,
any intercreditor or subordination agreements in favor of any Agent with respect to this Loan Agreement, and any other document,
instrument, certificate or agreement executed by any Loan Party, or by either Borrower on behalf of any Loan Party, and delivered
to any Agent or Lender in connection with any of the foregoing or the Obligations, in each case as amended, supplemented or otherwise
modified, renewed or replaced from time to time.

 

    	 	23	 

    	 

    

 

“Loan
Party” means the Borrowers, Holdings, each of the other Guarantors, and each other Person that becomes a Loan Party
pursuant to the execution of joinder documents.

 

“Make-Whole
Amount” means, as to any prepayment (or deemed prepayment) under Sections 4.01 or 4.02 of the Term Loans
(unless otherwise expressly provided in this Loan Agreement), occurring at any time on or prior to the second anniversary of the
Closing Date, an amount equal to the present value at such prepayment date of (i) 4% of the aggregate principal amount of the
Term Loans then prepaid (or deemed prepaid), plus (ii) all required remaining scheduled interest payments due on the principal
amount of such Term Loans prepaid (or deemed prepaid) through the second anniversary of the Closing Date (excluding accrued but
unpaid interest to the date of such prepayment). For purposes of this definition, (A) “present value” with respect
to each clause hereof shall be computed using a discount rate applied quarterly equal to the Treasury Rate as of the date of such
prepayment (or repayment) plus 50 basis points and (B) “Treasury Rate” means, as of any prepayment date, the yield
to maturity as of such prepayment date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two (2) Business
Days prior to the prepayment date (or, if such Statistical Release is no longer published, any publicly available source of similar
market data)) most nearly equal to the period from the prepayment date to and including the date that is the second anniversary
of the Closing Date; provided that the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used.

 

“Management
Agreement” means that certain Management Services Agreement of even date herewith by and between C-PAK and Parent, as
amended from time to time.

 

“Management
Fees” means, collectively, that certain quarterly “Management Fee” (as defined in the Management Agreement
as in effect on the date hereof) payable by C-PAK to Parent in an amount not to exceed 4% of EBITDA (as defined in the Management
Agreement as in effect on the date hereof) for the subject fiscal quarter and any indemnities, fees, costs and expenses of Parent
payable pursuant to the Management Agreement.

 

“Management
Rights” shall mean the right to vote with respect to any one or more of the actions that are described in Section 5
of the Parent’s Certificate of Designation, Preferences, and Rights of Series B Preferred Stock (as in effect on the Closing
Date, or, to the extent such certificate is amended, restated, replaced, substituted, or otherwise modified, any section or provision
thereof (or substitute therefor) setting forth equivalent or similar voting rights).

 

“Management
Stock” shall mean and include the Series B Preferred Stock of Parent, or any other class or series of Capital Stock,
in each case, having the power to exercise Management Rights.

 

“Margin
Stock” means “margin stock” as such term is defined in Regulations T, U or X of the Board.

 

“Master
Agreement” has the meaning given to such term in the definition of the term “Hedging Agreement.”

 

    	 	24	 

    	 

    

 

“Material
Adverse Effect” means any event, development, state of facts, change, circumstance, occurrence, condition or effect
that, either individually or in the aggregate: (a) has had or could reasonably be expected to have a material adverse effect or
material adverse change on (i) the financial condition, results of operations, assets, liabilities (contingent or otherwise),
properties, solvency, business, or value of the Loan Parties and their respective Subsidiaries, taken as a whole, (ii) the validity
or enforceability of this Loan Agreement, any of the other Loan Documents, any material provision hereof or thereof, or any material
right or remedy of the Secured Parties hereunder or thereunder or (iii) the attachment, perfection or priority of any Liens granted
to the Collateral Agent in or to any material portion of the Collateral (other than as a result of any action or inaction of the
Agents or any Lender), or (b) has materially impaired or could reasonably be expected to materially impair the ability of any
Loan Party, or any of their respective Subsidiaries, to perform any of their obligations contained in this Loan Agreement or any
of the other Loan Documents.

 

“Material
Contracts” means (i) those contracts (as in effect on the Closing Date or as amended or modified in accordance with
the terms of this Loan Agreement) listed on Schedule 7.34(a), which schedule may be updated from time to time by the Loan
Parties in accordance with Section 7.34, (ii) the Transition Services Agreement, (iii) the Transitional Distribution Agreement,
(iv) the Transitional Supply Agreement, (v) the Shared Technology License Agreement, (vi) the Senior Executive Consulting Agreement,
(vii) any agreement entered into by any Loan Party or any Subsidiary of any Loan Party in connection with the Acquisition or any
other acquisition consummated after the Closing Date pursuant to which any Loan Party or any Subsidiary of any Loan Party shall
receive material transition services from any third Person in connection with the Acquisition or such other acquisition, (viii)
the Transaction Agreement, (ix) any contract or related contracts between any Loan Party or any Subsidiary of any Loan Party (or,
at any time that the Transition Services Agreement is in effect, any other party thereto) and any customer of any Loan Party or
any Subsidiary of a Loan Party (or, at any time that the Transition Services Agreement is in effect, any other party thereto),
pursuant to which contract or contracts the Loan Parties and their Subsidiaries generate ten percent (10%) or more of the annual
aggregate revenue of the Loan Parties and their Subsidiaries without replacement thereof within thirty (30) days following expiry
or termination thereof, (x) any Material License and (xi) any other contract, agreement, permit or license, the failure to comply
with which, or the termination (without contemporaneous replacement) of which, could reasonably be expected to have a Material
Adverse Effect.

 

“Material
IP Rights” has the meaning given to such term in Section 7.14.

 

“Material
License” means any license agreement pursuant to which any Loan Party or any Subsidiary of a Loan Party licenses Material
IP Rights from any Person. For the avoidance of doubt, the C-PAK Exclusive License shall constitute a Material License.

 

“Maturity
Date” means May 2, 2024.

 

“Maximum
Rate” has the meaning given to such term in Section 12.28.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

    	 	25	 

    	 

    

 

“Mortgage”
means a mortgage or a deed of trust, deed to secure debt, trust deed or other security document entered into by any applicable
Loan Party and the Collateral Agent for the benefit of the Secured Parties in respect of any Real Property owned by such Loan
Party, in form and substance satisfactory to the Collateral Agent.

 

“Mortgaged
Property” means each parcel of Real Property and the improvements thereto (if any) with respect to which a Mortgage
is granted pursuant to Section 8.13(a).

 

“Multiemployer
Plan” means any multiemployer plan, as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or to which
there is or may be an obligation to contribute of) any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate, and
each such plan for the five-year period immediately following the latest date on which any Loan Party, any Subsidiary of any Loan
Party or any ERISA Affiliate contributed to or had an obligation to contribute to such plan.

 

“National
Flood Insurance Program” means the program created by the U.S. Congress pursuant to the National Flood Insurance Act
of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates
the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities
and provides protection to property owners through a federal insurance program.

 

“Net
Casualty Proceeds” means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards
received by any Loan Party or any of its Subsidiaries in connection with such Casualty Event (net of all collection expenses thereof
(including, without limitation, any legal or other professional fees) (except with respect to any expenses paid to a Loan Party
or an Affiliate thereof)), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which
holds a Lien that is senior in right of security to the Liens securing payment of the Obligations permitted by Section 9.02(c)
or (d) on the property which is the subject of such Casualty Event, and less any Taxes payable by such Person on account
of such insurance proceeds or condemnation award, actually paid, assessed or estimated by such Person (in good faith) to be payable
within the next 12 months in cash in connection with such Casualty Event, in each case to the extent, but only to the extent,
that the amounts are properly attributable to such transaction; provided, that if, after the expiration of such 12-month
period, the amount of such estimated or assessed Taxes, if any, exceeded the Taxes actually paid in cash in respect of proceeds
from such Casualty Event, the aggregate amount of such excess shall constitute additional Net Casualty Proceeds under Section
4.02(a)(iii) and be applied to the prepayment of the Obligations pursuant to Section 4.02(c).

 

“Net
Debt Proceeds” means, with respect to the sale or issuance by any Loan Party or any of its Subsidiaries of any Indebtedness,
the excess of: (a) the gross cash proceeds received by any Loan Party or any of its Subsidiaries of such Indebtedness from such
sale or issuance, over (b) all underwriting commissions and legal, investment banking, underwriting, brokerage, accounting
and other professional fees, sales commissions and disbursements and all other fees, costs, expenses and charges, in each case
actually incurred in connection with such sale or issuance which have not been paid and are not payable to any Loan Party or,
unless such expenses are permitted by Section 9.10 and payable pursuant to Section 9.06(g), an Affiliate thereof
in connection therewith.

 

    	 	26	 

    	 

    

 

“Net
Disposition Proceeds” means, with respect to any Disposition by any Loan Party or any of its Subsidiaries, the excess
of: (a) the gross cash proceeds received by such Person from such Disposition, over (b) the sum of: (i) all legal, investment
banking, underwriting, brokerage and accounting and other professional fees, sales commissions and disbursements and all other
fees, costs, expenses and charges, in each case actually incurred in connection with such Disposition which have not been paid
and are not payable to any Loan Party or, unless such expenses are permitted by Section 9.10 and payable pursuant to Section
9.06(g), an Affiliate thereof in connection therewith, and (ii) all Taxes payable by such Person on account of proceeds from
such Disposition, actually paid, assessed or estimated by such Person (in good faith) to be payable in cash within the next 12
months in connection with such proceeds, in each case to the extent, but only to the extent, that the amounts are properly attributable
to such transaction; provided, that if, after the expiration of the twelve-month period referred to in clause (b)(ii)
above, the amount of estimated or assessed Taxes, if any, pursuant to clause (b)(ii) above exceeded the Taxes actually
paid in cash in respect of proceeds from such Disposition, the aggregate amount of such excess shall constitute Net Disposition
Proceeds under Section 4.02(a)(ii) and be applied to the prepayment of the Obligations pursuant to Section 4.02(c).

 

“Net
Equity Proceeds” means, with respect to the sale, issuance or exercise after the Closing Date by any Loan Party or any
of its Subsidiaries of any Capital Stock or any capital contribution by any Person to any such Loan Party or Subsidiary, the
excess of (a) the gross cash proceeds received by such Loan Party or Subsidiary from such sale, issuance or exercise, over
(b) all underwriting commissions and legal, investment banking, brokerage, accounting and other professional fees, sales commissions
and disbursements actually incurred in connection with such sale or issuance which have not been paid and are not payable to any
Loan Party or, unless such expenses are permitted by Section 9.10 and payable pursuant to Section 9.06(g), an Affiliate
thereof in connection therewith.

 

“Notes”
means, collectively, the Term Loan Notes.

 

“Obligations”
means (a) with respect to each Borrower, all obligations (monetary or otherwise, whenever arising, and whether absolute or contingent,
liquidated or unliquidated, due or to become due, or matured or unmatured) of such Borrower arising under or in connection with
this Loan Agreement, the Notes, the Fee Letter or any other Loan Document, including the principal of, and interest (including
interest accruing after the commencement or during the pendency of any proceeding, action or case under the Bankruptcy Code or
otherwise of the type described in Section 10.01(j), whether or not allowed in such proceeding, action or case) on, and
the Prepayment Premium with respect to, the Term Loans, and all fees, expenses, costs, indemnities and other sums payable at any
time under any Loan Document and (b) with respect to each Loan Party other than the Borrowers, all obligations (monetary or otherwise,
whenever arising, and whether absolute or contingent, liquidated or unliquidated, due or to become due, or matured or unmatured)
of such Loan Party arising under or in connection with this Loan Agreement or any other Loan Document.

 

“OFAC
Sanctions” has the meaning given to such term in Section 7.32.

 

    	 	27	 

    	 

    

 

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

 

“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 Term
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 12.07).

 

“Parent”
means Capital Park Holdings Corp., a Delaware corporation.

 

“Participant”
has the meaning given to such term in Section 12.06(c)(i).

 

“Participant
Register” has the meaning given to such term in Section 12.06(c)(iii).

 

“Patent
Security Agreements” means any Patent Security Agreements made in favor of the Collateral Agent (for the benefit of
the Secured Parties) by each applicable Loan Party, in each case as amended, supplemented or otherwise modified, renewed or replaced
from time to time.

 

“Patriot
Act” has the meaning given to such term in Section 12.21.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

“Perfection
Certificate” means a Perfection Certificate substantially in the form of Exhibit E, or otherwise in form and
substance reasonably satisfactory to the Collateral Agent, delivered by each Loan Party to the Administrative Agent pursuant to
Section 5.06(b).

 

“Permits”
means, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant,
franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether
or not having the force of law and applicable to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

 

    	 	28	 

    	 

    

 

“Permitted
Acquisition” means a Related Brand Acquisition which satisfies and is conducted in accordance with the following requirements:

 

(a)
the aggregate Acquisition Consideration for any such acquisition consummated after the Closing Date does not exceed $20,000,000;

 

(b)
if such acquisition is structured as an acquisition of the Capital Stock of any Person, then the Person so acquired shall (1)
become a wholly-owned direct Domestic Subsidiary of a Borrower or other Domestic Subsidiary of a Borrower that is a Loan Party
and such applicable Loan Party shall comply with Section 8.11 hereof and cause such acquired Person to comply with Section
8.10 hereof or (2) be merged with and into such Loan Party (and, in the case of (i) a Borrower, such Borrower being the surviving
entity and (ii) any other Loan Party, such Loan Party shall be the surviving entity), in each case, within ten (10) Business Days
of the consummation of such acquisition; provided that any Related Brand and IP Rights related thereto acquired shall be
transferred to, and owned by, C-PAK IP contemporaneously with the consummation of such acquisition or promptly thereafter;

 

(c)
if such acquisition is structured as the acquisition of assets, such assets (other than a de minimis amount of assets and any
Related Brand any license or other IP Rights related thereto) shall be acquired directly by a Loan Party and any Related Brand
and IP Rights related thereto shall be acquired by C-PAK IP, and the Loan Parties shall comply with Section 8.10 hereof
with respect to such acquired assets, in each case, within ten (10) Business Days of the consummation of such acquisition;

 

(d)
the Loan Parties and their Subsidiaries shall have delivered to the Agents and the Lenders not less than fifteen (15) (or such
shorter period of time agreed to by the Administrative Agent) nor more than ninety (90) days prior to the date of such acquisition,
notice of such acquisition together with copies of all material documents relating to such acquisition (including the acquisition
agreement and any license agreement, transition services agreement, distribution agreement, sales agreement or other related material
document, each of which may be in the form of drafts with updated copies provided as available), all material due diligence information
prepared in connection with such acquisition and historical financial information reasonably satisfactory to the Administrative
Agent, the pro forma Projections, and such other information as the Administrative Agent may reasonably request, prior to the
effective date of the acquisition;

 

(e)
(i) both immediately before and immediately after the consummation of such acquisition, no Event of Default shall have occurred
and be continuing and (ii) each of the representations and warranties set forth in Article VII shall be true and correct
in all material respects (except as already subject to a materiality qualifier, which representations and warranties shall be
true and correct in all respects) on the date of the proposed acquisition (or if such representation or warranties specifically
relates to an earlier date, on and as of such earlier date);

 

    	 	29	 

    	 

    

 

(f)
the board of directors (or other managers) of the seller of the assets or issuer of the Capital Stock being acquired shall not
have disapproved such transaction or withdrawn any approval of such transaction;

 

(g)
if such acquisition is structured as an acquisition of Capital Stock of any Person, then such Person so acquired shall have positive
consolidated adjusted EBITDA for the trailing twelve month period most recently ended (to be calculated with add-backs to be mutually
agreed upon by the Borrowers and the Administrative Agent);

 

(h)
no Indebtedness or Liens shall be assumed in connection with such acquisition except to the extent permitted under this Loan Agreement;

 

(i)
all licenses, authorizations, exemptions, qualifications, consents and approvals of any Governmental Authority necessary under
any laws applicable to such Loan Party that is making the acquisition, or the acquisition target (if applicable) for or in connection
with the proposed acquisition and all necessary non-governmental and other third-party approvals which, in each case, are material
to such acquisition shall have been obtained, and all necessary or appropriate declarations, registrations or other filings with
any court, Governmental Authority, securities exchange or any other Person, which in each case, are material to the consummation
of such acquisition or to the acquisition target, if applicable, have been made, and evidence thereof satisfactory in form and
substance to the Administrative Agent shall have been delivered, or caused to have been delivered, by the Loan Parties and their
Subsidiaries to the Agents and the Lenders;

 

(j)
both immediately before and after giving effect to the consummation of such acquisition, the Total Leverage Ratio calculated on
a pro forma basis as of the most recent Test Period for which financial statements were required to have been delivered pursuant
to Section 8.01(b) or (c), shall not be greater than the Total Leverage Ratio set forth in Section 9.13(a)
for the corresponding fiscal quarter;

 

(k)
in connection with such acquisition, any Related Brands acquired in the form a license or other right to use agreement shall be
pursuant to an exclusive, perpetual, royalty-free license or other right to use agreement of such Related Brands, and such license
or other agreement shall be freely assignable by the Loan Party acquiring such Related Brands;

 

(l)
there are no actions pending or threatened against or affecting the acquisition target company or assets in any court which could
reasonably be expected to have a material adverse effect on the business, prospects, operations, properties or financial condition
of the acquisition target and its subsidiaries, taken as a whole, or would materially adversely affect the ability of the acquisition
target or seller to enter into or perform its obligations in connection with the acquisition nor any actions pending or threatened
against the Loan Parties that would materially adversely affect the ability of the Loan Party to enter into or perform its obligations
in connection with the proposed acquisition;

 

(m)
such acquisition shall be permitted under the Revolving Loan Documents (or shall have been consented to by the requisite parties
thereto), to the extent such Revolving Loan Documents exist; and

 

    	 	30	 

    	 

    

 

(n)
the Loan Parties have delivered to the Administrative Agent a certificate signed by an Authorized Officer certifying that conditions
set forth in clauses (a)-(m) above, to the extent applicable, have been satisfied (together with supporting calculations,
as applicable), which certificate shall be delivered no earlier than fifteen (15) Business Days but no later than the date of
such acquisition.

 

“Permitted
Holders” means, collectively, Parent and its Controlled Investment Affiliates.

 

“Permitted
Liens” has the meaning given to such term in Section 9.02.

 

“Person”
means any individual, corporation, limited liability company, partnership, limited partnership, joint venture, firm, association,
trust, unincorporated organization, or other enterprise (whether or not legally formed) or any Governmental Authority.

 

“Piney
Lake” has the meaning given to such term in the preamble to this Loan Agreement.

 

“Plan”
means any Multiemployer Plan or any “employee benefit plan,” as defined in Section 3 of ERISA subject to Title IV
of ERISA, Section 412 of the Code or Sections 302 or 303 of ERISA, sponsored, maintained or contributed to by any Loan Party,
Subsidiary of a Loan Party or any ERISA Affiliate (or to which any Loan Party, Subsidiary of a Loan Party or any ERISA Affiliate
has or could have an obligation to contribute or to make payments), and each such plan for the five-year period immediately following
the latest date on which any Loan Party, Subsidiary of a Loan Party or any ERISA Affiliate maintained, contributed to or had an
obligation to contribute to (or is deemed under Sections 4069 or 4212(c) of ERISA to have maintained or contributed to or to have
had an obligation to contribute to, or otherwise to have liability with respect to) such plan.

 

“Pledged
Stock” has the meaning given to such term in the Guaranty and Security Agreement.

 

“PrefCo”
means C-PAK PrefCo SPV I, Inc., a Delaware corporation.

 

“PrefCo
Certificate of Incorporation” means that certain Certificate of Incorporation of PrefCo, dated May 3, 2019, as may be
amended, restated, amended and restated otherwise modified from time to time,

 

“Preferred
Equity Distribution” means any payment to PrefCo, in an amount equal to (a) the redemption price, calculated in accordance
with the terms of the PrefCo Certificate of Incorporation, of any Preferred Stock that PrefCo is obligated to redeem under the
terms of the PrefCo Certificate of Incorporation as of the date of such payment and (b) the amount of all due and unpaid dividends,
liquidation preference, fees and expenses, and any other amounts arising due and payable in respect of the Preferred Stock.

 

“Preferred
Equity Documents” means the Preferred Equity Investment Agreement and any other agreements, documents and instruments
executed in connection therewith, dated as of the date hereof, each of which shall be in form and substance satisfactory to the
Administrative Agent.

 

    	 	31	 

    	 

    

 

“Preferred
Equity Investment Agreement” means that certain C-Pak Consumer Product Holdings SPV I, LLC Subscription Agreement, dated
as of the date hereof, by and between PrefCo, Parent and each party thereto as a subscriber, as amended, restated, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time in accordance with the terms hereof.

 

“Preferred
Stock” means any shares of Preferred Stock (in the PrefCo Certificate of Incorporation) owned by any Lender or any managed
or Approved Funds or Affiliates.

 

“Prepayment
Premium” means, as of the date of the occurrence of a Prepayment Premium Trigger Event:

 

(a)
during the period of time from and after the Closing Date up to (and including) the date that is the second anniversary of the
Closing Date, an amount equal to the Make-Whole Amount on such date in cash to the Administrative Agent for the ratable account
of the Lenders;

 

(b)
during the period of time from the date immediately succeeding the second anniversary of the Closing Date up to (and including)
the date that is the third anniversary of the Closing Date, an amount equal to 4.0% of the principal amount of the Term Loan prepaid
(or deemed to be prepaid) on such date in cash to the Administrative Agent for the ratable account of the Lenders;

 

(c)
during the period of time from and after the date immediately succeeding the third anniversary of the Closing Date up to (and
including) the date that is the fourth anniversary of the Closing Date, an amount equal to 2.0% of the principal amount of the
Term Loan prepaid (or deemed to be prepaid) on such date in cash to the Administrative Agent for the ratable account of the Lenders;
and

 

(d)
from and after the date immediately succeeding the fourth anniversary of the Closing Date, zero.

 

“Prepayment
Premium Trigger Event” means:

 

(a)
any prepayment by any Loan Party of all, or any part, of the principal balance of any Term Loan for any reason (including, but
not limited to, any optional prepayment or mandatory prepayment, and distribution in respect thereof, and any refinancing thereof),
whether in whole or in part, and whether before or after (i) the occurrence of an Event of Default, or (ii) the commencement of
any Insolvency Proceeding involving any Loan Party or Subsidiary thereof, and notwithstanding any acceleration (for any reason)
of the Obligations; provided, that any payment required to be made pursuant to Section 4.02(a)(iii), Section
4.02(a)(iv) (solely with respect to any Net Equity Proceeds from any Equity Cure Investment), Section 4.02(a)(v) and
Section 4.02(a)(vi), or any Term Loan Repayment Amount shall not constitute a Prepayment Premium Trigger Event;

 

(b)
the acceleration of the Obligations for any reason, including, but not limited to, acceleration in accordance with Section
10.02, including as a result of the commencement of any proceeding under the Bankruptcy Code;

 

    	 	32	 

    	 

    

 

(c)
the satisfaction, release, payment, restructuring, reorganization, replacement, reinstatement, defeasance or compromise of any
of the Obligations in any commencement of any proceeding under the Bankruptcy Code, foreclosure (whether by power of judicial
proceeding or otherwise) or deed in lieu of foreclosure or the making of a distribution of any kind in any commencement of any
proceeding under the Bankruptcy Code to the Administrative Agent, for the account of the Lenders in full or partial satisfaction
of the Obligations; or

 

(d)
the termination of this Loan Agreement for any reason.

 

For
purposes of the definition of the term Prepayment Premium, if a Prepayment Premium Trigger Event occurs under clause (b), (c)
or (d), solely for the purposes of determining whether such Prepayment Premium is due, the entire outstanding principal amount
of the Term Loan shall be deemed to have been prepaid on the date on which such Prepayment Premium Trigger Event occurs.

 

“Prime
Rate” means the prime rate of interest that under current practice is listed as such under the heading “Money
Rates” in the Eastern Edition of The Wall Street Journal.

 

“Prior
Financial Statements” means a report titled “CONSOLIDATED FINANCIALS FOR JOY RETAIL / JOY PROFESSIONAL / CREAM
SUDS PROFESSIONAL / JOY LA EXPORT BUSINESS” prepared by The Procter & Gamble Company for the period beginning January
1, 2013 and ending December 31, 2018.

 

“Projections”
means the all financial estimates, forecasts, models, projections, other forward-looking information, and underlying assumptions
relating to any of the foregoing, concerning the Loan Parties and their respective Subsidiaries, that have been or are hereafter
made available to the Administrative Agent or a Lender by or on behalf of a Loan Party.

 

“Qualified
Capital Stock” means any Capital Stock that is not Disqualified Capital Stock.

 

“Rating
Agency” has the meaning given to such term in Section 12.08.

 

“Real
Property” means, with respect to any Person, all right, title and interest of such Person (including, without limitation,
any leasehold estate) in and to a parcel of real property owned, leased or operated by such Person together with, in each case,
all improvements and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to
the ownership, lease or operation thereof.

 

“Recipient”
means (a) the Administrative Agent, (b) the Collateral Agent, and (c) any Lender, as applicable.

 

“Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness, so long as:

 

(a)
such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced,
renewed, or extended (other than by the amount of the fees and expenses incurred in connection therewith);

 

    	 	33	 

    	 

    

 

(b)
such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the
refinancing, renewal, or extension) of the Indebtedness so refinanced, renewed, or extended;

 

(c)
if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the
terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least
as favorable to the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness; and

 

(d)
the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations
other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended.

 

“Register”
has the meaning given to such term in Section 12.06(b)(iv).

 

“Regulation
T” means Regulation T of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

“Regulation
U” means Regulation U of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

“Regulation
X” means Regulation X of the Board as from time to time in effect, and any successor to all or a portion thereof establishing
margin requirements.

 

“Related
Brand” means an identifiable and differentiated name, symbol and/or design that is related to the Business.

 

“Related
Brand Acquisition” means the acquisition by any Loan Party of a Related Brand or license of, or other right to use,
a Related Brand, together, if applicable, with any assets held for use in the manufacture and distribution of products under the
name of the Related Brand.

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees,
agents, trustees, members, partners, investors, holders of Capital Stock, auditors, funding and financing sources, attorneys,
accountants, consultants and other professional advisors of such Person and any Person that possesses, directly or indirectly,
the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise
voting power, by contract or otherwise.

 

“Release”
means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
depositing, disposing, emanating or migrating of Hazardous Materials in the environment, and in any event includes any “release”
as such term is defined in CERCLA.

 

“Reportable
Event” means an event described in Section 4043(c) of ERISA with respect to a Plan that is subject to Title IV of ERISA
and as to which the PBGC has not waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation Section 4043 the requirement
that the PBGC be notified of such event.

 

    	 	34	 

    	 

    

 

“Request
for Funding” means a written request for funding from the Authorized Officers of each Borrower.

 

“Required
Lenders” means, at any time, Lenders holding more than 50% of the sum of the aggregate outstanding principal amount
of the Term Loans.

 

“Restricted
Payment” means, with respect to any Person, (a) the declaration or payment of any dividend on, or the making of any
payment or distribution on account of, or setting apart assets for a sinking or other analogous fund for the purchase, redemption,
defeasance, retirement or other acquisition of, any class of Capital Stock of such Person or any warrants or options to purchase
any such Capital Stock, whether now or hereafter outstanding, or the making of any other distribution in respect thereof, either
directly or indirectly, whether in cash or property, (b) any payment of a management fee or other fee of a similar nature by such
Person to any holder of its Capital Stock or any other Affiliate thereof, or (c) the payment or prepayment of principal of, or
premium or interest on, any Indebtedness subordinate to the Obligations unless such payment is permitted under the terms of the
subordination agreement applicable thereto, in each case, with respect to the foregoing clauses (a) through (c), whether by means
of a Division or otherwise.

 

“Retained
Excess Cash Flow” means, for any fiscal year of the Borrowers, commencing with the fiscal year ending December 31, 2020,
an amount (which amount shall not be less than zero) equal to (x) the amount of Consolidated Excess Cash Flow for the applicable
fiscal year, minus (y) the portion of such Consolidated Excess Cash Flow that is required to be applied to the prepayment
of the Term Loans in accordance with Section 4.02(a)(vi) (without giving effect to the proviso set forth in the first sentence
of Section 4.02(a)(vi)).

 

“Revolving
Credit Agreement” means a revolving credit agreement evidencing a Revolving Credit Facility, which shall be in form
and substance satisfactory to the Administrative Agent.

 

“Revolving
Credit Facility” means a revolving credit facility to be provided to any of the Loan Parties.

 

“Revolving
Loan Documents” means the Revolving Credit Agreement and any other agreements, documents and instruments executed in
connection therewith, which shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

“S&P”
means Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sanctioned
Country” has the meaning given to such term in Section 7.32.

 

“Sanctioned
Person” has the meaning given to such term in Section 7.32.

 

“Sanctions”
has the meaning given to such term in Section 7.32.

 

“SEC”
means the Securities and Exchange Commission and any Governmental Authority succeeding to some or all of the functions thereof.

 

    	 	35	 

    	 

    

 

“Secured
Parties” means, collectively, (a) the Lenders, (b) the Agents, (c) the beneficiaries of each indemnification obligation
undertaken by any Loan Party under the Loan Documents, (d) any successors, endorsees, transferees and assigns of each of the foregoing,
and (e) any other holder of any Secured Obligation (as defined in the Guaranty and Security Agreement).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Securitization”
has the meaning given to such term in Section 12.08.

 

“Security
Documents” means, collectively, the Guaranty and Security Agreement, the Collateral Assignment of Transaction Documents,
each Mortgage, each Landlord Agreement, each Account Control Agreement, the Patent Security Agreements, the Trademark Security
Agreements, the Copyright Security Agreements, and each other instrument or document executed and delivered pursuant to Sections
8.10, 8.11, 8.13, 8.14, 8.15, 8.20 or pursuant to any of the Security Documents to guarantee
or secure any of the Obligations.

 

“Senior
Executive Consulting Agreement” means that certain Senior Executive Consulting Agreement, dated as of the date hereof,
by and among CPG Sales Solutions LLC and C-PAK, and in each case as amended, supplemented or otherwise modified, renewed or replaced
from time to time to the extent permitted hereunder.

 

“Shared
Technology License Agreement” means that certain Shared Technology License Agreement, dated as of the date hereof, by
and among The Procter & Gamble Company and C-PAK, and in each case as amended, supplemented or otherwise modified, renewed
or replaced from time to time to the extent permitted hereunder.

 

“Solvency
Certificate” means a solvency certificate duly executed by an Authorized Officer of Holdings on behalf of the Borrower
and delivered to the Administrative Agent, in form and substance satisfactory to the Administrative Agent.

 

“Solvent”
means, with respect to the Loan Parties and their Subsidiaries, taken as a whole that:

 

	 	(a)	the
    fair value of the assets (on a going concern basis) of the Loan Parties and their Subsidiaries on a consolidated basis taken
    as a whole, exceeds its and their respective debts and liabilities on a consolidated basis taken as a whole, subordinated,
    contingent or otherwise;
	 	 	 
	 	(b)	the
    present fair saleable value of the property (on a going concern basis) of the Loan Parties and their Subsidiaries on a consolidated
    basis taken as a whole, is greater than the amount that will be required to pay the probable liability, on a consolidated
    basis, of their respective debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
    become absolute and matured;

 

    	 	36	 

    	 

    

 

	 	(c)	the
    Loan Parties and their Subsidiaries on a consolidated basis, taken as a whole, are able to pay their respective debts and
    liabilities, subordinated, contingent or otherwise, as such liabilities become absolute and matured; and
	 	 	 
	 	(d)	the
    Loan Parties and their Subsidiaries on a consolidated basis, taken as a whole, are not engaged in, and are not prepared to
    engage in following the Closing Date, business contemplated as of the date hereof for which they have unreasonably small capital.

 

“Special
Flood Hazard Area” means an area that the Federal Emergency Management Agency’s current flood maps indicate has
at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a “100-year flood”)
in any given year.

 

“Subsidiary”
of any Person means and includes (a) any corporation more than 50% of whose Voting Stock having by the terms thereof power to
elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes
of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned
by such Person directly or indirectly through Subsidiaries and (b) any partnership, limited liability company, association, joint
venture or other entity in which such Person directly or indirectly through one or more Subsidiaries has more than a 50% equity
interest (measured by vote or value) at the time. Unless otherwise expressly provided, all references herein to a “Subsidiary”
means a direct or indirect Subsidiary of Holdings.

 

“Swap
Termination Value” means, in respect of any one or more Hedging Agreements, after taking into account the effect of
any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging
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
Hedging Agreements, as determined based upon one or more mid-market or other readily available quotations typically used for such
mark-to-market valuation purpose and provided by any recognized independent dealer in such Hedging Agreements.

 

“Tax
Distributions” means payments to any direct or indirect parent entity of C-PAK (the “Parent Entity”)
that files for each Tax year (or a portion thereof) a consolidated U.S. federal or combined or unitary state, local or foreign
Tax return that includes the taxable income of C-PAK, in an amount equal to U.S. federal, state, local and foreign Taxes actually
payable by such Parent Entity in respect of the taxable income of C-PAK; provided that if the Parent Entity receives a
refund from a Governmental Authority in respect of any amounts paid as Tax Distributions, any subsequent Tax Distributions shall
be reduced by the amount of such refund.

 

“Taxes”
and “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
Loan” has the meaning given to such term in Section 2.01(a).

 

    	 	37	 

    	 

    

 

“Term
Loan Commitment” means, in the case of each Lender as of the Closing Date, the amount set forth opposite such Lender’s
name on Schedule 1.01(a) as such Lender’s “Term Loan Commitment”, as the same may be changed from time
to time pursuant to the terms hereof including Section 2.09.

 

“Term
Loan ECF Percentage” means (a) 50.0% for any fiscal year if the Total Leverage Ratio calculated as of the last day of
such fiscal year is greater than or equal to 2.00:1.00, (b) 25.0% for any fiscal year if the Total Leverage Ratio calculated as
of the last day of such fiscal year is less than 2.00:1.00 but greater than or equal to 1.50:1.00 and (c) 0.0% for any fiscal
year if the Total Leverage Ratio calculated as of the last day of such fiscal year is less than 1.50:1.00.

 

“Term
Loan Note” means a promissory note substantially in the form of Exhibit A.

 

“Term
Loan Repayment Amount” has the meaning given to such term in Section 2.03(a).

 

“Term
Loan Repayment Date” has the meaning given to such term in Section 2.03(a).

 

“Test
Period” means, for any determination under this Loan Agreement, the four consecutive fiscal quarters of the Consolidated
Companies most recently ended as of the date of such determination.

 

“Total
Credit Exposure” means, as of any date of determination, (a) with respect to each Lender, the outstanding principal
amount of such Lender’s Term Loans, and (b) with respect to all Lenders, the aggregate outstanding principal amount of all
Term Loans.

 

“Total
Leverage Ratio” means (i) Funded Debt divided by (ii) Consolidated Adjusted EBITDA.

 

“Total
Term Loan Commitment” means the sum of all Lenders’ Term Loan Commitments, which as of the Closing Date is as
set forth on Schedule 1.01(a). As of the Closing Date, the aggregate amount of Lenders’ Total Term Loan Commitments
is $22,000,000.

 

“Trademark
Security Agreements” means any Trademark Security Agreements made in favor of the Collateral Agent (for the benefit
of the Secured Parties) by each applicable Loan Party, in each case as amended, supplemented or otherwise modified, renewed or
replaced from time to time.

 

“Trading
with the Enemy Act” has the meaning given to such term in Section 7.31.

 

“Transaction
Agreement” means that certain Transaction Agreement, dated as of the date hereof, between The Procter & Gamble Company,
C-PAK, and Parent, together with all schedules and exhibits thereto, as amended, supplemented or otherwise modified, renewed or
replaced from time to time to the extent permitted thereunder and hereunder.

