Document:

Exhibit
4.1 

 

 

 

SECOND
AMENDED AND RESTATED

 

REVOLVING
CREDIT, TERM LOAN

 

AND

 

SECURITY
AGREEMENT

 

 

 

PNC
BANK, NATIONAL ASSOCIATION

(AS
LENDER AND AS AGENT)

 

 

 

WITH

 

 

 

PERMA-FIX
ENVIRONMENTAL SERVICES, INC.

(BORROWER)

 

 

 

MAY
8, 2020

 

 

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE I  DEFINITIONS	1
	 	1.1.	Accounting
    Terms.	1
	 	1.2.	General
    Terms.	28
	 	1.3.	Uniform
    Commercial Code Terms.	28
	 	1.4.	Certain
    Matters of Construction.	29
	 	1.5.	Eurodollar
    Notification.	29
	 	 
	ARTICLE II  ADVANCES, PAYMENTS	29
	 	2.1.	Revolving
    Advances.	29
	 	2.2.	Procedure
    for Revolving Advances Borrowing.	30
	 	2.3.	Disbursement
    of Advance Proceeds.	32
	 	2.4.	Term
    Loan.	33
	 	2.5.	Maximum
    Advances.	33
	 	2.6.	Repayment
    of Advances.	33
	 	2.7.	Repayment
    of Excess Advances.	34
	 	2.8.	Statement
    of Account.	34
	 	2.9.	Letters
    of Credit.	34
	 	2.10.	Issuance
    of Letters of Credit.	35
	 	2.11.	Requirements
    For Issuance of Letters of Credit.	35
	 	2.12.	Disbursements,
    Reimbursement.	36
	 	2.13.	Repayment
    of Participation Advances.	37
	 	2.14.	Documentation.	37
	 	2.15.	Determination
    to Honor Drawing Request.	38
	 	2.16.	Nature
    of Participation and Reimbursement Obligations.	38
	 	2.17.	Indemnity.	39
	 	2.18.	Liability
    for Acts and Omissions.	40
	 	2.19.	Additional
    Payments.	41
	 	2.20.	Manner
    of Borrowing and Payment.	41
	 	2.21.	Mandatory
    Prepayments.	43
	 	2.22.	Use
    of Proceeds.	43
	 	2.23.	Defaulting
    Lender.	43
	 	 
	ARTICLE III  INTEREST AND FEES	45
	 	3.1.	Interest.	45
	 	3.2.	Letter
    of Credit Fees.	45
	 	3.3.	Amendment
    Fee and Facility Fee.	46
	 	3.4.	Collateral
    Fees.	46
	 	3.5.	Computation
    of Interest and Fees.	47
	 	3.6.	Maximum
    Charges.	47
	 	3.7.	Increased
    Costs.	47
	 	3.8.	Alternate
    Rate of Interest.	48
	 	3.9.	Capital
    Adequacy.	52
	 	3.10.	Gross
    Up for Taxes.	53
	 	3.11.	Withholding
    Tax Exemption.	53

 

    	i

     

    

 

	ARTICLE IV  COLLATERAL: GENERAL TERMS	54
	 	4.1.	Security
    Interest in the Collateral.	54
	 	4.2.	Perfection
    of Security Interest.	55
	 	4.3.	Disposition
    of Collateral.	55
	 	4.4.	Preservation
    of Collateral.	56
	 	4.5.	Ownership
    of Collateral.	56
	 	4.6.	Defense
    of Agent’s and Lenders’ Interests.	57
	 	4.7.	Books
    and Records.	57
	 	4.8.	Financial
    Disclosure.	58
	 	4.9.	Compliance
    with Laws.	58
	 	4.10.	Inspection
    of Premises; Appraisals.	58
	 	4.11.	Insurance.	59
	 	4.12.	Failure
    to Pay Insurance.	60
	 	4.13.	Payment
    of Taxes.	60
	 	4.14.	Payment
    of Leasehold Obligations.	61
	 	4.15.	Receivables.	61
	 	4.16.	Inventory.	64
	 	4.17.	Maintenance
    of Equipment.	64
	 	4.18.	Exculpation
    of Liability.	64
	 	4.19.	Environmental
    Matters.	64
	 	4.20.	Financing
    Statements.	66
	 	 
	ARTICLE V  REPRESENTATIONS AND WARRANTIES	68
	 	5.1.	Authority.	68
	 	5.2.	Formation
    and Qualification.	68
	 	5.3.	Survival
    of Representations and Warranties.	69
	 	5.4.	Tax
    Returns.	69
	 	5.5.	Financial
    Statements.	69
	 	5.6.	Entity
    Name and Locations.	70
	 	5.7.	O.S.H.A.
    and Environmental Compliance.	70
	 	5.8.	Solvency;
    No Litigation, Violation, Indebtedness or Default.	70
	 	5.9.	Patents,
    Trademarks, Copyrights and Licenses.	72
	 	5.10.	Licenses
    and Permits.	72
	 	5.11.	Default
    of Indebtedness.	72
	 	5.12.	No
    Default.	73
	 	5.13.	No
    Burdensome Restrictions.	73
	 	5.14.	No
    Labor Disputes.	73
	 	5.15.	Margin
    Regulations.	73
	 	5.16.	Investment
    Company Act.	73
	 	5.17.	Disclosure.	73
	 	5.18.	Intentionally
    Deleted.	74
	 	5.19.	Swaps.	74
	 	5.20.	Conflicting
    Agreements.	74
	 	5.21.	Application
    of Certain Laws and Regulations.	74
	 	5.22.	Business
    and Property of Borrower.	74
	 	5.23.	Section
    20 Subsidiaries.	74
	 	5.24.	Anti-Terrorism
    Laws.	74

 

    	ii

     

    

 

	 	5.25.	Intentionally
    Deleted.	75
	 	5.26.	Commercial
    Tort Claims.	75
	 	5.27.	Partnership
    and Limited Liability Company Interests.	75
	 	5.28.	Material
    Contracts.	75
	 	5.29.	Future
    Subsidiaries.	75
	 	5.30.	Certificate
    of Beneficial Ownership.	76
	 	 
	ARTICLE VI  AFFIRMATIVE COVENANTS	76
	 	6.1.	Payment
    of Fees.	76
	 	6.2.	Conduct
    of Business and Maintenance of Existence and Assets.	76
	 	6.3.	Violations.	77
	 	6.4.	Government
    Receivables.	77
	 	6.5.	Financial
    Covenants.	77
	 	6.6.	Execution
    of Supplemental Instruments.	77
	 	6.7.	Payment
    of Indebtedness.	77
	 	6.8.	Standards
    of Financial Statements.	78
	 	6.9.	Intentionally
    Deleted.	78
	 	6.10.	Real
    Property.	78
	 	6.11.	Inactive
    Subsidiaries.	78
	 	6.12.	Certificate
    of Beneficial Ownership and Other Additional Information.	78
	 	6.13.	Additional
    Intellectual Property.	79
	 	 
	ARTICLE VII  NEGATIVE COVENANTS	79
	 	7.1	Merger,
    Consolidation, Acquisition and Sale of Assets.	79
	 	7.2.	Creation
    of Liens.	79
	 	7.3.	Guarantees.	79
	 	7.4	Investments.	79
	 	7.5.	Loans.	80
	 	7.6.	Capital
    Expenditures.	80
	 	7.7.	Dividends.	80
	 	7.8.	Indebtedness.	81
	 	7.9.	Nature
    of Business.	82
	 	7.10.	Transactions
    with Affiliates.	82
	 	7.11.	Leases.	82
	 	7.12.	Subsidiaries.	82
	 	7.13.	Fiscal
    Year and Accounting Changes.	83
	 	7.14.	Pledge
    of Credit.	83
	 	7.15.	Amendment
    of Organizational Documents.	83
	 	7.16.	Compliance
    with ERISA.	83
	 	7.17.	Prepayment
    of Indebtedness.	83
	 	7.18.	Intentionally
    Deleted.	84
	 	7.19.	Intentionally
    Deleted.	84
	 	7.20.	Other
    Agreements.	84
	 	7.21.	Additional
    Negative Pledges.	84
	 	7.22.	Additional
    Bank Accounts.	84