 

“Transaction
Documents” means the Transaction Agreement, the Shared Technology License Agreement, the Transition Services Agreement,
the Transitional Distribution Agreement and the each other material agreement, document or instrument executed pursuant to, or
delivered in connection with, the Transaction Agreement (including without limitation any employment agreements, escrow agreements,
subscription agreements, stockholder agreement, earnout stock warrants, and transaction bonus agreements executed and delivered
in connection therewith), in each case together with all schedules and exhibits thereto, and in each case as amended, supplemented
or otherwise modified, renewed or replaced from time to time to the extent permitted hereunder.

 

    	 	38	 

    	 

    

 

“Transaction
Fee” means, the “Transaction Fee Accrued Liability” (as defined in the Management Agreement as in effect
on the date hereof) earned by C-PAK to Parent in an amount not to exceed $900,000.

 

“Transactions”
means (i) the consummation of the Acquisition (including the entry into the Transition Services Agreement, the Transitional Distribution
Agreement, the Transitional Supply Agreement, the Shared Technology License Agreement and the Senior Executive Consulting Agreement),
(ii) the execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party, and (iii) the disbursement
of the Term Loans hereunder on the Closing Date.

 

“Transition
Services Agreement” means that certain Transition Services Agreement, dated as of the date hereof, by and among The
Procter & Gamble Company and C-PAK, and in each case as amended, supplemented or otherwise modified, renewed or replaced from
time to time to the extent permitted hereunder.

 

“Transitional
Distribution Agreement” means that certain Transitional Distribution Agreement, dated as of the date hereof, by and
among The Procter & Gamble Company and C-PAK, and in each case as amended, supplemented or otherwise modified, renewed or
replaced from time to time to the extent permitted hereunder.

 

“Transitional
Supply Agreement” means that certain Transitional Supply Agreement, dated as of the date hereof, by and among The Procter
& Gamble Company and C-PAK, and in each case as amended, supplemented or otherwise modified, renewed or replaced from time
to time to the extent permitted hereunder.

 

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

 

“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 given to such term in Section 4.04(f).

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Unasserted
Contingent Obligations” has the meaning given to such term in the Guaranty and Security Agreement.

 

“Unfunded
Current Liability” of any Plan means the amount, if any, by which the value of the accumulated plan benefits under the
Plan, determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed
by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair market value of all plan assets allocable to such liabilities
under Title IV of ERISA (excluding any accrued but unpaid contributions).

 

    	 	39	 

    	 

    

 

“Voting
Stock” means, with respect to any Person, shares of such Person’s Capital Stock having the right to vote for the
election of directors (or Persons acting in a comparable capacity) of such Person under ordinary circumstances.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in 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.

 

Section
1.02. Other Interpretive Provisions. With reference to this Loan Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

 

(a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)
The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar import
when used in any Loan Document shall refer to such Loan Document as a whole and not to any particular provision thereof.

 

(c)
Article, Section, clause, Exhibit and Schedule references are to the Loan Document in which such reference appears.

 

(d)
The terms “include”, “includes” and “including” are by way of example and not limitation,
and shall be deemed to be followed by the words “without limitation” whether or not they are in fact followed by such
words.

 

(e)
The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or electronic form.

 

(f)
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”.

 

    	 	40	 

    	 

    

 

(g)
Unless otherwise provided herein or in any other Loan Document, the words “execute”, “execution”, “signed”,
and “signature” and words of similar import used in or related to any document to be signed in connection with this
Loan Agreement, any other Loan Document or any of the transactions contemplated hereby (including amendments, waivers, consents
and other modifications) shall be deemed to include electronic signatures and 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 in ink or the use of a
paper-based recordkeeping system, as applicable, to the fullest 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, and
any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything
herein to the contrary, neither Agent is under any obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by such Agent pursuant to procedures approved by such Agent.

 

(h)
The Table of Contents and Article, Section and clause headings herein and in the other Loan Documents are included for convenience
of reference only and shall not affect the interpretation of this Loan Agreement or any other Loan Document.

 

Section
1.03. Accounting Terms and Principles. 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 Loan Agreement after the Initial Accounting Termination Date shall be prepared in conformity with, GAAP, consistently
applied, except as otherwise specifically prescribed herein. No change in the accounting principles used in the preparation of
any financial statement hereafter adopted by Holdings or any of its Subsidiaries shall be given effect for purposes of measuring
compliance with any provision of Article IX, including Section 9.13, or otherwise in this Loan Agreement unless
the Borrower and the Administrative Agent agree in writing to modify such provisions to reflect such changes in GAAP and, unless
such provisions are modified, all financial statements, Compliance Certificates and similar documents provided hereunder shall
be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect
to such change in GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used
herein or in any other Loan Document (including any Compliance Certificate) shall be construed, and all computations of amounts
and ratios referred to in Article IX shall be made, without giving effect to (i) any election under Accounting Standards
Codification 825-10 or (ii) Accounting Standards Codifications 470-20 or 835-30 (or, in the case of clauses (i) and (ii), any
other Financial Accounting Standard having a result or effect similar to any such standard), to value any Indebtedness or other
liabilities of any Loan Party or any Subsidiary of any Loan Party at “fair value” or any other standard that does
not reflect 100% of the outstanding principal amount thereof without deducting any debt issuance costs. A breach of a financial
covenant contained in Article IX shall be deemed to have occurred as of any date of determination by the Administrative
Agent or as of the last day of any specified measurement period, regardless of when the financial statements reflecting such breach
are delivered or required to be delivered to any Agent or any Lender. In addition, any lease treated as an operating lease on
the date it is entered into shall continue to be treated as an operating lease during the term of this Loan Agreement notwithstanding
a change in the treatment thereof to a Capital Lease in accordance with any change in GAAP. 

 

    	 	41	 

    	 

    

 

Section
1.04. Rounding. Any financial ratios required to be maintained or complied with by any Loan Party pursuant to this Loan
Agreement (or required to be satisfied in order for a specific action to be permitted under this Loan 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
1.05. References to Agreements, Laws, etc. Unless otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including this Loan Agreement and each of the other Loan Documents) and other Contractual Obligations shall be deemed
to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements and other modifications
thereto, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements and other
modifications are permitted by any Loan Document, and (b) references to any Law shall include all statutory and regulatory provisions
consolidating, amending, replacing, supplementing or interpreting such Law.

 

Section
1.06. Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight saving or standard, as then applicable).

 

Section
1.07. Timing of Payment or Performance. When the payment of any obligation or the performance of any covenant, duty or
obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance
shall extend to the immediately succeeding Business Day.

 

Section
1.08. Corporate Terminology. All references to officers, shareholders, stock, shares, directors, boards of directors, corporate
authority, articles of incorporation, bylaws or other matters relating to a corporation, herein or in any other Loan Document,
with respect to a Person that is not a corporation, mean and are references to the comparable terms used with respect to such
Person.

 

Section
1.09. Independence of Provisions. This Loan Agreement and the other Loan Documents may use different limitations, tests,
“baskets”, thresholds or other measurements to regulate the same or similar matters. All such limitations, tests,
“baskets”, thresholds and other measurements are cumulative, and each must be performed or complied with independently
of all others.

 

Section
1.10. Divisions. Any restriction, condition or prohibition applicable to a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale or transfer, or similar term set forth in the Loan Documents shall be deemed to apply to a Division
of or by a limited liability company, or an allocation of assets to a series of a limited liability company, as if it were a merger,
transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or similar term, as applicable. Any reference
in any Loan Document to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a Division of or by a limited liability company, or an allocation of assets to a
series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,
amalgamation, consolidation, assignment, sale or transfer, or similar term, as applicable, to, of or with a separate Person. Any
Division of a limited liability company shall constitute a separate Person under the Loan Documents (and each division of any
limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

    	 	42	 

    	 

    

 

ARTICLE
II

AMOUNT AND TERMS OF CREDIT FACILITIES

 

Section
2.01. Term Loans.

 

(a)
Subject to and upon the terms and conditions set forth herein, each Lender agrees, severally and not jointly, to make a loan or
loans (each a “Term Loan” and collectively the “Term Loans”) to the Borrower on the Closing
Date in an amount equal to such Lender’s Term Loan Commitment on and as of the Closing Date. All such Term Loans in the
aggregate on the Closing Date shall not exceed the Total Term Loan Commitment on and as of the Closing Date. Any Term Loans may
be repaid or prepaid in accordance with the terms and conditions hereof, but once repaid or prepaid may not be re-borrowed.

 

(b)
[Reserved].

 

(c)
Each Lender may, at its option, make any Term Loan in its entirety by causing any domestic or foreign branch or Affiliate of such
Lender to make such Term Loan; provided, that (i) any exercise of such option shall not affect the obligation of each Borrower
to repay such Term Loan in accordance with the terms hereof and (ii) in exercising such option, such Lender shall use reasonable
efforts to minimize any increased costs to the Borrowers resulting therefrom (which obligation of the Lender shall not require
it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated
hereunder or that it determines would be otherwise disadvantageous to it, and in the event of any Lender request for costs for
which compensation is provided under this Loan Agreement, the provisions of Section 2.06 shall apply).

 

Section
2.02. Disbursement of Funds.

 

(a)
Each Lender will make available its pro rata portion of the Term Loans to be made by it in the manner provided below by
no later than 3:00 p.m. on the Closing Date.

 

(b)
Each Lender shall make available to the Administrative Agent (or, at the direction of the Administrative Agent, directly to either
Borrower) in immediately available funds, in Dollars, all amounts such Lender is required to fund to the Borrowers, and, following
receipt thereof in an account designated by the Administrative Agent (to the extent not directed to be made available directly
to either Borrower), the Administrative Agent will make available to the Borrowers in immediately available funds, in Dollars,
the aggregate of the amounts so made available, by remitting such aggregate amount to an account designated by the Borrowers to
the Administrative Agent in writing. The failure of any Lender to make available the amounts it is required to fund hereunder
or to make a payment required to be made by it under any Loan Document shall not relieve any other Lender of its obligations under
any Loan Document, but no Lender shall be responsible for the failure of any other Lender to make any payment required to be made
by such other Lender under any Loan Document.

 

    	 	43	 

    	 

    

 

(c)
Nothing in this Section 2.02 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder
or to prejudice any rights that the Borrowers may have against any Lender as a result of any default by such Lender hereunder
(it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments
hereunder).

 

Section
2.03. Payment of Loans; Notes.

 

(a)
The Borrowers agree to pay to the Administrative Agent, for the benefit of the Lenders, on the last Business Day of each March,
June, September, and December of each year, beginning on September 30, 2019 (each, a “Term Loan Repayment Date”),
the principal of the Term Loan in the amount of $440,000, (each a “Term Loan Repayment Amount”).

 

(b)
The Borrowers agree to pay to the Administrative Agent, for the benefit of the Lenders, on the Maturity Date, the principal amount
of the Term Loans then outstanding, together with all accrued interest thereon.

 

(c)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers
to the appropriate lending office of such Lender resulting from each Term Loan made by such lending office of such Lender from
time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time
to time under this Loan Agreement.

 

(d)
At the request of any Lender, the Borrowers shall execute and deliver to the Administrative Agent on the Closing Date one or more
Notes payable to such Lender which in the aggregate equal the amount of such Lender’s Term Loan Commitment.

 

(e)
Any Lender may exchange its Note(s) for, and within five (5) Business Days following a written request from such Lender, the Borrowers
shall issue, one or more replacement Notes in an aggregate principal amount equal to the principal amount of the Note(s) being
replaced, in such smaller or larger denominations as such Lender may request.

 

(f)
Each Borrower hereby irrevocably authorizes each Lender to make (or cause to be made) appropriate notations on the grid attached
to such Lender’s Note(s) (or on any continuation of such grid), which notations, if made, shall be prima facie evidence
(absent manifest error) of, among other things, the date of, the outstanding principal amount of, and the interest rate and Interest
Period applicable to, the Term Loans evidenced thereby. Such notations shall, to the extent not inconsistent with notations made
by the Administrative Agent in the Register, be conclusive and binding on each Loan Party absent manifest error; provided, that
the failure of any Lender to make any such notations shall not limit or otherwise affect any Obligations of any Loan Party. The
Administrative Agent shall maintain the Register pursuant to Section 12.06(b)(iv), with a subaccount for each Lender, in
which Register and subaccounts (taken together) shall be recorded (i) the amount of each Term Loan made hereunder and the Interest
Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the
Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent from the Borrowers and
each Lender’s share thereof.

 

    	 	44	 

    	 

    

 

(g)
The entries made in the Register and accounts and subaccounts maintained pursuant to Section 2.03(c) and (f) shall,
to the extent permitted by Applicable Law, be prima facie evidence (absent manifest error) of the existence and amounts of the
obligations of the Borrowers recorded therein; provided, that the failure of any Lender or the Administrative Agent to maintain
such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation
of each Borrower to repay (with applicable interest) the Term Loans made to the Borrowers by such Lender in accordance with the
terms of this Loan Agreement.

 

Section
2.04. Pro Rata Borrowings. Each borrowing of Term Loans under this Loan Agreement shall be granted by
the Lenders, pro rata on the basis of their Term Loan Commitments. No Lender shall be responsible for any default by
any other Lender in its obligation to make Term Loans hereunder, and each Lender shall be obligated to make the Term Loans,
as applicable, committed to be made by it hereunder regardless of the failure of any other Lender to fulfill its commitments
hereunder.

 

Section
2.05. Interest.

 

(a)
Subject to Section 2.05(c), the unpaid principal amount of each Term Loan shall accrue interest from the date of the borrowing
thereof to but excluding the date of any repayment in full thereof, at a rate per annum equal to the LIBOR Rate in effect hereunder
from time to time plus the Applicable Term Loan Margin.

 

(b)
On each Interest Payment Date, interest accrued on each Term Loan shall be payable in cash in arrears.

 

(c)
From and after the occurrence and during the continuance of any Event of Default, the Borrowers shall pay interest on the principal
amount of the Term Loans, as applicable, and all other unpaid Obligations, to the extent permitted by Applicable Law, at the rate
applicable to such Term Loans pursuant to Section 2.05(a) plus two percent (2%) per annum. Such increase shall apply (i)
automatically upon the occurrence and during the continuance of an Event of Default under Section 10.01(a) or Section
10.01(j) and (ii) upon the written election of Required Lenders (or the Administrative Agent acting at the direction of Required
Lenders), retroactively from the date of occurrence and during the continuance of any other Event of Default. All such additional
interest shall be payable in cash on demand.

 

(d)
All computations of interest hereunder shall be made in accordance with Section 4.06.

 

(e)
The Administrative Agent, upon determining the interest rate for any borrowing of Term Loans, shall promptly notify the Borrowers
and the Lenders thereof. Each such determination shall be final and conclusive and binding on all parties hereto absent manifest
error.

 

Section
2.06. Increased Costs, Illegality, etc.

 

(a)
In the event that (x) in the case of clause (i) below, the Administrative Agent or (y) in the case of clauses (ii)
and (iii) below, any Lender, in each case, shall have determined (which determination shall, absent demonstrable error,
be final and conclusive and binding upon all parties hereto):

 

(i)
on any date for determining the LIBOR Rate for any Interest Period that (A) deposits in the principal amounts of the Term Loans
are not generally available in the relevant market or (B) by reason of any changes arising after the Closing Date affecting the
interbank Eurodollar market, adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided
for in the definition of LIBOR Rate; or

 

    	 	45	 

    	 

    

 

(ii)
at any time, after the later of the Closing Date and the date such Person became a Lender hereunder, that such Lender shall incur
increased costs or reductions in the amounts received or receivable hereunder with respect to any Term Loan, including costs arising
from Taxes (other than (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of
Excluded Taxes and (z) Connection Income Taxes) because of (A) any change since the date hereof in any Applicable Law (or in the
interpretation or administration thereof and including the introduction of any new Applicable Law), such as, for example, without
limitation, a change in official reserve requirements, and/or (B) other circumstances affecting the interbank Eurodollar market
or the position of such Lender in such market; or

 

(iii)
at any time, that the making or continuance of any Term Loan has become unlawful by compliance by such Lender in good faith with
any Applicable Law (or would conflict with any such Applicable Law), or has become impracticable as a result of a contingency
occurring after the date hereof that materially and adversely affects the interbank Eurodollar market,

 

then,
and in any such event, such Lender (or the Administrative Agent, in the case of clause (i) above) shall promptly give notice
to the Borrowers and the Administrative Agent of such determination, which notice the Administrative Agent shall promptly transmit
to each of the Lenders. Thereafter (A) in the case of clause (i) above, Term Loans shall no longer accrue interest with
reference to the LIBOR Rate pursuant to Section 2.05(a) and, in lieu thereof, shall accrue interest under Section 2.05(a)
at a rate per annum equal to the Prime Rate plus the Applicable Term Loan Margin minus the lesser of (1) 100
basis points and (2) the difference between the Prime Rate and the last available LIBOR Rate, until such time as the Administrative
Agent notifies the Borrowers, the Collateral Agent and the Lenders that the circumstances giving rise to such notice by the Administrative
Agent no longer exist (which notice the Administrative Agent agrees to give at such time when it becomes aware that such circumstances
no longer exist), (B) in the case of clause (ii) above, the Borrowers shall pay to such Lender, within five (5) Business
Days after receipt of written demand therefor, such additional amounts (in the form of an increased rate of, or a different method
of calculating, interest or otherwise as such Lender in its reasonable discretion shall determine) as shall be required to compensate
such Lender or its parent for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written
notice as to the additional amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof, submitted
to the Borrowers by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties
hereto) and (C) in the case of clause (iii) above, the Borrowers shall take the actions specified by Applicable Law as
promptly as possible and, in any event, within the time period required by Applicable Law. Administrative Agent or any such Lender
shall be required to provide written notice of any of the foregoing events not later than 180 days after knowledge thereof, provided
that to the extent any such increased costs are applied retroactively to any Lender, such 180-day period shall be extended to
include any such period of retroactive effect.

 

    	 	46	 

    	 

    

 

(b)
If at any time that the Administrative Agent determine (which determination shall be conclusive absent manifest error) a specific
date after which LIBOR Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent shall,
upon consultation with the Borrower, endeavor to establish an alternate rate of interest to LIBOR that gives due consideration
to the then prevailing market convention for determining a rate of interest for loans similar to the Term Loans in the United
States at such time, and shall enter into an amendment to this Loan Agreement to reflect such alternate rate of interest and such
other related changes to this Loan Agreement as may be applicable. Notwithstanding anything to the contrary in Section 12.01,
such amendment shall become effective without any further action or consent of any other party to this Loan Agreement (but for
the avoidance of doubt, such related changes shall not include a reduction of the Applicable Term Loan Margin).

 

(c)
If, after the later of the date hereof and the date such entity becomes a Lender hereunder, the adoption of any Law, rule, guideline,
request or directive (including, regardless of the date enacted, adopted or issued, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act, and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii)
all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III)), whether or not having the force of law, regarding capital adequacy, or any change to any such Law, rule, guideline,
request or directive, or any change in the interpretation or administration of any such Law rule, guideline, request or directive
by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by a Lender (or its lending office) or its parent with any request or directive made or adopted after such date regarding
capital adequacy (whether or not having the force of law) of any such authority, association, central bank or comparable agency,
has the effect of reducing the rate of return on such Lender’s or its parent’s capital or assets as a consequence
of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent could have achieved
but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s or its parent’s
policies with respect to capital adequacy), then within five (5) Business Days after receipt of written demand by such Lender
(with a copy to the Administrative Agent), the Borrowers shall pay to such Lender such additional amount or amounts as will compensate
such Lender or its parent for such reduction; provided, however, that a Lender shall not be entitled to such compensation
as a result of such Lender’s compliance with, or pursuant to any request or directive to comply with, any such Applicable
Law as in effect on the date hereof or the later date on which it becomes a Lender, as the case may be. Each Lender (on its own
behalf), upon determining in good faith that any additional amounts will be payable pursuant to this Section 2.06(c), will,
as promptly as practicable upon ascertaining knowledge thereof, give written notice thereof to the Borrowers, which notice shall
set forth in reasonable detail the basis of the calculation of such additional amounts. The failure or delay to give any such
notice with respect to a particular event shall not release or diminish any of each Borrower’s obligations to pay additional
amounts pursuant to this Section 2.06(c) for amounts accrued or incurred prior to the date that such notice with respect
to such event is actually given, unless such notice is given more than 180 days (or such longer period based on any retroactive
effect as described in Section 2.06(a)) after Lender has knowledge of any such event.

 

    	 	47	 

    	 

    

 

Section
2.07. Compensation. If (a) any payment of principal of a Term Loan is made by either Borrower to or for the account of
a Lender other than on the last day of the Interest Period for such Term Loans as a result of a payment pursuant to Sections
2.03, 4.01 or 4.02, as a result of acceleration of the maturity of the Term Loans pursuant to Article
X or for any other reason, or (b) any prepayment of principal of a Term Loan is not made as a result of a withdrawn
notice of prepayment pursuant to Sections 4.01 or 4.02, the Borrowers shall within five (5) Business Days after
receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis for requesting such
amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for
any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment or failure to
prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Term Loan.

 

Section
2.08. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the
operation of Sections 2.06(a)(ii), 2.06(a)(iii), or 4.04 with respect to such Lender, it will, if
requested by the Borrowers use reasonable efforts (subject to overall policy considerations of such Lender) to designate
another lending office for any Term Loans affected by such event if, in the judgment of such Lender, such designation will
eliminate or reduce amounts payable pursuant to Sections 2.06(a)(ii), 2.06(a)(iii) or 4.04, as the case
may be, in the future; provided, that such designation is made on such terms that such Lender and its lending office suffer
no economic, legal or regulatory disadvantage or unreimbursed costs, with the object of avoiding the consequence of the event
giving rise to the operation of any such Section. Nothing in this Section 2.08 shall affect or postpone any of the
obligations of either Borrower or the right of any Lender provided in Sections 2.06 or 4.04.

 

Section
2.09. Right of First Offer.

 

(a)
In connection with any Permitted Acquisition which is financed with debt (“Acquisition Debt”), the Lenders
shall be offered the first opportunity, prior to the Borrowers soliciting from, offering opportunities or accepting offers to
or from any other lender, to provide such Acquisition Debt. The Borrowers shall provide such information as the Lenders may reasonably
request in order to permit the Lenders to propose terms for such Acquisition Debt (it being understood and agreed that the delivery
requirements in this clause shall be subject to (x) customary access agreements for third party reports and (y) the execution
and delivery by the Lenders of a customary confidentiality agreement for all non-Borrower information) to the Lenders as promptly
as such materials are available (collectively the “Diligence Materials”). The Lenders shall have five (5) days
after receipt of the Diligence Materials to advise the Borrowers, in writing, if they have an interest (which shall not constitute
any obligation) to provide such Acquisition Debt (a “Notice of Interest”) and fifteen (15) Business Days after
delivery of a Notice of Interest to the Borrowers to make an offer to provide such Acquisition Debt in writing to the Borrowers,
which offer will set forth the material terms, and economics of such Acquisition Debt (the “Acquisition Debt Offer”).
The Borrowers will in good faith negotiate the terms of the Acquisition Debt Offer. During such negotiation, the Borrowers shall
not solicit, offer any opportunities or accept any other offer, to provide such Acquisition Debt to or from any other lenders
(the “Exclusivity Period”). Notwithstanding anything set forth in this Section 2.09 to the contrary,
if a Notice of Interest is not delivered to Borrowers as and when required hereby, the Lenders rights under this Section 2.09
shall not be exclusive and Borrowers may contact, negotiate with and obtain any such Acquisition Debt from any other Person
so long as Borrowers continue to negotiate in good faith with Lenders for the provision of such Acquisition Debt.

 

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(b)
If the Borrowers accept an Acquisition Debt Offer or the parties otherwise negotiate agreed-upon terms for the Acquisition Debt,
then, the Borrowers shall use commercially reasonable efforts to consummate the transaction in respect of the Acquisition Debt
in accordance with the terms thereof.

 

(c)
If the Borrowers decline the terms of the Acquisition Debt Offer proposed by the Lenders, the Borrowers may seek financing from
other lenders (each an “Additional Lender”); provided that, prior to the Borrowers or any Subsidiary
of the Borrowers entering into a binding commitment with any Additional Lender in respect of such Acquisition Debt or consummating
the funding of such Acquisition Debt by any Additional Lender, the Borrowers shall first have provided the Lenders with a new
opportunity to provide such Acquisition Debt on terms no worse than the terms for the Acquisition Debt offered by such Additional
Lender. The Borrowers shall provide the Lenders with (A) a written summary of the material terms of any Additional Lender’s
bona fide offer to provide such Acquisition Debt and (B) all additional business due diligence materials subject to any required
customary access or confidentiality agreement to be executed by the Lenders. The Borrowers agree to negotiate with the Lenders
in good faith in respect of any such proposal. For the avoidance of doubt, the Lenders shall not have any obligation hereunder
to provide any Acquisition Debt and the incurrence of such Acquisition Debt shall be subject to the terms of this Loan Agreement.
Notwithstanding any of the foregoing, any Acquisition Debt, and the ability of the Loan Parties to incur such Acquisition Debt,
shall otherwise be subject to the terms of this Loan Agreement.

 

(d)
For the avoidance of doubt, this Section 2.09 shall not apply to the Revolving Credit Facility.

 

ARTICLE
III

FEES, PREMIUMS AND COMMITMENT TERMINATIONS

 

Section
3.01. Fees. In addition to any fees and expenses described in this Loan Agreement and in any other Loan Document, the
Borrowers agree to pay to the Administrative Agent and each Lender, as applicable, all the fees set forth in the Fee
Letter.

 

    	49

    	 

    

 

Section
3.02. Prepayment Premiums. Upon the occurrence of a Prepayment Premium Trigger Event, the Borrower shall pay to the
Administrative Agent, for the account of the Lenders, the Prepayment Premium. Notwithstanding anything to the contrary in
this Loan Agreement or any other Loan Document, it is understood and agreed that if the Obligations are accelerated as a
result of the occurrence and continuance of any Event of Default (including by operation of law or otherwise), the Prepayment
Premium, if any, determined as of the date of acceleration, will also be due and payable and will be treated and deemed as
though the Term Loans were prepaid as of such date and shall constitute part of the Obligations for all purposes herein. Any
Prepayment Premium payable pursuant to this Section 3.02 shall be presumed to be equal to the liquidated damages
sustained by the Lenders as the result of the occurrence of the Prepayment Premium Trigger Event, and the Borrower and
Guarantors agree that it is reasonable under the circumstances currently existing. The Prepayment Premium, if any, shall also
be payable in the event the Obligations (and/or this Loan Agreement) are satisfied or released by foreclosure (whether by
power of judicial proceeding), deed in lieu of foreclosure or by any other means. TO THE EXTENT PERMITTED BY LAW, THE
BORROWER AND GUARANTORS EXPRESSLY WAIVE THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT
THE COLLECTION OF THE FOREGOING PREPAYMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Borrower and Guarantors
expressly agree that (A) the Prepayment Premium is reasonable and is the product of an arm’s length transaction between
sophisticated business people, ably represented by counsel, (B) the Prepayment Premium shall be payable notwithstanding the
then prevailing market rates at the time payment is made, (C) there has been a course of conduct between Lenders and the Loan
Parties giving specific consideration in this transaction for such agreement to pay the Prepayment Premium, (D) the Loan
Parties shall be estopped hereafter from claiming differently than as agreed to in this Section 3.02, (E) their
agreement to pay the Prepayment Premium is a material inducement to the Lenders to provide the Commitments and make the Term
Loans, (F) the Prepayment Premium represents a good faith, reasonable estimate of liquidated damages (including
without limitation a calculation of the lost profits or other damages, and are a proportionate quantification of the actual
loss of the anticipated stream of interest payments upon an early prepayment or acceleration of the Term Loans) of the
Lenders and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Lenders or
profits lost by the Lenders as a result of such Prepayment Premium Trigger Event for various reasons (including, without
limitation, because such damages would depend on, among other things, (1) when the Term Loans might otherwise be repaid and
(2) future changes in interest rates which are not readily ascertainable on the Closing Date), (G) the Prepayment Premium
represents additional consideration for providing the Term Loans, and (H) the Prepayment Premium is not a penalty to punish
the Borrower for their early prepayment of the Term Loans or for the occurrence of any Event of Default or
acceleration.

 

Section
3.03. [Reserved].

 

Section
3.04. Termination of Commitments. The obligation of each Lender to make its respective Term Loan to the Borrowers
pursuant to Section 2.01 shall terminate upon the full disbursement of the Term Loans on the Closing Date.

 

ARTICLE
IV

PAYMENTS

 

Section
4.01. Voluntary Prepayments.

 

(a)
The Borrowers shall have the right to prepay Term Loans, at any time after the Closing Date, in whole or in part from time to
time on the following terms and conditions:

 

(i)
as a specifically negotiated requirement, additional consideration for providing the Term Loans, and an important economic provision
upon which the Agents and the Lenders are relying, the Borrowers shall deliver to the Administrative Agent written notice of the
Borrower’s intent to make such prepayment and the amount of such prepayment, no more than twenty (20) Business Days (and
if such shorter period of time, no less than three (3) Business Days, subject to the requirements of Section 4.01(a)(ii)
below) prior to the date of such prepayment, specifying the date on which such prepayment is to be made;

 

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(ii)
a notice delivered pursuant to Section 4.01(a)(i) shall be irrevocable, shall include or be accompanied by a certification
of an Authorized Officer of the Borrower that the prepayment is being made pursuant to and in compliance with all provisions of
Section 4.01(a), and shall obligate the Borrower to prepay the amount specified in such notice on the date specified therein
together with accrued interest thereon and the applicable Prepayment Premium, if any, all of which shall become due and payable
on the prepayment date set forth in such notice; provided that notwithstanding the foregoing any such voluntary prepayment occurring
as a result of a Change of Control, a refinancing of the Obligations or the closing of any other transaction may be conditional
upon the closing of any such transaction;

 

(iii)
each partial prepayment of any Term Loans shall be in a multiple of $50,000 and in an aggregate principal amount of at least $250,000;

 

(iv)
each prepayment of Term Loans pursuant to this Section 4.01 on any day other than the last day of the applicable Interest
Period shall be subject to compliance by the Borrowers with the applicable provisions of Section 2.07; and

 

(v)
on the date of prepayment of any Term Loan pursuant to this Section 4.01, the Borrowers shall pay to the Administrative
Agent, for the benefit of the Lenders, the applicable Prepayment Premium, if any.

 

(b)
Each prepayment pursuant to this Section 4.01 shall be applied first, on a pro rata basis to the remaining scheduled installments
of the Term Loans (other than the payment due on the Maturity Date) until paid in full and, then to the installment of the Term
Loans due on the Maturity Date, and shall be made, in each case, pro rata among the applicable Lenders, until paid in full.

 

Section
4.02. Mandatory Prepayments.

 

(a)
The Borrowers shall prepay the Term Loans in accordance with the following:

 

(i)
Concurrently with the incurrence of any Indebtedness by any Loan Party or any of its Subsidiaries (other than Indebtedness permitted
under Section 9.01), the Borrowers shall prepay the Term Loans together with the applicable Prepayment Premium (if any)
in an amount equal to one hundred percent (100%) of the applicable Net Debt Proceeds, to be applied as set forth in Section
4.02(b). Nothing in this Section 4.02(a)(i) shall be construed to permit or waive any Default or Event of Default arising
from any incurrence of Indebtedness not permitted under the terms of this Loan Agreement.

 

    	 	51	 

    	 

    

 

(ii)
Within three (3) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any proceeds from any Disposition
(other than any Disposition permitted under Section 9.04 (other than clause (b) thereof) the Borrowers shall prepay
the Term Loans together with the applicable Prepayment Premium (if any) in an amount equal to one hundred percent (100%) of the
Net Disposition Proceeds from such Disposition in excess of $250,000, to be applied as set forth in Section 4.02(b); provided,
however, that the Borrowers may, at their option by written notice to the Administrative Agent on or prior to the date
of the Disposition giving rise to such Net Disposition Proceeds, within one hundred eighty (180) days after such event, reinvest
or commit to reinvest such Net Disposition Proceeds in assets to be used in the business of the Borrowers so long as (A) the aggregate
amount of Net Disposition Proceeds reinvested by the Borrowers at any time after the Closing Date pursuant to this clause (ii)
shall not exceed $250,000 during any fiscal year, (B) no Event of Default has occurred and is continuing, and each Borrower
certifies in writing to the Administrative Agent that no Event of Default has occurred and is continuing and (C) such Net Disposition
Proceeds are held in an account subject to an Account Control Agreement while awaiting reinvestment; provided further,
that, if such Net Disposition Proceeds are committed to be reinvested within such one hundred eighty (180) day period, such Net
Disposition Proceeds shall actually be reinvested within an additional one hundred eighty (180) day period. Nothing in this Section
4.02(a)(ii) shall be construed to permit or waive any Default or Event of Default arising from any Disposition not permitted
under the terms of this Loan Agreement.

 

(iii)
Within three (3) Business Days of the receipt by any Loan Party or any of its Subsidiaries of any proceeds from any Casualty Event,
the Borrowers shall prepay the Term Loans in an amount equal to one hundred percent (100%) of such Net Casualty Proceeds, to be
applied as set forth in Section 4.02(b); provided, however, that the Borrowers may, at their option by written
notice to the Administrative Agent no later than thirty (30) days following the occurrence of the Casualty Event resulting in
such Net Casualty Proceeds, apply such Net Casualty Proceeds to the rebuilding or replacement of such damaged, destroyed or condemned
assets or property so long as such Net Casualty Proceeds are in fact used or are committed to be used to rebuild or replace the
damaged, destroyed or condemned assets or property within one hundred eighty (180) days following the receipt of such Net Casualty
Proceeds, with the amount of Net Casualty Proceeds not so used after such period to be applied as set forth in Section 4.02(b);
so long as (A) the aggregate amount of Net Casualty Proceeds reinvested by the Borrowers at any time after the Closing Date pursuant
to this clause (iii) shall not exceed $500,000 during any fiscal year, (B) no Event of Default has occurred and is continuing,
and each Borrower certifies in writing to the Administrative Agent that no Event of Default has occurred and is continuing and
(C) such Net Casualty Proceeds are held in an account subject to an Account Control Agreement while awaiting reinvestment; provided
further, that, if such Net Casualty Proceeds are committed to be reinvested within such one hundred eighty (180) day period,
such Net Casualty Proceeds shall be actually reinvested within an additional one hundred eighty (180) days. Nothing in this Section
4.02(a)(iii) shall be construed to permit or waive any Default or Event of Default arising, directly or indirectly, from any
Casualty Event.

 

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(iv)
Within three (3) Business Days of the receipt by any Loan Party or any of its Subsidiaries of (A) any Net Equity Proceeds from
the issuance of any Capital Stock (other than from an Equity Cure Investment which is covered by clause (B) below) in excess of
$250,000 during any fiscal year (other than (w) Net Equity Proceeds received in connection with Permitted Acquisitions and Consolidated
Capital Expenditures, (x) Qualified Capital Stock issued in connection with any employee stock option plan or employee incentive
plan to employees or Affiliates of the Borrowers, (y) Net Equity Proceeds received from the issuance of Capital Stock by Parent
to ‎Capital Park Group or any other equityholder of Parent or their respective Controlled Investment Affiliates as of the
Closing Date or (z) Net Equity Proceeds received from the issuance of Capital Stock by Holdings to PrefCo or any other existing
shareholder of Holdings (other than in connection with an Equity Cure Investment)), or (B) any Net Equity Proceeds from any Equity
Cure Investment, the Borrowers shall prepay the Term Loans together with the applicable Prepayment Premium, in an amount equal
to one hundred percent (100%) of such Net Equity Proceeds, to be applied as set forth in Section 4.02(b). Nothing in this
Section 4.02(a)(iv) shall be construed to permit or waive any Default or Event of Default arising, directly or indirectly,
from any such issuance of Capital Stock.

 

(v)
Within three (3) Business Days of the receipt by or on behalf of any Loan Party or any Subsidiary of any Loan Party of any Extraordinary
Receipts, the Borrowers shall prepay the Term Loans in an amount equal to one hundred percent (100%) of such Extraordinary Receipts
in excess of $250,000, to be applied as set forth in Section 4.02(b).

 

(vi)
For each fiscal year of the Borrowers, commencing with the fiscal year ending December 31, 2020, on the date on which annual financial
statements are required to be delivered pursuant to Section 8.01(c) for such fiscal year, the Borrower shall deliver to
the Administrative Agent a written calculation of Consolidated Excess Cash Flow for the applicable fiscal year, certified by an
Authorized Officer of the Borrower, and prepay the Term Loan in amounts equal to the Term Loan ECF Percentage, of Consolidated
Excess Cash Flow for such fiscal year; provided that all voluntary prepayments of the Term Loans paid in cash, prior to
the date of any prepayment made pursuant to this Section 4.02(a)(vi) (but without duplication of any such payments made
in prior periods that reduced any payment required to be made under this Section 4.02(a)(vi) with respect to a prior fiscal
year) will reduce the amount of prepayments required to be made pursuant to this subsection (vi) on a dollar-for-dollar
basis. Calculations of amounts payable under this Section 4.02(a)(vi) shall be based on the annual financial statements
for Holdings and its Subsidiaries for the applicable fiscal year. Prepayments of Term Loans under this Section 4.02(a)(vi)
shall be applied, in each case, first, on a pro rata basis to the remaining scheduled installments of the Term Loans (other
than the payment due on the Maturity Date) until paid in full and, then to the installment of the Term Loans due on the Maturity
Date, on a dollar for dollar basis, and shall be made, in each case, pro rata among the applicable Lenders.

 

    	 	53	 

    	 

    

 

(vii)
Notwithstanding anything to the contrary herein, immediately upon any acceleration of any Obligations pursuant to Section 10.02,
(whether before, during or after the commencement of any proceeding under the Bankruptcy Code involving any Borrower or any other
Loan Party), the Borrowers shall immediately repay all the Term Loans together with the applicable Prepayment Premium, unless
only a portion of all the Term Loans is so accelerated (in which case the portion so accelerated shall be so repaid together with
the applicable Prepayment Premium). The parties hereto acknowledge and agree that the Prepayment Premium referred to in this Section
4.02(a)(vii) (i) is additional consideration for providing the Term Loans, (ii) is a material inducement to the Lenders to
make the Term Loans, (iii) is reasonable and is the product of an arm’s length transaction between sophisticated parties
ably represented by counsel, (iv) constitutes reasonable liquidated damages to compensate the Lenders for (and is a proportionate
quantification of) the actual loss of the anticipated stream of interest payments upon an early prepayment of the Term Loans (such
damages being otherwise impossible to ascertain or even estimate for various reasons, including, without limitation, because such
damages would depend on, among other things, (x) when the Term Loans might otherwise be repaid and (y) future changes in interest
rates which are not readily ascertainable on the Closing Date), and (v) is not a penalty to punish the Borrowers for their early
prepayment of the Term Loans or for the occurrence of any Event of Default.

 

(viii)
Concurrently with any Change of Control, the Borrowers shall repay all the Term Loans together with the applicable Prepayment
Premium.

 

(ix)
Notwithstanding any other provisions of Section 4.01(a)(ii), (iii) or (v), (i) to the extent that any of
or all the Net Disposition Proceeds from a Disposition by a Foreign Subsidiary or Net Casualty Proceeds or Extraordinary Receipts
received by a Foreign Subsidiary are prohibited or delayed by applicable local law from being repatriated to the United States,
the portion of such Net Cash Proceeds, Net Casualty Proceeds or Extraordinary Receipts so affected will not be required to be
applied to repay Term Loans at the times provided in this Section 4.01(a)(ii), (iii) or (v), as applicable,
but may be retained by the applicable Foreign Subsidiary so long, but only so long, as the applicable local law will not permit
repatriation to the United States (the Borrowers hereby agreeing to use commercially reasonable efforts to cause the applicable
Foreign Subsidiary to promptly take all actions reasonably required by the applicable local law to permit such repatriation),
and once such repatriation of any of such affected Net Cash Proceeds, Net Casualty Proceeds or Extraordinary Receipts is permitted
under the applicable local law, an amount equal to such Net Cash Proceeds, Net Casualty Proceeds or Extraordinary Receipts that
is permitted to be repatriated will be promptly (and in any event not later than five (5) Business Days after such repatriation)
applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant
to Section 4.01(a)(ii), (iii) or (v), as applicable, to the extent provided herein and (ii) to the extent
that the Borrower Representative has determined in good faith that repatriation of any of or all the Net Disposition Proceeds
from a Disposition by a Foreign Subsidiary or Net Casualty Proceeds or Extraordinary Receipts received by a Foreign Subsidiary
would have materially adverse tax consequences to the Borrowers with respect to such Net Cash Proceeds, Net Casualty Proceeds
or Extraordinary Receipts, such Net Cash Proceeds, Net Casualty Proceeds or Extraordinary Receipts so affected will not be required
to be applied to repay Term Loans at the times provided in 4.01(a)(ii), (iii) or (v), as applicable, but
may be retained by the applicable Foreign Subsidiary. Notwithstanding anything to the contrary, nothing in this Agreement shall
be construed to require any Foreign Subsidiary to repatriate cash to the United States.

 

(b)
Application of Payments.

 

(i)
Each payment and prepayment of the Term Loans required by Section 2.03(a) shall be applied as set forth therein.

 

    	 	54	 

    	 

    

 

(ii)
Voluntary prepayments shall be applied as set forth in Section 4.01(b), and, except as set forth in Section 4.02(c),
each payment and prepayment of Term Loans required by Section 4.02 (other than any prepayment of Term Loans required by
Section 4.02(a)(vi) which shall be applied as set forth therein), and any other amount that the Administrative Agent receives
from any Person as a result of a provision in any Loan Document requiring that such amount be paid to the Administrative Agent
shall be applied first, on a pro rata basis to the remaining scheduled installments of the Term Loans (other than the payment
due on the Maturity Date) until paid in full and then to the installment of the Term Loans due on the Maturity Date, on a dollar
for dollar basis and shall be made, in each case, pro rata among the applicable Lenders, until paid in full and finally to any
other outstanding Obligations until paid in full; provided, that the Borrowers shall pay all amounts, if any, required
to be paid pursuant to Section 2.07 with respect to prepayments of Term Loans made on any date other than the last day
of the applicable Interest Period. Each such prepayment shall be accompanied by all accrued interest on the Term Loans so prepaid,
through the date of such prepayment, and, to the extent applicable (and whether before, during or after acceleration of the Term
Loans and/or the occurrence of any Event of Default and/or the commencement of any proceeding under the Bankruptcy Code involving
any Borrower or any other Loan Party), the Prepayment Premium.

 

(c)
Application of Collateral Proceeds. Notwithstanding anything to the contrary in Section 4.01 or this Section
4.02, all proceeds of Collateral received by the Collateral Agent, the Administrative Agent, a Lender or any other Person
pursuant to the exercise of remedies against the Collateral, and all payments received upon and after the acceleration of any
of the Obligations, shall be applied as follows:

 

(i)
first, to pay any and all costs, fees, and expenses of, and any indemnity payments then due to, the Agents under the Loan
Documents, until paid in full;

 

(ii)
second, ratably to pay any costs, fees (including, without limitation, any Prepayment Premium payable pursuant to Section
3.02, Section 4.02(a) and Section 10.02), and any other applicable premiums in respect of the Term Loan, and
expenses of, and any indemnity payments then due to, any of the Lenders under the Loan Documents, until paid in full;

 

(iii)
third, ratably to the Lenders to pay interest due in respect of the outstanding Term Loan until paid in full;

 

(iv)
fourth, ratably to the Lenders to pay the outstanding principal balance of the Term Loan in the inverse order of maturity
until the Term Loan is paid in full;

 

(v)
fifth, to pay any other Obligations; and

 

(vi)
sixth, to the Borrowers or such other Person entitled thereto under Applicable Law.

 

Section
4.03. Payment of Obligations; Method and Place of Payment.

 

(a)
The obligations of each Loan Party hereunder and under each other Loan Document are not subject to counterclaim, set-off, rights
of rescission, or any other defense of any kind whatsoever (other than defense of payment). Subject to Section 4.04, and
except as otherwise specifically provided herein, all payments under any Loan Document shall be made by the Borrowers, without
counterclaim, set-off, rights of rescission, or deduction of any kind, to the Administrative Agent for the ratable account of
the Secured Parties entitled thereto, not later than 1:00 p.m. on the date when due and shall be made in immediately available
funds in Dollars to the Administrative Agent. The Administrative Agent will thereafter cause to be distributed (within one (1)
Business Day if payment was actually received by the Administrative Agent at or prior to 1:00 p.m., and within two (2) Business
Days if payment was actually received by the Administrative Agent after 1:00 p.m.) like funds relating to the payment of principal
or interest or Fees ratably to the Secured Parties entitled thereto.

 

    	 	55	 

    	 

    

 

(b)
For purposes of computing interest or fees, any payments under this Loan Agreement that are made later than 1:00 p.m. on any Business
Day shall be deemed to have been made on the next succeeding Business Day. Whenever any payment to be made hereunder shall be
stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day
and, with respect to payments of principal, interest shall continue to accrue during such extension at the applicable rate in
effect immediately prior to such extension.

 

(c)
Pursuant to Section 4.03(a), the Borrowers shall make each payment under any Loan Document by wire transfer to such U.S.
account as the Administrative Agent may identify in a written notice to the Borrowers from time to time.

 

Section
4.04. Taxes.

 

(a)
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 Law (as determined
by 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.

 

(b)
Payment of Other Taxes. 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.

 

(c)
Indemnification by the Loan Parties. Without duplication of payments made pursuant to Section 4.04(a), the Loan
Parties shall jointly and severally indemnify each Recipient, within thirty (30) 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 Borrowers
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.

 

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(d)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within thirty (30) 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 12.06(c)(iii)
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 Section 4.04(d).

 

(e)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 4.04, 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 satisfactory to the Administrative Agent.

 

(f)
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 Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers 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 Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers 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 Sections 4.04(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required
if in the relevant 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.

 

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

 

(A)
any Lender that is a U.S. Person shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Loan Agreement (and from time to time thereafter upon the reasonable request of the Borrowers
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 Borrowers 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 Loan Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative
Agent), whichever of the following is applicable:

 

(w)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect
to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or 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 (2) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or 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;

 

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

 

(y)
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(1) a certificate 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 either 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 (2) executed copies of IRS Form W-8BEN or W-8BEN-E (as applicable); or

 

(z)
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 W-8BEN-E (as applicable), a U.S. Tax Compliance Certificate and/or other certification documents from each
beneficial owner, as applicable;

 

(C)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers 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 Loan Agreement (and from time to time thereafter upon the reasonable request of the Borrowers 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 Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

 

    	 	58	 

    	 

    

 

(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 Borrowers and the Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrowers 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 Borrowers 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 Loan 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 Borrowers and the Administrative Agent in writing of its legal
inability to do so.

 

(g)
Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which any
Loan Party has paid additional amounts pursuant to this Section 4.04, it shall pay to the applicable Loan Party an amount
equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under
this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred
by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Loan Parties, upon the request of the Administrative
Agent or such Lender, shall repay the amount paid over to the Loan Parties (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the
Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to the Loan Parties or any other Person. Notwithstanding anything to the contrary in this paragraph (j), in no event
will the Administrative Agent or any Lender be required to pay any amount to the Loan Parties pursuant to this paragraph (j) the
payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative
Agent or such Lender would have been in if the 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 giving rise to such refund had never been
paid.

 

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(h)
Survival. Each party’s obligations under this Section 4.04 shall survive the resignation or replacement of
either or both of the Agents or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments,
and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

Section
4.05. [Reserved].

 

Section
4.06. Computations of Interest and Fees. All interest and fees shall be computed on the basis of the actual
number of days occurring during the period for which such interest or fee is payable over a year comprised of three hundred
sixty (360) days. Payments due on a day that is not a Business Day shall (except as otherwise required by) be made on the
next succeeding Business Day and such extension of time shall be included in computing interest and fees in connection with
that payment.

 

Section
4.07. Investment Unit. The Borrower and the Lenders agree that the Term Loans, taken together with the Holdings
Common Units held by the Lenders constitute an “investment unit” for purposes of Section 1273(c)(2) of the Code.
The Borrower and the Lenders mutually agree that for purpose of the allocation of the issue price of such investment unit
among the Loans, the Holdings Common Units held by the Lenders in accordance with Section 1273(c)(2) of the Code and U.S.
Treasury Regulation Section 1.1273-2(h), $907,954.40 shall be allocated to the Holdings Common Units held by the Lenders, and
neither the Borrower nor the Lenders shall take any position inconsistent with such allocation in any Tax return unless
otherwise required by a tax authority or court.

 

Section
4.08. Debt. Each Borrower and the Lenders agree that: (i) the Term Loans are debt for federal income tax purposes;
(ii) the issue price of the Term Loans equals the principal amount of such Term Loans; (iii) such debt instrument is
described in Treasury Regulations Section 1.1272-1(c)(2) and therefore is governed by the rules set out in Treasury
Regulations Section 1.1272-1(c), including Section 1.1272-1(c)(5), and is not governed by the rules set out in Treasury
Regulations Section 1.1275-4; and (iv) they will adhere to this Loan Agreement for federal income tax purposes and not take
any action or file any tax return, report or declaration inconsistent herewith unless otherwise required due to a change in
law. The inclusion of this Section 4.08 is not an admission by any Lender that it is subject to United States
taxation.

 

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ARTICLE
V

CONDITIONS PRECEDENT TO TERM LOANS

 

The
obligation of the Lenders to fund the Term Loans under this Loan Agreement is subject to the satisfaction of, and no Agent or
Lender shall have any obligation to take or perform any other action hereunder until the satisfaction of (or waiver in writing
by the Administrative Agent) of the following conditions precedent on or before the Closing Date:

 

Section
5.01. Loan Documents. The Administrative Agent shall have received copies of the following documents, duly
executed and delivered by an Authorized Officer of each applicable Loan Party and each other relevant party thereto:

 

(a)
this Loan Agreement;

 

(b)
the Guaranty and Security Agreement;

 

(c)
the Collateral Assignment of Transaction Documents;

 

(d)
Landlord Agreements as of the Closing Date, to the extent required by Section 8.13(b);

 

(e)
each such Patent Security Agreements, Trademark Security Agreements and Copyright Security Agreements as are required to perfect
the Lien granted to the Collateral Agent in the IP Rights described on Schedule 7.14;

 

(f)
the Fee Letter; and

 

(g)
each other Loan Document.

 

Section
5.02. Lien and other Searches; Filings.

 

(a)
The Collateral Agent shall have received the results of a search of the UCC filings (or equivalent filings), tax Liens, judgment
Liens, bankruptcies and litigations made with respect to each Loan Party, together with copies of the financing statements and
other filings (or similar documents) disclosed by such searches, and accompanied by evidence satisfactory to the Collateral Agent
that the Liens indicated in all such financing statements and other filings (or similar document) either are Permitted Liens or
have been released or will be released on the Closing Date concurrently with the funding of the Term Loans hereunder.

 

(b)
The Collateral Agent shall have received the results of searches of ownership of IP Rights in the United States Patent and Trademark
Office and the United States Copyright Office.

 

(c)
The Collateral Agent shall have received evidence in form and substance satisfactory to the Collateral Agent that appropriate
UCC (or equivalent) financing statements have been provided for filing in such office or offices as may be necessary or, in the
opinion of Collateral Agent, desirable, to perfect and evidence the Collateral Agent’s Liens in and to the Collateral.

 

Section
5.03. Stock Pledges. All Capital Stock of each Borrower and each of their Subsidiaries shall have been pledged
pursuant to the Guaranty and Security Agreement, and the Collateral Agent shall have received all original certificates (if
any) representing such Capital Stock accompanied by instruments of transfer and undated stock powers executed in blank.

 

Section
5.04. Legal Opinions. The Administrative Agent shall have received an executed legal opinion of Locke Lord LLP,
counsel to the Loan Parties, which legal opinion shall be addressed to the Administrative Agent, the Collateral Agent and the
Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent and its legal
counsel.

 

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Section
5.05. Secretary’s Certificates. The Administrative Agent shall have received a certificate for each Loan
Party, dated the Closing Date, duly executed and delivered by such Loan Party’s secretary or assistant secretary,
managing member or general partner, as applicable, as to:

 

(a)
such Person’s Organization Documents, as amended, modified or supplemented as of Closing Date, certified by the appropriate
officer or official body of the jurisdiction of organization of such Person;

 

(b)
resolutions of each such Person’s board of directors (or other managing body, in the case of a Person that is not a corporation)
then in full force and effect expressly and specifically authorizing, to the extent relevant, all aspects of the Loan Documents
applicable to such Person and the execution, delivery and performance of each Loan Document, in each case to be executed by such
Person; and

 

(c)
the incumbency and specimen signatures of its Authorized Officers and any other of its officers, managing member or general partner,
as applicable, authorized to act with respect to each Loan Document to be executed by such Person, and a list of all officers
and directors of the Loan Parties.

 

Each
such certificate shall provide that each Secured Party may conclusively rely thereon until such Secured Party shall have received
a further certificate of the secretary, assistant secretary, managing member or general partner, as applicable, of such Person
canceling or amending the prior certificate of such Person as provided in Section 8.01(m).

 

Section
5.06. Other Documents and Certificates. The Administrative Agent shall have received copies of the following
documents and certificates, each of which shall be dated the Closing Date and duly executed by an Authorized Officer of each
applicable Loan Party, in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:

 

(a)
a certificate of an Authorized Officer of each Borrower, certifying as to such items as reasonably requested by the Administrative
Agent, including, without limitation, the following:

 

(i)
the contemporaneous consummation of the Acquisition on the Closing Date in accordance with the Transaction Agreement and all Applicable
Laws;

 

(ii)
that attached thereto are true, correct and complete copies of:

 

(A)
the Transaction Agreement and all other Transaction Documents;

 

(B)
the Transition Services Agreement;

 

(C)
the Transitional Distribution Agreement;

 

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(D)
the Transitional Supply Agreement;

 

(E)
the Shared Technology License Agreement;

 

(F)
the Senior Executive Consulting Agreement;

 

(G)
the Preferred Equity Investment Agreement (as in effect on the Closing Date) and all other Preferred Equity Documents;

 

(H)
the Holdings Equity Investment Agreement (as in effect on the Closing Date) and all other Holdings Equity Investment Documents;

 

(I)
the Closing Date IP Contribution Agreement;

 

(J)
the C-PAK Exclusive License; and

 

(K)
all other Material Contracts of the Loan Parties and each other agreement not otherwise delivered pursuant to clauses (A) through
(H) or between a Loan Party and any other Affiliate of any Loan Party (other than a Loan Party);

 

(iii)
the receipt of all required consents and approvals of all Governmental Authorities and other third parties with respect to the
consummation of the Transactions and the operation of the business of the Loan Parties, and the execution, delivery and performance
of the Loan Documents, copies of all of which shall be attached thereto and certified as being true and complete copies thereof;

 

(iv)
that both before and after giving effect to the Transactions, including the borrowing of the Term Loans on the Closing Date and
the application of the proceeds thereof, (A) no Default or Event of Default has occurred, (B) no payment default or material default
or event of default under, or event that could reasonably be expected to result in the termination of, any Material Contract has
occurred, (C) there are no requested, proposed, anticipated or pending modifications to, or expiries or terminations of, any Material
Contract that could reasonably be expected to have a Material Adverse Effect;

 

(v)
with respect to all of the Loan Parties, all representations and warranties are true and correct; and

 

(vi)
that all the conditions listed in this Article V have been fully satisfied or, if applicable, waived in writing by the
Administrative Agent;

 

(b)
a Perfection Certificate by, and in respect of, each Loan Party;

 

(c)
certificates of good standing with respect to each Loan Party, each dated as of a date no more than fifteen (15) days prior to
the Closing Date, such certificates to be issued (i) by the appropriate officer or official body of the jurisdiction of organization
of such Loan Party, and (ii) the appropriate officer or official body of the other jurisdictions where such Loan Party is qualified
to do business as a foreign entity (except for such jurisdictions where failure to be so qualified could not reasonably be expected
to result in a Material Adverse Effect), each of which certificates shall indicate that such Loan Party is in good standing in
the applicable jurisdiction; and

 

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(d)
a calculation or other written statement describing in detail the proposed use of the proceeds of the Term Loans, including all
transaction fees, costs and expenses incurred and estimated as of the Closing Date in connection with this Loan Agreement and
the Transactions, whether or not actually paid in cash on the Closing Date.

 

Section
5.07. Solvency. The Administrative Agent shall have received a Solvency Certificate duly executed by an
Authorized Officer of Holdings on behalf of the Borrowers confirming the Solvency of the Loan Parties and their Subsidiaries,
taken as a whole, after giving effect to the Transactions.

 

Section
5.08. Funding Notice. The Administrative Agent shall have received a written request for funding from an
Authorized Officer of each Borrower, delivered to the Administrative Agent by 3:00 p.m. at least five (5) Business Days (or
such shorter period, as the Administrative Agent may agree) in advance of the Closing Date.

 

Section
5.09. Capitalization. The Administrative Agent shall be satisfied with the Loan Parties’ capitalization
on the Closing Date, which shall demonstrate an equity investment in Holdings of no less than $10,500,000 as of the Closing
Date directly or indirectly held by the Permitted Holders and any existing management and shareholders and management (in
form and substance reasonably satisfactory to the Administrative Agent).

 

Section
5.10. Financial and other Information.

 

(a)
The Administrative Agent shall have received a certificate in form and substance satisfactory to it, dated the Closing Date and
duly executed by an Authorized Officer of Holdings on behalf of each Borrower, attaching the following documents and reports (each
in form and substance reasonably satisfactory to the Administrative Agent):

 

(i)
the Prior Financial Statements;

 

(ii)
calculations in form and substance satisfactory to the Administrative Agent demonstrating to the Administrative Agent’s
satisfaction that the (i) Total Leverage Ratio of the Loan Parties for the last twelve (12) fiscal months ended prior to the Closing
Date (the “Closing Date Leverage Test”) does not exceed 2.75:1.00 and (ii) the Consolidated Adjusted EBITDA
of Loan Parties for the last twelve (12) fiscal months ended prior to the Closing Date is equal to at least $8,005,600, in each
case on a pro forma basis after giving effect to the execution and delivery of this Loan Agreement, the incurrence of the Indebtedness
hereunder, and the consummation of the other Transactions and calculated in a manner reasonably satisfactory to Administrative
Agent (it being understood that calculations of Consolidated Adjusted EBITDA in substantially the same form as the Consolidated
Adjusted EBITDA Calculation shall be satisfactory to the Administrative Agent); and

 

(iii)
projections reasonably requested by Administrative Agent.

 

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(b)
In the certificate delivered pursuant to clause (a), an Authorized Officer of Holdings on behalf of the Borrowers shall
certify on behalf of each Borrower (i) that the documents and reports delivered pursuant to clauses (a)(i) through (a)(iii)
above and attached to such certificate are true and complete in all material respects as of the Closing Date, (ii) that the
projections delivered pursuant to clause (a)(iii) above were prepared in good faith based upon reasonable assumptions and utilizing
due care in its preparation, it being understood that the forecasts and projections are subject to uncertainties and contingencies
many of which are beyond the Loan Parties’ control and no assurance can be given that any forecast or projections will be
realized and that actual results may differ and such differences may be material, and (iii) that the conditions described in clause
(a)(ii) are satisfied.

 

Section
5.11. Insurance. The Collateral Agent shall have received certificates of insurance naming the Collateral Agent
on behalf of the Secured Parties as additional insured and naming the Collateral Agent on behalf of the Secured Parties as
loss payee, in each case with regard to the insurance required by Section 8.03, in form and substance reasonably
satisfactory to the Collateral Agent.

 

Section
5.12. Payment of Outstanding Indebtedness.

 

(a)
On the Closing Date, the Loan Parties and each of their respective Subsidiaries shall have no outstanding Indebtedness other than
the Term Loans and the Indebtedness, if any, listed on Schedule 7.25 or otherwise permitted by Section 9.01, and
the Administrative Agent shall have received copies of all documentation and instruments evidencing the discharge of all Indebtedness
paid off in connection with the Transactions.

 

(b)
All Liens (other than Permitted Liens) securing payment of any Indebtedness shall have been released, and the Administrative Agent
shall have received pay-off letters, form UCC-3 termination statements, releases or terminations of mortgages, intellectual property
security agreements and other instruments, all as may be reasonably requested by the Administrative Agent in connection therewith.

 

Section
5.13. Material Adverse Effect. No “Cream Suds Business MAE” (as defined in the Transaction Agreement) or
“Joy Business MAE” (as defined in the Transaction Agreement) shall have occurred since July 1, 2017 and no
Material Adverse Effect shall have occurred since the date of the Prior Financial Statements.

 

Section
5.14. [Reserved].

 

Section
5.15. [Reserved].

 

Section
5.16. Fees and Expenses. Each Agent and each Lender shall have received, for its own respective account, (a)
all fees and expenses due and payable to such Person under the Fee Letter and (b) the reasonable fees, costs and expenses due
and payable to such Person pursuant to Sections 3.01 and 12.05 (including the reasonable and documented fees,
disbursements and other charges of counsel) due as of the Closing Date.

 

Section
5.17. Patriot Act Compliance and Reference Checks. The Administrative Agent shall have received completed background
and reference checks with respect to each Loan Party’s senior management and any required Patriot Act compliance, in
each case the results of which are satisfactory to the Administrative Agent in its sole discretion (the Administrative Agent
hereby acknowledges receipt of such information and such information is satisfactory).

 

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Section
5.18. [Reserved].

 

Section
5.19. Banking Moratorium. No banking moratorium has been declared by either federal or state authorities that
prohibits the Lenders from funding of the Term Loans.

 

Section
5.20. Structure and Terms of Acquisition; Transactions.

 

(a)
The Administrative Agent shall have received evidence in form and substance satisfactory to the Administrative Agent that, substantially
simultaneously with the making of the Term Loans hereunder, (i) the Acquisition shall have been consummated in accordance with
the Transaction Agreement and all material Applicable Law, (ii) all necessary filings, if any, pursuant to the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended, have been made, and all applicable waiting periods thereunder have expired or
been terminated, (iii) no provision of the Transaction Agreement shall have been waived, amended, supplemented or otherwise modified
in a manner adverse to the Agents or the Lenders, and (iv) no consent to or approval of any such waiver, amendment, supplement
or modification shall have been given by either Borrower on terms that are materially adverse to the Agents or the Lenders, in
each case without the prior written consent of the Administrative Agent (in its reasonable discretion) and in accordance with
all applicable requirements of Applicable Laws.

 

 

(b)
The Administrative Agent and the Lenders shall be reasonably satisfied with all aspects with the Transactions, including without
limitation (i) the capital and corporate structure of the Loan Parties and their respective Subsidiaries after giving effect to
the Transactions, and (ii) the terms and provisions of each of the documents relating to the Transactions.

 

Section
5.21. No Default. No Default or Event of Default shall have occurred and be continuing.

 

Section
5.22. Representations and Warranties.

 

All
representations and warranties made by each Loan Party herein or in any other Loan Document shall be true and correct, in each
case with the same effect as though such representations and warranties had been made on and as of the Closing Date (except where
such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall
have been true and correct as of such earlier date).

 

Section
5.23. No Injunctions.

 

No
injunction, writ, restraining order, or other order of any nature restricting or prohibiting, directly or indirectly, the Transactions
shall have been issued and remain in force against the Loan Parties, any Agent or any Lender, and there shall be no pending litigation
seeking to prohibit, enjoin or prevent any of the Transactions.

 

Section
5.24. No Adverse Actions.

 

There
shall be no order or injunction or pending litigation in which there is a reasonable possibility of a decision that could reasonably
be expected to have a Material Adverse Effect on any of the Loan Parties, or on the Loan Parties and their Subsidiaries taken
as a whole.

 

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Section
5.25. IP Contribution.

 

C-PAK
shall have contributed all IP Rights acquired by C-PAK pursuant to the Transaction Agreement to C-PAK IP (the “Closing
Date IP Contribution”) pursuant to a the Closing Date IP Contribution Agreement, and C-PAK and C-PAK IP shall have entered
into the C-PAK Exclusive License.

 

ARTICLE
VI

[Reserved]

 

ARTICLE
VII

REPRESENTATIONS AND WARRANTIES

 

To
induce the Agents and the Lenders to enter into this Loan Agreement and the Lenders to make the Term Loans hereunder, each of
the Loan Parties, jointly and severally, represents and warrants to the Agents and the Lenders (which representations and warranties
the Agents and the Lenders are relying upon as a material inducement to enter into this Loan Agreement) as follows:

 

Section
7.01. Status. Each Loan Party (a) is a duly organized or formed and validly existing corporation or other
registered entity in good standing under the laws of the jurisdiction of its organization and has the corporate or other
organizational power and authority to own its property and assets and to transact its business as presently conducted and (b)
is duly qualified and authorized to do business, and is in good standing, in all jurisdictions where it does business or owns
assets, except in the case of clause (b) where the failure to be so qualified could not reasonably be expected to
result in a Material Adverse Effect.

 

Section
7.02. Power and Authority; Execution and Delivery. Each Loan Party has the corporate or other organizational
power and authority to execute, deliver and carry out the terms and provisions of the Loan Documents to which it is a party
(including, in the case of each Borrower, such power and authority to borrow the Term Loans as contemplated herein, in the
case of the Guarantors, to guaranty the Obligations as contemplated by the Guaranty and Security Agreement, and in the case
of all Loan Parties, to grant the Liens contemplated by this Loan Agreement and the other Security Documents) and has taken
all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Loan
Documents to which it is a party. Each Loan Party has duly executed and delivered the Loan Documents to which it is a
party.

 

Section
7.03. Enforceability. This Loan Agreement and the other Loan Documents to which each Loan Party is a party constitutes
the legal, valid and binding obligation of such Loan Party, enforceable against each such Loan Party in accordance with its
terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, other similar
laws relating to or affecting creditors’ rights generally and general principles of equity.

 

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Section
7.04. No Violation. The execution, delivery and performance by the Loan Parties of this Loan Agreement and the
other Loan Documents to which it is a party, the compliance with the terms and provisions hereof and thereof, and the
consummation of the Transactions and the other transactions contemplated hereby, do not and will not (i) conflict with,
contravene or violate any provision of any Applicable Law, (ii) violate any order or decree of, or require any authorization,
consent, approval, exemption or other action by or notice to, any Governmental Authority, (iii) conflict with, result in a
breach of any of the terms, covenants, conditions or provisions of, constitute a default under, otherwise result in the
termination of or a termination right under (x) any indenture, note, loan agreement or other financing or security agreement
with respect to Indebtedness in an amount in excess of $1,000,000 or (y) any other Material Contract, (iv) result in the
creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Loan
Party (other than Liens created under the Loan Documents or any other Permitted Liens) or (v) violate any provision of the
Organization Documents or any material Permit of any Loan Party.

 

Section
7.05. Approvals, Consents, etc. No authorization or approval or other action by, and no notice to or filing
with, any Governmental Authority or other Person, and no consent or approval under any contract or instrument (other than (a)
those that have been duly obtained or made and which are in full force and effect or, if not obtained or made, individually
or in the aggregate could not reasonably be expected to have a Material Adverse Effect, (b) the filing of UCC financing
statements, (c) any Hart-Scott-Rodino filing, if any, and (d) the filings or other actions necessary to perfect Liens under
the Loan Documents) is required for the consummation of the Transactions or the due execution, delivery or performance by any
Loan Party of any Loan Document to which it is a party, or for the due execution, delivery or performance of the Loan
Documents, in each case by any of the Loan Parties party thereto. There is no judgment, order, injunction or other restraint
issued or filed with respect to the transactions contemplated by the Loan Documents, the consummation of the Transactions,
the making of any Term Loan or the performance by any Loan Party of its Obligations under the Loan Documents.

 

Section
7.06. Use of Proceeds; Regulations T, U and X. The Borrowers will use the proceeds of the Term Loans solely for
the purposes set forth in, as permitted by, and in accordance with Section 8.12 and Section 9.20. No Loan Party
is engaged in the business of extending credit for the purpose of purchasing or carrying “margin stock” or
“margin securities” within the meanings of Regulations T, U or X, and no proceeds of any Term Loan will be used
to purchase or carry any margin stock or margin security or otherwise for a purpose which violates or would be inconsistent
with Regulations T, U or Regulation X.

 

Section
7.07. Investment Company Act; Etc. No Loan Party is, or after giving effect to the Transactions and the other
transactions contemplated under the Loan Documents will be, (i) an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, or
(ii) subject to the Federal Power Act, the Interstate Commerce Act, or any other Law limiting its ability to incur any of its
respective obligations hereunder or under any of the other Loan Documents.

 

Section
7.08. Litigation, Labor Controversies, etc. Except as disclosed on Schedule 7.08 in the case of clause
(ii) only, there is no pending or, to the knowledge of any Loan Party, threatened in writing, litigation, action, proceeding
or labor controversy (including without limitation, strikes, lockouts or slowdowns) against or involving any of the Loan
Parties or any of their respective Subsidiaries which (i) purports to affect the legality, validity or enforceability of any
Loan Document, any Transaction Document or any of the Transactions, (ii) the amount of which could reasonably be expected to
result in liability of $250,000 (or its equivalent in another currency or currencies) or more, in the aggregate, for any Loan
Party or Subsidiary of any Loan Party, individually or collectively, that the Agent has not been previously notified of
pursuant to Section 8.01(h)(ii) hereof, or (iii) could reasonably be expected to have a Material Adverse Effect.

 

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Section
7.09. Capitalization; Subsidiaries.

 

(a)
The “Capitalization and Subsidiaries Schedule” attached hereto as Schedule 7.09 sets forth all issued and outstanding
Capital Stock of each Loan Party, including the number of authorized, issued and outstanding shares or other units of Capital
Stock of each Loan Party and the holders of such Capital Stock, all on and as of the Closing Date. Each outstanding share or unit
of Capital Stock of each Loan Party have been duly authorized, validly issued, are fully paid and non-assessable and have not
been issued in violation of any preemptive or similar rights created by applicable Law, any Loan Party’s Organization Documents
or by any agreement to which any Loan Party is a party or by which it is bound, and have been issued in compliance with applicable
federal and state securities or “blue sky” Laws. All issued and outstanding Capital Stock of each Loan Party is free
and clear of all Liens (except for the benefit of the Secured Parties and Liens permitted under Section 9.02(b)). No Loan
Party has outstanding any Capital Stock convertible or exchangeable for any shares of its Capital Stock or any rights or options
to subscribe for or to purchase its Capital Stock convertible into or exchangeable for its Capital Stock. No Loan Party is subject
to any obligation (contingent or otherwise) to repurchase or acquire or retire any of its Capital Stock, other than stock repurchases
otherwise permitted hereunder. None of the Loan Parties has violated any applicable federal or state securities Laws in connection
with the offer, sale or issuance of any of its Capital Stock, and, to the knowledge of any Loan Party, the issuance of the Notes
hereunder does not require registration under the Securities Act or any applicable state securities Laws. Except for the agreements
listed on Schedule 7.09, there are no agreements among Holdings’ stockholders with respect to the voting or transfer
of Holdings’ Capital Stock.

 

(b)
None of the Loan Parties has any Subsidiaries other than the Subsidiaries listed on Schedule 7.09. Schedule 7.09
describes the direct and indirect ownership interest of each of the Loan Parties in each Subsidiary.

 

Section
7.10. Accuracy of Information.