 

    	iii

     

    

 

	ARTICLE VIII  CONDITIONS PRECEDENT	85
	 	8.1.	Conditions
    to Initial Advances.	85
	 	8.2.	Conditions
    to Each Advance.	86
	 	 
	ARTICLE IX  INFORMATION AS TO BORROWER	86
	 	9.1.	Disclosure
    of Material Matters.	86
	 	9.2	Schedules.	87
	 	9.3.	Environmental
    Reports.	87
	 	9.4.	Litigation.	87
	 	9.5.	Material
    Occurrences.	88
	 	9.6.	Public
    Filings.	88
	 	9.7.	Annual
    Financial Statements.	88
	 	9.8.	Quarterly
    Financial Statements.	89
	 	9.9.	Monthly
    Financial Statements.	89
	 	9.10.	Other
    Reports.	89
	 	9.11.	Additional
    Information.	89
	 	9.12.	Projected
    Operating Budget.	90
	 	9.13.	Variances
    From Operating Budget.	90
	 	9.14.	Notice
    of Suits, Adverse Events.	90
	 	9.15.	ERISA
    Notices and Requests.	90
	 	9.16.	Additional
    Documents.	91
	 	9.17.	Government
    Receivables.	91
	 	 
	ARTICLE X  EVENTS OF DEFAULT	91
	 	10.1.	Nonpayment.	91
	 	10.2.	Breach
    of Representation.	92
	 	10.3.	Financial
    Information.	92
	 	10.4.	Judicial
    Actions.	92
	 	10.5.	Noncompliance.	92
	 	10.6.	Judgments.	92
	 	10.7.	Bankruptcy.	93
	 	10.8.	Inability
    to Pay.	93
	 	10.9.	Material
    Adverse Effect.	93
	 	10.10.	Lien
    Priority.	93
	 	10.11.	Cross
    Default.	93
	 	10.12.	Breach
    of Guaranty.	93
	 	10.13.	Change
    of Control.	94
	 	10.14.	Invalidity.	94
	 	10.15.	Licenses.	94
	 	10.16.	Seizures.	94
	 	10.17.	Pension
    Plans.	94
	 	10.18.	Subordinated
    Loan Default.	95
	 	 
	ARTICLE XI  LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT	95
	 	11.1.	Rights
    and Remedies.	95
	 	11.2.	Agent’s
    Discretion.	97
	 	11.3.	Setoff.	97
	 	11.4.	Rights
    and Remedies not Exclusive.	97

 

    	iv

     

    

 

	 	11.5.	Allocation
    of Payments After Event of Default.	97
	 	 
	ARTICLE XII  WAIVERS AND JUDICIAL PROCEEDINGS	98
	 	12.1.	Waiver
    of Notice.	98
	 	12.2.	Delay.	98
	 	12.3.	Jury
    Waiver.	99
	 	 
	ARTICLE XIII  EFFECTIVE DATE AND TERMINATION.	99
	 	13.1.	Term.	99
	 	13.2.	Termination.	99
	 	 
	ARTICLE XIV  REGARDING AGENT	100
	 	14.1.	Appointment.	100
	 	14.2.	Nature
    of Duties.	100
	 	14.3.	Lack
    of Reliance on Agent and Resignation.	101
	 	14.4.	Certain
    Rights of Agent.	102
	 	14.5.	Reliance.	102
	 	14.6.	Notice
    of Default.	102
	 	14.7.	Indemnification.	102
	 	14.8.	Agent
    in its Individual Capacity.	103
	 	14.9.	Delivery
    of Documents.	103
	 	14.10.	Borrower’s
    Undertaking to Agent.	103
	 	14.11.	No
    Reliance on Agent’s Customer Identification Program.	103
	 	14.12.	Other
    Agreements.	104
	 	 
	ARTICLE XV  MISCELLANEOUS	104
	 	15.1.	Governing
    Law.	104
	 	15.2.	Entire
    Understanding.	104
	 	15.3.	Successors
    and Assigns; Participations; New Lenders.	107
	 	15.4.	Application
    of Payments.	109
	 	15.5.	Indemnity.	109
	 	15.6	Notice.	109
	 	15.7.	Survival.	112
	 	15.8.	Severability.	112
	 	15.9.	Expenses.	112
	 	15.10.	Injunctive
    Relief.	113
	 	15.11.	Consequential
    Damages.	113
	 	15.12.	Captions.	113
	 	15.13.	Counterparts;
    Facsimile Signatures.	113
	 	15.14.	Construction.	113
	 	15.15	Confidentiality;
    Sharing Information	113
	 	15.16.	Publicity.	114
	 	15.17.	Certifications
    From Banks and Participants; USA PATRIOT Act.	114

 

    	v

     

    

 

List
of Exhibits and Schedules

 

	Exhibits	 
	 	 
	Exhibit
    1.2	Borrowing
    Base Certificate
	Exhibit
    1.2(a)	Compliance
    Certificate
	Exhibit
    2.1(a) 	Revolving
    Credit Note
	Exhibit
    2.4(a)	Term
    Note
	Exhibit
    15.3	Commitment
    Transfer Supplement
	 	 
	Schedules	 
	 	 
	Schedule
    1.2(a)	Commercial
    Brokers
	Schedule
    1.2(b)	Permitted
    Encumbrances
	Schedule
    4.5 	Equipment
    and Inventory Locations; Place of Business; Chief Executive Office; Locations of Real Property
	Schedule
    4.15(h)	Deposit
    and Investment Accounts
	Schedule
    5.1	Consents
	Schedule
    5.2(a) 	States
    of Formation, Qualification and Good Standing
	Schedule
    5.2(b) 	Subsidiaries;
    Ownership
	Schedule
    5.4	Federal
    Tax Identification Number; Unpaid Taxes, Fees
	Schedule
    5.6 	Other
    Names; Mergers, Acquisitions, Etc.
	Schedule
    5.7	Environmental
	Schedule
    5.8(b)	Litigation
	Schedule
    5.8(c)	Violations
	Schedule
    5.8(d)	Plans
	Schedule
    5.9 	Intellectual
    Property; Source Code Escrow Agreements;
	 	Challenges
    to Use
	Schedule
    5.10	Licenses
    and Permits
	Schedule
    5.12	Defaults
	Schedule
    5.14 	Labor
    Disputes
	Schedule
    5.28	Material
    Contracts
	Schedule
    7.3	Guarantees
	Schedule
    7.4	Investments
	Schedule
    7.5	Loans
	Schedule
    7.7	Stock
	Schedule
    7.8	Indebtedness
	Schedule
    7.10	Transactions
    with Affiliates
	Schedule
    7.12(a)	Domestic
    Subsidiaries
	Schedule
    7.12(b)	Partnership
    and Joint Ventures

 

    	vi

     

    

 

SECOND
AMENDED AND RESTATED

REVOLVING
CREDIT, TERM LOAN

AND

SECURITY
AGREEMENT

 

Second
Amended and Restated Revolving Credit, Term Loan and Security Agreement dated as of May 8, 2020 among PERMA-FIX ENVIRONMENTAL
SERVICES, INC., a corporation organized under the laws of the State of Delaware (“Borrower”), the financial
institutions which are now or which hereafter become a party hereto (collectively, the “Lenders” and individually
a “Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such
capacity, the “Agent”)(as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
which Agreement amends and restates that certain Amended and Restated Revolving Credit, Term Loan and Security Agreement dated
as of October 31, 2011, as amended, among the Borrower, the Lenders and the Agent.