 

(a)
All written factual information and data at any time furnished by any Loan Party, any of their respective Affiliates or any of
their respective representatives to any Agent or any Lender for purposes of or in connection with this Loan Agreement or any of
the Transactions (including all information contained in the Loan Documents) is, and all other such written factual information
and data hereafter furnished by any Loan Party, any of their respective Affiliates or any of their respective representatives
to any Agent or any Lender will be, true, correct and complete in all material respects on the date as of which such information
or data is or will be furnished, and none of the factual information or data at any time furnished by any Loan Party, any of their
respective Affiliates or any of their respective representatives to any Agent or any Lender for purposes of or in connection with
this Loan Agreement or any of the Transactions (including all information contained in the Loan Documents) contains any untrue
statement of a material fact or omits to state any material fact necessary to make such information and data, taken as a whole,
not materially misleading, in each case, at the time such information and data was furnished in light of the circumstances under
which such information or data was furnished; provided that, to the extent any such information or data was based upon
or constitutes a forecast or projection, the Loan Parties represent only that such forecast or projection was prepared by the
Loan Parties in good faith based upon reasonable assumptions and utilizing due care in its preparation, it being understood that
forecasts and projections are subject to uncertainties and contingencies, many of which are beyond the Loan Parties’ control,
and no assurance can be given that any forecast or projection will be realized and that actual results may differ and such differences
may be material.

 

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(b)
The Budget and pro forma financial information provided to the Administrative Agent on or prior to the Closing Date were prepared
in good faith based upon assumptions that were reasonable at the time made and as of the Closing Date, it being recognized by
the Administrative Agent and the Lenders that such projections as to future events are not to be viewed as facts and that actual
results during the period or periods covered by any such projections may differ from the projected results.

 

Section
7.11. Financial Condition; Financial Statements. The Prior Financial Statements present fairly in all material
respects the financial condition and results of operations of the Consolidated Companies at the respective dates of such
information and for the respective periods covered thereby, subject in the case of unaudited financial information to changes
resulting from normal year-end audit adjustments and to the absence of footnotes. The Prior Financial Statements have been
prepared in a manner consistent with the historical accounting practices of The Procter & Gamble Company with respect to
the Cream Suds Business and the Joy Business. For all periods following the Closing Date, all financial information furnished
pursuant to Section 8.01 will be prepared in accordance with GAAP consistently applied. All of the financial
information to be furnished pursuant to Section 8.01 will present fairly in all material respects the financial
position and results of operations of the Loan Parties and their Subsidiaries at the respective dates of such information and
for the respective periods covered thereby, subject in the case of unaudited financial information to changes resulting from
normal year-end audit adjustments and to the absence of footnotes. Other than with respect to the Term Loans, none of the
Loan Parties has, and none of their respective Subsidiaries has, any Indebtedness or other material obligations or
liabilities, direct or contingent, that are not reflected in the financial information referenced in Section 5.10 to
the extent required to be reflected therein in accordance with GAAP.

 

Section
7.12. Tax Returns and Payments. Each Loan Party has filed all applicable federal, state and local income Tax
returns, and all other material Tax returns, domestic and foreign, required to be filed by them, and has paid all Taxes and
assessments payable by them that have become due (whether or not reflected on a Tax return) other than those not yet
delinquent or contested in good faith by appropriate proceedings in accordance with Section 9.02(i) and with respect
to which the applicable Loan Party has maintained adequate reserves in accordance with GAAP. Each Loan Party and its
Subsidiaries has paid, or has provided adequate reserves in accordance with GAAP for the payment of, all applicable federal,
state, local and foreign income Taxes applicable for all prior fiscal years and for the current fiscal year. No Tax Lien has
been filed.

 

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Section
7.13. Compliance with ERISA. Each Plan (and each related trust, insurance contract or fund) is in compliance in
all material respects with its terms and with ERISA, the Code and all Applicable Laws. No ERISA Event has occurred or is
reasonably expected to occur, which, individually or in the aggregate, has resulted or could result in material liability to
any Loan Party or any Subsidiary of any Loan Party. Each Plan (and each related trust, if any) that is intended to qualify
under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS, including for all
required amendments, regarding its qualification thereunder that considers the law changes incorporated in the Plan
sponsor’s most recently expired remedial amendment cycle determined under the provisions of Rev. Proc. 2007-44, and
nothing has occurred subsequent to the issuance of such determination or opinion letter which could reasonably be expected to
prevent, or cause the loss of, such qualification. There has been no violation of the applicable requirements of Section 404
or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or disqualified person with
respect to any Plan for which any of the Loan Parties or any of their respective Subsidiaries may be directly or indirectly
liable. No action, suit, proceeding, hearing, audit or investigation with respect to the administration, operation or the
investment of assets of any Plan (other than routine claims for benefits) is pending, expected or threatened and anticipated
to result in material liability. No Plan has an Unfunded Current Liability that has resulted or could reasonably be expected
to result in material liability to any Loan Party or any Subsidiary of any Loan Party. No employee welfare benefit plan
within the meaning of §3(1) or §3(2)(B) of ERISA of any Loan Party or any of their respective Subsidiaries,
provides benefit coverage subsequent to termination of employment except as required by Title I, Part 6 of ERISA or
applicable state insurance laws. No 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 has been, or is reasonably
expected to be, incurred.

 

Section
7.14. Intellectual Property; Licenses, etc. Each Loan Party and each Subsidiary of each Loan Party owns, or
possesses the right to use, all of the trademarks, service marks, trade names, Internet domain names, copyright
registrations, issued patents, and other intellectual property rights or applications to register any of the foregoing and
all rights to sue or recover at law or in equity for any past, present or future infringement, misappropriation, dilution,
violation or other impairment thereof (collectively, the “IP Rights”) that are or could be reasonably
necessary for the operation of its respective businesses (the “Material IP Rights”). The conduct and
operations of the businesses of each Loan Party and each of its Subsidiaries do not infringe, misappropriate, dilute, or
otherwise conflict with or violate any Material IP Rights of any other Person in any material respect. Except as set forth on Schedule
7.14, no Person has challenged in writing any right, title or interest of any Loan Party or any of its Subsidiaries in
any Material IP Rights of such Loan Party or Subsidiary. Except as set forth on Schedule 7.14, no Person has contested
in writing the use of any Material IP Rights by any Loan Party or Subsidiary or the validity or enforceability of such
Material IP Rights or, to the knowledge of the Loan Parties and their Subsidiaries, the use of the Material IP Rights subject
to the Transaction Documents by the Seller (as defined in the Transaction Agreement) or the validity and enforceability or
chain of title of such Material IP Rights. Except as disclosed on Schedule 7.14, no Loan Party or Subsidiary pays or
owes any royalty or other compensation to any Person with respect to any IP Rights. Schedule 7.14 is a complete and
accurate list of (i) all IP Rights of each Loan Party and each of its Subsidiaries as of the Closing Date and (ii) all
material license agreements or similar arrangements granting IP Rights of another Person to any Loan Party or any of its
Subsidiaries (excluding any “shrink wrap” licenses and third-party software licenses generally available to the
public at a cost of less than $25,000). As of the Closing Date, none of the IP Rights of any Loan Party or any of its
Subsidiaries is subject to any licensing agreement or similar arrangement except as set forth on Schedule 7.14 and all
Material IP Rights of the Loan Parties and their Subsidiaries have proper chain of title.

 

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Section
7.15. Ownership of Properties; Title; Real Property; Leases. Schedule 7.15 lists all of the Real Property owned
or leased by any of the Loan Parties or their respective Subsidiaries as of the Closing Date, and each other location leased
from or otherwise owned by a third party at which a Loan Party stores any Collateral as of the Closing Date, indicating in
each case whether the respective property is owned or leased, the identity of the owner or lessor and the location of the
respective property in each case as such Schedule may be updated in accordance with Section 8.13. Each Loan Party owns
(a) in the case of material owned Real Property, good, indefeasible and valid fee simple title to such Real Property, (b) in
the case of material owned personal property, good and valid title to such personal property, and (c) in the case of material
leased Real Property or personal property, valid and enforceable (except as may be limited by bankruptcy, insolvency,
moratorium, fraudulent conveyance or other laws applicable to creditors’ rights generally and by generally applicable
equitable principles) leasehold interests in such leased property, in each case, free and clear of all Liens or claims except
for Permitted Liens.

 

 

Section
7.16. Environmental Matters.

 

(a)
The Loan Parties, each of their respective Subsidiaries, and each of their respective businesses, operations and Real Property
(i) are in compliance with all Environmental Laws in all jurisdictions in which the Loan Parties or such Subsidiary, as the case
may be, are currently doing business, and (ii) have obtained and are in compliance with all permits required under Environmental
Laws, in each case except any such noncompliance or failure to obtain any such permits which could not reasonably be expected
to have a Material Adverse Effect. None of the Loan Parties or any of their respective Subsidiaries has become subject to any
pending or, to the knowledge of such Loan Party, threatened in writing, Environmental Claim or any other liability under any Environmental
Law which could reasonably be expected to have a Material Adverse Effect.

 

(b)
None of the Loan Parties or any of their respective Subsidiaries or, to the knowledge of any Loan Party, any other Person, has
used, managed, handled, generated, treated, stored, transported, Released or disposed of Hazardous Materials in, on, at, under,
to or from any currently or formerly owned or leased Real Property or facility relating to its business in a manner that requires
or is reasonably expected to require corrective, investigative, monitoring, remedial or cleanup actions under any Environmental
Law which could reasonably be expected to have a Material Adverse Effect.

 

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(c)
To the knowledge of the Loan Parties, there are no actions, activities, circumstances, facts, conditions, events or incidents,
including the presence of any Hazardous Material, which would be reasonably be expected to form the basis of any Environmental
Claim against any Loan Party or any of their respective Subsidiaries which could reasonably be expected to have a Material Adverse
Effect.

 

(d)
The Loan Parties have delivered or otherwise made available for inspection to the Administrative Agent true, complete and correct
copies and results of all material reports, data, investigations, audits, assessments (including Phase I environmental site assessments
and Phase II environmental site assessments) studies, analyses, tests or monitoring in the custody, possession or control of the
Loan Parties or any of their Subsidiaries pertaining to: (i) any Environmental Claims involving any Loan Party or any of their
Subsidiaries; (ii) any Hazardous Materials in, on, beneath or adjacent to any property currently or formerly owned, operated or
leased by any Loan Party or any of their Subsidiaries; or (iii) any Loan Party’s or any of their Subsidiaries’ compliance
with applicable Environmental Laws, except any Environmental Claims, Hazardous Materials or noncompliance which could not reasonably
be expected to have a Material Adverse Effect.

 

Section
7.17. Solvency. On the Closing Date after giving effect to the Transactions and the other transactions related
thereto, the Loan Parties and their Subsidiaries on a consolidated basis are, Solvent.

 

Section
7.18. No Default. None of the Loan Parties or any of their respective Subsidiaries is in default under or with
respect to, any Contractual Obligation or Material Contract that, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

Section
7.19. Security Documents; Perfection. (a) The Guaranty and Security Agreement is effective to create in favor
of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable first priority (subject only
to Permitted Liens which, pursuant to the terms of this Loan Agreement, are permitted to have priority over Collateral
Agent’s Liens thereon) security interest in the Collateral described therein and proceeds thereof.

 

(b)
In the case of the Pledged Stock described in the Guaranty and Security Agreement, when stock certificates representing such Pledged
Stock are delivered to the Collateral Agent; in the case of deposit accounts and securities accounts, when Account Control Agreements
are executed and delivered by the Loan Parties owning such accounts, the Collateral Agent and the applicable depository bank or
securities intermediary; and in the case of the other Collateral described in the Guaranty and Security Agreement, when financing
statements and other filings specified on Schedule 7.19 in appropriate form are filed in the offices specified on Schedule
7.19, the Lien granted under the Guaranty and Security Agreement shall constitute a fully perfected Lien on, and first priority
(subject only to Permitted Liens which, pursuant to the terms of this Loan Agreement, are permitted to have priority over Collateral
Agent’s Liens thereon) security interest in, all right, title and interest of the Loan Parties in such Collateral and the
proceeds thereof (to the extent such proceeds can be perfected by a filing), as security for the Obligations.

 

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Section
7.20. Compliance with Laws and Permits; Authorizations. Each Loan Party and each of its Subsidiaries (a) is in
compliance with all Applicable Laws and Permits and (b) has all requisite governmental licenses, Permits, authorizations,
consents and approvals to operate its business as currently conducted, except in such instances in which (x) such
requirement of Applicable Laws, Permits, government licenses, authorizations or approvals are being contested in good faith
by appropriate proceedings diligently conducted or (y) the failure to have or comply therewith, either individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

Section
7.21. No Material Adverse Effect. Since the date of the Prior Financial Statements, there has been no Material
Adverse Effect, and there has been no circumstance, event or occurrence, and no fact exists to the actual knowledge of any of
the Loan Parties, in each case that could reasonably be expected to result in a Material Adverse Effect.

 

Section
7.22. Contractual or Other Restrictions. Other than the Loan Documents and the Revolving Loan Documents, no
Loan Party or any of its Subsidiaries is a party to any agreement or arrangement or subject to any Applicable Law that (a)
limits its ability to pay dividends to, or otherwise make Investments in or other payments to, any Loan Party, (b) limits its
ability to grant Liens in favor of the Collateral Agent or (c) otherwise limits its ability to perform the terms of the Loan
Documents.

 

Section
7.23. No Brokers. Except as set forth on Schedule 7.23, no broker’s or finder’s fee or commission
will be payable with respect to this Loan Agreement or any of the transactions contemplated hereby.

 

Section
7.24. Insurance. The properties of each Loan Party are insured with financially sound and reputable insurance
companies that are not Affiliates of any Loan Party (other than any deductible or self-insured portion) against loss and
damage in such amounts, with such deductibles and covering such risks, as are customarily carried by Persons of comparable
size and of established reputation engaged in the same or similar businesses and owning similar properties in the general
locations where such Loan Party operates, in each case as described on Schedule 7.24. As of the Closing Date, all
premiums with respect thereto that are due and payable have been duly paid and no Loan Party has received or is aware of any
notice of any material violation or cancellation thereof and each Loan Party has complied in all material respects with the
requirements of each such policy.

 

Section
7.25. Evidence of Other Indebtedness. Schedule 7.25 is a complete and correct list of each credit agreement,
loan agreement, promissory note, indenture, purchase agreement, guaranty, letter of credit or other arrangement providing for
or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to any Loan
Party outstanding on the Closing Date which will remain outstanding after the Closing Date (other than this Loan Agreement
and the other Loan Documents). The aggregate principal or face amount outstanding or that may become outstanding under each
such arrangement as of the Closing Date is correctly described in Schedule 7.25.

 

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Section
7.26. Deposit Accounts, Securities Accounts and Commodity Accounts.

 

Schedule
7.26 lists as of the Closing Date all of the deposit accounts, securities accounts and commodity accounts of each Loan Party,
including, with respect to each depository bank, securities intermediary or commodity intermediary at which such accounts are
maintained by such Loan Party, (a) the name and location of such Person and (b) the account numbers of the deposit accounts, securities
accounts and commodity accounts maintained with such Person.

 

Section
7.27. Principal Business. As of the Closing Date and at all times thereafter each Loan Party, other than
Holdings, is engaged solely in the Business.

 

Section
7.28. Absence of any Undisclosed Liabilities. There are no material liabilities of any Loan Party of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition,
situation or set of circumstances which could reasonably be expected to result in any such liabilities, other than those
liabilities provided for or disclosed in the financial statements provided on or prior to the Closing Date or otherwise
disclosed in writing to the Administrative Agent.

 

Section
7.29. Holdings.

 

(a)
Holdings has not engaged in and does not engage in any activity prohibited by Section 9.17, and have not owned and do not
own any assets or property prohibited by Section 9.17.

 

(b)
Except as set forth in the Holdings Equity Investment Documents, none of the holders of any Capital Stock of Holdings has a contractual
or other right to require Holdings to purchase or redeem any Capital Stock of Holdings.

 

Section
7.30. Acquisition; Transaction Agreement, Other Related Agreements.

 

(a)
The Borrowers have delivered to the Administrative Agent a complete and correct copy of the Transaction Agreement and each of
the other Transaction Documents (including all schedules, exhibits, amendments, supplements, modifications, assignments and all
other documents delivered pursuant thereto or in connection therewith). As of the Closing Date, no Loan Party and, to the knowledge
of any Loan Party, no other Person party thereto, is in default in any material respect in the performance or compliance with
any provisions thereof.

 

(b)
The Acquisition complies in all material respects with all applicable legal requirements, and all necessary governmental, regulatory,
shareholder and other material consents and material approvals required for the consummation of the Acquisition have been, or
prior to the consummation thereof will be, (i) duly waived or (ii) duly obtained and in full force and effect.

 

(c)
Each of the Transaction Documents is in full force and effect as of the Closing Date, has not been terminated, rescinded or withdrawn,
and the Loan Parties’ rights thereunder are fully assignable to the Collateral Agent by any Loan Party that is a party thereto.

 

(d)
The consummation of the Acquisition will not violate in any material respects any statute or regulation of the United States or
any other applicable jurisdiction, or any order, judgment or decree of any court or other Governmental Authority, nor will it
result in a breach of, or constitute a default under, any material agreement or indenture, or any material order or decree, to
which the Loan Parties or any of their Subsidiaries are a party or are subject.

 

(e)
As of the Closing Date, no Loan Party has granted a collateral assignment of, or a security interest over, any of the Transaction
Documents (other than in favor of the Collateral Agent, for the benefit of the Secured Parties), and no Loan Party has sold, transferred
or assigned any Transaction Document to any Person. As of the Closing Date, no Transaction Document has been modified, amended,
altered or changed in any manner adverse to the Lenders, and all such material modifications, amendments, alterations and changes
(whether or not adverse to the Lenders) have been provided in writing to the Lenders.

 

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Section
7.31. Anti-Terrorism Laws; The Patriot Act. No Loan Party is in violation of any Law relating to terrorism or
money laundering (“Anti-Terrorism Laws”), including the Patriot Act, the Trading with the Enemy Act of the
United States of America (50 U.S.C. App. §§1 et seq.), as amended (the “Trading with the Enemy
Act”), the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter
V, as amended), and Executive Order No. 13224 on Terrorism Financing, effective September 24, 2001 (the “Executive
Order”). No Loan Party or other agents acting or benefiting in any capacity in connection with the Term Loans is
(i) a Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order, (ii) a Person
owned or controlled by, or acting for or on behalf of, any Person that is listed in the Annex to, or is otherwise subject to
the provisions of, the Executive Order, (iii) a Person with whom any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Law, (iv) a Person who commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order, (v) an “enemy” or an “ally of the enemy”
within the meaning of Section 2 of the Trading with the Enemy Act, or (vi) a Person that is named as a “specially
designated national and blocked person” on the most current list published by the United States Treasury Department
Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication
of such list. No Loan Party or other agents acting or benefiting in any capacity in connection with the Term Loans (i)
conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of
any Person described in the preceding sentence, (ii) deals in, or otherwise engages in any transaction relating to, any
property or interests in any property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in
any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in the Anti-Terrorism Laws.

 

Section
7.32. Economic Sanctions/OFAC.

 

No
Loan Party or any director, officer or employee of any Loan Party, and to the knowledge of any Loan Party no Affiliate, agent
or representative of any Loan Party, is, or is owned or controlled by, a Person that is (i) the subject of any economic or financial
sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority (“Sanctions”),
including those administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC Sanctions”)
or (ii) located, organized or conducting business in a country, region or territory that is the subject of any OFAC Sanctions
or other Sanctions (each, a “Sanctioned Country”), including, without limitation, Burma/Myanmar, Crimea, Cuba,
Iran, North Korea, Sudan and Syria (any such Person referred to in clause (i) or (ii), a “Sanctioned Person”).

 

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Section
7.33. Foreign Corrupt Practices Act.

 

No
Loan Party or any director, officer or employee of any Loan Party, and to the knowledge of any Loan Party no Affiliate, agent
or representative of any Loan Party, has taken any action in violation of Applicable Law in furtherance of an offer, payment,
promise to pay or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly
or indirectly, to any “government official” (including any officer or employee of a government or a government-owned,
government-controlled or other quasi-governmental entity or of a public international organization, or any Person acting in an
official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office) to influence official action or secure an improper advantage, and each Loan Party has conducted its businesses in compliance
in all material respects with applicable anti-corruption laws and has instituted and maintained and will continue to maintain
policies and procedures designed to promote and achieve compliance in all material respects with all such laws and with the representation
and warranty contained in this Section 7.33.

 

Section
7.34. Material Contracts; No Hedging Contracts.

 

(a)
Set forth on Schedule 7.34(a) is a list of all Material Contracts of the Loan Parties, showing the parties and any amendments
and modifications thereto; provided, however, that Borrowers may from time to time after the Closing Date amend
such Schedule 7.34(a) to add additional Material Contracts or remove contracts no longer qualifying as Material Contracts
so long as (i) in the case of adding additional Material Contracts, such amendment occurs by written notice to the Administrative
Agent as set forth in the first Compliance Certificate required to be delivered after the effectiveness of such contract, (ii)
in the case of removing contracts no longer qualifying as Material Contracts, such amendment occurs by written notice to the Administrative
Agent promptly after the termination thereof; provided that, no such addition to, or removal from, Schedule 7.34(a)
of a Material Contract shall be deemed a waiver of any Default or Event of Default. Each Material Contract (other than those
that have expired at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against
the applicable Loan Party and, to the best of the Loan Parties’ knowledge, each other Person that is a party thereto, in
accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by
Section 9.08), and (c) is not in default due to the action or inaction of any Loan Party or, to the knowledge of the Loan
Parties, any other party thereto. To the Borrowers’ knowledge, there exists no actual or threatened termination, limitation
or modification of any business relationship between any Loan Party or Subsidiary and any customer or supplier, or any group of
customers or suppliers, who individually or in the aggregate are material to the Business. To the Borrowers’ knowledge,
there exists no condition or circumstance that could reasonably be expected to impair the ability of any Loan Party or Subsidiary
to conduct the Business or utilize any Material IP Rights at any time after giving effect to the Acquisition in substantially
the same manner as conducted by the Seller (as defined in the Transaction Agreement) and its subsidiaries prior to giving effect
to the Acquisition.

 

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(b)
Except as permitted pursuant to this Loan Agreement, there are no Hedging Agreements or similar agreements entered into by, between
or applicable to any Loan Party or any of its Subsidiaries.

 

Section
7.35. Affiliate Transactions. Except as set forth on Schedule 7.35, no Loan Party is a party to any
contracts or agreements with any of its Affiliates on terms and conditions which are less favorable to such Loan Party than
would be usual and customary in similar contracts or agreements between Persons not affiliated with each other.

 

Section
7.36. Material Customers. To the knowledge of the Loan Parties, neither the Loan Parties, nor The Proctor &
Gamble Company, have received notice from any material customer that such customer has or intends to terminate or otherwise
materially alter its customer agreements with The Proctor & Gamble Company in respect of the Joy Business or the Cream
Business in a manner that could result in a Material Adverse Effect.

 

Section
7.37. Collective Bargaining Agreements. Schedule 7.37 is a complete and correct list and description (including
dates of termination) of all collective bargaining or similar agreements between or applicable to any Loan Party or any of
its Subsidiaries and any union, labor organization or other bargaining agent in respect of the employees of any Loan Party or
any of its Subsidiaries.

 

Section
7.38. Qualified Capital Stock. All Capital Stock issued by the Loan Parties and their Subsidiaries is Qualified
Capital Stock.

 

ARTICLE
VIII

AFFIRMATIVE COVENANTS

 

The
Loan Parties hereby covenant and agree that, on the Closing Date and thereafter until the Term Loans, together with interest,
Fees and all other Obligations incurred hereunder and under the other Loan Documents (other than Unasserted Contingent Obligations),
are paid in full in cash in accordance with the terms of this Loan Agreement, and as inducement for the Agents and the Lenders
to enter into this Loan Agreement and upon which the Agents and the Lenders are relying:

 

Section
8.01. Financial Information, Reports, Certificates and Other Information. The Loan Parties shall furnish to the
Administrative Agent and each Lender copies of the following financial statements, reports, notices and information:

 

(a)
Monthly Financial Statements. (i) Commencing with the calendar month ending June 30, 2019 and for each calendar month thereafter
prior to the first full calendar month ending after the Initial Accounting Termination Date, within thirty (30) days after the
end of each calendar month, a report as of the end of such month in the same form and substance as the Prior Financial Statements
or otherwise reasonably satisfactory to the Administrative Agent, certified by an Authorized Officer of Holdings on behalf of
the Borrowers as having been prepared in good faith and presenting fairly in all material respects the financial condition and
results of operations of the Consolidated Companies at the respective dates of such information and for the respective periods
covered thereby and (ii) commencing with the first full calendar month ending after the Initial Accounting Termination Date, within
thirty (30) days after the end of each calendar month (A) unaudited (x) consolidated balance sheets of Holdings and its Subsidiaries
as of the end of such month, and (y) unaudited consolidated statements of income and cash flow of Holdings and its Subsidiaries
as of the end of such month, in each case, including in comparative form (both in Dollar and percentage terms) the figures for
the corresponding month in the immediately preceding fiscal year of Holdings, and the year-to-date portion of the immediately
preceding fiscal year of Holdings, and (B) a statement of Consolidated Adjusted EBITDA for the year-to-date portion of such fiscal
year of Holdings ending concurrently with such month, including, (A) the Consolidated Adjusted EBITDA Calculation and (B) in comparative
form (both in Dollar and percentage terms), Consolidated Adjusted EBITDA for the same year-to-date period in the immediately preceding
fiscal year.

 

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(b)
Quarterly Financial Statements. Commencing with the first full fiscal quarter ending after the Initial Accounting Termination
Date, within forty-five (45) days after the end of each fiscal quarter ended March 31, June 30, September 30 and December 31,
in each case, of Holdings, (i) unaudited (x) consolidated balance sheets of Holdings and its Subsidiaries as of the end of such
fiscal quarter, and (y) consolidated statements of income and cash flow of Holdings and its Subsidiaries for such fiscal quarter,
in each case and for the period commencing at the end of the previous fiscal year of Holdings and ending with the end of such
fiscal quarter, including (in the case of each of clause (x) and clause (y) (if applicable)), in comparative form
(both in Dollar and percentage terms) the figures for the corresponding fiscal quarter in, and year to date portion of, the immediately
preceding fiscal year of Holdings, (ii) a statement of Consolidated Adjusted EBITDA (x) for the year-to-date portion of such fiscal
year of Holdings ending concurrently with such fiscal quarter, including (A) the Consolidated Adjusted EBITDA Calculation and
(B) in comparative form (both in Dollar and percentage terms) Consolidated Adjusted EBITDA for the same year-to-date period in
the immediately preceding fiscal year of Holdings and (y) for the Test Period ending concurrently with such fiscal quarter, including,
in comparative form (both in Dollar and percentage terms) Consolidated Adjusted EBITDA for such Test Period against the then current
Budget, and for the Test Period immediately preceding such reported period and (iii) a management discussion and analysis (with
reasonable detail and specificity) of the results of operations for the fiscal periods reported, including, in comparative form
the figures for the corresponding fiscal quarter in, and year-to-date portion of, the immediately preceding fiscal year of Holdings,
and period commencing at the end of the previous fiscal year of the Borrowers and ending with the end of such fiscal quarter.

 

(c)
Annual Financial Statements. Commencing with the fiscal year ending December 31, 2019, within one hundred and twenty (120)
days after the end of any fiscal year of Holdings (or, solely with respect to the fiscal year ending December 31, 2019, one hundred
and eighty (180) days), (i) copies of the consolidated balance sheets of Holdings and its Subsidiaries for such fiscal year, and
the related consolidated statements of income and cash flows of Holdings and its Subsidiaries for such fiscal year, and setting
forth in comparative form (both in Dollar and percentage terms) the figures for the immediately preceding fiscal year (commencing
with the 2020 fiscal year) and against the then-current Budget for such fiscal year, such statements audited and certified without
“going concern” or other qualification, exception or assumption, without any explanatory paragraph or paragraph of
emphasis with respect to “going concern”, and without qualification or assumption as to the scope of such audit as
conducted in accordance with GAAP, by an independent public accounting firm of nationally recognized standing reasonably acceptable
to the Administrative Agent (provided that BDO USA, LLP shall be deemed to be acceptable to the Administrative Agent), together
with a management discussion and analysis (with reasonable detail and specificity) of the results of operations for the fiscal
periods reported and (ii) a statement of Consolidated Adjusted EBITDA for such fiscal year, including (A) the Consolidated Adjusted
EBITDA Calculation and (B) in comparative form (both in Dollar and percentage terms) Consolidated Adjusted EBITDA for such fiscal
year against the then-current Budget and for the same year-to-date period in the immediately preceding fiscal year.

 

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(d)
Compliance Certificates. Concurrently with the delivery of the financial information pursuant to clauses (b) and
(c) above, a Compliance Certificate executed by an Authorized Officer of Holdings on behalf of the Borrowers (i) certifying
that such financial information presents fairly in all material respects the financial condition, results of operations and cash
flows of Holdings and its Subsidiaries in accordance with GAAP at the respective dates of such information and for the respective
periods covered thereby, subject in the case of unaudited financial information, to changes resulting from normal year-end audit
adjustments and to the absence of footnotes, (ii) showing compliance with the covenants set forth in Section 9.13 and stating
that no Default or Event of Default has occurred and is continuing (or, if a Default or an Event of Default has occurred, specifying
the details of such Default or Event of Default and the actions taken or to be taken with respect thereto), (iii) specifying any
change in the identity of the Subsidiaries as at the end of such fiscal year or period, as the case may be, from the Subsidiaries
listed on Schedule 7.09, or from the most recently delivered Compliance Certificate, as applicable and (iv) including (x)
an updated Schedule 7.15, Schedule 7.26, and Schedule 7.34(a) of this Loan Agreement (if applicable) and
(y) a written supplement substantially in the form of Schedules 1-5, as applicable, to the Guaranty and Security Agreement with
respect to any additional assets and property acquired by any Loan Party after the date hereof if required to update the perfection
of Collateral Agent’s Lien with respect to such assets, all in reasonable detail.

 

(e)
Consolidated Excess Cash Flow. On or before the date upon which annual financial statements are required to be delivered
pursuant to Section 8.01(c) for each fiscal year, a written calculation of Consolidated Excess Cash Flow for the applicable
fiscal year in form reasonably acceptable to the Administrative Agent, certified by an Authorized Officer of each Borrower and
in compliance with the requirements of Section 4.02(a)(vi).

 

(f)
Budget. On or prior to the thirtieth (30th) day of each calendar year (or, solely with respect to the calendar
year ending December 31, 2020, on or prior to the forty-fifth (45th) day of such year), forecasted financial projections
for Holdings and its Subsidiaries for the then upcoming fiscal year (on a month-by-month and quarter-by-quarter basis), in each
case including projections for Consolidated Capital Expenditures, a projected consolidated balance sheet of Holdings and its Subsidiaries
as of the end of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial
position and projected income and a description of the underlying assumptions applicable thereto, and in each case prepared by
management of the Loan Parties in good faith based upon reasonable assumptions, consistent in scope with the financial statements
provided pursuant to Section 8.01(c) and setting forth the principal assumptions on which such projections are based (each
such projections and the projections delivered as of the Closing Date pursuant to Section 5.10(a)(ii), being referred to
as a “Budget”).

 

 

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(g)
Defaults; Litigation. As soon as possible and in any event (i) within three (3) Business Days after an Authorized Officer
of any Loan Party or any of their respective Subsidiaries obtains knowledge thereof, written notice from an Authorized Officer
of each Borrower of the occurrence of any event that constitutes a Default or an Event of Default, which notice shall specify
the nature thereof, the period of existence thereof, and what action the applicable Loan Parties have taken and propose to take
with respect thereto, (ii) within five (5) Business Days after an Authorized Officer of any Loan Party or any of their respective
Subsidiaries obtains knowledge thereof, written notice from an Authorized Officer of each Borrower of (1) the occurrence of any
material adverse development with respect to any litigation, action, proceeding or labor controversy described in Schedule
7.08, (2) the commencement of any litigation, action, proceeding or labor controversy of the type and the materiality described
in Section 7.08, and (3) to the extent the Administrative Agent requests and subject to any attorney client privilege requirements,
copies of all documentation related thereto.

 

(h)
Notices. Written notice promptly upon becoming aware of (and in no event later than three (3) Business Days (except for
item (iv) below which shall be provided no later than five (5) Business Days) and after an Authorized Officer of any Loan Party
becomes aware of) each the following, and copies of all notices and related documents and correspondence with respect to:

 

(i)
any pending or, to the knowledge of an Authorized Officer of a Loan Party, threatened in writing litigation, action, proceeding
or other controversy which purports to affect the legality, validity or enforceability of any Loan Document, Transaction Document
or any other document or instrument referred to in Section 9.08, which notice shall include a statement of an Authorized
Officer of each Borrower specifying the nature thereof and what actions the applicable Loan Parties have taken and propose to
take with respect thereto;

 

(ii)
the commencement of, and any material development in, each litigation, investigation or proceeding affecting any Loan Party or
any Subsidiary thereof (A) the amount of which, if adversely determined could reasonably be expected to result in liability of
$250,000 (or its equivalent in another currency or currencies) or more, in the aggregate, for any Loan Party or Subsidiary of
any Loan Party, individually or collectively, (B) in which injunctive or similar relief is sought and which, could reasonably
be expected to have a Material Adverse Effect, (C) in which the relief sought is an injunction or other stay of the performance
of this Loan Agreement, any other Loan Document or any Transaction Document or (D) which alleges potential violations of any securities
laws that could reasonably be expected to result in material liability to any Loan Party or any criminal liability with respect
to any Loan Party;

 

(iii)
each pending or, to the knowledge of an Authorized Officer of a Loan Party, threatened in writing labor dispute, strike, walkout,
or union organizing activity with respect to any employees of a Loan Party that would reasonably be expected to have a Material
Adverse Effect;

 

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(iv)
the discharge, withdrawal or resignation by a Loan Party’s independent accountants and any replacement by nationally recognized
accountants or other accountants reasonably acceptable to the Administrative Agent;

 

(v)
the creation or acquisition of any Subsidiary of any Borrower no later than ten (10) Business Days prior to such creation or acquisition;

 

(vi)
each other material notice or notification (other than borrowing notices) given by any Loan Party under the Preferred Equity Investment
Agreement, the Holdings Equity Investment Documents, any other Transaction Document, any other Material Contract or any Revolving
Loan Document;

 

(vii)
all amendments, consent letters, waivers or modifications to a Loan Party’s Organization Documents that increase or change
any payment obligations or which could otherwise be adverse to the Lenders;

 

(viii)
all significant written final reports submitted to a Loan Party or any Subsidiary of a Loan Party by its accountants in connection
with each annual, interim or special audit or review of any type of the financial statements or related internal control systems,
including any final comment letters delivered to management and all responses thereto; and

 

(ix)
all (i) notices submitted or delivered to a Loan Party or any Subsidiary of a Loan Party by a regulatory agency when such notice
could reasonably have a Material Adverse Effect and (ii) material reports submitted or delivered to a Loan Party or any Subsidiary
of a Loan Party which were prepared by the SEC.

 

(i)
Loan Documents, etc. As soon as possible and in any event within three (3) Business Days after any Loan Party obtains knowledge
of the occurrence of a breach or default or termination or notice of termination or intent or threat to terminate by any party
under, or material amendment (and copies thereof) entered into by any party to, any Loan Document, any Preferred Equity Documents,
any Holdings Equity Investment Documents, any Transaction Document, any other Material Contract, any Revolving Loan Document or
any other material agreement between a Loan Party and any other Affiliate of any Loan Party (other than a Loan Party), or any
other document or instrument referred to in Section 9.07, a statement of an Authorized Officer of the Borrowers setting
forth details of such breach or default or notice of termination or intent or threat to terminate and the actions taken or to
be taken with respect thereto and, if applicable, a copy of such amendment.

 

(j)
Management Letters. Promptly upon, and in any event within five (5) Business Days after, receipt thereof, copies of all
“management letters” submitted to any Loan Party by the independent public accountants referred to in Section 8.01(c)
in connection with each audit made by such accountants.

 

(k)
Reports to SEC and Shareholders. Promptly upon the filing or sending thereof, copies of (a) all regular, periodic or special
reports of each Loan Party or any direct or indirect parent of any Loan Party filed with the Securities Exchange Commission and
(b) all registration statements of Holdings and each Loan Party filed with the Securities Exchange Commission (other than on Form
S-8).

 

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(l)
Bankruptcy, etc. Immediately upon becoming aware thereof, notice (whether involuntary or voluntary) of the bankruptcy,
insolvency, reorganization of any Loan Party, or the appointment of any trustee in connection with or anticipation of any such
occurrence, or the taking of any step by any Person in furtherance of any such action or occurrence.

 

(m)
Corporate Information. Promptly upon, and in any event within five (5) Business Days after, any change in the identity
of the chief executive officer, chief operations officer, chief financial officer or other “C-Level” officers, a certificate,
certified to the extent of any change from a prior certification, from the secretary, assistant secretary, managing member or
general partner of such Loan Party notifying the Administrative Agent of such information or change and attaching thereto any
relevant documentation in connection therewith.

 

(n)
Insurance Report. Substantially concurrently with the delivery of the financial statements provided for in Section 8.01(c),
a current report of a reputable insurance broker with respect to insurance policies maintained by the Loan Parties.

 

(o)
Leased Property. Promptly upon, and in any event within five (5) Business Days after, entering into any new material lease
in respect of Real Property, a copy of such lease.

 

(p)
Borrowing Base Certificates. Within two (2) Business Days of any borrowing base certificate pursuant to the Revolving Loan
Documents (to the extent such Revolving Loan Documents exist), a copy of such borrowing base certificate and any related calculations,
reports or exhibits delivered in connection therewith.

 

(q)
Other Information. Promptly, such other information (financial or otherwise) as any Agent on its own behalf or on behalf
of any Lender may reasonably request in writing from time to time.

 

Section
8.02. Books, Records and Inspections. The Loan Parties shall, and shall cause each of their respective
Subsidiaries to, maintain proper books of record and account, in which entries that are complete, true and correct in all
material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions
and matters involving the assets and business of the Loan Parties or such Subsidiary, as applicable, in accordance with GAAP.
The Loan Parties shall, and shall cause each of their respective Subsidiaries to, permit the Administrative Agent and its
representatives and independent contractors to visit and inspect and audit any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its directors, officers, and independent public accountants, all at the expense of the Loan Parties and (unless
an Event of Default then exists) at reasonable times during normal business hours, upon reasonable advance notice to the Loan
Parties; provided that (i) unless an Event of Default has occurred and is continuing, the Administrative Agent shall
not be permitted to conduct, and, the Loan Parties shall not be required to reimburse the Administrative Agent for, (x)
during each year prior to the second anniversary of the Closing Date, more than two (2) such inspections and collateral
audits in any calendar year and (y) during each year thereafter, more than one (1) such inspection or collateral audit in any
calendar year and (ii) the Administrative Agent shall be permitted to conduct unlimited inspections and audits during any
calendar year during the occurrence and continuance of an Event of Default, and the Loan Parties shall reimburse the
Administrative Agent for any such inspections. Any information obtained by the Administrative Agent pursuant to this Section
8.02 may be shared with the Collateral Agent or any Lender upon such Person’s request. The Administrative Agent
shall give the Loan Parties the opportunity to participate in any discussions with the Loan Parties’ independent public
accountants.

 

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Section
8.03. Maintenance of Insurance. The Loan Parties shall, and shall cause each of their respective Subsidiaries to,
maintain in full force and effect at all times (including by paying all applicable premiums), with insurance companies that
are financially sound and reputable at the time the relevant coverage is placed or renewed, insurance in at least such
amounts and against at least such risks (and with such risk retentions) as reasonably determined by the Loan Parties in the
exercise of reasonable business judgment , and in any case insuring against casualty, general liability, product liability,
employment practices liability, business interruption, errors and omissions, and “D&O” insurance. The Loan
Parties shall furnish to the Collateral Agent for further delivery to the Lenders, upon written request from the Collateral
Agent, information presented in reasonable detail as to all such insurance so carried, and in any case including, without
limitation, (i) endorsements to (x) all “All Risk” and business interruption policies naming the Collateral
Agent, on behalf of the Secured Parties, as loss payee, and (y) all general liability, product liability, employment
practices liability, other liability, and errors and omissions policies naming the Agents, the Lenders and the other Secured
Parties as additional insureds, and (ii) legends providing that no cancellation, material reduction in amount or material
change in insurance coverage thereof shall be effective until at least thirty (30) days (ten (10) days with respect to
failing to pay premiums) after receipt by the Collateral Agent of written notice thereof.

 

Section
8.04. Payment of Taxes and Liabilities. Each Loan Party shall pay and discharge, and shall cause each of its
Subsidiaries to pay and discharge, all federal, state and local income and other material Taxes, assessments, governmental
charges, levies imposed upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on
which penalties attach thereto, all lawful claims respecting the foregoing that, if unpaid, could reasonably be expected to
become a Lien upon any properties of the Loan Parties or any of their respective Subsidiaries and all other liabilities and
obligations of such Loan Party and its Subsidiaries; provided, that no Loan Party or any of its Subsidiaries shall be
required to pay any such Tax, assessment, charge, levy or claim that is being contested in good faith and by proper
proceedings in accordance with Section 9.02(i) and as to which such Loan Party has maintained adequate reserves with
respect thereto in accordance with GAAP and such amount is not in excess of $250,000 in the aggregate.

 

Section
8.05. Maintenance of Existence; Compliance with Laws, etc. Each Loan Party shall, and shall cause its Subsidiaries to,
(a) preserve and maintain in full force and effect its organizational existence (except in a transaction permitted by Section
9.03), (b) preserve and maintain its good standing under the laws of its state or jurisdiction of incorporation,
organization or formation; and preserve and maintain its good standing under the laws of each other state or jurisdiction
where such Person is qualified, or is required to be so qualified, to do business as a foreign entity, except to the extent
that failure to do so could not reasonably be expected to have a Material Adverse Effect, (c) comply in all material respects
with all Applicable Laws, rules, regulations and orders (including all Anti-Terrorism Laws) material to the business, (d) do
or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its Material
Contracts and the rights, agreements, licenses, registrations, permits, certifications, approvals, consents, franchises,
patents, copyrights, trademarks and trade names that are material to the conduct of such Loan Party’s or such
Subsidiary’s business except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect, (e) maintain, preserve and protect all property of the Loan Parties, except to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect and (f) except for obsolete or worn out equipment, keep
their property in good repair, working order and condition and from time to time make, or cause to be made, all needful and
proper repairs, renewals, additions, improvements and replacements thereto necessary in order that such Loan Party’s or
such Subsidiary’s business carried on in connection therewith may be properly conducted at all times, except to the
extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

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Section
8.06. Environmental Compliance.

 

(a)
Each Loan Party shall, and shall cause its Subsidiaries to, use and operate all of its and their businesses, facilities and properties
in compliance with all Environmental Laws, including (i) keeping all necessary permits, approvals, certificates, licenses and
other authorizations relating to environmental matters in effect and remaining in material compliance therewith, (ii) using, handling,
managing, generating, treating, storing, transporting and disposing of all Hazardous Materials in material compliance with all
applicable Environmental Laws, and (iii) keeping its and their property free of any Lien imposed by any Environmental Law, except
in each case where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)
The Borrowers shall promptly give notice to the Administrative Agent upon any Loan Party or Subsidiary thereof becoming aware
of (i) any violation by any Loan Party or any of its Subsidiaries of any Environmental Law, (ii) any inquiry with respect to,
proceeding against, investigation of or other Environmental Claim with respect to any Loan Party under any Environmental Law,
including without limitation a written request for information or a written notice of violation or potential environmental liability
from any foreign, federal, state or local environmental agency or board or any other Governmental Authority or Person, or (iii)
the discovery of a Release or threat of a Release in, at, on, under, to or from any of the Real Property of any Loan Party or
any facility or assets therein in excess of reportable or allowable standards or levels under any Environmental Law, or under
circumstances, or in a manner or amount which could reasonably be expected to require responsive, corrective, investigative, remedial,
monitoring, cleanup or other corrective action under any Environmental Law, which in each case could reasonably be expected to
have a Material Adverse Effect.

 

(c)
In the event of material violation of any Environmental Law or the Release or presence of any Hazardous Material in, at, on, under,
to or from any Real Property of any Loan Party in amounts which require responsive, corrective, investigative, remedial, monitoring,
cleanup or other corrective or other action under any Environmental Law or which subject any Loan Party to material liability
under any Environmental Law, each Loan Party and its respective Subsidiaries, upon discovery thereof, shall take all steps required
by Environmental Laws to initiate and expeditiously complete all responsive, corrective, investigative, remedial, monitoring,
cleanup or other corrective action or other action to mitigate and eliminate any such violation or potential liability, and shall
keep the Administrative Agent informed on a regular basis of their actions and the results of such actions.

 

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(d)
Each Loan Party shall provide the Administrative Agent with copies of any material notice, submittal or documentation (other than
notices, submittals and documentation submitted in the ordinary course of any Loan Party’s business) provided by any Loan
Party or any of its Subsidiaries to any Governmental Authority or other Person under any Environmental Law. Such notice, submittal
or documentation shall be provided to the Administrative Agent promptly and, in any event, within five (5) Business Days after
such material is provided to any Governmental Authority or third party.

 

Section
8.07. ERISA. (a) As soon as possible and, in any event, within ten (10) days after any Loan Party, any of its
Subsidiaries or any ERISA Affiliate knows or has reason to know of the occurrence of any of the following events, the
Borrowers shall deliver to the Agents and each Lender a certificate of an Authorized Officer of each Borrower setting forth
the full details as to such occurrence and the action, if any, that such Loan Party, such Subsidiary or such ERISA Affiliate
has taken and is required or proposes to take, together with any notices (required, proposed or otherwise) given to or filed
with or by such Loan Party, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan participant (other than notices relating
to an individual participant’s benefits) or the Plan administrator with respect thereto: (i) the institution of any
steps by any Person to terminate any Plan; (ii) the failure to make a required contribution to any Plan if such failure is
sufficient to give rise to a Lien under Sections 303(k) or 4068 of ERISA or under Section 430(k) of the Code; (iii) the
taking of any action with respect to a Plan which could result in the requirement that any Loan Party furnish a bond or other
security to the PBGC or such Plan; (iv) the occurrence of any event with respect to any Plan which could result in the
incurrence by any Loan Party of any material liability, fine or penalty, notice thereof and copies of all documentation
relating thereto; (v) that a Reportable Event has occurred (except to the extent that the Borrowers has previously delivered
to the Agents and Lenders a certificate and notices (if any) concerning such event pursuant to the next clause hereof); (vi)
that a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA is subject to
the advance reporting requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph (b)(1) thereof), and an
event described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 is reasonably expected to
occur with respect to such Plan within the following thirty (30) days; (vii) that a failure to satisfy the minimum funding
standard within the meaning of Section 430 of the Code or Section 303 of ERISA (whether or not waived in accordance
with Section 412(c) of the Code or Section 302(c) of ERISA) has occurred (or is reasonably likely to occur) or an application
may be or has been made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard
(including any required installment payments) or an extension of any amortization period under Section 412, 430 or 431 of the
Code or Section 302, 303 or 304 of ERISA with respect to a Plan; (viii) the adoption of, or the commencement of,
contributions to, any Plan subject to Title IV of ERISA, Section 412 of the Code or Section 302 of ERISA which results in a
material increase in the contribution obligations of any Loan Party, any Subsidiary of any Loan Party or any ERISA Affiliate;
(ix) that a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with
respect to a Plan has occurred; (x) that any Loan Party, any Subsidiary of any Loan Party or, to the knowledge of the Loan
Parties, an ERISA Affiliate files a Schedule B (or such other schedule as contains actuarial information ) to IRS Form 5500
in respect of a Plan with Unfunded Current Liabilities; (xi) that a Plan having any material Unfunded Current Liability has
been or is to be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA (including the giving of
written notice thereof); (xii) that a Plan has an Unfunded Current Liability that has or will result in a Lien under ERISA or
the Code; (xiii) that proceedings may be or have been instituted to terminate a Plan having an Unfunded Current Liability
(including the giving of written notice thereof); (xiv) that a proceeding may be or has been instituted against a Loan Party,
a Subsidiary thereof or an ERISA Affiliate pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan;
(xv) that the PBGC has notified any Loan Party, any Subsidiary thereof or any ERISA Affiliate of its intention to appoint a
trustee to administer any Plan; (xvi) that any Loan Party, any Subsidiary thereof or any ERISA Affiliate has failed to make a
required installment or other payment pursuant to Section 412 of the Code with respect to a Plan; (xvii) that any Loan Party,
any Subsidiary thereof or , to the extent applicable or potentially applicable to the Loan Parties or any of their respective
Subsidiaries, any ERISA Affiliate has incurred or will incur (or has been notified in writing that it will incur) any
material liability (including any indirect, contingent or secondary liability) to or on account of a Plan pursuant to Section
409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 436(f), 4971, 4975 or 4980 of the
Code; (xviii) that any Loan Party or any Subsidiary thereof may be directly or indirectly liable for a violation of the
applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any
fiduciary or disqualified person with respect to any Plan; or (xix) that any Loan Party, any Subsidiary thereof or any
ERISA Affiliate has incurred or will incur (or has been notified in writing that it will incur) any Withdrawal Liability;
and

 

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(b)
Promptly following any request therefor, copies of any documents described in Section 101(k) of ERISA that any Loan Party, any
of its Subsidiaries or any ERISA Affiliate may request with respect to any Plan, any notices described in Section 101(l) of ERISA
that any Loan Party, any of its Subsidiaries or any ERISA Affiliate may request with respect to any Plan and any information that
any Loan Party, any of its Subsidiaries or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided,
that if any Loan Party, any of its Subsidiaries or any ERISA Affiliate has not requested such documents or notices from the administrator
or sponsor of the applicable Plan, the applicable Loan Party, the applicable Subsidiary(ies) or the ERISA Affiliate(s) shall promptly
make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and
notices promptly after receipt thereof.

 

Section
8.08. Maintenance of Properties. Each Loan Party shall, and shall cause its Subsidiaries to, (a) maintain,
preserve, protect and keep its material Real Property, properties and assets in good repair, working order and condition
(ordinary wear and tear excepted, and subject to dispositions permitted pursuant to Section 9.04), (b) make necessary
repairs, renewals and replacements thereof, (c) maintain and renew as necessary all material leases, licenses, permits and
other clearances necessary to use and occupy such properties and assets, in each case so that the business carried on by such
Person may be properly conducted in all material respects at all times consistent with the manner in which business is
conducted as of the Closing Date or such changes thereto as reasonably determined by the Loan Parties in their good faith
business judgment from time to time, and (d) continue to conduct at all times its business consistent with the manner in
which business is conducted as of the Closing Date or such changes thereto as reasonably determined by the Loan Parties in
their good faith business judgment from time to time.

 

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Section
8.09. End of Fiscal Years; Fiscal Quarters.

 

The
Loan Parties shall cause (a) each of their fiscal years and the fiscal years of each of their Subsidiaries to end on December
31 of each year and (b) each of their fiscal quarters and the fiscal quarters of each of their Subsidiaries to end on dates consistent
with such fiscal year-end.

 

Section
8.10. Additional Collateral, Guarantors and Grantors. The Loan Parties shall, upon the formation or acquisition
thereof, promptly (but in any event, within ten (10) days after the date of formation or acquisition or such longer time as
the Administrative Agent may agree in writing, in its sole discretion) cause any direct or indirect Domestic Subsidiary
formed or otherwise purchased or acquired after the Closing Date to (i) execute a supplement to the Guaranty and Security
Agreement in the form of Annex I to the Guaranty and Security Agreement or otherwise in form and substance satisfactory to
the Collateral Agent, (ii) execute a joinder to this Loan Agreement, whereby such Subsidiary becomes a Loan Party hereunder,
(iii) obtain all consents and approvals required to be obtained by it in connection with the execution and delivery of the
aforementioned joinder and the Security Documents and the performance of its obligations hereunder and thereunder and the
granting by it of the Liens thereunder, and (iv) cause its assets to be subject to a first priority perfected Lien (subject
only to Permitted Liens that, pursuant to the terms of this Loan Agreement, are permitted to have priority over the
Collateral Agent’s Liens thereon) in favor of the Collateral Agent for the benefit of the Secured Parties and take such
actions as shall be necessary or reasonably requested by the Collateral Agent to grant and perfect or record such first
priority Lien. Not later than ten (10) Business Days after the acquisition by any Loan Party of any asset (including without
limitation, any IP Rights) that is required to be provided as Collateral pursuant to this Loan Agreement or any Security
Document, which asset would not automatically be subject to the Collateral Agent’s first priority perfected Lien
pursuant to pre-existing Security Documents, the applicable Loan Party shall cause such asset to be subject to a first
priority perfected Lien (subject only to Permitted Liens that, pursuant to the terms of this Loan Agreement, are permitted to
have priority over the Collateral Agent’s Liens thereon) in favor of the Collateral Agent for the benefit of the
Secured Parties and take such actions as shall be necessary or requested by the Collateral Agent to grant and perfect or
record such first priority Lien. Without limitation of any of the foregoing, each Loan Party shall deliver to the Collateral
Agent a collateral assignment, in form and substance satisfactory to the Collateral Agent, of its right under (i) any
Material License Agreement not later than ten (10) Business Days after entering into such Material License Agreement and (ii)
any acquisition or similar agreement not later than ten (10) Business Days after entering into such acquisition or similar
agreement.

 

Section
8.11. Pledges of Additional Stock and Indebtedness. The Loan Parties shall promptly (but in any event, within
ten (10) days after the date of issuance or acquisition or such longer time as the Administrative Agent may agree in writing,
in its sole discretion) pledge to the Collateral Agent for the benefit of the Secured Parties, (i) all the Capital Stock of
each Domestic Subsidiary and each Foreign Subsidiary (to the extent such Foreign Subsidiary is not a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code), and 66 2/3% of the issued and outstanding
Voting Stock and 100% of the outstanding non-voting Capital Stock of each Foreign Subsidiary that is a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code directly held by such Loan Party, in each case
formed or otherwise purchased or acquired after the Closing Date, (ii) to the extent required by the Security Documents, all
promissory notes executed after the Closing Date evidencing Indebtedness of any Loan Party or Subsidiary of any Loan Party,
and (iii) to the extent required by the Security Documents all other evidences of Indebtedness.

 

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Section
8.12. Use of Proceeds. The proceeds of the Term Loans shall be used on the Closing Date only (i) to finance the
Acquisition, (ii) to pay the transaction fees, costs and expenses incurred directly in connection with this Loan Agreement
and the Transactions, and (iii) for working capital and other general corporate purposes explicitly permitted by this Loan
Agreement.

 

Section
8.13. Mortgages; Landlord Agreements.

 

(a)
Within forty-five (45) days after the Closing Date (or such longer time as the Administrative Agent may agree to in its sole discretion),
the Loan Parties shall cause each Loan Party’s fee simple interests in Real Property with a fair market value in excess
of $500,000 to be subject to a Lien in favor of the Collateral Agent pursuant to a Mortgage securing the Obligations. If any Loan
Party acquires a fee simple interest in Real Property with a fair market value in excess of $500,000 after the Closing Date, the
Borrowers shall promptly notify the Agents and the Lenders thereof in writing and update Schedule 7.15 accordingly. With respect
to all Loan Parties’ fee simple interests in Real Property with a fair market value in excess of $500,000 in each case,
or $1,000,000 in the aggregate, the Loan Parties shall take, and cause the other Loan Parties to take, such actions as shall be
necessary or reasonably requested by the Collateral Agent to grant and/or perfect such Liens consistent with the applicable requirements
of the Security Documents, including actions described in Section 8.15, all at the sole cost and expense of the Borrowers.
Each Mortgage delivered to the Collateral Agent hereunder shall be accompanied by (i) a policy or policies (or unconditional binding
commitment thereof) of title insurance issued by a nationally recognized title insurance company insuring the Lien of each Mortgage
as a valid Lien (with the priority described therein) on the Mortgaged Property described therein, free of any other Liens except
as expressly permitted by Section 9.02, together with such endorsements and reinsurance as the Collateral Agent may reasonably
request, (ii) a current ALTA survey by a licensed surveyor, sufficient to allow the issuer of the title insurance policy to issue
such policy without a survey inspection, (iii) an environmental site assessment prepared by a qualified firm reasonably acceptable
to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, (iv) if the Mortgaged
Property or any portion thereof is located in a Special Flood Hazard Area, Federal Flood Insurance and (v) if requested by the
Collateral Agent, an opinion of local counsel to the applicable Loan Parties with respect to the Mortgage and the Liens granted
thereunder, in form and substance satisfactory to the Collateral Agent.

 

(b)
Within thirty (30) days of the Closing Date (or such longer time as the Administrative Agent may agree to in its sole discretion),
the Loan Parties shall use commercially reasonable efforts to cause (i) the headquarters location of each Loan Party and (ii)
each other location where (1) original books and records, primary servers, or any other material systems necessary to operate
the business in the ordinary course of business are located or (2) Collateral having a value greater than $250,000 is stored to
be subject to a Landlord Agreement to be provided by the landlord of such leased location or other applicable lessor, warehouseman,
processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in such Collateral.

 

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Section
8.14. Accounts; Control Agreements.

 

(a)
Within thirty (30) days after the Closing Date (or such longer time as the Administrative Agent may agree in writing, in its sole
discretion), the Loan Parties shall cause each deposit account, securities account and commodity account listed on Schedule
7.26 (other than any Excluded Deposit Account) to be subject to an Account Control Agreement; provided, however,
that, so long as no Event of Default has occurred and is continuing, the Loan Parties may open new deposit accounts, new securities
accounts and new commodity accounts so long as, prior to or concurrently with opening each such account, (i) the Loan Parties
shall have delivered to the Agents an amended Schedule 7.26 including such account and (ii) the Loan Parties shall have
delivered to the Collateral Agent an Account Control Agreement with respect to such account (other than any Excluded Deposit Account).

 

(b)
Within five (5) Business Days after the request of the Collateral Agent, the Loan Parties shall provide the Collateral Agent with
copies of all monthly or other periodic account statements with respect to all deposit accounts, securities accounts, commodity
accounts, and investment property of the Loan Parties.

 

Section
8.15. Further Assurances.

 

(a)
The Loan Parties shall execute any and all further documents, financing statements, agreements and instruments, and shall take
all such further actions, which may be required under any Applicable Law or which either Agent may reasonably request, in order
to grant, preserve, protect, perfect and evidence the validity and priority of the security interests created or intended to be
created by the Guaranty and Security Agreement or any other Security Document (including, without limitation, the filing and recording
of financing statements, fixture filings, mortgages, deeds of trust and other documents, and assisting the Collateral Agent in
completing all documentation relating to the Assignment of Claims Act, if applicable), all at the sole and reasonable cost and
expense of the Borrowers.

 

(b)
Notwithstanding anything herein to the contrary, if the Collateral Agent determines in its sole discretion that the cost of creating
or perfecting any Lien on any property is excessive in relation to the practical benefits afforded to the Lenders thereby, then
such property may be excluded from the Collateral for all purposes of the Loan Documents.

 

Section
8.16. Annual Lender Meetings. Each Loan Party shall, and shall cause each of its Subsidiaries to, upon the
request of the Administrative Agent, participate in a meeting of the Lenders, (a) so long as no Event of Default under Sections
10.01(a) or 10.01(j) shall have occurred and be continuing, once per fiscal year, and (b) when an Event of Default
under Sections 10.01(a) or 10.01(j) shall have occurred and be continuing, as frequently as may be required by
the Administrative Agent, in each case to be held via teleconference or in person (at the Administrative Agent’s
election) at least once per year, at a time selected by the Administrative Agent and reasonably acceptable to the Lenders and
the Borrowers. The purpose of this meeting shall be to present the Loan Parties’ previous fiscal year’s financial
results and to present the Loan Parties’ Budget for the current fiscal year.

 

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Section
8.17. Board Observation Rights.

 

(a)
The Initial Lenders shall have the right to appoint a single observer to the governing body of each Loan Party (each, a “Board
of Directors”), which Person shall be entitled to attend (or at the option of such observer, monitor by telephone) all
meetings of each Board of Directors and each committee of each Board of Directors (other than any portions of any meetings that
relate to this Loan Agreement or which involve the exchange of privileged attorney-client information or work product) but shall
not be entitled to vote on, or consent to or otherwise approve any activity or policy taken of adopted by the Board of Directors,
and which Person shall receive all reports, meeting materials, notices, written consents, and other materials, including but not
limited to, consents in lieu of meetings (in each case other than any portions of such reports or materials that contain confidential
information relating to this Loan Agreement or attorney-client privileged information or work product) as and when provided to
the members of the applicable Board of Directors. For the avoidance of doubt, in no event shall such observer have any fiduciary
duties or be considered or deemed to be a director of such Loan Party or be required to be present for purposes of a quorum. The
Borrowers shall reimburse the Initial Lenders for the reasonable travel expenses incurred by any such observer appointed by the
Initial Lenders in connection with attendance at or participation in meetings in person or by telephone to the same extent as
directors of the applicable Loan Party are reimbursed for such expenses.

 

(b)
Each Borrower and each other Loan Party agrees that such observer may share with the Administrative Agent and Lenders with which
such observer is affiliated and any of the Administrative Agent’s and any Lender’s legal and financial advisors any
information, confidential or otherwise, related to the business and operations of any of the Loan Parties disclosed to such observer.

 

(c)
Each Borrower agrees to hold at least one meeting of its Board of Directors in person in each fiscal year of the Borrowers. Each
Borrower further agrees to hold at least two other meetings of its Board of Directors, either in person or via teleconference
other than the fiscal quarter in which an in-person Board of Directors meeting is held pursuant to the immediately preceding sentence.

 

Section
8.18. Performance of Obligations. Each Loan Party shall, and shall cause each of its Subsidiaries to, pay,
discharge and perform as the same shall become due and payable or required to be performed, all their respective material
obligations and liabilities, including:

 

(a)
all Tax liabilities, assessments and governmental charges or levies upon it or its property and assets, unless the same are being
contested in good faith by appropriate proceedings diligently prosecuted which stay the enforcement or execution of any Lien and
for which adequate reserves in accordance with GAAP are being maintained by such Person or such amounts do not exceed $250,000
in the aggregate;

 

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(b)
all lawful claims which, if unpaid, would by law become a Lien (other than a Permitted Lien) upon its property and assets unless
the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the imposition or enforcement
of any Lien and for which adequate reserves in accordance with GAAP are being maintained by such Person; and

 

(c)
all payments of any amount when due (whether by scheduled maturity, mandatory prepayment, acceleration, demand or otherwise, but
subject to any applicable grace period) and the timely performance or observance of all material obligations and conditions of
any Material Contract (subject to any applicable grace period) unless such failure to pay or perform or observe such other obligation
or condition continues unremedied for a period of (i) if such obligation or condition has an applicable grace period, fifteen
(15) days after the occurrence (or termination of the applicable grace period) thereof, (ii) if such obligation or condition does
not have an applicable grace period, twenty (20) days after the occurrence thereof.

 

Section
8.19. Intellectual Property; Licenses, etc. Each Loan Party shall, and shall cause each Subsidiary to, maintain
ownership, control and possession of the Material IP Rights that are used in the operation of its respective businesses. Each
Loan Party shall, and shall cause each Subsidiary to, conduct and operate the businesses of such Loan Party or such
Subsidiary in a manner that does not, to the knowledge of any Loan Party, infringe, misappropriate, dilute, or otherwise
violate any IP Rights owned by any other Person.

 

Section
8.20. Security Interests; Perfection, etc. Each Loan Party shall, and shall cause each Subsidiary to, take all
necessary actions to ensure that the Guaranty and Security Agreement is effective to create in favor of the Collateral Agent,
for the benefit of the Secured Parties, a legal, valid and enforceable first priority (subject only to Permitted Liens which,
pursuant to the terms of this Loan Agreement, are permitted to have priority over Collateral Agent’s Liens thereon)
security interest in the Collateral described therein and proceeds thereof.

 

Section
8.21. Credit Enhancement. If any lender or any agent under the Revolving Loan Documents receives any (i)
additional Collateral, guaranty, letter of credit, or any other credit enhancement from the Loan Parties or any of their
Subsidiaries after the date the parties first enter into the Revolving Loan Documents or (ii) any additional Collateral
granted on behalf of the Loan Parties, the Loan Parties shall promptly (but in any event, within five (5) days or such longer
time as the Administrative Agent may agree in writing in its sole discretion) grant, or cause to be granted the same to the
Agents for the benefit of the Lenders.

 

Section
8.22. Post-Closing Obligation. 

 

(a)
On or prior to the date that is five (5) Business Days after the Closing Date (or such later date as the Administrative Agent
may agree to in its sole discretion), the Administrative Agent shall have received evidence of the filing with the Delaware Secretary
of State a Certificate of Amendment or a Certificate of Correction to the PrefCo Certificate of Incorporation in which (i) the
definition of “Loan Agreement” set forth in the PrefCo Certificate of Incorporation is amended by replacing the words
“as of May 2” therein with “as of May 3” and replacing the words “as in effect on the date of this
Agreement” therein with “as in effect on May 3, 2019” and (ii) the definition of “Stockholders’
Agreement” set forth in the PrefCo Certificate of Incorporation is amended by replacing the words “as of May 2”
therein with “as of May 3” and replacing the words “as in effect on the date of this Certificate of Incorporation”
therein with “as in effect on May 3, 2019”.

 

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(b)
Notwithstanding anything set forth in Section 8.03, on or prior to the date that is forty-five (45) days after the Closing
Date (or such later date as the Collateral Agent may agree to in its sole discretion), the Loan Parties shall furnish to the Collateral
Agent for further delivery to the Lenders, endorsements to (i) all “All Risk” and business interruption policies naming
the Collateral Agent, on behalf of the Secured Parties, as lender’s loss payee, and (ii) all general liability, product
liability, employment practices liability, other liability, and errors and omissions policies naming the Collateral Agent as additional
insured.

 

ARTICLE
IX

NEGATIVE COVENANTS

 

The
Loan Parties hereby covenant and agree that, on the Closing Date and thereafter until the Term Loans, together with interest,
Fees and all other Obligations incurred hereunder and under the other Loan Documents (other than Unasserted Contingent Obligations),
are paid in full in cash in accordance with the terms of this Loan Agreement, and as inducement for the Agents and the Lenders
to enter in this Loan Agreement and upon which the Agents and the Lenders are relying:

 

Section
9.01. Limitation on Indebtedness. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee, suffer to exist or otherwise become directly or indirectly liable, contingently
or otherwise with respect to any Indebtedness, except for:

 

(a)
Indebtedness in respect of the Obligations;

 

(b)
Indebtedness constituting Capitalized Lease Obligations assumed in connection with any Permitted Acquisition in an aggregate amount
not to exceed, together with the Indebtedness under Section 9.01(e) below, $350,000 in the aggregate at any time outstanding;

 

(c)
Indebtedness existing as of the Closing Date which is identified in Schedule 7.25 and which is not otherwise permitted
by this Section 9.01, and any Refinancing Indebtedness in respect of such Indebtedness;

 

(d)
Indebtedness incurred under the Revolving Credit Facility and evidenced by the Revolving Loan Documents in an aggregate principal
amount not to exceed the maximum amount of such Indebtedness permitted under the Intercreditor Agreement as may be agreed to by
the Administrative Agent in its sole discretion;

 

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(e)
Indebtedness (i) evidencing the deferred purchase price of newly acquired property or incurred to finance the acquisition of equipment
of such Loan Party and its Subsidiaries (pursuant to purchase money mortgages or otherwise, whether owed to the seller or a third
party) used in the ordinary course of business of such Loan Party and its Subsidiaries; provided, that such Indebtedness is incurred
within ninety (90) days of the acquisition of such property, and (ii) consisting of Capitalized Lease Obligations, in an aggregate
amount for clause (i) and (ii) not to exceed, together with the Indebtedness under Section 9.01(b) above,
$350,000 in the aggregate at any time outstanding;

 

(f)
Guaranty Obligations of a Loan Party in respect of Indebtedness of a Loan Party otherwise permitted hereunder, and Guaranty Obligations
of a Subsidiary of a Loan Party in respect of Indebtedness of a Loan Party or any Subsidiary of a Loan Party otherwise permitted
hereunder;

 

(g)
[reserved];

 

(h)
non-recourse Indebtedness incurred by a Borrower or any of its Subsidiaries to finance the payment of insurance premiums of such
Person in the ordinary course of business;

 

(i)
Indebtedness owed to any Person providing worker’s compensation, health, disability or other employee benefits or property,
casualty or liability insurance to any Borrower or any of their Subsidiaries incurred in connection with such Person providing
such benefits or insurance pursuant to customary reimbursement or indemnification obligations to such Person in the ordinary course
of business;

 

(j)
Indebtedness consisting of unsecured intercompany loans and advances made by or among any Loan Parties (other than Holdings) to
any other Loan Party (other than Holdings); provided that, (y) concurrently with the incurrence of any such Indebtedness in excess
of $250,000 in the aggregate, each Loan Party shall have executed and delivered to each other Loan Party one or more demand notes
(collectively, the “Intercompany Notes”) to evidence all such intercompany Indebtedness owing at any time by
such Loan Party to such other Loan Party, which Intercompany Notes shall be in form and substance satisfactory to the Administrative
Agent and shall be pledged and delivered to the Collateral Agent for the benefit of the Secured Parties pursuant to the Guaranty
and Security Agreement as additional collateral security for the Obligations; and (z) the obligations of each Loan Party under
all Intercompany Notes shall be subordinated to the Obligations of such Loan Party hereunder in a manner satisfactory to the Administrative
Agent;

 

(k)
[reserved];

 

(l)
other unsecured Indebtedness of the Loan Parties or their Subsidiaries not exceeding $500,000 in the aggregate at any time outstanding;
and

 

(m)
Indebtedness incurred under the Preferred Equity Documents.

 

Section
9.02. Limitation on Liens. Each Loan Party will not, and will not permit any of its Subsidiaries to, directly or
indirectly, create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible
or intangible) of any such Person (including its Capital Stock), whether now owned or hereafter acquired, except for the
following (collectively, “Permitted Liens”):

 

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(a)
Liens securing payment of the Obligations;

 

(b)
Liens created by or existing under the Revolving Credit Facility in accordance with the Revolving Loan Documents;

 

(c)
Liens existing as of the Closing Date and listed on Schedule 9.02, securing Indebtedness permitted under Section 9.01(c);
provided, that (i) no such Lien shall encumber any additional property not encumbered as of the Closing Date, (ii) the amount
of Indebtedness secured by such Lien shall not be increased from the amount outstanding on the Closing Date and (iii) the term
of such Indebtedness shall not be extended from that existing on the Closing Date (as such Indebtedness may be permanently reduced
subsequent to the Closing Date);

 

(d)
Liens securing Indebtedness of the type permitted under Section 9.01(e); provided, that (i) such Lien is granted within
ninety (90) days after such Indebtedness is incurred, and (ii) such Lien secures only the assets that are the subject of the Indebtedness
referred to in Section 9.01(e) and the proceeds thereof;

 

(e)
Liens arising by operation of law in favor of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary
course of business for amounts not yet overdue or being diligently contested in good faith by appropriate proceedings and for
which adequate reserves in accordance with GAAP shall have been established on its books;

 

(f)
Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment
insurance or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, bids,
leases or other similar obligations (other than for borrowed money) entered into in the ordinary course of business or to secure
obligations on surety, appeal or performance bonds;

 

(g)
judgment Liens in existence for less than thirty (30) days after the entry thereof, or with respect to which execution has been
stayed or the payment of which is covered in full by insurance maintained with responsible insurance companies, and which judgment
Liens do not otherwise result in an Event of Default under Section 10.01(h);

 

(h)
easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other similar encumbrances not interfering
in any material respect with the value or use of the property to which such Lien is attached;

 

(i)
Liens for Taxes, assessments or other governmental charges or levies not yet due and payable, or that are being diligently contested
in good faith by appropriate proceedings where the execution or enforcement of such Lien has been stayed and for which adequate
reserves in accordance with GAAP shall have been established on its books;

 

(j)
Liens arising in the ordinary course of business by virtue of any contractual, statutory or common law provision relating to banker’s
Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets
credited thereto) or other funds maintained with a depository institution or securities intermediary, provided the applicable
provisions of Section 8.14 have been complied with in respect of such deposit or securities accounts;

 

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(k)
any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any such Loan Party
or Subsidiary in the ordinary course of its business and covering only the assets so leased, licensed (on a non-exclusive basis)
or subleased;

 

(l)
Liens of sellers of goods to such Person arising under Article II of the UCC or similar provisions of Applicable Law in the ordinary
course of business, covering only the goods sold or securing only the unpaid purchase price of such goods and related expenses
to the extent such Indebtedness is permitted hereunder;

 

(m)
Liens on insurance policies and the proceeds thereof securing the financing of premiums with respect thereto, to the extent permitted
under Section 9.01(h);

 

(n)
precautionary Uniform Commercial Code filings made by a lessor pursuant to an operating lease of a Loan Party entered into in
the ordinary course of business; and

 

(o)
other Liens with respect to which the aggregate amount of the obligations secured thereby does not exceed $500,000 in the aggregate
at any time outstanding.