 

IN
CONSIDERATION of the mutual covenants and undertakings herein contained, Borrower, Lenders and Agent hereby agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

1.1.
Accounting Terms.

 

All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with GAAP, applied on a consistent basis, as in effect from time to time, except as otherwise specifically prescribed herein.
If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement
or any Other Document, and Borrower or the Required Lenders shall so request, Agent, Lenders and Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide to Agent and the Lenders financial
statements and other documents required under this Agreement or any Other Document or as reasonably requested hereunder setting
forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

 

1.2.
General Terms.

 

For
purposes of this Agreement the following terms shall have the following meanings:

 

“Acceptable
Government Agency Receivable” shall mean any Receivable as to which the account debtor is the United States of America,
or any state thereof, or any department, agency or instrumentality of any of them or is a subcontractor of any of the foregoing
which has, if required by Agent, assigned its right to payment of such Receivable to Agent pursuant to the Assignment of Claims
Act of 1940, as amended (31 U.S.C. Sub-Section 3727 et seq. and 41 U.S.C. Sub-Section 15 et seq.) or has otherwise complied with
other applicable statutes or ordinances, to the extent such Receivable would otherwise be an Eligible Receivable.

 

    	 

    	 

    

 

“Acceptable
Unbilled Amounts” shall mean amounts representing services actually rendered and would be an Eligible Receivable but
for the fact that required documentation for billing such amounts has not yet been received.

 

“Accountants”
shall have the meaning set forth in Section 9.7 hereof.

 

“Advance
Rates” shall have the meaning set forth in 2.1(a)(y)(ii) hereof.

 

“Advances”
shall mean and include the Revolving Advances, Letters of Credit, as well as the Term Loan.

 

“Affiliate”
of any Person shall mean (a) any other Person which, directly or indirectly, is in control of, is controlled by, or is under common
control with such Person, or (b) any Person who is a director, managing member, general partner or executive officer (i) of such
Person, (ii) of any Subsidiary of such Person, if such Person is not a Credit Party or (iii) of any Person described in clause
(a) above. For purposes of this definition, control of a Person shall mean the power, direct or indirect, (x) to vote twenty-five
percent (25%) or more of the Equity Interests having ordinary voting power for the election of directors of such Person or other
Persons performing similar functions for any such Person, excluding Guarantors, or (y) to direct or cause the direction of the
management and policies of such Person whether by ownership of Equity Interests, contract or otherwise.

 

“Agent”
shall have the meaning set forth in the preamble to this Agreement and shall include its successors and assigns.

 

“Agreement”
shall mean this Second Amended and Restated Revolving Credit, Term Loan and Security Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to the highest of (i) the Base Rate in effect on such day,
(ii) the sum of the Overnight Bank Funding Rate in effect on such day plus 1/2 of 1% and (iii) the sum of the Daily LIBOR Rate
in effect on such day plus 1%. Any change in the Alternate Base Rate (or any component thereof) shall take effect at the opening
of business on the day such change occurs. 

 

“Alternate
Source” shall have the meaning set forth in the definition of Overnight Bank Funding Rate.

 

    	2

     

    

 

“Anti-Terrorism
Laws” shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money
laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended,
supplemented or replaced from time to time.

 

“Applicable
Law” shall mean all laws, rules and regulations applicable to the Person, conduct, transaction, covenant, Other Document
or contract in question, including all applicable common law and equitable principles; all provisions of all applicable state,
federal and foreign constitutions, statutes, rules, regulations, treaties, directives and orders of any Governmental Body, and
all orders, judgments and decrees of all courts and arbitrators.

 

“Applicable
Margin” for (i) Revolving Advances that are Eurodollar Rate Loans, 3.50%, (ii) Revolving Advances that are Domestic
Rate Loans, 2.50%, (iii) Term Loans that are Eurodollar Rate Loans, 4.00%, and (iv) Term Loans that are Domestic Rate Loans, 3.00%.
At such time as Borrower attains a Fixed Charge Coverage Ratio greater than 1.25 to 1.0 on a rolling four quarter basis the Applicable
Margin shall be reduced as follows: for (i) Revolving Advances that are Eurodollar Rate Loans, 3.00%, (ii) Revolving Advances
that are Domestic Rate Loans, 2.00%, (iii) Term Loans that are Eurodollar Rate Loans, 3.50%, and (iv) Term Loans that are Domestic
Rate Loans, 2.50%.

 

“Authority”
shall have the meaning set forth in Section 4.19(d).

 

“Base
Rate” shall mean the base commercial lending rate of PNC as publicly announced to be in effect from time to time, such
rate to be adjusted automatically, without notice, on the effective date of any change in such rate. This rate of interest is
determined from time to time by PNC as a means of pricing some loans to its customers and is neither tied to any external rate
of interest or index nor does it necessarily reflect the lowest rate of interest actually charged by PNC to any particular class
or category of customers of PNC.

 

“Beneficial
Owner” shall mean each of the following: (a) each individual, if any, who, directly or indirectly, owns 25% or more
of Borrower’s equity interests and (b) a single individual with significant responsibility to control, manager, or direct
Borrower.

 

“Blocked
Accounts” shall have the meaning set forth in Section 4.15(h).

 

“Blocked
Account Bank” shall have the meaning set forth in Section 4.15(h).

 

“Borrower”
shall have the meaning set forth in the preamble to this Agreement and shall extend to all permitted successors and assigns of
such Person.

 

“Borrower’s
Account” shall have the meaning set forth in Section 2.8.

 

“Borrowing
Base Certificate” shall mean a certificate in substantially the form of Exhibit 1.2 duly executed by the chief executive
officer, chief financial officer, secretary or assistant secretary of Borrower and delivered to Agent, appropriately completed,
by which such officer shall certify to Agent the Formula Amount and calculation thereof as of the date of such certificate.

 

    	3

     

    

 

“Business
Day” shall mean any day other than Saturday or Sunday or a legal holiday on which commercial banks are authorized or
required by law to be closed for business in East Brunswick, New Jersey and, if the applicable Business Day relates to any Eurodollar
Rate Loans, such day must also be a day on which dealings are carried on in the London interbank market.

 

“Capital
Expenditures” shall mean expenditures made or liabilities incurred for the acquisition of any fixed assets or improvements,
replacements, substitutions or additions thereto which have a useful life of more than three years, including the total principal
portion of Capitalized Lease Obligations, which, in accordance with GAAP, would be classified as capital expenditures.

 

“Capital
Stock” shall mean (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity,
any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the
case of a partnership, partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership
interests and (v) any other equity interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, the issuing Person.

 

“Capitalized
Lease Obligation” shall mean any Indebtedness of Borrower represented by obligations under a lease that is required
to be capitalized for financial reporting purposes in accordance with GAAP.

 

“Cash
Management Products” shall mean any one or more of the following types of services or facilities extended to Borrower
by Agent, any Lender or any Affiliate of Agent or a Lender in reliance on Agent’s or such Lender’s agreement to indemnify
such Affiliate: (i) Automated Clearing House (ACH) transactions and other similar money transfer services; (ii) cash management,
including controlled disbursement and lockbox services; (iii) establishing and maintaining deposit accounts; and (iv) credit cards
or stored value cards.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. §§9601
et seq., as amended from time to time.

 

“Certificate
of Beneficial Ownership” shall mean a certificate in form and substance acceptable to Agent (as amended or modified
by Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of Borrower.

 

“Change
in Law” shall mean the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect
of any Applicable Law; (b) any change in any Applicable Law or in the administration, implementation, interpretation or application
thereof by any Governmental Body; or (c) the making or issuance of any request, rule, guideline or directive (whether or not having
the force of law) by any Governmental Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives
thereunder or issued in connection therewith (whether or not having the force of Applicable Law) and (y) all requests, rules,
regulations, guidelines, interpretations 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 (whether
or not having the force of law), in each case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless
of the date enacted, adopted, issued, promulgated or implemented.

 

    	4

     

    

 

“Change
of Control” shall mean the occurrence of any event (whether in one or more transactions) that results in (a) Mark Duff
ceasing to serve as a chief executive officer of Borrower in substantially the same capacity in which such Person served as of
the Closing Date or (b) Persons who are members of Borrower’s board of directors on the Closing Date ceasing to constitute
at least fifty percent (50%) of Borrower’s board of directors, provided, however, (i) that a 50% change in Persons
who are members of Borrower’s board of directors may be permitted on a one-time only basis concurrent with a new subordinated
debt or equity capital infusion to Borrower, and (ii) any individual who becomes a member of Borrower’s board of directors
after the Closing Date whose election or nomination for election by holders of Borrower’s voting stock was approved by vote
of at least a majority of the individuals constituting Borrower’s board of directors on the Closing Date shall be considered
as member of the board of directors of Borrower as of the Closing Date.