 

Section
9.03. Consolidation, Merger, Etc.. Each Loan Party will not, and will not permit any of its Subsidiaries to,
liquidate or dissolve, Divide, consolidate with, or merge into or with, any other Person, or purchase or otherwise acquire all
or substantially all of the assets of any Person or any division of any Person; provided, however, that (a) any
Loan Party (other than Holdings or C-PAK IP) or Subsidiary of any Loan Party (other than C-PAK IP) may liquidate or dissolve voluntarily
into, and may merge with and into, C-PAK, so long as C-PAK is the surviving entity, (b) any Guarantor (other than Holdings) may
liquidate or dissolve voluntarily into, and may merge with and into, any other Guarantor (other than Holdings), (c) any Subsidiary
of a Loan Party that is not itself a Loan Party may liquidate or dissolve voluntarily into, and may merge with and into, any Loan
Party (other than Holdings or C-PAK IP) or Domestic Subsidiary, (d) the assets of any Loan Party (other than the assets of Holdings
or C-PAK IP) or Capital Stock of any Loan Party (other than Holdings) or Subsidiary of any Loan Party may be purchased or otherwise
acquired by C-PAK, (e) the assets or Capital Stock of any Guarantor (other than Holdings) may be purchased or otherwise acquired
by any Loan Party (other than Holdings or C-PAK IP), (f) the assets or Capital Stock of any Subsidiary that is not a Loan Party
may be purchased or otherwise acquired by any Loan Party (other than Holdings or C-PAK IP) or Domestic Subsidiary (other than
Holdings or C-PAK IP) and (g) the Capital Stock of Holdings may be purchased by any Person so long as no Change of Control results
from such purchase.

 

Section
9.04. Permitted Dispositions. Each Loan Party will not, and will not permit any of its Subsidiaries to, make a Disposition,
or enter into any agreement to make a Disposition, of such Loan Party’s or such other Person’s assets (including,
without limitation, Accounts Receivable, Capital Stock or IP Rights) to any Person in one transaction or a series of transactions,
unless such Disposition either:

 

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(a)
is in the ordinary course of its business and is of obsolete, worn out or surplus property or property not presently used or useful
in its business;

 

 

(b)
is for fair market value and the following conditions are met:

 

(i)
the aggregate amount of Dispositions during any year does not exceed $500,000;

 

(ii)
immediately prior to and immediately after giving effect to such Disposition, no Default or Event of Default shall have occurred
and be continuing or would result therefrom;

 

(iii)
the Borrowers shall apply any Net Disposition Proceeds arising therefrom pursuant to Section 4.02(a)(ii); and

 

(iv)
no less than eighty percent (80%) of the consideration received for such sale, transfer, lease, contribution or conveyance is
received in cash;

 

(c)
is a sale of Inventory in the ordinary course of business;

 

(d)
is the leasing, as lessor, of real or personal property not presently used or useful in such Person’s business and is otherwise
in the ordinary course of business;

 

(e)
is a sale or disposition of equipment or other assets, to the extent that such equipment or other assets are exchanged for credit
against the purchase price of similar replacement equipment or assets or the proceeds of such Dispositions are reasonably promptly
applied to the purchase price of similar replacement equipment, all in the ordinary course of business;

 

(f)
is an abandonment, failure to renew, or other disposition in the ordinary course of business of any IP Rights that are not material
to the conduct of the business of any Loan Party or any Subsidiary of such Loan Party;

 

(g)
is otherwise permitted by Section 9.03; or

 

(h)
is a Disposition of assets other than Capital Stock by (i) any Loan Party or Subsidiary thereof to either Borrower, (ii) any Subsidiary
of a Loan Party (other than the Borrowers) to any Loan Party or (iii) by any Foreign Subsidiary to any Domestic Subsidiary;

 

provided
that, notwithstanding anything to the contrary herein, no Disposition shall be permitted hereunder to the extent that it results
in any Material IP Rights or any other property that is material to the business of the Loan Parties being owned or licensed on
an exclusive basis by any Person that is not a Loan Party.

 

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Section
9.05. Investments. Each Loan Party will not, and will not permit any of its Subsidiaries to, purchase, make, incur, assume
or permit to exist any Investment in any other Person, except:

 

(a)
Investments existing on the Closing Date and listed on Schedule 9.05;

 

(b)
Investments in cash and Cash Equivalents;

 

(c)
Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes
with, customers and suppliers, in each case in the ordinary course of business;

 

(d)
except as otherwise prohibited herein, Investments by way of contributions to capital or purchases of Capital Stock by any Loan
Party in any of its Subsidiaries that are Loan Parties; provided, that no Investment otherwise permitted under clause (d)
shall be permitted to be made if any Default or Event of Default has occurred and is continuing or would result therefrom;

 

(e)
Investments constituting (i) Accounts Receivable arising, (ii) trade debt granted, or (iii) deposits made, in connection with
the purchase price of goods or services, in each case in the ordinary course of business;

 

(f)
Investments consisting of any deferred portion of the sales price received by any Loan Party in connection with any Disposition
permitted under Section 9.04;

 

(g)
other Investments in an aggregate principal amount at any time not to exceed $500,000;

 

(h)
intercompany Indebtedness advanced by any Loan Party to any other Loan Party to the extent permitted pursuant to Section 9.01(j);

 

(i)
the maintenance of deposit accounts in the ordinary course of business, so long as the applicable provisions of Section 8.14
have been complied with in respect of each such deposit account;

 

(j)
Guaranty Obligations permitted by Section 9.01(f);

 

(k)
loans and advances to officers, directors and employees of any Loan Party for reasonable and customary business related travel
expenses, entertainment expenses, moving expenses and similar expenses, in each case incurred in the ordinary course of business,
in an aggregate principal amount at any time not to exceed $100,000;

 

(l)
the Acquisition pursuant to the Transaction Documents;

 

(m)
Permitted Acquisitions;

 

(n)
and the Closing Date IP Contribution; and

 

(o)
the license of IP Rights by C-PAK from C-PAK IP pursuant to the C-PAK Exclusive License.

 

Section
9.06. Restricted Payments. Each Loan Party will not, and will not permit any of its Subsidiaries to, make or declare any
Restricted Payment, or make any deposit for any Restricted Payment, other than:

 

(a)
so long as no Event of Default has occurred and is continuing, cash Restricted Payments to Holdings to be used for (i) customary
director indemnification payments to Holdings’ directors, (ii) financial and other reporting and similar customary administrative
costs and expenses attributable and fairly allocable to the Loan Parties (including audit and professional fees and other ordinary
course operating and administrative expenses incurred by Holdings in its capacity as the holding company of the Borrowers) (in
an amount not to exceed $250,000 in the aggregate under clause (i) and (ii) in any fiscal year) and (iii) Board
of Director fee payments in amount not to exceed $100,000 in the aggregate in any fiscal year;

 

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(b)
Restricted Payments in cash by any Subsidiary of any Borrower to (i) either Borrower or (ii) such Subsidiary’s direct parent
company so long as such parent company is a Loan Party and a direct or indirect wholly-owned Subsidiary of such Borrower;

 

(c)
Restricted Payments by any Loan Party or any Subsidiary of any Loan Party to pay dividends with respect to its Capital Stock payable
solely in additional shares of its common stock (other than Disqualified Capital Stock);

 

(d)
Restricted Payments in cash consisting of Tax Distributions;

 

(e)
cash repurchases of Capital Stock under equity incentive plans approved by Holdings’ board of directors in the exercise
of their reasonable business judgment, to occur upon the exercise of stock options or warrants or similar equity incentive awards;
provided, that (i) no Event of Default exists or would result immediately after giving effect to such payment, and (ii)
the amount paid in respect of such repurchases does not exceed $100,000 in the aggregate in any fiscal year;

 

(f)
during each fiscal year of the Borrowers beginning with the fiscal year ending December 31, 2021, if Consolidated Excess Cash
Flow for the most recently ended fiscal year of the Borrowers exceeds $5,000,000, Restricted Payments solely to pay accrued and
unpaid amounts of Management Fees or the Transaction Fee required to be paid under the Management Agreement in cash in an amount
not to exceed the lesser of (x) $750,000 for the fiscal year ended December 31, 2021 and $1,000,000 for each fiscal year thereafter
and (y) Retained Excess Cash Flow for the most recently ended fiscal year of the Borrowers; provided that, (i) no Restricted
Payment shall be made pursuant to this clause (f) during any fiscal year of the Borrowers prior to the date on which the
Borrowers shall have (A) delivered a written calculation of Excess Cash Flow for the most recently ended fiscal year of the Borrowers
pursuant to Section 8.01(e) and (B) made the prepayment of the Term Loans due during such fiscal year of the Borrowers
pursuant to Section 4.02(a)(vi), to the extent any such prepayment is required, (ii) no Default or Event of Default shall
have occurred and be continuing or would result from such Restricted Payment, (iii) after giving effect to such Restricted Payment,
the Loan Parties shall have Liquidity of not less than $3,000,000, (iv) after giving effect to each such Restricted Payment, the
Total Net Leverage Ratio calculated on a pro forma basis as of the most recent Test Period for which financial statements were
required to have been delivered pursuant to Section 8.01(b) or Section 8.01(c) shall not be greater than 2.25:1.00
and (v) the Borrowers shall have delivered to the Administrative Agent a certificate signed by an Authorized Officer of the Borrowers
certifying that each condition set forth in this clause (f) shall have been satisfied (together with supporting calculations,
as applicable) with respect to such Restricted Payment, which certificate shall be delivered not less than three (3) Business
Days prior to the date on which such Restricted Payment is made;

 

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(g)
cash repurchases of Holdings Common Units held by Piney Lake or any of its Approved Funds or Affiliates pursuant to an exercise
of Piney Lake’s or any of its Approved Fund’s or Affiliate’s put right with respect to Holdings Common Units
under Section 15.2 of the Holdings Limited Liability Company Agreement; and

 

(h)
Restricted Payments in cash consisting of Preferred Equity Distributions.

 

Section
9.07. Payments and of Indebtedness; Cancellation of Indebtedness. 

 

(a)
Except in connection with Refinancing Indebtedness permitted by Section 9.01, and to the extent permitted by Section
9.06, each Loan Party will not, and will not permit any of its Subsidiaries to, make any payment on account of Indebtedness
that has been contractually subordinated in right of payment to the Obligations, if such payment is not permitted at such time
under the subordination terms and conditions applicable thereto.

 

(b)
Each Loan Party will not, and will not permit any of its Subsidiaries to, forgive, cancel, settle or otherwise forfeit any amount
in excess of $250,000 owing to it as of the Closing Date or at any time thereafter other than in the ordinary course of business.

 

Section
9.08. Modification of Certain Agreements. Each Loan Party will not, and will not permit any of its Subsidiaries to, amend,
supplement, waive, otherwise modify, or forbear from exercising any rights with respect to the terms or provisions of, or consent
to any amendment, supplement, waiver, other modification or forbearance from exercising any rights with respect to the terms or
provisions of: (a) any Transaction Document, any other Material Contract, or any other material agreement between a Loan Party
and any other Affiliate of any Loan Party (other than a Loan Party) or any Organization Document, in each case, other than any
amendment, supplement, waiver, modification or forbearance which could not reasonably be expected to be materially adverse to
any Agent or Secured Party; (b) the Revolving Credit Facility or any documents executed in connection therewith, unless expressly
permitted by the terms of the Intercreditor Agreement or (c) any document, agreement or instrument evidencing or governing any
Indebtedness that has been subordinated to the Obligations in right of payment or any Liens that have been subordinated in priority
to the Liens of the Collateral Agent, unless such amendment, supplement, waiver, other modification or forbearance is expressly
permitted under the terms of the subordination agreement applicable thereto.

 

Section
9.09. Sale and Leaseback. No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly,
enter into or consummate any agreement or arrangement providing for the sale or transfer by any Loan Party, its Subsidiaries or
their respective Affiliates, of any Property (now owned or hereafter acquired) to any other Person and the subsequent lease or
rental of such Property or other similar Property by any Loan Party, its Subsidiaries or their respective Affiliates, from such
Person or any of its Affiliates.

 

Section
9.10. Transactions with, or by, Affiliates. Each Loan Party will not, and will not permit any of its Subsidiaries to (whether
effected by means of a Division or any other means), enter into or cause or permit to exist any arrangement, transaction or contract
(including for the purchase, lease or exchange of property or the rendering of services) with any Affiliate except: (a)
on fair and reasonable terms no less favorable to such Loan Party or such Subsidiary thereof than such Person could obtain in
an arm’s-length transaction with a Person that is not an Affiliate or a seller under the Transaction Agreement; (b) any
transaction expressly permitted under Section 9.03, Section 9.05 or Section 9.06; and (c) so long as it has
been approved by such Borrower’s or its applicable Subsidiary’s board of directors or other governing body to the
extent required in accordance with Applicable Law, (i) customary indemnifications of non-officer directors of the Loan Parties
and their respective Subsidiaries and (ii) the payment of reasonable and customary compensation and indemnification arrangements
and benefit plans for officers and employees of the Loan Parties and their respective Subsidiaries in the ordinary course of business.
Each Loan Party shall not permit any of its Affiliates to acquire, directly or indirectly, any Related Brands; it being understood
that any such acquisition, to the extent permitted hereunder, shall be the exclusive opportunity of the Loan Parties.

 

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Section
9.11. Restrictive Agreements, etc.. Each Loan Party will not, and will not permit any of its Subsidiaries to, enter
into any agreement prohibiting or conflicting with any right granted hereunder (other than the prohibitions and restrictions contained
in a Loan Document, the Revolving Loan Documents, the Holdings Equity Investment Agreement and documents related thereto) with
respect to:

 

(a)
the creation or assumption of any Lien upon its properties, revenues or assets, whether now owned or hereafter acquired (other
than documentation related to Permitted Liens);

 

(b)
the ability of such Person to amend or otherwise modify any Loan Document; or

 

(c)
the ability of such Person to make any payments, directly or indirectly, to either Borrower, including by way of dividends, advances,
repayments of loans, reimbursements of management and other intercompany charges, expenses and accruals or other returns on investments;

 

provided,
however, the foregoing prohibitions shall not apply to customary restrictions of the type described in clause (a)
above (which do not prohibit the Loan Parties from complying with or performing the terms of this Loan Agreement and the other
Loan Documents) which are contained in any agreement, (i) governing any Indebtedness permitted by Section 9.01(e) as to
the transfer of assets financed with the proceeds of such Indebtedness, (ii) for the creation or assumption of any Lien on the
sublet or assignment of any leasehold interest of any Loan Party or any of its Subsidiaries entered into in the ordinary course
of business, (iii) for the assignment of any contract entered into by any Loan Party or any of its Subsidiaries in the ordinary
course of business or (iv) for the transfer of any asset pending the close of the sale of such asset pursuant to a Disposition
permitted under this Loan Agreement.

 
Section
9.12. Changes in Name, Form, Business and Fiscal Year. Each Loan Party will not, and will not permit any of its Subsidiaries
to:

 

(a)
engage in any business activity other than business activities described on Schedule 9.12;

 

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(b)
modify or change its fiscal year to end other than on December 31 of each year;

 

(c)
modify or change its method of accounting in any material respect except as may be required to conform to GAAP and in accordance
with Section 1.03;

 

(d)
change its legal form;

 

(e)
change its jurisdiction of organization; or

 

(f)
change its name as it appears in official filings in its jurisdiction of organization;

 

in
the case of clauses (d), (e), and (f), without at least thirty (30) days’ (or such shorter period of
time as may be agreed to by the Administrative Agent) prior written notice to the Administrative Agent and the acknowledgment
of the Administrative Agent that all actions required by the Administrative Agent, including those to continue the perfection
of any Liens, have been completed.

 

Section
9.13. Financial Covenants. The Loan Parties will not permit:

 

(a)
Total Leverage Ratio. The Total Leverage Ratio, as of the last day of each Test Period set forth below, to be greater than
the Total Leverage Ratio set forth below opposite such Test Period:

 

	Test
    Period	 	Total
    Leverage Ratio
	September
    30, 2019	 	5.00:1.00
	December
    31, 2019	 	5.00:1.00
	March
    31, 2020	 	5.00:1.00
	June
    30, 2020	 	4.50:1.00
	September
    30, 2020	 	4.50:1.00
	December
    31, 2020	 	4.00:1.00
	March
    31, 2021	 	4.00:1.00
	June
    30, 2021 	 	3.50:1.00
	September
    30, 2021	 	3.50:1.00
	December
    31, 2021 and as of the end of each fiscal quarter thereafter	 	3.00:1.00

 

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(b)
Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the last day of any Test Period ending on or after
September 30, 2019, to be less than 1.50:1.00.

 

 

(c)
Minimum Liquidity. Liquidity as of the last day of the fiscal quarter ending September 30, 2019 to be less than $2,500,000
and of the last day of any fiscal quarter thereafter to be less than $3,000,000.

 

(d)
[Reserved].

 

(e)
Equity Cure. In the event the Borrowers fail to comply with any covenant contained in Sections 9.13(a), (b)
or (c) for any Test Period or fiscal quarter, as applicable (any such failure, a “Financial Covenant Default”),
the Borrowers shall have the right to cure the resulting Event of Default on the following terms and conditions (the “Equity
Cure Right”):

 

(i)
In the event the Borrowers desire to cure any Financial Covenant Default, the Borrower shall deliver to the Administrative Agent
irrevocable written notice of the Borrowers’ intent to cure (a “Cure Notice”) no later than five (5)
Business Days after the earlier of (x) the date on which financial statements and a Compliance Certificate executed by an Authorized
Officer of Holdings on behalf of each Borrower for the applicable fiscal quarter are required to be delivered and (y) the date
on which financial statements and a Compliance Certificate for the applicable fiscal quarter were actually delivered. The Cure
Notice shall set forth the calculation of the amount of the Equity Cure Investment necessary to cure the applicable Financial
Covenant Default pursuant to the terms hereof (the “Financial Covenant Cure Amount”).

 

(ii)
If the Borrowers deliver a Cure Notice, (x) the Permitted Holders shall, directly or indirectly, make a cash capital contribution
to Holdings and (y) Holdings shall, directly, simultaneously make a cash capital contribution to the Borrowers, (collectively,
an “Equity Cure Investment”) in an amount equal to the Financial Covenant Cure Amount, no later than ten (10)
Business Days after the earlier of (x) the date on which financial statements and a Compliance Certificate for the applicable
fiscal quarter are required to be delivered and (y) the date on which financial statements and a Compliance Certificate for the
applicable fiscal quarter were actually delivered. The cash proceeds received by the Borrowers from such contributions shall be
deemed to increase Consolidated Adjusted EBITDA (or, solely with respect to the minimum Liquidity Financial Covenant, cash) on
a dollar-for-dollar basis, and the amount of such increase may be included in a recalculation of the financial covenant(s) giving
rise to the Financial Covenant Default for the fiscal quarter immediately preceding such purchase or contribution, as applicable,
and, other than with respect to the Liquidity Financial Covenant, without duplication, for each of the following three fiscal
quarters and for no other purpose under this Loan Agreement.

 

(iii)
The Equity Cure Right shall not be exercised (x) in more than two fiscal quarters in any four consecutive fiscal quarter period
or (y) more than four times during the term of this Loan Agreement, and the amount of any Equity Cure Investment shall be no greater
than the amount of Consolidated Adjusted EBITDA (or cash, solely with respect to the minimum Liquidity Financial Covenant) required
to cause the Borrowers to be in compliance with all financial covenants.

 

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(iv)
Upon timely receipt by either of the Borrowers of the cash proceeds from the Equity Cure Investment, and the application of the
mandatory prepayment thereof by the Borrowers pursuant to Section 4.02(a)(iv), the applicable Financial Covenant Default
shall be deemed cured.

 

 

(v)
Any Term Loans prepaid with the proceeds of an Equity Cure Investment shall be deemed outstanding for the purposes of determining
compliance with the financial covenants for the fiscal quarter being cured and the next three fiscal quarters.

 

Section
9.14. Repurchase of Capital Stock. Holdings and the Borrowers will not, and will not permit any of any of their respective
Subsidiaries to become liable in respect of any obligation (contingent or otherwise) to purchase, redeem, retire, acquire or make
any other payment in respect of any Capital Stock of any Loan Party or Subsidiary of any Loan Party, or any option, warrant or
other right to acquire any such Capital Stock.

 

Section
9.15. Acquisition of Debt. The Loan Parties shall not, and shall not permit any Subsidiary or Affiliate to, purchase,
redeem, prepay, tender for or otherwise acquire, directly or indirectly, any Indebtedness of a Loan Party, including, without
limitation, any Indebtedness incurred under the Revolving Credit Facility. The Loan Parties will promptly cancel or cause to be
cancelled all Indebtedness of a Loan Party acquired by it or any of its Subsidiaries or Affiliates pursuant to any purchase, redemption,
prepayment or tender, and no loans or notes may be issued in substitution or exchange for any such Indebtedness.

 

Section
9.16. Management. The Loan Parties shall not, and shall not permit any Subsidiary to, permit any of their senior management
to engage in any activity related to the Related Brands other than on behalf of or for the benefit of the Loan Parties and their
Subsidiaries.

 

Section
9.17. Status of Holdings and Subsidiaries.

 

(a)
Holdings shall not (i) engage in any business or other commercial activities, (ii) own any assets or property, (iii) incur any
Indebtedness, Guaranty Obligations or other Contractual Obligations, or (iv) grant any Liens over any of its assets or property,
other than: (v) ownership of the Capital Stock of C-PAK; (w) the maintenance of its corporate existence, and activities and contractual
rights incidental thereto; (x) assets and liabilities customary of and incidental to the conduct of its business as a holding
company, (y) incurrence of Indebtedness, granting Liens and performance of its obligations under the Loan Documents and Revolving
Credit Documents to which it is a party and (z) performing its obligations under any Transaction Document or Material Contract
or any Holdings Equity Investment Document to which it is a party.

 

Section
9.18. Economic Sanctions/OFAC. The Loan Parties shall not, and shall not permit any of their Subsidiaries to, (i) use or
permit any of its or any of their respective directors, officers, employees, representatives or agents to use, any proceeds of
any Term Loans, directly or indirectly, or (ii) lend, contribute or otherwise make available any proceeds of any Term Loans, directly
or indirectly, to any Person: (x) to fund, finance or facilitate any activity, business or transaction of or with any Sanctioned
Person or in any Sanctioned Country, to the extent such activity, businesses or transaction would be prohibited by Sanctions if
conducted by a corporation incorporated in the United States; or (y) in any manner that could reasonably be expected to result
in a violation of any Sanctions (including OFAC Sanctions) applicable to a Loan Party, a Subsidiary of a Loan Party, or a Secured
Party.

 

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Section
9.19. Anti-Terrorism Laws; Foreign Corrupt Practices Act. The Loan Parties shall not, and shall not permit any of
their Subsidiaries to, fail to comply with any Anti-Terrorism Law or other Law referred to in Section 7.31 or Section
7.33.

 

Section
9.20. Use of Proceeds. No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, use any portion of
the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any
Loan Party or others incurred to purchase or carry Margin Stock, or otherwise in any manner which is in contravention of any Law
or in violation of this Loan Agreement.

 

Section
9.21. Key Person. Eric C. Blue shall cease to be the Chairman of the Board of Managers of Holdings unless he is replaced
as Chairman of the Board of Managers of Holdings within sixty (60) days of his ceasing to be Chairman of the Board of Managers
of Holdings by an individual reasonably satisfactory to the Administrative Agent who shall exercise and discharge the same or
substantially similar responsibilities as Eric C. Blue exercised and discharged in his capacity as Chairman of the Board of Managers
of Holdings.

 

ARTICLE
X

EVENTS OF DEFAULT

 

Section
10.01. Listing of Events of Default. Each of the following events or occurrences described in this Section 10.01
shall constitute an “Event of Default”:

 

(a)
Non-Payment of Obligations. The Borrowers shall default in the payment of:

 

(i)
any principal of any Term Loan when such amount is due (whether by scheduled maturity, mandatory prepayment, acceleration, demand
or otherwise); or

 

(ii)
any interest on any Term Loan and such default shall continue unremedied for a period of three (3) Business Days after such amount
is due; or

 

(iii)
any fee described in Article III or any other monetary Obligation, and such default shall continue unremedied for a period
of three (3) Business Days after such amount is due.

 

(b)
Breach of Representation or Warranty. Any representation or warranty made or deemed to be made by any Loan Party in any
Loan Document (including any certificate delivered pursuant to Article V) is or shall be incorrect in any material respect
(or in any respect, to the extent already qualified by materiality or Material Adverse Effect) on or as of the date when made
or deemed to have been made.

 

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(c)
Non-Performance of Certain Covenants and Obligations. Any Loan Party shall default in the due performance or observance
of any of its obligations under Section 8.01, Section 8.02, Section 8.03 (solely with respect to maintenance
of insurance), Section 8.05 (solely with respect to such Loan Party’s existence and its maintenance of good standing
in its jurisdiction of organization), Section 8.09, Section 8.10, Section 8.11(i), Section 8.12, Section
8.13, Section 8.14, Section 8.16 (except for as specified in clause (d) hereof), Section 8.17 (except
for as specified in clause (d) hereof), Section 8.20, Section 8.22 or Article IX.

 

 

(d)
Non-Performance of Other Covenants and Obligations. Any Loan Party shall default in the due performance and observance
of any obligation contained in Section 8.11(ii), Section 8.11(iii), Section 8.15, Section 8.16 (solely
with respect to rescheduling an annual lender meeting), Section 8.17 (solely with respect to a Borrower’s failure
to (1) provide all reports, meeting materials, written consents and consents in lieu of meetings or (2) reimburse the Initial
Lenders for reasonable travel expenses, in each case as required pursuant to such section), Section 8.18 or Section
8.21, and such default shall continue unremedied for a period of five (5) Business Days after the occurrence thereof.

 

(e)
Non-Performance of Other Covenants and Obligations. Any Loan Party shall default in the due performance and observance
of any obligation in any Loan Document executed by it (other than as specified in Sections 10.01(a) through (d)
above), and such default, breach, failure to perform or failure to comply shall continue unremedied for a period of thirty (30)
days after the later to occur of (i) the occurrence thereof or (ii) the date on which an Authorized Officer of the Borrowers knew
or should have known (in the exercise of his or her reasonable business judgment) of the occurrence thereof.

 

(f)
Default on Other Indebtedness. (i) A Loan Party shall default in the payment of any amount when due (whether by scheduled
maturity, mandatory prepayment, acceleration, demand or otherwise, but subject to any applicable grace period), whether by acceleration
or otherwise, of any principal or stated amount of, or interest or fees on, (x) any Indebtedness under or in respect of the Preferred
Equity Investment Agreement, (y) any Indebtedness under or in respect of the Revolving Credit Facility or (z) any other Indebtedness
of any Loan Party or Subsidiary of any Loan Party (other than the Obligations) having a principal or stated amount, individually
or in the aggregate, in excess of $500,000, or a Loan Party shall default in the performance or observance of any obligation or
condition with respect to the Preferred Equity Investment Agreement or any such other Indebtedness and the effect of such default
is to accelerate the maturity of such Indebtedness or to permit the holder or holders of such Indebtedness, or any trustee or
agent for such holders, to cause or declare such Indebtedness under the Preferred Equity Investment Agreement or such other Indebtedness
to become immediately due and payable, (ii) any Loan Party shall default (after expiration of any available grace or cure periods)
in the performance or observance of any obligation or condition with respect to any Indebtedness which has been subordinated (whether
as to payment or Lien priority) to the Obligations or the liens in respect of which have been subordinated to the Collateral Agent’s
Liens, or any such Indebtedness shall be required to be or prepaid, redeemed, purchased or defeased, or require an offer to purchase
or defease such Indebtedness to be made, prior to its expressed maturity, or (iii) any Indebtedness of any Loan Party or any Subsidiary
of any Loan Party under or in respect of (x) the Preferred Equity Investment Agreement or (y) otherwise having a principal or
stated amount, individually or in the aggregate, in excess of $500,000 shall otherwise be required to be prepaid, redeemed, purchased
or defeased, or require an offer to purchase or defease such Indebtedness to be made, prior to its expressed maturity.

 

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(g)
[Reserved].

 

(h)
Judgments. Any judgment, order or court-approved settlement for the payment of money individually or in the aggregate in
excess of $500,000 (exclusive of any amounts fully covered by insurance (less any applicable deductible) and as to which the insurer
has acknowledged its responsibility to cover such judgment, order or court-approved settlement) shall be rendered against any
Loan Party or any Subsidiary of any Loan Party and such judgment, order or court-approved settlement shall not have been paid,
vacated or discharged or stayed or bonded pending appeal within thirty (30) days after the entry thereof or enforcement proceedings
shall have been commenced by any creditor upon such judgment, order or court-approved settlement.

 

(i)
Plans. Any of the following events shall occur:

 

(i)
one or more ERISA Events that results or could reasonably be expected to result in a liability to or obligation of such Plan or
any of the Loan Parties or any Subsidiary of any of the Loan Parties (individually or collectively) in excess of $250,000 in the
aggregate; or

 

(ii)
a contribution failure occurs with respect to any Plan sufficient to give rise to a Lien under Sections 303(k) or 4068 of ERISA
or Section 430(k) of the Code.

 

(j)
Bankruptcy, Insolvency, etc. Any Loan Party or any Subsidiary of any Loan Party shall:

 

(i)
become insolvent or generally fail to pay, or admit in writing its inability or unwillingness generally to pay, its debts as they
become due;

 

(ii)
apply for, consent to, or acquiesce in the appointment of a trustee, receiver, sequestrator or other custodian for any substantial
part of the assets or other property of any such Person, or make a general assignment for the benefit of creditors;

 

(iii)
in the absence of such application, consent or acquiesce to or permit or suffer to exist, the appointment of a trustee, receiver,
sequestrator or other custodian for a substantial part of the property of any thereof, and such trustee, receiver, sequestrator
or other custodian shall not be discharged within forty-five (45) days; provided, that each Loan Party hereby expressly
authorizes each Secured Party to appear in any court conducting any relevant proceeding during such 45-day period to preserve,
protect and defend such Secured Party’s rights under the Loan Documents;

 

(iv)
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding or
action under the Bankruptcy Code or any other bankruptcy or insolvency law or any dissolution, winding up or liquidation proceeding
in respect thereof, and, if any such case or proceeding is not commenced by such Person, such case or proceeding shall be consented
to or acquiesced to by such Person or shall result in the entry of an order for relief or shall remain undismissed for forty-five
(45) days; provided, that each Loan Party hereby expressly authorizes each Secured Party to appear in any court conducting
any such case or proceeding during such 45-day period to preserve, protect and defend such Secured Party’s rights under
the Loan Documents; or

 

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(v)
take any action authorizing, or in furtherance of, any of the foregoing.

 

(k)
Impairment of Security, etc. Any Loan Document or any Lien with respect to more than $250,000 of the Collateral granted
under any Loan Document shall, in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding
and enforceable obligation of any Loan Party thereto (other than as the result of the action or inaction of the Collateral Agent,
the Administrative Agent or the Lenders), or any Loan Party shall, directly or indirectly, contest, deny or limit in any manner
such effectiveness, validity, binding nature or enforceability; or, except as expressly permitted under any Loan Document, any
Lien with respect to more than $250,000 of the Collateral securing any Obligation or pledge of Capital Stock of the Borrowers
shall, in each case, in whole or in part, cease to be a valid and perfected Lien (other than as the result of the action or inaction
of the Collateral Agent, the Administrative Agent or the Lenders) or shall become subordinated to any Lien not securing any Obligation,
or any Loan Party or any Affiliate of any Loan Party shall assert that any Lien securing any Obligation shall, in whole or in
part, ceases to be a valid or perfected Lien.

 

(l)
Change of Control. The occurrence of a Change of Control.

 

(m)
Restraint of Operations; Loss of Assets. If any Loan Party or any Subsidiary of a Loan Party is enjoined, restrained or
in any way prevented by court order or other Governmental Authority from continuing to conduct all or any material part of its
business affairs, or if any material portion of any Loan Party’s or any Loan Party’s Subsidiary’s assets is
attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any third Person
and the same is not discharged before the earlier of forty-five (45) days after the date it first arises or five (5) days prior
to the date on which such property or asset is subject to forfeiture by such Loan Party or the applicable Subsidiary.

 

(n)
Invalidity of Subordination Provisions. The subordination provisions of any agreement or instrument governing any Indebtedness
required to be subordinated to the Obligations pursuant to the terms hereof shall for any reason be revoked or invalidated, or
otherwise cease to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall contest (or support
any other Person contesting) 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 Loan Agreement or such
subordination provisions.

 

Section
10.02. Remedies Upon Event of Default. 

 

(a)
If any Event of Default under Section 10.01(j) shall occur for any reason, whether voluntary or involuntary, all of the
outstanding principal amount of the Term Loans and other Obligations shall automatically be due and payable together with the
Prepayment Premium (payable pursuant to Section 3.02 and Section 4.02(a)(vii)) applicable to the date such Event
of Default occurs, without further notice, demand or presentment. The parties hereto acknowledge and agree that the (A) Prepayment
Premium referred to in this Section 10.02(a) (i) is additional consideration for providing the Term Loans, (ii) is a material
inducement to the Lenders to make the Term Loans, (iii) is reasonable and is the product of an arm’s length transaction
between sophisticated parties ably represented by counsel, (iv) constitutes reasonable liquidated damages to compensate the Lenders
for (and is a proportionate quantification of) the actual loss of the anticipated stream of interest payments upon an acceleration
of the Term Loans (such damages being otherwise impossible to ascertain or even estimate for various reasons, including, without
limitation, because such damages would depend on, among other things, (x) when the Term Loans might otherwise be repaid and (y)
future changes in interest rates which are not readily ascertainable on the Closing Date), (v) shall be payable notwithstanding
any then-prevailing market rates at the time payment is made, and (vi) is not a penalty to punish the Borrowers for their early
prepayment of the Term Loans or for the occurrence of any Event of Default or acceleration; (B) there has been a course of conduct
between the Lenders and the Loan Parties giving specific consideration in this transaction for the agreement to pay the Prepayment
Premium; and (C) the Loan Parties shall be estopped from claiming differently from as agreed to in this Section 10.02(a).