 

“Charges”
shall mean all taxes, charges, fees, imposts, levies or other assessments, including, without limitation, all net income, gross
income, gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, inventory, capital stock, license,
withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation and property taxes, custom
duties, fees, assessments, liens, claims and charges of any kind whatsoever, together with any interest and any penalties, additions
to tax or additional amounts, imposed by any taxing or other authority, domestic or foreign (including, without limitation, the
Pension Benefit Guaranty Corporation or any environmental agency or superfund), upon the Collateral, Borrower or any of its Affiliates.

 

“Closing
Date” shall mean May 8, 2020 or such other date as may be agreed to by the parties hereto.

 

“Code”
shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor
statute of similar import, and the rules and regulations thereunder, as from time to time in effect.

 

“Collateral”
shall mean and include all of the following assets, properties, rights and interests of each Credit Party, whether now owned and
existing or hereafter arising, acquired or created, and wherever located:

 

(a)
all Receivables;

 

(b)
all Equipment;

 

    	5

     

    

 

(c)
all General Intangibles;

 

(d)
all Inventory;

 

(e)
all Investment Property;

 

(f)
all Real Property;

 

(g)
all Subsidiary Stock;

 

(h)
all of such Person’s right, title and interest in and to, whether now owned or hereafter acquired and wherever located,
(i) its respective goods and other property including, but not limited to, all merchandise returned or rejected by Customers,
relating to or securing any of the Receivables; (ii) all of such Person’s rights as a consignor, a consignee, an unpaid
vendor, mechanic, artisan, or other lienor, including stoppage in transit, setoff, detinue, replevin, reclamation and repurchase;
(iii) all additional amounts due to such Person from any Customer relating to the Receivables; (iv) other property, including
warranty claims, relating to any goods securing the Obligations; (v) all of such Person’s contract rights, rights of payment
which have been earned under a contract right, instruments (including promissory notes), documents, chattel paper (including electronic
chattel paper), warehouse receipts, deposit accounts, letters of credit and money; (vi) each commercial tort claim in existence
as of the date hereof and in which a security interest is hereafter granted to Agent by such Person pursuant to the provision
of Section 4.1 or otherwise; (vii) if and when obtained by such Person, all real and personal property of third parties in which
such Person has been granted a lien or security interest as security for the payment or enforcement of Receivables, (viii) all
letter of credit rights (whether or not the respective letter of credit is evidenced by a writing); (ix) all supporting obligations;
and (x) any other goods, personal property or real property now owned or hereafter acquired in which such Person has expressly
granted a security interest or may in the future grant a security interest to Agent hereunder, or in any amendment or supplement
hereto or thereto, or under any other agreement between Agent and such Person;

 

(i)
all of such Person’s ledger sheets, ledger cards, files, correspondence, records, books of account, business papers, computers,
computer software (owned by such Person or in which it has an interest), computer programs, tapes, disks and documents relating
to (a), (b), (c), (d), (e), (f), (g) or (h) of this Paragraph;

 

(j)
all of such Person’s cash and cash equivalents; and

 

(k)
all proceeds and products of (a), (b), (c), (d), (e), (f), (g), (h), (i) and (j) in whatever form, including, but not limited
to: cash, deposit accounts (whether or not comprised solely of proceeds), certificates of deposit, insurance proceeds (including
hazard, flood and credit insurance), negotiable instruments and other instruments for the payment of money, including, without
limitation, amounts due from any Person and tax refunds, chattel paper, security agreements, documents, eminent domain proceeds,
condemnation proceeds and tort claim proceeds.

 

    	6

     

    

 

“Commercial
Broker Receivable” shall mean any Eligible Receivable due from an account debtor listed on Schedule 1.2(a) who is a
third party intermediary with whom a Credit Party does business but who is not the Person benefitted by the services of the Credit
Party.

 

“Commercial
Receivable” shall mean any Eligible Receivable due from an account debtor that is not a Commercial Broker Receivable,
an Acceptable Government Agency Receivable, or an Acceptable Unbilled Receivable.

 

“Commitment
Percentage” shall mean for any Lender party to this Agreement on the Closing Date, the percentage set forth below such
Lender’s name on the signature page hereof as same may be adjusted upon any assignment by a Lender pursuant to Section 15.3
(c) or (d) hereof, and for any Lender that becomes a party to this Agreement pursuant to a Commitment Transfer Supplement or Modified
Commitment Transfer Supplement, the percentage set forth on Schedule 1 to such Commitment Transfer Supplement or Modified Commitment
Transfer Supplement, as applicable.

 

“Commitment
Transfer Supplement” shall mean a document in the form of Exhibit 15.3 hereto, properly completed and otherwise in form
and substance satisfactory to Agent by which the Purchasing Lender purchases and assumes a portion of the obligation of Lenders
to make Advances under this Agreement.

 

“Compliance
Certificate” shall mean a compliance certificate substantially in the form attached hereto as Exhibit 1.2 (a) to be
signed by the Chief Executive Officer, President, Chief Financial Officer or Controller of Borrower, which shall state that, based
on an examination sufficient to permit such officer to make an informed statement, (i) no Default or Event of Default exists,
or if such is not the case, specifying such Default or Event of Default, its nature, when it occurred, whether it is continuing
and the steps being taken by Borrower with respect to such default and, such certificate shall have appended thereto calculations
which set forth Borrower’s compliance with the requirements or restrictions imposed by Sections 6.5, 7.4, 7.5, 7.6, 7.7,
7.8, 7.10 and 7.11; and (ii) that to the best of such officer’s knowledge, Borrower is in compliance in all material respects
with all federal, state and local Environmental Laws that would have a Material Adverse Effect, or if such is not the case, specifying
all areas of non-compliance and the proposed action Borrower will implement in order to achieve full compliance.

 

“Consents”
shall mean all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders of Governmental
Bodies and other third parties, domestic or foreign, necessary to carry on Borrower’s business or necessary (including to
avoid a conflict or breach under any agreement, instrument, other document, license, permit or other authorization) for the execution,
delivery or performance of this Agreement, the Other Documents, including any Consents required under all applicable federal,
state or other Applicable Law.

 

    	7

     

    

 

“Consigned
Inventory” shall mean Inventory of Borrower that is in the possession of another Person on a consignment, sale or return,
or other basis that does not constitute a final sale and acceptance of such Inventory.

 

“Contract
Rate” has the meaning set forth in Section 3.1.

 

“Controlled
Group” shall mean, at any time, Borrower and all members of a controlled group of corporations and all trades or businesses
(whether or not incorporated) under common control and all other entities which, together with Borrower, are treated as a single
employer under Section 414 of the Code.

 

“Covered
Entity” shall mean (a) Borrower, each of Borrower’s Subsidiaries, all Guarantors and all pledgers of Collateral
and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this
definition, control of a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued
and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing
similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person
whether by ownership of equity interests, contract or otherwise.

 

“Credit
Parties” shall mean, collectively, Borrower and Guarantors.

 

“Customer”
shall mean and include the account debtor with respect to any Receivable and/or the prospective purchaser of goods, services or
both with respect to any contract or contract right, and/or any party who enters into or proposes to enter into any contract or
other arrangement with any Credit Party, pursuant to which Borrower is to deliver any personal property or perform any services.

 

“Customs”
shall have the meaning set forth in Section 2.11(b) hereof.

 

“Daily
LIBOR Rate” shall mean, for any day, the rate per annum determined by Agent by dividing (x) the Published Rate by (y)
a number equal to 1.00 minus the percentage prescribed by the Federal Reserve for determining the maximum reserve requirements
with respect to any eurocurrency funding by banks on such day.

 

“Default”
shall mean an event, circumstance or condition which, with the giving of notice or passage of time or both, would constitute an
Event of Default.

 

“Default
Rate” shall have the meaning set forth in Section 3.1 hereof.

 

“Defaulting
Lender” shall have the meaning set forth in Section 2.23(a) hereof.

 

“Depository
Accounts” shall have the meaning set forth in Section 4.15(h) hereof.

 

“Designated
Lender” shall have the meaning set forth in Section 15.2(b) hereof.

 

    	8

     

    

 

“Documents”
shall have the meaning set forth in Section 8.1(c) hereof.

 

“Dollar”
and the sign “$” shall mean lawful money of the United States of America.

 

“Domestic
Rate Loan” shall mean any Advance that bears interest based upon the Alternate Base Rate.

 

“Domestic
Subsidiaries” shall mean, with respect to any Person, any Subsidiary of such Person which is incorporated or organized
under the laws of any state of the United States or the District of Columbia.

 

“Drawing
Date” shall have the meaning set forth in Section 2.12(b) hereof.

 

“Early
Termination Date” shall have the meaning set forth in Section 13.1 hereof.

 

“EBITDA”
shall mean for any period, for Borrower, the sum of (i) Net Income for such period, plus (ii) all Interest Expense for such period,
plus (iii) all charges against income of Borrower for such period for federal, state and local taxes expenses, plus (iv) depreciation
expenses for such period, plus (v) amortization expenses for such period, plus (vi) any extraordinary, unusual or non-recurring
non-cash expenses or losses (including non-cash losses on sales of assets outside of the Ordinary Course of Business) during such
period, minus (vii) any extraordinary, unusual or non-recurring non-cash income or gains (including gains on the sale of assets
outside of the Ordinary Course of Business) during such period, in each case, only to the extent included in the statement of
net income for such period. For purposes of calculating EBITDA (i) add-backs for Agent’s $50,000 amendment fee charged in
connection with this Agreement and distributions received by Borrower from joint ventures approved by Agent will be permitted;
(ii) cash investments by Borrower in joint ventures approved by Agent will be a deduction; and (iii) EBITDA generated by any joint
venture will be excluded.

 

“Eligible
Receivables” shall mean and include with respect to each Credit Party, each Receivable of such Credit Party arising
in the Ordinary Course of Business and which Agent, in its reasonable credit judgment, shall deem to be an Eligible Receivable,
based on such considerations as Agent may from time to time deem appropriate. A Receivable shall not be deemed eligible unless
such Receivable is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted
Encumbrances), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In addition, no Receivable
shall be an Eligible Receivable if:

 

(a)
it arises out of a sale made by any Credit Party to any other Credit Party or to an Affiliate of any Credit Party or to a Person
controlled by an Affiliate of a Credit Party, unless it arose in connection with the sale of goods or rendition of services in
the ordinary course of business, on an arms’ length basis, and would otherwise constitute a current asset in conformity
with GAAP;

 

(b)
with respect to (i) an Acceptable Government Agency Receivable, it is due or unpaid more than sixty (60) days after the original
due date or is more than one hundred fifty (150) days from the original invoice date; (ii) an Acceptable Unbilled Receivable,
it is unpaid more than sixty (60) days from the date the service was rendered; (iii) a Commercial Broker Receivable, it is due
or unpaid more than ninety (90) days after the original due date or is more than one hundred twenty (120) days from the original
invoice date; and (iv) Commercial Receivable, it is due or unpaid more than sixty (60) days after the original invoice date or
is more than ninety (90) days after the original invoice date;

 

    	9

     

    

 

(c)
fifty percent (50%) or more of the Receivables from such Customer are not deemed Eligible Receivables hereunder. Such percentage
may, in Agent’s reasonable discretion, be increased or decreased from time to time based on the Customer’s financial
condition;

 

(d)
any covenant, representation or warranty contained in this Agreement with respect to such Receivable has been breached;

 

(e)
the Customer shall (i) apply for, suffer, or consent to the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of its property or call a meeting of its creditors, (ii) admit
in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business,
(iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case under any state or federal bankruptcy
laws (as now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent under such bankruptcy laws by a court of competent
jurisdiction, (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vii) acquiesce
to, or fail to have dismissed, any petition which is filed against it in any involuntary case under such bankruptcy laws, or (viii)
take any action for the purpose of effecting any of the foregoing;

 

(f)
other than Foreign Receivables, the sale is to a Customer outside the United States of America or Canada, unless the sale is on
letter of credit, guaranty or acceptance terms or a bond has been posted, in each case acceptable to Agent in its reasonable discretion;

 

(g)
the sale to the Customer is on a bill-and-hold, guaranteed sale, sale-and-return, sale on approval, consignment or any other repurchase
or return basis or is evidenced by chattel paper;

 

(h)
Agent believes, in its reasonable judgment, that collection of such Receivable is insecure or that such Receivable may not be
paid by reason of the Customer’s financial inability to pay;

 

(i)
other than with respect to an Acceptable Government Agency Receivable, the Customer is the United States of America, any state
or any department, agency or instrumentality of any of them, unless Borrower assigns its right to payment of such Receivable to
Agent pursuant to the Assignment of Claims Act of 1940, as amended (31 U.S.C. Sub-Section 3727 et seq. and 41 U.S.C. Sub-Section
15 et seq.) or has otherwise complied with other applicable statutes or ordinances;

 

    	10

     

    

 

(j)
the goods giving rise to such Receivable have not been delivered to and accepted by the Customer or the services giving rise to
such Receivable have not been performed by one of the Credit Parties and accepted by the Customer or the Receivable otherwise
does not represent a final sale, other than Acceptable Unbilled Amounts;

 

(k)
the Receivables of the Customer exceed a credit limit determined by Agent, in its reasonable discretion, to the extent such Receivable
exceeds such limit and such limit is reasonably determined by Agent based upon Customer’s financial condition;

 

(l)
the Receivable is subject to any offset, deduction, defense, dispute, or counterclaim (but only as to that portion of the Receivable
subject to such offset, deduction, defense, dispute or counterclaim), the Customer is also a creditor or supplier of a Credit
Party (but only as to that portion of the Receivable that does not exceed the amount owed by the applicable Credit Party to such
creditor or supplier) or the Receivable is contingent in any respect or for any reason;

 

(m)
any Credit Party has made any agreement with any Customer for any deduction therefrom, except for discounts or allowances made
in the Ordinary Course of Business for prompt payment, all of which discounts or allowances are reflected in the calculation of
the face value of each respective invoice related thereto;

 

(n)
any return, rejection or repossession of the merchandise has occurred or the rendition of services has been disputed;

 

(o)
such Receivable is not payable to any Credit Party; or

 

(p)
such Receivable is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its discretion
in its sole credit judgment exercised in good faith.

 

“Environmental
Complaint” shall have the meaning set forth in Section 4.19(d) hereof.

 

“Environmental
Laws” shall mean all federal, state and local environmental, land use, zoning, health, chemical use, safety and sanitation
laws, statutes, ordinances and codes relating to the protection of the environment and/or governing the use, storage, treatment,
generation, transportation, processing, handling, production or disposal of Hazardous Substances and the rules, regulations, policies,
guidelines, interpretations, decisions, orders and directives of federal, state and local governmental agencies and authorities
with respect thereto.

 

“Equipment”
shall mean and include all of Borrower’s goods (other than Inventory) whether now owned or hereafter acquired and wherever
located including, without limitation, all equipment, machinery, apparatus, motor vehicles, fittings, furniture, furnishings,
fixtures, parts, accessories and all replacements and substitutions therefor or accessions thereto.

 

    	11

     

    

 

“Equity
Interests” of any Person shall mean any and all shares, rights to purchase, options, warrants, general, limited or limited
liability partnership interests, member interests, participation or other equivalents of or interest in (regardless of how designated)
equity of such Person, whether voting or nonvoting, including common stock, preferred stock, convertible securities or any other
“equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
SEC under the Exchange Act).

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time and the rules and regulations promulgated
thereunder.