 

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(b)
If any Event of Default (other than any Event of Default under Section 10.01(j)) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Administrative Agent may, and upon the direction of the Required Lenders, the Administrative
Agent shall, by notice to the Borrowers declare all or any portion of the outstanding principal amount of the Term Loans and other
Obligations to be due and payable together with the Prepayment Premium (payable pursuant to Section 3.02 and Section
4.02(a)(vii)) applicable to the date such Event of Default occurs, whereupon the full unpaid amount of such Term Loans, Prepayment
Premium and other Obligations that shall be so declared due and payable shall be and become immediately due and payable, in each
case, without further notice, demand or presentment. The parties hereto acknowledge and agree that: (A) the Prepayment Premium
referred to in this Section 10.02(b) (i) is additional consideration for providing the Term Loans, (ii) is a material inducement
to the Lenders to make the Term Loans, (iii) is reasonable and is the product of an arm’s length transaction between sophisticated
parties ably represented by counsel, (iv) constitutes reasonable liquidated damages to compensate the Lenders for, and is a proportionate
quantification of, the actual loss of the anticipated stream of interest payments upon an acceleration of the Term Loans (such
damages being otherwise impossible to ascertain or even estimate for various reasons, including, without limitation, because such
damages would depend on, among other things, (x) when the Term Loans might otherwise be repaid and (y) future changes in interest
rates which are not readily ascertainable on the Closing Date), (v) shall be payable notwithstanding any then-prevailing market
rates at the time payment is made, and (vi) is not a penalty to punish the Borrowers for their early prepayment of the Term Loans
or for the occurrence of any Event of Default or acceleration; (B) there has been a course of conduct between the Lenders and
the Loan Parties giving specific consideration in this transaction for the agreement to pay the Prepayment Premium; and (C) the
Loan Parties shall be estopped from claiming differently from as agreed to in this Section 10.02(b).

 

(c)
All Prepayment Premiums referred to in Sections 10.02(a) and (b) above shall be payable upon an acceleration of
any Obligations, whether before, during or after the commencement of any proceeding under the Bankruptcy Code involving any Borrower
or any other Loan Party. The Prepayment Premium shall also be payable in the event the Obligations (or any portion thereof) are
satisfied or released by foreclosure (whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or any
other means, including any foreclosure, sale or other disposition of or realization upon any Collateral or any other satisfaction,
release, restructuring, reorganization, defeasance or compromise of any Obligations in any insolvency or other similar proceeding
(under the Bankruptcy Code or otherwise). Notwithstanding anything in this Loan Agreement or any other Loan Document to the contrary,
if the Obligations are accelerated following the occurrence of an Event of Default (including pursuant to this Section 10.02,
by operation of law or otherwise), the Prepayment Premium determined as of the date of such acceleration will also be due and
payable and will be treated and deemed as if the Term Loans were prepaid as of such date, and shall constitute part of the Obligations
for all purposes. Each Borrower and each Guarantor expressly waive the provisions of any present or future statute or other law
that prohibits or may prohibit the collection of the Prepayment Premium in connection with any acceleration of the Obligations
or any portion thereof.

 

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(d)
The Lenders and the Agents shall have all other rights and remedies available at law or in equity or pursuant to this Loan Agreement
or any other Loan Document.

 

ARTICLE
XI

THE AGENTS

 

Section
11.01. Appointments 

 

(a)
Each Lender and each other Secured Party hereby appoints Piney Lake as its Administrative Agent under and for purposes of each
Loan Document, and hereby authorizes the Administrative Agent to act on behalf of such Secured Party under each Loan Document
and, in the absence of other written instructions from the Lenders pursuant to the terms of the Loan Documents received from time
to time by the Administrative Agent, to exercise such powers hereunder and thereunder as are specifically delegated to or required
of the Administrative Agent by the terms hereof and thereof, together with such powers as may be incidental thereto.

 

(b)
Each Lender and each other Secured Party hereby appoints Piney Lake as its Collateral Agent under and for purposes of each Loan
Document, and hereby authorizes the Collateral Agent to act on behalf of such Secured Party under each Loan Document and, in the
absence of other written instructions from the Lenders pursuant to the terms of the Loan Documents received from time to time
by the Collateral Agent, to exercise such powers hereunder and thereunder as are specifically delegated to or required of the
Collateral Agent by the terms hereof and thereof, together with such powers as may be incidental thereto.

 

(c)
Each Lender and each other Secured Party hereby directs the Agents to execute and deliver the Loan Documents (including any intercreditor
agreements and subordination agreements contemplated hereby and, in each case, any amendments, supplements and other modifications
thereto not prohibited by the terms of this Loan Agreement) on behalf of such Secured Party, in all cases in such form as the
applicable Agent shall determine. Upon execution and delivery of the Loan Documents by an Agent, each Secured Party shall be bound
by the terms and conditions thereof. Without limiting the foregoing, the Administrative Agent is hereby expressly authorized to
execute and deliver any and all such documents (including releases) with respect to the Collateral and the rights of the Secured
Parties with respect thereto, as contemplated by and in accordance with the terms and conditions of this Loan Agreement and the
other Loan Documents. For purposes of determining compliance with, and satisfaction of, the conditions specified in Article
V, each Lender that has signed this Loan Agreement (or an Assignment and Acceptance, as applicable) shall be deemed to have
consented to, approved, accepted and be satisfied with, each document and other matter required thereunder to be consented to,
approved by or otherwise satisfactory or acceptable to such Lender unless the Administrative Agent shall have received written
notice from such Lender prior to the Closing Date specifying such Lender’s objection thereto.

 

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(d)
Each Lender and each other Secured Party hereby irrevocably designates and appoints each Agent as the agent of such Lender. Notwithstanding
any provision to the contrary elsewhere in this Loan Agreement, (i) each Agent is acting solely on behalf of the Secured Parties
and with duties that are entirely administrative in nature, notwithstanding the use of the terms “Administrative Agent,”
“Collateral Agent,” “Agent,” and “agent,” which terms are used for title purposes only, and
(ii) no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship
with any Lender or other Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Loan Agreement or any other Loan Document or otherwise exist against any Agent. Anything contained in
any of the Loan Documents to the contrary notwithstanding, each Loan Party, the Administrative Agent, the Collateral Agent and
each Secured Party hereby agree that (i) no Secured Party (other than the Agents) shall have any right individually to realize
upon any of the Collateral or to enforce this Loan Agreement, the Guaranty and Security Agreement or any other Security Document
unless instructed to do so by the applicable Agent in writing, it being understood and agreed that all powers, rights and remedies
hereunder or thereunder may be exercised solely by the Agents, on behalf of the Secured Parties, in accordance with the terms
hereof or thereof, as applicable, and (ii) in the event of a foreclosure by any of the Agents on any of the Collateral pursuant
to a public or private sale or other disposition, any Agent or any Lender may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition and each Agent as agent for and representative of the Secured Parties (but not
any Lender or Lenders in its or their respective individual capacities), shall be entitled, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and
apply any of the Obligations (including Obligations owed to any other Secured Party) as a credit on account of the purchase price
for any Collateral payable by such Agent at such sale or other disposition, the Lenders hereby agreeing that they may not exercise
any right to credit bid at any public or private foreclosure sale or other disposition of Collateral unless instructed to do so
by the applicable Agent in writing.

 

Section
11.02. Delegation of Duties. Each Agent may execute any of its duties under this Loan Agreement and the other Loan Documents
by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with
reasonable care.

 

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Section
11.03. Exculpatory Provisions. Neither an Agent nor any officers, director, employee, agent, attorney in fact or
Affiliate of an Agent shall be (a) liable for any loss, damage, expense or liability directly or indirectly arising from any action
lawfully taken or omitted to be taken by any such Person under or in connection with this Loan Agreement or any other Loan Document,
except to the extent that any of the foregoing are found by a final, non-appealable order of a court of competent jurisdiction
to have resulted from such Person’s own gross negligence or willful misconduct, and, without limiting the foregoing, in
no event shall any Agent be required to take any action that, in its opinion or in the opinion of its counsel or other professional
advisor, may expose such Agent to liability or that is contrary to any Loan Document or Applicable Law, including any action that
may be in violation of the automatic stay under the Bankruptcy Code or any other bankruptcy or insolvency laws, or (b) responsible
in any manner to any of the Lenders or any other Secured Party for any recitals, statements, representations or warranties made
or deemed made by or on behalf of any Loan Party or any officer of any Loan Party in this Loan Agreement or any other Loan Document
or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or
in connection with, this Loan Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Loan Agreement or any other Loan Document or for any failure of any Loan Party or other Person to perform
its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire
as to the observance or performance of any of the agreements contained in, or conditions of, this Loan Agreement or any other
Loan Document, or to inspect the properties, books or records of any Loan Party.

 

Section
11.04. Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any
instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement,
order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Loan Parties), independent
accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any note as the owner thereof
for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Agents.
Each Agent shall be fully justified in failing or refusing to take any action under this Loan Agreement or any other Loan Document
unless it shall first receive such advice or concurrence of Administrative Agent (or, if so specified by this Loan Agreement,
all or other requisite Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against
any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Agents
shall in all cases be fully protected in acting, or in refraining from acting, under this Loan Agreement and the other Loan Documents
in accordance with a request of the Administrative Agent (or, if so specified by this Loan Agreement, all Lenders), and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Term
Loans and all other Secured Parties.

 

Section
11.05. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default, except with respect to any Default or Event of Default in the payment of principal, interest
and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the Administrative Agent has received
written notice from a Lender or the Borrowers referring to this Loan Agreement, describing such Default or Event of Default, and
stating that such notice is a “notice of default”. The Collateral Agent shall not be deemed to have knowledge or notice
of the occurrence of any Default or Event of Default unless the Collateral Agent has received notice from a Lender or the Borrowers
referring to this Loan Agreement, describing such Default or Event of Default, and stating that such notice is a “notice
of default”. In the event that an Agent receives such a notice, such Agent shall give notice thereof to the other Agent
and the Lenders. Each Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders (or, if so specified by this Loan Agreement, all Lenders or any other instructing group of Lenders specified
by this Loan Agreement); provided, that unless and until the applicable Agent shall have received such directions, such
Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or
Event of Default as such Agent shall deem advisable in the interests of the Secured Parties.

 

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Section
11.06. Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither the Agents nor any of their
respective officers, directors, employees, agents, attorneys in fact or Affiliates have made any representations or warranties
to such Lender and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any Affiliate
of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Secured Party. Each Lender represents
to the Agents that such Lender has, independently and without reliance upon any Agent or any other Lender or any other Secured
Party, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation
into, the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates
and made its own decision to enter into this Loan Agreement and make its Term Loans hereunder. Each Lender also represents that
it will, independently and without reliance upon any Agent or any other Lender or any other Secured Party, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in
taking or not taking action under this Loan Agreement and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the
Loan Parties and their Affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders
by any Agent hereunder, the Agents shall not have any duty or responsibility to provide any Lender or any other Secured Party
with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects
or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may come into the possession of such Agent or any
of its officers, directors, employees, agents, attorneys in fact or Affiliates.

 

Section
11.07. Indemnification by Lenders. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not
reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so), ratably according to their respective
Total Credit Exposure in effect on the date on which indemnification is sought under this Section 11.07 (or, if indemnification
is sought after the date upon which the Term Loans shall have been paid in full in cash, ratably in accordance with such Total
Credit Exposure immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after
the payment of the Term Loans) be imposed on, incurred by, or asserted against, such Agent in any way relating to or arising out
of, this Loan Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or
the transactions contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of
the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final, non-appealable
order of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The
agreements in this Section 11.07 shall survive the repayment, satisfaction or discharge of the Term Loans and all other
amounts payable under the Loan Documents, and the termination of this Loan Agreement.

 

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Section
11.08. Agents in Their Individual Capacities. Each Agent and its Affiliates may make loans to, accept deposits from
and generally engage in any kind of business with any Loan Party, and any Affiliate of any Loan Party, all as though such Agent
were not an Agent. With respect to its Term Loans made or renewed by it, each Agent shall have the same rights and powers under
this Loan Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the
terms “Lender”, “Lenders”, “Secured Party” and “Secured Parties” shall include
each Agent in its individual capacity.

 

Section
11.09. Successor Agents. 

 

(a)
Either Agent may resign as Agent upon thirty (30) days’ written notice to the Lenders, the other Agent and the Borrowers;
provided that either Agent may resign as Agent immediately upon written notice to the Lenders, the other Agent and the
Borrowers if an Event of Default has occurred and is continuing. If either Agent resigns as such Agent in its applicable capacity
under this Loan Agreement and the other Loan Documents, then Required Lenders shall appoint from among the Lenders a successor
agent, whereupon such successor agent shall succeed to the rights, powers and duties of such Agent in its applicable capacity,
and the term “Administrative Agent” or “Collateral Agent”, as applicable, shall thereafter mean such successor
agent effective upon such appointment and approval, and the former Agent’s rights, powers and duties as Agent in its applicable
capacity shall be terminated, without any other or further act or deed on the part of such former Agent or any of the other parties
to this Loan Agreement or any holders of the Term Loans. If no successor agent has accepted appointment as such Agent in its applicable
capacity by the date upon which the retiring Agent’s notice of resignation is effective in accordance with the first sentence
of this Section 11.09(a), such retiring Agent’s resignation shall nevertheless become effective on the applicable
date and the Lenders shall assume and perform all of the duties of such Agent hereunder until such time, if any, as Required Lenders
appoint a successor agent as provided for above. After any retiring Agent’s resignation as the Administrative Agent or the
Collateral Agent, as applicable, the provisions of this Article XI shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was an Agent under this Loan Agreement and the other Loan Documents.

 

(b)
Notwithstanding, but without limiting, the foregoing, if and to the extent Piney Lake is a holder of the Term Loans, unless and
until the Agents resign or are replaced in accordance with the provisions hereof, upon receipt by an Agent of written notice of
the occurrence of any event of default under any of the documents or agreements pursuant to which any Term Loans were pledged
by Piney Lake to a Collateral Assignee (a “Collateral Assignee Default Notice”), each such Agent agrees to
act on behalf of, serve as agent for, and take direction from, such Collateral Assignee, and shall no longer serve as agent for
or on behalf of Piney Lake. In furtherance of the provisions hereof, subject to the provisions of Section 12.01, each Agent
agrees, after receipt of a Collateral Assignee Default Notice, to execute and deliver such documents or to take such other actions
as are reasonably requested by any such Collateral Assignee, in order to enforce, perfect, protect, realize upon or otherwise
preserve any of its interests hereunder or in any of the Term Loans, including, without limitation, upon the removal of Piney
Lake as Agent, the filing of such amendments to UCC financing statements in order to reflect such Collateral Assignee as the new
secured party of record. Any such Collateral Assignee shall be entitled to specific performance with respect to, and is made an
express third party beneficiary of, the provisions of this Section 11.09(b).

 

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Section
11.10. Agents Generally. Except as expressly set forth in this Loan Agreement or any other Loan Document, no Agent shall
have any duties or responsibilities hereunder in its capacity as such.

 

Section
11.11. Restrictions on Actions by Secured Parties; Sharing of Payments. 

 

(a)
Each of the Lenders agrees that it shall not, without the express written consent of the Collateral Agent, and that it shall,
to the extent it is lawfully entitled to do so, upon the written request of the Collateral Agent, set off against the Obligations,
any amounts owing by such Lender to any Loan Party or any of their respective Subsidiaries or any deposit accounts of any Loan
Party or any of their respective Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees
that it shall not, unless specifically requested to do so in writing by the Collateral Agent or the Collateral Agent otherwise
consents in writing, take or cause to be taken any action, including the commencement of any legal or equitable proceedings, judicial
or otherwise, to enforce any Loan Document or any right or remedy against any Loan Party or to foreclose any Lien on, or otherwise
enforce any security interest in, any of the Collateral. The provisions of this Section 11.11(a) are for the sole benefit
of the Secured Parties and shall not afford any right to, or constitute a defense available to, any Loan Party or other Person.

 

(b)
Subject to Section 12.09(b), if at any time or times any Lender receives (i) by payment, foreclosure, setoff, or otherwise,
any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received
by such Lender from the Agents pursuant to the terms of this Loan Agreement, or (ii) payments from the Agents in excess of such
Lender’s pro rata share of all such distributions by the Agents, then in each such case such Lender promptly shall
(A) turn the same over to the Collateral Agent, in kind, and with such endorsements as may be required to negotiate the same to
the Collateral Agent, or in immediately available funds, as applicable, for the account of all of the applicable Lenders and for
application to the Obligations in accordance with the applicable provisions of this Loan Agreement, or (B) purchase, without recourse
or warranty, an undivided interest and participation in the Obligations owed to the other applicable Lenders so that such excess
payment received shall be applied ratably as among the applicable Lenders in accordance with their pro rata shares; provided,
that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases
of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid
therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required
to pay interest in connection with the recovery of the excess payment.

 

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Section
11.12. Agency for Perfection. The Collateral Agent hereby appoints each other Secured Party as its agent and bailee and
as sub-agent for the other Secured Parties (and each Secured Party hereby accepts such appointment) for the purpose of perfecting
all Liens with respect to the Collateral, including with respect to assets which, in accordance with Article 8 or Article 9, as
applicable, of the Uniform Commercial Code of any applicable state can be perfected by possession or control. Should any Secured
Party obtain possession or control of any such Collateral, such Secured Party shall notify the Collateral Agent thereof and, promptly
upon the Collateral Agent’s request therefor, shall deliver possession or control of such Collateral to the Collateral Agent
and take such other actions as agent or sub-agent in accordance with the Collateral Agent’s instructions to the extent,
and only to the extent, so authorized or directed by the Collateral Agent.

 

Section
11.13. Credit Bid. Each Loan Party, each Lender and the Collateral Agent each hereby irrevocably authorizes the Administrative
Agent or its designee, based upon the written instruction of Required Lenders, to bid and purchase for an amount approved by Required
Lenders (either directly or through one or more acquisition vehicles) all or any portion of the Collateral at any sale thereof
conducted (i) by any Agent under the provisions of the UCC, including pursuant to Sections 9-610 or 9-620 of the UCC, (ii) under
the provisions of the Bankruptcy Code, including Sections 363, 365 and 1129 of the Bankruptcy Code, or (iii) by any Agent (whether
by judicial action or otherwise, including a foreclosure sale) in accordance with Applicable Law (any such sale described clauses
(i), (ii) or (iii), a “Collateral Sale”), and in connection with any Collateral Sale, the Administrative Agent or
its designee may (with the consent of Required Lenders) accept non-cash consideration, including debt and equity securities issued
by such acquisition vehicle under the direction or control of any Agent and the Administrative Agent may (with the consent of
Required Lenders) offset all or any portion of the Obligations against the purchase price for such Collateral.

 

Section
11.14. One Lender Sufficient. This Loan Agreement shall be and shall remain in full force and effect, and all agency provisions
shall be and shall remain effective, notwithstanding the fact that from time to time (including on the Closing Date) there may
be only one Lender hereunder and the fact that such Lender may be the same Person that is serving as the Administrative Agent
or the Collateral Agent hereunder.

 

Section
11.15. License. The Loan Parties hereby grant the Agents an irrevocable, non-exclusive license or other right to
use, license or sub-license (without payment of royalty or other compensation to any Person) any or all IP Rights of the Loan
Parties and their Subsidiaries, computer hardware and software, trade secrets, brochures, customer and supplier/vendor lists,
promotional and advertising materials, labels, packaging materials and all other property, in advertising for sale, marketing,
selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any and all Collateral.
Each Loan Party’s rights and interests under or in connection with all IP Rights shall inure to the Agents, for the benefit
of the Secured Parties.

 

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ARTICLE
XII

MISCELLANEOUS

 

Section
12.01. Amendments and Waivers 

 

(a)
Neither this Loan Agreement nor any other Loan Document other than the Fee Letter, nor any terms hereof or thereof, may be amended,
supplemented or modified except in accordance with the provisions of this Section 12.01.

 

 

(b)
The Required Lenders may, or with the consent of the Required Lenders, the Administrative Agent shall, from time to time, (a)
enter into with the relevant Loan Party or Loan Parties written amendments, supplements or other modifications hereto and to the
other Loan Documents and (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this Loan Agreement or the other Loan Documents or any Default
or Event of Default and its consequences; provided, however, that no such amendment, supplement, other modification
or waiver shall:

 

(i)
without the prior written consent of each Lender directly and adversely affected thereby, (A) reduce or forgive any portion of
any Term Loan, or extend the final expiration date of any Lender’s Commitment, or extend the final scheduled maturity date
of any Term Loan, or reduce the stated interest rate on any Term Loan; provided that only the consent of Required Lenders
shall be necessary to waive any obligation of any Borrower to pay interest at the “default rate” or amend Section
2.05(d), or (B) reduce or forgive any portion, or extend the date for the payment, of any interest or fee payable hereunder
(other than as a result of waiving the applicability of any post-default increase in interest rates and other than as a result
of a waiver or amendment of any mandatory prepayment of Term Loans (which shall not constitute an extension, forgiveness or postponement
of any date for payment of principal, interest or fees)), or (C) decrease or forgive any Term Loan Repayment Amount or any other
mandatory payment or prepayment hereunder (other than as a result of waiving the applicability of any post-default increase in
interest rates and other than as a result of a waiver or amendment of any mandatory prepayment of Term Loans or Term Loan Repayment
Amount (which shall not constitute a decrease or forgiveness of any repayment or prepayment of principal hereunder)) or (D) extend
any scheduled Term Loan Repayment Date, or (E) amend or modify any provisions of Section 11.11(b), Section 12.09
or any other provision that provides for the pro rata nature of disbursements by or payments to Lenders, or (F) amend,
modify or waive any provision of this Section 12.01, or reduce the percentages specified in the definitions of the term
“Required Lenders”, or (G) consent to the assignment or transfer by any Loan Party of its rights and obligations under
any Loan Document to which it is a party (except as permitted pursuant to Section 9.03);

 

(ii)
increase the aggregate amount of any Commitment of any Lender without the prior written consent of such Lender;

 

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(iii)
amend, modify or waive any provision of Article XI without the prior written consent of the then-current Collateral Agent
and Administrative Agent; or

 

(iv)
without the prior written consent of each Lender, release Holdings or all or substantially all of the Guarantors under the Guaranty
and Security Agreement (except as expressly permitted by the Guaranty and Security Agreement), or release all or substantially
all of the Collateral (except as expressly permitted thereby and by Section 12.20).

 

 

(c)
Notwithstanding anything in Section 12.01(b) to the contrary, the Administrative Agent and the Borrowers, without the consent
of any Lenders or any other Loan Parties, may amend, modify or supplement this Loan Agreement or any other Loan Document (i) solely
to correct mistakes or typographical errors or cure ambiguities, inconsistencies or omissions herein or therein, so long as (x)
such amendment, modification or supplement does not materially and adversely affect the rights of any Lender or (y) the Lenders
shall have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not
have received, within five (5) Business Days following the date of such notice to the Lenders, a written notice from the Required
Lenders stating that the Required Lenders object to such amendment, modification or supplement and (ii) to effect the granting,
perfection, protection, expansion or enhancement of any security interest of the Secured Parties in any Collateral or additional
property to become Collateral for the benefit of the Secured Parties or as required by local law to give effect to or protect
any such security interests in any property or so that the security interests therein comply with the Loan Documents or Applicable
Law or in each case otherwise enhance the rights or benefits of any Agent or any Lender under any Loan Document.

 

Section
12.02. Notices and Other Communications. 

 

(a)
Subject to Section 12.02(c) below, all notices and other communications provided for in, or otherwise given under or in
connection with, this Loan Agreement or any other Loan Document, shall be in writing and shall be delivered either by hand, by
overnight courier service, by certified or registered mail or by email (in portable document format (“pdf”) or tagged
image file format (“TIFF”)) as follows:

 

(i)
if to any Loan Party, to it at:

 

C-PAK
Consumer Product Holdings LLC

38
E. Holister Street

Cincinnati,
Ohio 45219

Attention: Sam Ross and Britt Jeffcoat

Email:  sam.ross@prestigevaluebrands.com britt.jeffcoat@prestigevaluebrands.com

with
a copy to:

 

Capital
Park Group

c/o
Capital Park Holdings Corp.

2100
Cedar Springs Road, Suite 601

Dallas,
Dallas County, Texas 75201

Attention:
Eric C. Blue

email: eric.blue@capitalpark.net

 

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with
a copy to:

 

Locke
Lord LLP

2200 Ross Avenue, Suite 2800

Dallas, Texas 75201

Attention: Arthur E. Anthony, Esq.

Facsimile
No.: aanthony@lockelord.com

 

(ii)
if to Piney Lake in its capacity as the Administrative Agent, the Collateral Agent or a Lender hereunder, to it at:

 

Piney
Lake Opportunities ECI Master Fund LP

Four Greenwich Office Park

Greenwich, CT 06831

Attention: Michael Cassetta

Facsimile No.: (203) 307-5988

Email:
notices@piney-lake.com

 

with
a copy to (such copy not to constitute notice):

 

Proskauer
Rose LLP

One International Place

Boston, MA 02110

Attention: Peter J. Antoszyk

Facsimile No.: 617-526-9899

Email: pantoszyk@proskauer.com

 

(iii)
if to any other Lender, to it at its address, facsimile number or email address set forth either on the signature pages hereto
or in the Assignment and Acceptance by which such Lender becomes a party hereto, as applicable.

 

(b)
Any party hereto may change its address, facsimile number or email address for notices and other communications hereunder by notice
delivered to all of the other parties hereto in accordance with Section 12.02(a) above.

 

(c)
All notices and other communications given to any party hereto in accordance with the provisions of this Loan Agreement shall
be deemed to have been given (i) in the case of notices and other communications delivered by hand or overnight courier service,
upon actual receipt thereof, (ii) in the case of notices and other communications delivered by certified or registered mail, upon
the earlier of actual delivery and the third (3rd) Business Day after the date deposited in the U.S. mail with postage
prepaid and properly addressed, provided, that no notice or communication to either Agent or to Piney Lake in its capacity as
a Lender pursuant to this clause (ii) shall be effective until actually received by such Agent or Piney Lake, as applicable,
(iii) in the case of notices and other communications delivered by telefacsimile, upon receipt by the sender of an acknowledgment
or transmission report generated by the machine from which the telefacsimile was sent indicating that the telefacsimile was sent
in its entirety to the recipient’s telefacsimile number and (iv) in the case of notices and other communications delivered
by email, upon receipt by the sender of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, a return email or other written acknowledgement), provided, that no notice or communication to either Agent or to Piney
Lake in its capacity as a Lender pursuant to this clause (iv) shall be effective until receipt by the sender of written
confirmation of receipt affirmatively initiated by such Agent or Piney Lake, as applicable; provided, however, that
in each case, if a notice or other communication would be deemed to have been given in accordance with the foregoing at any time
other than during the recipient’s normal business hours on a Business Day for such recipient, such notice or other communication
shall be deemed given on the next succeeding Business Day for such recipient; and provided further, that no notice to Piney Lake
shall be effective until delivered by at least two, not one, of the methods described in clauses (i) through (iv)
above.

 

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(d)
Each Loan Party and each Secured Party acknowledges and agrees that the use of electronic transmission in general, and email in
particular, is not necessarily secure and that there are risks associated with the use thereof, including risks of interception,
disclosure and abuse, and each indicates it assumes and accepts such risks by hereby authorizing the use of electronic transmission.

 

(e)
The Agents and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of any Loan Party
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.

 

(f)
Each Loan Party acknowledges, understands and agrees that: (a) some or all of the Lenders from time to time borrow funds from
one or more lenders pursuant to loan agreements with notice provisions that are strictly enforced by such lenders; (b) the provisions
in this Loan Agreement and the other Loan Documents requiring delivery of notices and governing delivery of such notices (i) are
of the essence of this Loan Agreement and such other Loan Documents, and without such provisions the Lenders would not enter into
this Loan Agreement and (ii) require technical compliance in all material respects, not just notice in fact, whether or not there
is any prejudice to a Lender or any other Person.

 

Section
12.03. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any
Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Section
12.04. Survival of Representations and Warranties. All representations and warranties made hereunder and in the other Loan
Documents shall survive the execution and delivery of this Loan Agreement and the making of the Term Loans hereunder.

 

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Section
12.05. Payment of Expenses and Taxes; Indemnification. Each Borrower and each other Loan Party agrees: (a) to pay or reimburse
the Agents for all their reasonable and documented costs, fees and expenses incurred in connection with the development, negotiation,
preparation, execution, delivery and administration of, and any amendment, supplement, or other modification to, and any waiver
of any provision of, and any consent under, this Loan Agreement and the other Loan Documents and any other documents prepared
in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby,
including without limitation such costs, fees and expenses related to due diligence, lien searches and filing fees and such costs,
fees and expenses in relation to any payoff letter or other termination agreement and associated lien releases, and including
the reasonable fees, disbursements and other charges of counsel to the Agents and tax professionals, accounting professionals,
and other consultants and advisors, in all cases whether or not the Closing Date occurs and whether or not the transactions contemplated
hereby or thereby are consummated; (b) [reserved]; (c) to pay or reimburse the Agents and each Lender for all of their costs,
fees and expenses incurred in connection with the enforcement or preservation of any rights under this Loan Agreement, the other
Loan Documents and any other documents prepared in connection herewith or therewith, in connection with any workout, restructuring
or negotiations in respect thereof, in connection with any action to protect, collect, sell, liquidate or dispose of any Collateral,
and in connection with any litigation, arbitration or other contest, dispute, suit, or proceeding relating to any of the foregoing,
including in each case the fees, disbursements and other charges of counsel to the Agents, counsel to each Lender, and tax professionals,
accounting professionals, and other consultants and advisors of the Agents and of each Lender; (d) to pay, indemnify, and hold
harmless the Agents and each Lender from any and all Other Taxes, if any, that may be payable or determined to be payable in connection
with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment,
supplement or modification of, or any waiver or consent under or in respect of, this Loan Agreement, the other Loan Documents
and any such other documents; (e) to pay or reimburse the Agents and the Lenders for all reasonable fees, costs and expenses incurred
in exercising their rights under Section 8.02 and Section 8.16 and to pay and reimburse Piney Lake for all reasonable
fees and expenses incurred in exercising its rights under Section 8.17; and (f) to pay, indemnify and hold harmless the
Agents, each Lender, each other Secured Party, and the respective Related Parties of each of them, from and against any and all
other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, and reasonable and documented costs, expenses
and disbursements of any kind or nature whatsoever, including reasonable and documented fees, disbursements and other charges
of counsel, with respect to the negotiation, execution, delivery, enforcement, performance and administration of this Loan Agreement,
the other Loan Documents and any such other documents, including any of the foregoing relating to any Environmental Claim that
relates to any Loan Party or any property owned or leased by any Loan Party, the violation of, noncompliance with or liability
under, any Environmental Law by any Loan Party or any property owned or leased by any Loan Party or any actual or alleged presence
of Hazardous Materials on any property owned or leased by any Loan Party or resulting from any Loan Party in connection with the
operations of each Loan Party, any of its Subsidiaries or any of their Real Property (all the foregoing in this clause (f), collectively,
the “Indemnified Liabilities”); provided, however, that the Loan Parties shall have no obligation
under this clause (f) to the Agents, any Lender, any other Secured Party, or any Related Parties of any of them, for Indemnified
Liabilities arising from (A) the gross negligence or willful misconduct of the party to be indemnified, as determined by a final,
non-appealable order of a court of competent jurisdiction or (B) any Claim resulting from one party to be indemnified against
any other party to be indemnified and that does not involve an act or omission of the Borrowers, any Guarantor or any of their
respective Affiliates. To the fullest extent permitted by Applicable Law, no Loan Party shall assert, and each Loan Party hereby
waives, any claim against any Agent, any Lender, any other Secured Party, and the Related Parties of each of them, on any theory
of liability, for any general or consequential damages, or direct or indirect damages, in each case of any kind, and in each case
whether special, reliance, punitive, compensatory, benefit of the bargain, “cover”, expectancy, exemplary, incidental,
“lost profits”, or similar or other damages (including, but not limited to, damages resulting from loss of profits,
revenue or business opportunity, business impact or anticipated savings) or multiples of damages, other than direct, foreseeable,
actual out-of-pocket damages, arising out of, in connection with, or as a result of, this Loan Agreement, any other Loan Document
or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Term Loan or the use
of the proceeds thereof. No Lender, no Agent, no other Secured Party, and no Related Party of any of them 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 Loan Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby, in the absence of the willful misconduct or gross negligence of such Person as determined
by a final, non-appealable order of a court of competent jurisdiction. The agreements in this Section 12.05 shall survive
the termination of the Commitments, the repayment, satisfaction or discharge of the Term Loans and all other amounts payable under
the Loan Documents, and the termination of this Loan Agreement.

 

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Section
12.06. Successors and Assigns; Participations and Assignments. 

 

(a)
This Loan Agreement shall inure to the benefit of the respective successors and permitted assigns of the parties hereto and of
the Related Parties and other indemnified Persons hereunder and their respective successors and permitted assigns, and the obligations
and liabilities assumed in this Loan Agreement by the parties hereto shall be binding upon their respective successors and permitted
assignees (including, in the case of any Loan Party, any debtor in possession on behalf of such Loan Party, except that (i) except
as permitted under Section 9.03, no Loan Party may assign, transfer, hypothecate or otherwise convey any of its rights
or obligations hereunder without the prior written consent of each Agent and each Lender, and any attempted assignment, transfer,
hypothecation or other conveyance by any Loan Party without such prior written consent shall be null and void and of no effect
ab initio, and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section 12.06. Nothing in this Loan Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided
in paragraph (c) of this Section 12.06) and, to the extent expressly contemplated hereby, the Related Parties of each of
the Agents, the Lenders and the other Secured Parties) any legal or equitable right, remedy or claim under or by reason of this
Loan Agreement. Notwithstanding anything to the contrary herein, (a) any Lender shall be permitted to pledge or grant a security
interest in all or any portion of such Lender’s rights hereunder including, but not limited to, any Term Loans (without
the consent of, or notice to or any other action by, any other party hereto) to secure the obligations of such Lender or any of
its Affiliates to any Person providing any loan, letter of credit or other extension of credit to or for the account of such Lender
or any of its Affiliates and (b) the Agents shall be permitted to pledge or grant a security interest in all or any portion of
their respective rights hereunder or under the other Loan Documents, including, but not limited to, rights to payment (without
the consent of, or notice to or any other action by, any other party hereto), to secure the obligations of such Agent or any of
its Affiliates to any Person providing any loan, letter of credit or other extension of credit to or for the account of such Agent
or any of its Affiliates.

 

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(b)
(i) Subject to the conditions set forth in Section 12.06(b)(ii) below, any Lender may assign to one or more assignees all
or a portion of its rights and obligations under this Loan Agreement (including all or a portion of the Term Loans at the time
owing to it) with the prior written consent of:

 

(A)
the Borrowers, which consent shall not be unreasonably withheld, conditioned, delayed or burdened (provided that it shall be deemed
to be reasonable for the Borrowers not to consent to any assignment to a direct competitor of the Borrowers or a Subsidiary of
a direct competitor of the Borrowers); provided, however, that (1) no consent of the Borrowers shall be required
for an assignment to any Eligible Assignee or, if an Event of Default has occurred and is continuing, to any other assignee and
(2) the Borrowers shall be deemed to have consented to any such assignment (and shall not be a party to or be required to sign
any Assignment and Acceptance related thereto) unless it objects thereto by written notice delivered to the Administrative Agent
within five (5) Business Days after having received notice thereof; and

 

(B)
the Administrative Agent, which consent shall not be unreasonably withheld, conditioned, delayed or burdened; provided,
that no consent of the Administrative Agent shall be required for an assignment to an Eligible Assignee; and provided further
that the withholding, conditioning, delaying or burdening of consent by the Administrative Agent to an assignment to any Permitted
Holder, Loan Party or to any Affiliate of the foregoing shall be deemed to be reasonable and not unreasonable.

 

(C)
Notwithstanding anything herein to the contrary, no assignment, participation or other transfer of any Lender’s rights and
obligations under this Loan Agreement (including all or a portion of the Term Loans at the time owing to it) may be made to any
Loan Party, Permitted Holder or Affiliate of the foregoing and any such proposed transfer or participation shall be null and void
ab initio.