 

“Eurodollar
Rate” shall mean for any Eurodollar Rate Loan for the then current Interest Period relating thereto, the interest rate
per annum determined by Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1%
per annum) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates
at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted
by another source selected by Agent as an authorized information vendor for the purpose of displaying rates at which U.S. dollar
deposits are offered by leading banks in the London interbank deposit market (a “Eurodollar Alternate Source”),
at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London
interbank offered rate for U.S. Dollars for an amount comparable to such Eurodollar Rate Loan and having a borrowing date and
a maturity comparable to such Interest Period (or (x) if there shall at any time, for any reason, no longer exist a Bloomberg
Page BBAM1 (or any substitute page) or any Eurodollar Alternate Source, a comparable replacement rate determined by Agent at such
time (which determination shall be conclusive absent manifest error) or (y) if the Eurodollar Rate is unascertainable as set forth
in Section 3.8.2(a), a comparable replacement rate determined in accordance with Section 3.8.2), by (b) a number equal to 1.00
minus the Reserve Percentage; provided, however, that if the Eurodollar Rate determined as provided above would be less
than 0.75%, such rate shall be deemed to be 0.75% for purposes of this Agreement.

 

The
Eurodollar Rate shall be adjusted with respect to any Eurodollar Rate Loan that is outstanding on the effective date of any change
in the Reserve Percentage as of such effective date. Agent shall give reasonably prompt notice to Borrower of the Eurodollar Rate
as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

 

“Eurodollar
Rate Loan” shall mean an Advance at any time that bears interest based on the Eurodollar Rate. Borrower shall not have
the option to elect any Eurodollar Rate Loans until it is in compliance with the Fixed Charge Coverage Ratio as confirmed by Agent.

 

“Event
of Default” shall have the meaning set forth in Article X hereof.

 

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

 

    	12

     

    

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official
interpretations thereof.

 

“Federal
Funds Effective Rate” shall mean for any day the rate per annum (based on a year of 360 days and actual days elapsed
and rounded upward to the nearest 1/100 of 1%) calculated by the Federal Reserve Bank of New York (or any successor) based on
such day’s federal funds transactions by depositary institutions, as determined in such matter as such Federal Reserve Bank
(or any successor) shall set forth on its public website from time to time, and as published on the next succeeding Business Day
by such Federal Reserve Bank as the “Federal Funds Effective Rate”; provided, if such Federal Reserve Bank (or its
successor) does not publish such rate on any day, the “Federal Funds Effective Rate” for such day shall be the Federal
Funds Effective Rate for the last day on which such rate was announced.

 

“Fixed
Charge Coverage Ratio” shall mean and include, with respect to any fiscal period, the ratio of (A) EBITDA for such period
minus Unfinanced Capital Expenditures made during such period minus cash taxes with respect to income paid by Borrower
during such period minus any cash dividends or distributions made by Borrower during such period to (B) all Senior Debt
Payments during such period. For purposes of calculating the Fixed Charge Coverage Ratio (i) any prepayments on the Subordinated
Loan following Borrower’s receipt of the Release of Restricted Insurance Closure Fund shall be excluded from Senior Debt
Payments provided Undrawn Availability is greater than $3,000,000 after making such prepayment; and (ii) any payments made by
Borrower on its PPP loan during fiscal year 2020 only shall be excluded.

 

“Foreign
Receivables” shall mean those Receivables of each Credit Party that would otherwise satisfy all of the applicable criteria
for Eligible Receivables but the account debtor of such Receivables is not a resident of the United States of America or Canada.

 

“Foreign
Subsidiary” of any Person, shall mean any Subsidiary of such Person that is not organized or incorporated in the United
States or any State or territory thereof.

 

“Formula
Amount” shall have the meaning set forth in Section 2.1(a).

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America in effect from time to time.

 

“General
Intangibles” shall mean and include all of each Credit Party’s general intangibles, whether now owned or hereafter
acquired, including, without limitation, all payment intangibles, all choses in action, causes of action, corporate or other business
records, inventions, designs, patents, patent applications, equipment formulations, manufacturing procedures, quality control
procedures, trademarks, trademark applications, service marks, trade secrets, goodwill, copyrights, design rights, permits, software,
computer information, source codes, object codes, records and updates, registrations, licenses, franchises, customer lists, tax
refunds, tax refund claims, computer programs, all claims under guaranties, security interests or other security held by or granted
to a Credit Party to secure payment of any of the Receivables by a Customer (other than to the extent covered by Receivables),
all other intellectual property or proprietary rights, all rights of indemnification and all other intangible property of every
kind and nature (other than Receivables).

 

    	13

     

    

 

“Governmental
Acts” shall have the meaning set forth in Section 2.17.

 

“Governmental
Body” shall mean any nation or government, any state or other political subdivision thereof or any entity, authority,
agency, division or department exercising the legislative, judicial, regulatory or administrative functions of or pertaining to
a government.

 

“Guarantor”
shall mean Perma-Fix Canada, Inc. and the active Domestic Subsidiaries of Borrower (excluding limited liability companies and
joint ventures not wholly owned by Borrower), Perma-Fix Northwest Richland, Inc., a Washington corporation, Safety and Ecology
Corporation, a Nevada corporation, SEC Federal Services Corporation, a Nevada corporation, SEC Radcon Alliance, LLC, a Tennessee
limited liability company, and any other Person who may hereafter guarantee payment or performance of the whole or any part of
the Obligations and “Guarantors” means collectively all such Persons.

 

“Hazardous
Discharge” shall have the meaning set forth in Section 4.19(d) hereof.

 

“Hazardous
Substance” shall mean, without limitation, any flammable explosives, radon, radioactive materials, asbestos, urea formaldehyde
foam insulation, polychlorinated biphenyls, petroleum and petroleum products, methane, hazardous materials, Hazardous Wastes,
hazardous or Toxic Substances or Hazardous Waste as defined in CERCLA, the Hazardous Materials Transportation Act, as amended
(49 U.S.C. Sections 1801, et seq.), RCRA, or any other applicable Environmental Law and in the regulations adopted pursuant thereto.

 

“Hazardous
Wastes” shall mean all waste materials subject to regulation under CERCLA, RCRA or applicable state law, and any other
applicable Federal and state laws now in force or hereafter enacted relating to hazardous waste disposal.

 

“Hedge
Liabilities” shall have the meaning provided in the definition of “Lender-Provided Interest Rate Hedge”.

 

“Indebtedness”
of a Person at a particular date shall mean all obligations of such Person which in accordance with GAAP would be classified upon
a balance sheet as liabilities (except capital stock and surplus earned or otherwise) and in any event, without limitation by
reason of enumeration, shall include all indebtedness, debt and other similar monetary obligations of such Person whether direct
or guaranteed, and all premiums, if any, due at the required prepayment dates of such indebtedness, and all indebtedness secured
by a Lien on assets owned by such Person, whether or not such indebtedness actually shall have been created, assumed or incurred
by such Person. Any indebtedness of such Person resulting from the acquisition by such Person of any assets subject to any Lien
shall be deemed, for the purposes hereof, to be the equivalent of the creation, assumption and incurring of the indebtedness secured
thereby, whether or not actually so created, assumed or incurred, except the Credit Parties’ obligations in connection with
their Finite Risk Policies shall not be considered Indebtedness for the purpose of this Agreement.

 

    	14

     

    

 

“Ineligible
Security” shall mean any security which may not be underwritten or dealt in by member banks of the Federal Reserve System
under Section 16 of the Banking Act of 1933 (12 U.S.C. Section 24, Seventh), as amended.

 

“Intellectual
Property” shall mean property constituting under any Applicable Law a patent, patent application, copyright, trademark,
service mark, trade name, mask work, trade secret or license or other right to use any of the foregoing.

 

“Intellectual
Property Claim” shall mean the assertion by any Person of a claim (whether asserted in writing, by action, suit or proceeding
or otherwise) that Borrower’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual
Property or other property or asset is violative of any ownership of or right to use any Intellectual Property of such Person.

 

“Interest
Expense” shall mean for any period interest expense, net of cash interest income, of Borrower for such period, as determined
in accordance with GAAP.

 

“Interest
Period” shall mean the period provided for any Eurodollar Rate Loan pursuant to Section 2.2(b).

 

“Interest
Rate Hedge” shall mean an interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor
or similar agreements entered into by Borrower or its Subsidiaries in order to provide protection to, or minimize the impact upon,
Borrower, any Guarantor and/or their respective Subsidiaries of increasing floating rates of interest applicable to Indebtedness.

 

“Intercompany
Receivables” shall mean all assets and liabilities, however arising, which are due to any Credit Party from, which are
due to any Credit Party to, or which otherwise arise from any transaction by any Credit Party with any Affiliate of any Credit
Party.

 

“Inventory”
shall mean and include all of each Credit Party’s now owned or hereafter acquired goods, merchandise and other personal
property, wherever located, to be furnished under any consignment arrangement, contract of service or held for sale or lease,
all raw materials, work in process, finished goods and materials and supplies of any kind, nature or description which are or
might be used or consumed in any Credit Party’s business or used in selling or furnishing such goods, merchandise and other
personal property, and all documents of title or other documents representing them.

 

“Investment
Account” shall have the meaning provided in Section 7.4.

 

“Investment
Property” shall mean and include all of each Credit Party’s now owned or hereafter acquired securities (whether
certificated or uncertificated), securities entitlements, securities accounts, commodities contracts and commodities accounts.

 

    	15

     

    

 

“Issuer”
shall mean PNC in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“Law”
shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance,
release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of
or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or domestic.

 

“Lender”
and “Lenders” shall have the meaning ascribed to such term in the preamble to this Agreement and shall include
each Person which becomes a transferee, successor or assign of any Lender.

 

“Lender-Provided
Interest Rate Hedge” shall mean an Interest Rate Hedge which is provided by any Lender and with respect to which Agent
confirms meets the following requirements: such Interest Rate Hedge (i) is documented in a standard International Swap Dealer
Association Agreement, (ii) provides for the method of calculating the reimbursable amount of the provider’s credit exposure
in a reasonable and customary manner, and (iii) is entered into for hedging (rather than speculative) purposes. The liabilities
of Borrower to the provider of any Lender-Provided Interest Rate Hedge (the “Hedge Liabilities”) shall be “Obligations”
hereunder, guaranteed obligations and secured obligations under the Secured Subsidiaries Guaranty and otherwise treated as Obligations
for purposes of each of the Other Documents. The Liens securing the Hedge Liabilities shall be pari passu with the Liens securing
all other Obligations under this Agreement and the Other Documents.

 

“Letter
of Credit Borrowing” shall have the meaning set forth in Section 2.12(d).

 

“Letter
of Credit Documents” shall mean, with respect to any Letter of Credit, such Letter of Credit, any amendments thereto,
any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other
documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (i) the rights
and obligations of the parties concerned or at risk or (ii) any collateral security for such obligations.

 

“Letter
of Credit Fees” shall have the meaning set forth in Section 3.2.

 

“Letter
of Credit Sublimit” shall mean $10,000,000.

 

“Letters
of Credit” shall mean any letter of credit issued hereunder. A Letter of Credit may be a standby and/or a trade letter
of credit.

 

“License
Agreement” shall mean any agreement between Borrower and a Licensor pursuant to which Borrower is authorized to use
any Intellectual Property in connection with the manufacturing, marketing, sale or other distribution of any Inventory of Borrower
or otherwise in connection with Borrower’s business operations.

 

    	16

     

    

 

“Licensor”
shall mean any Person from whom Borrower obtains the right to use (whether on an exclusive or non-exclusive basis) any Intellectual
Property in connection with Borrower’s manufacture, marketing, sale or other distribution of any Inventory or otherwise
in connection with Borrower’s business operations.

 

“Licensor/Agent
Agreement” shall mean an agreement between Agent and a Licensor, in form and content satisfactory to Agent, by which
Agent is given the unqualified right, vis-à-vis such Licensor, to enforce Agent’s Liens with respect to and to dispose
of Borrower’s Inventory with the benefit of any Intellectual Property applicable thereto, irrespective of Borrower’s
default under any License Agreement with such Licensor.

 

“Lien”
shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory or otherwise),
Charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted
in respect of any asset of any kind or nature whatsoever including, without limitation, any conditional sale or other title retention
agreement, any lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to
give, any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction.

 

“Lien
Waiver Agreement” shall mean an agreement which is executed in favor of Agent by a Person who owns or occupies premises
at which any Collateral may be located from time to time and by which such Person shall waive any Lien that such Person may ever
have with respect to any of the Collateral and shall authorize Agent from time to time to enter upon the premises to inspect or
remove the Collateral from such premises or to use such premises to store or dispose of such Collateral.

 

“Material
Adverse Effect” shall mean a material adverse effect on (a) the condition (financial or otherwise), results of operations,
assets, business or properties of Borrower on a consolidated basis, (b) the ability of Credit Parties on a consolidated basis
to duly and punctually pay or perform the Obligations in accordance with the terms thereof, (c) the value of the Collateral, or
Agent’s Liens on the Collateral or the priority of any such Lien or (d) the practical realization of the benefits of Agent’s
and each Lender’s rights and remedies under this Agreement and the Other Documents. Notwithstanding the foregoing and for
a period of ninety (90) days (or such longer period that Agent in its sole discretion may agree to) following the date of this
Agreement, no Material Adverse Effect shall be deemed to have occurred under clause (a) of the foregoing definition for the purposes
of the representations qualified by “Material Adverse Effect” set forth in this Agreement made on the Closing Date
or deemed made upon each Advance, to the extent caused (in the reasonable determination of Agent) solely and exclusively by the
COVID-19 pandemic and its effects upon the operations of Borrower. The foregoing exclusion shall not limit, impair, modify, restrict
or waive any Event of Default or any of Agent’s rights or remedies arising therefrom or as a consequence thereof.

 

“Material
Contract” shall mean any contract, agreement, permit or license, written or oral, of a Borrower the failure to comply
with which would have a Material Adverse Effect.

 

    	17

     

    

 

“Maximum
Face Amount” shall mean, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit
including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become
effective.

 

“Maximum
Loan Amount” shall mean $19,741,817.82 less repayments of the Term Loan.

 

“Maximum
Revolving Advance Amount” shall mean $18,000,000.

 

“Maximum
Undrawn Amount” shall mean with respect to any outstanding Letter of Credit, the amount of such Letter of Credit that
is or may become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not
any such automatic increase has become effective.

 

“Modified
Commitment Transfer Supplement” shall have the meaning set forth in Section 15.3(d).

 

“Mortgage”
shall mean any mortgage or deed of trust on the Real Property together with all extensions, renewals, amendments, supplements,
modifications, substitutions and replacements thereto and thereof.

 

“Multiemployer
Plan” shall mean a “multiemployer plan” as defined in Sections 3(37) and 4001(a)(3) of ERISA.

 

“Multiple
Employer Plan” shall mean a Plan which has two or more contributing sponsors (including Borrower or any member of the
Controlled Group) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Net
Cash Proceeds” means, with respect to (a) any sale, lease, transfer or other voluntary or involuntary disposition of
any property of Borrower or any of its Subsidiaries (other than sales or other dispositions of Inventory in the ordinary course
of business, but including, without limitation, a sale or disposition of any capital stock of any such Subsidiary) or (b) any
receipt of fire, property, casualty or similar insurance proceeds or condemnation awards in respect of property of any Credit
Party or other insurance proceeds received in respect of a loss incurred by any Credit Party (other than insurance proceeds used
or to be used by a Credit Party to repair or replace damaged property as permitted herein), in each case, the aggregate amount
of such cash consideration received by any Credit Party in connection with such transaction after deduction of (i) all reasonable
fees, costs and expenses directly incurred by any Credit Party in connection therewith, including, without limitation, underwriting
discount, brokerage or selling commissions, if any, (ii) federal, state and local income taxes actually paid or payable in cash
in connection with such transaction within two (2) years thereafter (iii) in the case of any sale, lease, transfer or disposition
of property, the amount of Indebtedness secured by such property required to be repaid in connection with such transaction, and
(iv) the reasonable fees and disbursements of counsel paid by any Credit Party in connection therewith and (v) appropriate amounts
to be provided by any Credit Party as a reserve, in accordance with GAAP, against any liabilities associated therewith and retained
by any Credit Party after such sale, lease, transfer, or disposition, including, without limitation, pension and benefit liabilities,
liabilities related to environmental matters or liabilities under any indemnification obligations associated therewith except
that such reserves shall become Net Cash Proceeds when released.