 

(ii)
Assignments by Lenders shall be subject to the following additional conditions:

 

(A)
except in the case of an assignment to an Eligible Assignee, or an assignment of the entire remaining amount of the assigning
Lender’s Term Loans, the amount of the (i) Term Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not
be less than $500,000, unless each of the Borrowers and the Administrative Agent otherwise consent, which consent, in each case,
shall not be unreasonably withheld, delayed, conditioned or burdened; provided, however, that no such consent of
the Borrowers shall be required if an Event of Default has occurred and is continuing; and provided further, that contemporaneous
assignments to a single assignee made by affiliated Lenders or related Approved Funds, and contemporaneous assignments by a single
assignor to affiliated Lenders or related Approved Funds, shall in each case be aggregated for purposes of meeting the minimum
assignment amount requirements stated above;

 

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(B)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Loan Agreement as to the Term Loans so assigned; provided, that this paragraph shall not be construed
to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect its Term
Loans; and

 

 

(C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with
a processing and recordation fee of $3,500; provided, that only one such fee shall be payable in connection with simultaneous
assignments to two or more Approved Funds.

 

(iii)
Subject to acceptance and recording thereof pursuant to Section 12.06(b)(v), from and after the effective date specified
in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this Loan Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under
this Loan Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and
obligations under this Loan Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.06, 2.07, 4.04 and 12.05 to the extent of any amounts owed to such Lender under any
of such provisions). Any assignment or transfer by a Lender of rights or obligations under this Loan Agreement that does not comply
with this Section 12.06 shall be treated for purposes of this Loan Agreement as a sale by such Lender of a participation
in such rights and obligations in accordance with Section 12.06(c).

 

(iv)
The Administrative Agent, acting solely as a non-fiduciary agent of the Borrowers for tax purposes and solely with respect the
actions described in this Section 12.06(b)(iv), shall maintain at one of its offices in the United States a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and principal
amount (and stated interest) of the Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The Register shall contain the name and address of each Lender and the lending office through which each Lender acts under this
Loan Agreement. The entries in the Register shall be conclusive absent manifest error, and the Loan Parties, the Agents and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Loan Agreement, notwithstanding notice to the contrary. The Register, as in effect at the close of business
on the preceding Business Day, shall be available for inspection by the Borrowers and any Lender at any reasonable time and from
time to time on any Business Day upon reasonable prior written notice; provided, that no Lender shall, in such capacity,
have access to or be otherwise permitted to review any information in the Register other than information with respect to such
Lender unless otherwise agreed by the Administrative Agent in its sole discretion. This Section 12.06(b)(iv) shall be construed
such that the Term Loans are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2)
and 881(c)(2) of the Code.

 

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(v)
Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, and any written
consent to such assignment required by Section 12.06(b)(i), the Administrative Agent shall accept such Assignment and Acceptance
and record the information contained therein in the Register. No assignment shall be effective for purposes of this Loan Agreement
unless and until it has been recorded in the Register as provided in this paragraph.

 

 

(c)
(i) Any Lender may, without the consent of either Borrower or the Agents, sell participations to one or more banks or other entities
(each, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Loan Agreement
(including all or a portion of the Term Loans owing to it); provided, that (A) such Lender’s obligations under this Loan
Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations, and (C) the Borrowers, the Agents and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Loan Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Loan Agreement
and to approve any amendment, modification or waiver of any provision of this Loan Agreement or any other Loan Document; 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 Sections 12.01(b)(i), 12.01(b)(ii), 12.01(b)(iii) or 12.01(b)(iv).
Subject to Section 12.06(c)(ii), each Borrower agrees that each Participant shall be entitled to the benefits of Sections
2.06, 2.07 and 4.04 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 12.06(b). To the extent permitted by Applicable Law, each Participant also shall be entitled to the
benefits of Section 12.09(b) as if it were a Lender; provided, that such Participant agrees to be subject to Section
12.09(a) as if it were a Lender.

 

(ii)
A Participant shall not be entitled to receive any greater payment under Sections 2.06, 2.07 or 4.04 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. Each Borrower agrees that
each Participant shall be entitled to the benefits of Section 4.04 so long as the documentation required by Section
4.04(f) is delivered by the participant to the participating Lender.

 

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(iii)
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain
at one of its offices in the United States 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 such Lender’s Term Loans or other obligations under
the Loan Documents (the “Participant Register”). The entries in each Participant Register shall be conclusive
absent manifest error, and the applicable Lender shall treat each person whose name is recorded in the Participant Register as
the owner of such participation for all purposes of this Loan Agreement notwithstanding any notice to the contrary. 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 Administrative Agent shall have no responsibility for maintaining any Participant Register, and any notices or other documents
required to be delivered by the Loan Parties shall be deemed to be delivered to a Participant upon actual delivery to the Lender
that sold the participation to such Participant.

 

 

(d)
Nothing herein is intended to prevent, impair, limit or otherwise restrict the ability of a Lender to collaterally assign or pledge
all or any portion of its interests in the Term Loans and the other rights and benefits under the Loan Documents to an unaffiliated
third party lender of such Lender (each such Person, a “Collateral Assignee”); provided that unless
and until the Borrowers receive notification from a Collateral Assignee of such assignment directing payments to be made to such
Collateral Assignee, any payment made by the Borrowers for the benefit of such Lender in accordance with the terms of the Loan
Documents shall satisfy the Borrowers’ obligations thereunder to the extent of such payment. Any such Collateral Assignee,
upon foreclosure of its security interests in the Term Loans pursuant to the terms of such assignment and in accordance with Applicable
Law, shall succeed to all the interests of or shall be deemed to be a Lender, with all the rights and benefits afforded thereby,
and such transfer shall not be deemed to be a transfer for purposes of and otherwise subject to the provisions of this Section
12.06. Notwithstanding the foregoing, each Lender shall remain responsible for all obligations and liabilities arising hereunder
or under any other Loan Document, and, except as otherwise expressly set forth in any applicable pledge or assignment, nothing
herein is intended or shall be construed to impose any obligations upon or constitute an assumption by a Collateral Assignee thereof.

 

(e)
The Administrative Agent and the Lenders may enter into an agreement on or at any time after the Closing Date, pursuant to which
they may agree to certain voting arrangements relating to matters requiring the consent or approval of some or all of the Lenders,
to pricing or yield arrangements, to the manner in which payments and proceeds are applied, and to such other matters as they
may deem appropriate in their sole discretion; provided that a copy of such agreement shall be provided to the Borrower. Any such
agreement shall be binding on the parties thereto with respect to the matters addressed therein, notwithstanding any conflicting
or other terms in this Loan Agreement to the contrary. Each Person who becomes a Lender pursuant to an assignment permitted under
Section 12.06(b)(i) shall be bound by the terms of each such agreement as if such Person was an original party thereto.

 

Section
12.07. Replacements of Lenders Under Certain Circumstances. The Administrative Agent, at the Borrowers sole cost and expense,
shall be permitted to replace any Lender or any Participant that (i) requests reimbursement for amounts owing pursuant to Section
2.06, Section 2.08, or Section 4.04 if such Lender has declined or is unable to designate a different lending
office in accordance with Section 2.08, or (ii) is affected in the manner described in Section 2.06(a)(iii) and
as a result thereof any of the actions described in such Section 2.06(a)(iii) is required to be taken; provided,
that (A) such replacement does not conflict with any Applicable Law, (B) no Default or Event of Default shall have occurred and
be continuing at the time of such replacement, (C) the Borrowers shall repay (or the replacement bank or institution shall purchase),
at par, all Term Loans and other amounts (including any applicable Prepayment Premium and Fees (excluding any disputed amount
which shall be placed into an escrow account on terms and conditions reasonably satisfactory to the Administrative Agent, until
such dispute is resolved) owing to such replaced Lender pursuant to this Loan Agreement, (D) the replacement bank or institution
(if not already a Lender), and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative
Agent, and the withholding of consent by the Administrative Agent to any Loan Party or any Affiliate of any Loan Party becoming
a replacement Lender shall be deemed to be reasonable and not unreasonable, (E) the replaced Lender shall be obligated to make
such replacement in accordance with the provisions of Section 12.06 (except that such replaced Lender shall not be obligated
to pay any processing and recordation fee required pursuant thereto), (F) any such replacement shall not be deemed to be a waiver
of any rights that the Borrowers, any Agent or any other Lender shall have against the replaced Lender, and (G) in the case of
any such assignment resulting from a claim for compensation under Section 2.06 or payments required to be made pursuant
to Section 4.04, such assignment will result in a reduction in such compensation or payments thereafter. A Lender shall
not be required to make any such assignment or delegation if prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

 

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Section
12.08. Securitization. The Loan Parties acknowledge that the Lenders and their Affiliates may (i) pledge all or a portion
of the Term Loans as collateral security for loans to such Lenders or their Affiliates, (ii) sell all or a portion of the Term
Loans to a third party, (iii) issue direct or indirect interests in the Term Loans to their controlled Affiliates or (iv) otherwise
securitize all or a portion of the Term Loans (any transaction described in clauses (i) through (iv), a “Securitization”),
and that the Lenders and their Affiliates may seek to have such loans to such Lenders or their Affiliates, such sold Term Loans,
such direct or indirect interests or such securitization rated by Moody’s, S&P or one or more other rating agencies
(each, a “Rating Agency”). The Loan Parties shall cooperate with the Lenders and their Affiliates to effect
any and all Securitizations and to obtain a public or unpublished loan rating or a corporate rating from any Rating Agency requested
by any Lender, including, without limitation, by (a) amending this Loan Agreement and the other Loan Documents, and executing
such additional documents, as reasonably requested by such Lenders, in connection with any Securitization (provided that,
if such request occurs at any time before the aggregate principal amount of the Term Loans is less than or equal to $250,000,000
(i) any such amendment or additional documentation does not impose additional costs on the Loan Parties in excess of $10,000 throughout
the term of this Loan Agreement (unless such costs are reimbursed by the Lenders requesting such Securitization on a pro rata
basis) and (ii) any such amendment or additional documentation does not adversely affect the rights, or increase the obligations,
of the Loan Parties under the Loan Documents or change or affect in a manner adverse to the Loan Parties the financial terms of
the Obligations) and (b) providing such information as may be reasonably requested by such Lenders, in connection with the rating
of the Obligations or any Securitization, including, if so requested by a Lender, by meeting with representatives of such Rating
Agency and discussing its business and affairs with such representatives to the extent required to obtain such rating. No Securitization
shall (i) release any Lender from any of its obligations hereunder, (ii) restrict or limit an Agent’s discretion in connection
with any amendment, supplement, waiver or other modification of any of the terms of this Loan Agreement or any other Loan Document
or (iii) substitute any pledgee, secured party or any other party to such Securitization for such Lender as a party hereto, and
no change in ownership of the Term Loans may be effected, in each case except pursuant to Section 12.06.

 

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Section
12.09. Adjustments; Set-off. 

 

(a)
If any Lender at any time receives any payment of all or part of its Term Loans, interest thereon or Prepayment Premium in respect
thereof, or receives any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 10.01(j), or otherwise), in a greater proportion than any such payment
to or collateral received by any other Lender, if any, in respect of such other Lender’s Term Loans, interest thereon or
Prepayment Premium in respect thereof, such recipient Lender shall purchase for cash from the other Lenders a participating interest
in such portion of each such other Lender’s Term Loans, or shall provide such other Lenders with the benefits of any such
collateral, or the proceeds thereof, as shall be necessary to cause such recipient Lender to share the excess payment or benefits
of such collateral or proceeds ratably with each of the other Lenders; provided, however, that if all or any portion
of such excess payment or benefits is thereafter recovered from such recipient Lender, such purchase shall be rescinded, and the
purchase price and benefits returned, to the extent of such recovery, but without interest. The foregoing provisions of this Section
12.09 shall not apply to payments made and applied in accordance with the terms of this Loan Agreement and the other Loan
Documents.

 

(b)
After the occurrence and during the continuance of an Event of Default, to the extent consented to by the Administrative Agent,
in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice
to the Borrowers or any other Loan Party, any such notice being expressly waived by the Loan Parties to the extent permitted by
Applicable Law, upon any amount becoming due and payable by either Borrower hereunder (whether at the stated maturity, by acceleration
or otherwise), to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final, but excluding any Excluded Deposit Account), in any currency, and any other credits, indebtedness or claims,
in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing
by such Lender or any branch or agency thereof to or for the credit or the account of the Borrowers, as the case may be. Each
Lender agrees promptly to notify the Borrowers and the Agents after any such set-off and application made by such Lender; provided,
that the failure to give such notice shall not affect the validity of such set-off and application.

 

Section
12.10. Effectiveness of Facsimile Documents and Signatures. Loan Documents may be transmitted and signed and delivered by
facsimile or other electronic means. The effectiveness of any such documents and signatures shall have the same force and effect
as manually signed originals and shall be binding on all Loan Parties, the Agents and the Lenders.

 

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Section
12.11. Counterparts. Any number of counterparts of this Loan Agreement and the other Loan Documents, including facsimiles
and other electronic copies, may be executed by the parties hereto. Each such counterpart shall be, and shall be deemed to be,
an original instrument, but all such counterparts taken together shall constitute one and the same agreement.

 

Section
12.12. Severability. All provisions of this Loan Agreement are severable, and the unenforceability or invalidity of any
of the provisions of this Loan Agreement shall not affect the validity or enforceability of the remaining provisions of this Loan
Agreement. Should any part of this Loan Agreement be held invalid or unenforceable in any jurisdiction, the invalid or unenforceable
portion or portions shall be removed (and no more) only in that jurisdiction, and the remainder shall be enforced as fully as
possible (removing the minimum amount possible) in that jurisdiction. In lieu of such invalid or unenforceable provision, the
parties hereto will negotiate in good faith to add as a part of this Loan Agreement a legal, valid and enforceable provision as
similar in terms to such invalid or unenforceable provision as may be possible.

 

 

Section
12.13. Integration. This Loan Agreement and the other Loan Documents contain the entire agreement of the parties
with respect to the subject matter hereof and thereof and supersede all prior negotiations, agreements and understandings with
respect thereto, both written and oral. This Loan Agreement may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements of the parties. There are no unwritten or oral agreements between the parties. By executing and delivering this
Loan Agreement, each Loan Party hereby fully and irrevocably releases and agrees not to assert in any manner any and all claims
which such Loan Party may have at law or in equity in relation to all prior written and oral discussions and understandings relating
to this Loan Agreement, the other Loan Documents, the subject matter hereof and thereof, and the Transactions. When this Loan
Agreement or any other Loan Document refers to a party’s “sole discretion”, such phrase means that party’s
sole and absolute discretion as to process and result, which shall be final for all purposes hereunder, to be exercised (to the
fullest extent the law permits) for any reason, subject to no standard of reasonableness or review and part of no claim before
any court, arbitrator or other tribunal or forum or otherwise.

 

Section
12.14. GOVERNING LAW. THIS LOAN AGREEMENT, THE OTHER LOAN DOCUMENTS (EXCEPT AS MAY OTHERWISE BE PROVIDED THEREIN), AND THE
VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE HEREOF AND THEREOF SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, AND ANY CLAIM BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE DETERMINED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK FOR CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN THE STATE
OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS REQUIRING APPLICATION OF THE LAW OF ANY OTHER JURISDICTION.

 

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Section
12.15. Waiver of Certain Rights. Each Loan Party irrevocably and unconditionally waives, to the maximum extent not
prohibited by Applicable Law, all rights of rescission, setoff, counterclaims, and other defenses in connection with the repayment
of the Obligations.

 

Section
12.16. Acknowledgments. Each Loan Party hereby acknowledges that:

 

(a)
it has been advised by counsel of its choice in the negotiation, execution and delivery of this Loan Agreement and the other Loan
Documents, such counsel has reviewed this Loan Agreement and the other Loan Documents, this Loan Agreement and the other Loan
Documents (including, without limitation, Section 12.14, Section 12.15 and Article XIII hereof) are the result
of such advice and review, and neither this Loan Agreement nor any other Loan Document shall be construed against an Agent or
any Lender merely because of such Agent’s or such Lender’s involvement in the preparation of any such document;

 

(b)
neither any Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection
with this Loan Agreement or any of the other Loan Documents, and the relationship between any Agent and any Lender, on one hand,
and each Loan Party, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;

 

 

(c)
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Agents and the Lenders or among the Loan Parties and the Agents and the Lenders; and

 

(d)
this Loan Agreement does not give rise now or in the future to an agency or partnership relationship between any Loan Party on
the one hand and any Agent, any Lender or any of their respective Affiliates on the other hand.

 

Section
12.17. No Arranger Duties. Notwithstanding anything herein or elsewhere to the contrary, the “Sole Lead Arranger”
referred to on the cover page hereof does not, and shall not, have any powers, duties, responsibilities or liabilities to the
Borrowers or any other Person under this Loan Agreement or any of the other Loan Documents in such capacity.

 

Section
12.18. Confidentiality. Each Agent and each Lender shall use commercially reasonable efforts to hold all non-public
information relating to any Loan Party or any Subsidiary of any Loan Party obtained pursuant to the requirements of this Loan
Agreement (“Confidential Information”) confidential in accordance with its customary procedure for handling
confidential information of this nature and, in the case of a Lender that is a bank, in accordance with safe and sound banking
practices; provided, however, that in any event any Agent or Lender may disclose Confidential Information:

 

(a)
as such Person reasonably believes is required by Law (including, without limitation, SEC rules and regulations);

 

(b)
pursuant to any subpoena or any other legal process or as is otherwise required or requested by any court or other tribunal, securities
exchange, or any other judicial, governmental, quasi-governmental, supervisory or regulatory board or agency, or representative
thereof (including, without limitation, the SEC), or any representative of any such court, other tribunal, securities exchange,
board or body;

 

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(c)
in connection with, and at all times following, the enforcement of any rights or exercise of any remedies by any Agent or any
Lender under this Loan Agreement or any other Loan Document, or any action or proceeding relating to this Loan Agreement or any
other Loan Document;

 

(d)
to such Agent’s or Lender’s Affiliates, and to such Agent’s, Lender’s and Affiliates’ respective
Related Parties;

 

(e)
in connection with:

 

(i)
the establishment of any special purpose funding vehicle with respect to the Term Loans,

 

(ii)
any Securitization permitted under Section 12.08;

 

(iii)
any prospective assignment of, or participation in, its rights and obligations pursuant to Section 12.06, to prospective
assignees or Participants, as applicable, provided that such prospective assignees or Participants agree to treat such
information as confidential substantially in accordance with the terms of this Section 12.18 as if such prospective assignees
or Participants were Agents or Lenders hereunder;

 

 

(iv)
any actual or proposed credit facility for loans, letters of credit or other extensions of credit to or for the account of such
Agent or Lender or any of its Affiliates, to any Person providing or proposing to provide such loan, letter of credit or other
extension of credit or any agent, trustee or representative of such Person; and

 

(v)
any public or regulatory filing or reporting;

 

(f)
to any Rating Agency; and

 

(g)
to any other creditor of any Loan Party or Subsidiary thereof; and

 

(h)
to any other Person with the consent of the Borrowers.

 

Notwithstanding
the foregoing, (A) each of the Agents, the Lenders and any Affiliate thereof is hereby expressly permitted by the Loan Parties
to refer to any Loan Party and any of their respective Subsidiaries in connection with any promotion or marketing undertaken by
such Agent, Lender or Affiliate and, for such purpose, such Agent, Lender or Affiliate may utilize any trade name, trademark,
logo or other distinctive symbol associated with such Loan Party or such Subsidiary or any of their businesses and (B) no Agent
or Lender shall have any obligation to keep information confidential if such information: (i) is or becomes public or known to
participants in the Borrowers industry from a source other than an Agent, a Lender or an Agent’s or a Lender’s legal
or financial advisors; (ii) is, was or becomes known on a non-confidential basis to or discovered by an Agent, Lenders or any
of their legal or financial advisors independently from communications by or on behalf of any Loan Party, provided that
the source of such information was not actually known by the disclosing Agent, Lender or advisor to be bound by a confidentiality
agreement with (or subject to any other contractual, legal or fiduciary obligation of confidentiality to) the relevant Loan Party;
or (iii) is independently developed by an Agent or a Lender without use of such confidential information.

 

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Section
12.19. Press Releases, etc.. Each Loan Party will not, and will not permit any of its Affiliates or its or its Affiliates’
respective officers, directors, shareholders or employees to, directly or indirectly, (i) publish or permit to be published any
press release or other similar public disclosure or announcements (including any marketing materials) regarding this Loan Agreement,
the other Loan Documents or any of the Transactions, without the prior written consent of the Administrative Agent, which consent
shall not be unreasonably withheld, or (ii) publish or permit to be published Piney Lake’s name or logo, or otherwise refer
to Piney Lake or any of its Affiliates, in connection with this Loan Agreement, the other Loan Documents or any of the Transactions,
without the prior written consent of the Administrative Agent. Each Loan Party respects the fact that public relations and investor
relations are core missions for Piney Lake and commits to work constructively and in good faith with Piney Lake on any press release
in connection with the financing contemplated by this Loan Agreement such that any such press release advances Piney Lake’s
mission and is satisfactory to Piney Lake.

 

 

 

Section
12.20. Termination of Obligations; Releases of Guaranties and Liens 

 

(a)
At such time as the Term Loans and the other Obligations (other than Unasserted Contingent Obligations) shall have been paid in
full in cash, all obligations of the Administrative Agent, the Collateral Agent and the Lenders under this Loan Agreement and
under the other Loan Document shall automatically terminate without delivery of any instrument or performance of any act by any
Person, and at the Borrowers’ request and sole cost and expense, the Collateral Agent shall terminate the Security Documents
and release the Collateral from the Liens created by the Security Documents.

 

(b)
Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Collateral Agent is hereby irrevocably
authorized by each Secured Party (without requirement of notice to or consent of any Secured Party except as expressly required
by Section 12.01) to take any action requested by the Borrowers having the effect of releasing any Collateral or guarantee
obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that
has been consented to in accordance with Section 12.01 or (ii) under the circumstances described in Section 12.21(c).

 

(c)
[Reserved].

 

(d)
Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority
to release its interest in particular types or items of property, or to release any guarantee obligations pursuant to this Section
12.21. In each case as specified in this Section 12.21, the Collateral Agent will (and each Lender irrevocably authorizes
the Collateral Agent to), at the Borrowers sole cost and expense, execute and deliver to the applicable Loan Party such documents
as such Loan Party may reasonably request to evidence the release of such item of Collateral or guarantee obligation from the
assignment and security interest granted under the Security Documents, in each case in accordance with the terms of the Loan Documents
and this Section 12.21.

 

    	132

    	 

    

 

(e)
Notwithstanding anything herein to the contrary, the agreements of the parties in Sections 12.02, 12.12, 12.13,
12.14, 12.16, 12.17, 12.22 and Article XIII shall survive the repayment, satisfaction or discharge
of the Term Loans and all other amounts payable under the Loan Documents, and the termination of this Loan Agreement.

 

(f)
This Loan Agreement shall remain in full force and effect and continue to be effect should any petition be filed by or against
either Borrower for liquidation or reorganization, should either Borrower become insolvent or make an assignment for the benefit
of any creditor or creditors or should a receiver or trustee be appointed for all or any significant part of such Borrower’s
assets, and this Loan Agreement shall continue to be effective or to be reinstated, as the case may be, if at any time payment
and performance of all or any portion of the Obligations is, pursuant to Applicable Law, rescinded or reduced in amount, or must
otherwise be restored or returned by any oblige of any Obligations, whether as a “voidable preference,” “fraudulent
conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or
any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned.

 

 

Section
12.21. USA Patriot Act. Each Lender hereby notifies each Loan Party that, pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required
to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of
each Loan Party and other information that will allow such Lender to identify each Loan Party in accordance with the Patriot Act.
Each Loan Party agrees to provide all such information to the Lenders upon request by any Agent at any time, whether with respect
to any Person who is a Loan Party on the Closing Date or who becomes a Loan Party thereafter.

 

Section
12.22. No Fiduciary Duty. Each Loan Party, on behalf of itself and its Subsidiaries, agrees that in connection with all
aspects of the transactions contemplated hereby and any communications in connection therewith, the Loan Parties, their respective
Subsidiaries and Affiliates, on the one hand, and the Agents, the Lenders, the other Secured Parties, and all of 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 Agents the Lenders or their respective Affiliates, and no such duty will be deemed to have arisen in connection
with any such transactions or communications.

 

Section
12.23. Reliance on Certificates. Notwithstanding anything to the contrary herein, the Secured Parties shall be entitled
to rely and act upon any certificate, notice or other document delivered by or on behalf of any Person purporting to be an Authorized
Officer of a Loan Party, and shall have no duty to inquire as to the actual incumbency or authority of such Person.

 

Section
12.24. No Waiver. A Secured Party’s failure to insist at any time upon strict compliance with this Loan Agreement
or with any of the terms of this Loan Agreement or any continued course of such conduct on its part will not constitute or be
considered a waiver by such Secured Party of any of its rights or privileges. A waiver or consent, express or implied, of or to
any breach or default by any party in the performance by that party of its obligations with respect to this Loan Agreement is
not a waiver or consent of or to any other breach or default in the performance by that party of the same or any other obligations
of that party.

 

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Section
12.25. The Borrower as the Loan Parties’ Representative. Each Loan Party (other than the Borrowers) hereby
irrevocably appoints the Borrowers as the borrowing agent and attorney-in-fact for all Loan Parties, which appointment is coupled
with an interest and shall remain in full force and effect unless and until the Administrative Agent (i) in its sole discretion
shall have consented in writing to the revocation of such appointment and (ii) received prior written notice signed by the Loan
Parties that such appointment has been revoked and that another Loan Party has been appointed. Each Loan Party hereby irrevocably
appoints and authorizes the Borrowers to (a) provide the Agents and the Lenders with all notices with respect to all Term Loans
and other extensions of credit obtained for the benefit of the Borrowers and all other notices and instructions under this Loan
Agreement and the other Loan Documents, (b) amend, supplement or otherwise modify any term or condition of this Loan Agreement
or any other Loan Document in accordance with Section 12.01(b) without any requirement that such Loan Party also sign any
documents or instruments to effectuate any such amendment, supplement or other modification, and (c) take such action as the Borrowers
deems appropriate on such Loan Party’s behalf to exercise such powers as are reasonably incidental thereto to carry out
the purposes of this Loan Agreement and the other Loan Documents. Each Loan Party acknowledges that the handling of this Loan
Agreement, the other Loan Documents and the Collateral in a combined fashion, as more fully set forth herein and in the other
Loan Documents, is done solely as an accommodation to the Loan Parties in order to utilize the collective borrowing powers of
the Loan Parties in the most efficient and economical manner and at their request, and that no Agent or Lender shall incur liability
to any Loan Party as a result thereof. Each Loan Party expects to derive substantial benefit, directly or indirectly, from the
handling of this Loan Agreement, the other Loan Documents and the Collateral in a combined fashion because the successful operation
of each Loan Party is dependent on the continued successful performance of the integrated group. To induce the Agents and Lenders
to do so, and in consideration thereof, each Loan Party hereby jointly and severally agrees to indemnify each Agent and each Lender
against, and hold each Agent and each Lender harmless from, any and all liability, expense, loss or claim of damage or injury
made against any Agent or Lender by any Loan Party or by any third party whosoever, arising from or incurred by reason of (a)
the handling of this Loan Agreement, the other Loan Documents and the Collateral as provided herein, or (b) an Agent or a Lender
relying on any instructions of the Borrowers, except that the Loan Parties will have no liability to any Agent or Lender pursuant
to this Section 12.25 with respect to any liability that has been finally determined by a court of competent jurisdiction
to have resulted solely from the gross negligence or willful misconduct of such Agent or such Lender, as applicable.

 

Section
12.26. [Reserved].

 

Section
12.27. Acknowledgement and Consent to Bail-In of EEA Financial Institutions.

 

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

 

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

 

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

 

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

 

(iv)
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 Loan
Agreement or any other Loan Document; or

 

 

(v)
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
12.28. Interest Rate Limitation. Notwithstanding anything in this Loan Agreement or any other Loan Document to the
contrary, the interest paid or agreed to be paid under this Loan Agreement and the other Loan Documents, together with all fees,
charges and other amounts which are treated as interest under Applicable Law (collectively, “Charges”), shall
not exceed the maximum rate of non-usurious interest permitted to be contracted for, charged, taken or received pursuant to Applicable
Law (the “Maximum Rate”). If at any time the interest rate and Charges applicable to any Term Loan exceed the
Maximum Rate, then, ipso facto as of the first date on which the interest rate and Charges applicable to any Term Loan
exceed the Maximum Rate, such interest rate and Charges shall be limited to the Maximum Rate and, to the extent permitted by Applicable
Law, the amount of all interest and Charges that would have been payable but were not payable as a result of the operation of
this Section 12.09 shall be applied first, to the outstanding principal amount of the Term Loans, and second, to all other
outstanding Obligations (other than interest and Charges), and then third, any remaining excess shall be refunded to either Borrower.

 

Section
12.29. Joint and Several Liability of the Borrowers. Each Borrower hereby agrees that such Borrower is jointly and severally
liable for, and hereby absolutely and unconditionally guarantees to each Agent and the Secured Parties and their respective successors
and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations
owed or hereafter owing to each Agent it’s the Secured Parties by each other Borrower. Each Borrower agrees that its guaranty
obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this
Section 12.29 shall not be discharged until payment and performance, in full, of the Obligations has occurred, and that
its obligations under this Section 12.29 shall be absolute, unconditional and irrevocable, irrespective of, and unaffected
by, (i) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, any Obligation or any
agreement, document or instrument to which any Borrower is or may become a party; (ii) the absence of any action to enforce any
Obligation or the waiver or consent by any Agent or any Secured Party with respect to any of the provisions governing any Obligation;
(iii) the insolvency of any Borrower or Subsidiary thereof; and (iv) any other action or circumstances that might otherwise constitute
a legal or equitable discharge or defense of a surety or guarantor (other than defense of payment in full). Each Borrower shall
be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guaranteed hereunder.

 

    	135

    	 

    

 

ARTICLE
XIII

JURISDICTION; WAIVERS; MISCELLANEOUS

 

Section
13.01. [Reserved].

 

 

Section
13.02. JURISDICTION; VENUE; SERVICE OF PROCESS; JURY TRIAL WAIVER; ETC. EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY
AGREES AS FOLLOWS:

 

(a)
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF
ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN IN THE STATE OF
NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE TERM LOANS,
THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL
COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTWITHSTANDING ANYTHING TO THE
CONTRARY, NOTHING IN THIS LOAN AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THE TERM LOANS, THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR
ITS PROPERTIES BY WAY OF ARBITRATION OR IN THE COURTS OF ANY JURISDICTION.

 

(b)
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THE TERM LOANS, THIS LOAN AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT IN ANY STATE OR FEDERAL COURT SITTING IN THE BOROUGH
OF MANHATTAN IN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

    	136

    	 

    

 

(c)
EACH PARTY TO THIS LOAN AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER AND AT THE
ADDRESSES PROVIDED FOR NOTICES IN SECTION 12.02 BY MAIL. NOTHING IN THIS LOAN AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY
TO THIS LOAN AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

 

(d)
EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING (I) TO ENFORCE OR DEFEND ANY
RIGHTS UNDER OR IN CONNECTION WITH THE TERM LOANS, THIS LOAN AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT, OR (II) ARISING
FROM ANY DISPUTE OR CONTROVERSY IN CONNECTION WITH OR RELATED TO THE TERM LOANS, THIS LOAN AGREEMENT, THE NOTES OR ANY OTHER LOAN
DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN PARTY
ACKNOWLEDGES THAT (A) IT HAD THE OPPORTUNITY TO REVIEW THIS JURY TRIAL WAIVER WITH ITS LEGAL COUNSEL, (B) IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS RIGHT TO A JURY TRIAL AND (C) NO PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY AGENT OR ANY LENDER WOULD
NOT, IN THE EVENT OF A LITIGATION, SEEK TO ENFORCE THE FOREGOING JURY TRIAL WAIVERS. THIS SECTION 13.02(d) IS A MATERIAL
INDUCEMENT FOR THE AGENTS AND THE LENDERS GRANTING ANY FINANCIAL ACCOMMODATIONS TO THE LOAN PARTIES.

 

(e)
EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, AND AGREES NOT TO INITIATE, MAKE OR PURSUE, IN EACH CASE TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT ANY ARBITRATION, ACTION OR PROCEEDING COMMENCED BY AN AGENT OR A LENDER
RELATING TO THE TERM LOANS, THIS LOAN AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT SHOULD BE DISMISSED OR STAYED BY REASON
OF, OR PENDING THE RESOLUTION OF, ANY ACTION OR PROCEEDING COMMENCED BY A LOAN PARTY RELATING IN ANY WAY TO THE TERM LOANS, THIS
LOAN AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT WHETHER OR NOT COMMENCED EARLIER. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, EACH LOAN PARTY WILL TAKE ALL MEASURES NECESSARY FOR ANY ARBITRATION, ACTION OR PROCEEDING COMMENCED BY AN AGENT OR ANY LENDER
TO PROCEED TO JUDGMENT PRIOR TO THE ENTRY OF JUDGMENT IN ANY SUCH ACTION OR PROCEEDING COMMENCED BY A LOAN PARTY.

 

(f)
No provision of, nor the exercise of any rights under, Section 13.02(a) or Section 13.02(b) above shall limit the
right of any Agent or any other Secured Party to (i) foreclose against any real or personal property collateral through judicial
foreclosure, by the exercise of a power of sale under a deed of trust, mortgage or other security agreement or instrument, pursuant
to applicable provisions of the UCC, or otherwise pursuant to applicable Law, (ii) exercise self-help remedies including but not
limited to set-off and repossession, or (iii) request and obtain from a court having jurisdiction before, during or after the
pendency of any arbitration provisional or ancillary remedies and relief including but not limited to injunctive or mandatory
relief or the appointment of a receiver. The institution and maintenance of an action or judicial proceeding for, or pursuit of,
provisional or ancillary remedies or exercise of self-help remedies shall not constitute a waiver of any rights of an Agent or
any other Secured Party to submit any Dispute to arbitration if an Agent or another Secured Party would otherwise have such right.

 

[signatures
begin on next page]

 

    	137

    	 

    

 

IN
WITNESS WHEREOF, each of the parties hereto has duly executed and delivered this Loan Agreement as of the date first above written.

 

	THE
    BORROWERS:	C-PAK
    CONSUMER PRODUCT HOLDINGS LLC, a Delaware limited liability company
	 	 
	 	By:	/s/
    Sam Ross‎
	 	 	Sam
Ross, President and Chief Operating Officer
	 	 	 
	 	C-PAK
    Consumer Product IP SPV LLC, a Delaware
    limited liability company
	 	 	 
	 	By:	/s/
    Sam Ross‎ ‎‎ ‎‎ ‎‎ ‎
	 	 	Sam
Ross, President and Chief Operating Officer
	 	 	 
	HOLDINGS:	C-PAK
    CONSUMER PRODUCT HOLDINGS SPV I LLC, a Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Eric Blue ‎‎ ‎‎ ‎‎ ‎
	 	 	Eric
C. Blue, Manager

 

[Signature
Page to Loan Agreement]

 

    	 	 	 

    	 	 	 

    

 

	ADMINISTRATIVE
    AGENT AND COLLATERAL AGENT:	PINEY
    LAKE OPPORTUNITIES ECI MASTER FUND LP
	 	 	 
	 	By:
    	Piney
    Lake Capital Manager LP, as Advisor
	 	 	 
	‎‎	By:
    	/s/
    Michael Lazar‎ 
	 	Name:	Michael
    B. Lazar
	 	Title:	President

 

[Signature
Page to Loan Agreement]

 

    	 	 	 

    	 	 	 

    

 

	LENDER:	Piney Lake Opportunities ECI Master Fund LP
	 	 	 
	 	By:
    	Piney
    Lake Capital Manager LP, as Advisor
	 	 	 
	‎‎
    	By:
    	/s/
    Michael Lazar‎
	 	‎Name:	Michael
    B. Lazar
	 	‎Title:
    	President
    

 

[Signature
Page to Loan Agreement]

 

    	 	 	 

    	 	 	 

    

 

SCHEDULE
1.01(a)

 

TERM
LOAN COMMITMENTS

 

	Lenders	 	Term Loan Commitment	 	 	Pro

                                                                  Rata Portion
	 
	Piney Lake Opportunities ECI Master Fund LP	 	$	22,000,000.00	 	 	 	100.00	%
	Total	 	$	22,000,000.00	 	 	 	100.00	%

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