 

    	18

     

    

 

“Net
Income” shall mean for any period, the net income (or loss) of Borrower, determined in accordance with GAAP; provided,
that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of Borrower
or is merged into or consolidated with Borrower, (b) the net income (or deficit) of any Person (other than a Subsidiary of Borrower)
in which Borrower has an ownership interest, except to the extent that any such income is actually received by Borrower in the
form of dividends or similar distributions and (c) the undistributed earnings of Subsidiary to the extent that the declaration
or payment of dividends or similar distributions by such Subsidiary is at the time prohibited by the terms of any agreement to
which such Person is a party or by which it or any of its property is bound, any of such Person’s organizational documents
or other legal proceedings binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Note”
shall mean collectively, the Term Note and the Revolving Credit Note.

 

“Obligations”
shall mean and include any and all loans, advances, debts, liabilities, obligations, covenants and duties owing by each Credit
Party to Lenders or Agent or to any other direct or indirect subsidiary or affiliate of Agent or any Lender of any kind or nature,
present or future (including, without limitation, any interest or other amounts accruing thereon after maturity, or after the
filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to each
Credit Party, whether or not a claim for post-filing or post-petition interest or other amounts is allowed in such proceeding),
whether or not evidenced by any note, guaranty or other instrument, whether arising under any agreement, instrument or document,
(including, without limitation, this Agreement and the Other Documents) whether or not for the payment of money, whether arising
by reason of an extension of credit, opening of a letter of credit, loan, equipment lease or guarantee, under any interest or
currency swap, future, option or other similar agreement, or in any other manner, whether arising out of overdrafts or deposit
or other accounts or electronic funds transfers (whether through automated clearing houses or otherwise) or out of Agent’s
or any Lenders non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository transfer
check or other similar arrangements, whether direct or indirect (including those acquired by assignment or participation), absolute
or contingent, joint or several, due or to become due, now existing or hereafter arising, contractual or tortious, liquidated
or unliquidated, regardless of how such indebtedness or liabilities arise or by what agreement or instrument they may be evidenced
or whether evidenced by any agreement or instrument, including, but not limited to, any and all of each Credit Party’s Indebtedness
and/or liabilities under this Agreement, the Other Documents or under any other agreement between Agent or Lenders and each Credit
Party and any amendments, extensions, renewals or increases and all costs and expenses of Agent and any Lender incurred in the
documentation, negotiation, modification, enforcement, collection or otherwise in connection with any of the foregoing, including
but not limited to reasonable attorneys’ fees and expenses and all obligations of each Credit Party to Agent or Lenders
to perform acts or refrain from taking any action.

 

    	19

     

    

 

“Ordinary
Course of Business” shall mean the ordinary course of Borrower’s business as conducted on the Closing Date.

 

“Other
Documents” shall mean the Mortgage, the Note, the Questionnaire, the Pledge Agreement, the Secured Subsidiaries Guaranty,
any Lender-Provided Interest Rate Hedge, any Letter of Credit Document, the Subordination Agreement and any and all other agreements,
instruments and documents, including guaranties, pledges, powers of attorney, consents, interest or currency swap agreements or
other similar agreements and all other writings heretofore, now or hereafter executed by any Credit Party and/or delivered to
Agent or any Lender in respect of the transactions contemplated by this Agreement.

 

“Out-of-Formula
Loans” shall have the meaning set forth in Section 15.2(b).

 

“Overnight
Bank Funding Rate” shall mean, for any, day the rate per annum (based on a year of 360 days and actual days elapsed)
comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository
institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York, as set forth on its public website
from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by such Federal Reserve
Bank (or by such other recognized electronic source (such as Bloomberg) selected by Agent for the purpose of displaying such rate)
(an “Alternate Source”); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate
for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time,
for any reason, no longer exist, a comparable replacement rate determined by Agent at such time (which determination shall be
conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate
shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight
Bank Funding Rate without notice to Borrower.

 

“Parent”
of any Person shall mean a corporation or other entity owning, directly or indirectly at least fifty percent (50%) of the shares
of stock or other ownership interests having ordinary voting power to elect a majority of the directors of the Person, or other
Persons performing similar functions for any such Person.

 

“Participant”
shall mean each Person who, in accordance with Section 15.3(b), shall be granted the right by any Lender to participate in any
of the Advances and who shall have entered into a participation agreement in form and substance satisfactory to such Lender.

 

“Participation
Advance” shall have the meaning set forth in Section 2.12(d).

 

“Participation
Commitment” shall mean each Lender’s obligation to buy a participation of the Letters of Credit issued hereunder.

 

“PPP”
shall mean the Paycheck Protection Program implemented as part of the federal Coronavirus Aid, Relief and Economic Security (CARES)
Act. Any PPP loans received by Borrower shall be excluded from Borrower’s covenant calculations through December 31, 2020.

 

    	20

     

    

 

“Payee”
shall have the meaning set forth in Section 3.10.

 

“Payment
Office” shall mean initially Two Tower Center Boulevard, East Brunswick, New Jersey 08816; thereafter, such other office
of Agent, if any, which it may designate by notice to Borrower and to each Lender to be the Payment Office.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor.

 

“Pension
Benefit Plan” shall mean at any time any employee pension benefit plan (including a Multiple Employer Plan, but not
a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of
the Code and either (i) is maintained by any member of the Controlled Group for employees of any member of the Controlled Group;
or (ii) has at any time within the preceding five years been maintained by any entity which was at such time a member of the Controlled
Group for employees of any entity which was at such time a member of the Controlled Group.

 

“Permitted
Encumbrances” shall mean:

 

(a)
Liens in favor of Agent for the benefit of Agent and Lenders;

 

(b)
Liens for Charges not delinquent or being Properly Contested;

 

(c)
Liens disclosed in the financial statements referred to in Section 5.5, the existence of which Agent has consented to in writing;

 

(d)
deposits or pledges to secure obligations under worker’s compensation, social security or similar laws, or under unemployment
insurance;

 

(e)
deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations,
surety and appeal bonds and other obligations of like nature arising in the Ordinary Course of Business;

 

(f)
Liens arising by virtue of the rendition, entry or issuance against any Credit Party, or any property of any Credit Party, of
any judgment, writ, order, or decree for so long as each such Lien (x) is in existence for less than twenty (20) consecutive days
after it first arises or is being Properly Contested and (y) is at all times junior in priority to any Liens in favor of Agent;

 

(g)
mechanics’, workers’, materialmen’s, carriers’, repairmens’ or other like Liens arising in the Ordinary
Course of Business with respect to obligations which are not due or which are being Properly Contested;

 

(h)
Liens securing Permitted Purchase Money Indebtedness, provided that (i) such Liens shall be created substantially simultaneously
with the acquisition of the asset acquired with such Indebtedness, (ii) such Liens do not at any time encumber any property other
than the property financed by such Indebtedness, (iii) the amount of Indebtedness secured thereby is not increased and (iv) the
principal amount of Indebtedness secured by any such Lien shall at no time exceed 100% of the original purchase price of such
property;

 

    	21

     

    

 

(i)
encroachments, easements, rights-of-way, restrictions and other similar encumbrances or Liens incurred in the Ordinary Course
of Business which do not materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business on the property subject to such encumbrances;

 

(j)
Liens disclosed on Schedule 1.2(b); provided that such Liens shall secure only those obligations which they secure on the Closing
Date (and extensions, renewals and refinancings of such obligations permitted by Section 7.8) and shall not subsequently apply
to any other property or assets of Borrower.

 

(k)
Liens for taxes not yet due; and

 

(l)
Liens set forth on any mortgagee title insurance policy that are acceptable to Agent.

 

“Permitted
Purchase Money Indebtedness” shall mean Purchase Money Indebtedness of Borrower which is incurred after the date of
this Agreement and which is secured by no Lien or only by a Purchase Money Lien; provided that (a) the aggregate principal amount
of such Purchase Money Indebtedness outstanding at any time shall not exceed $1,000,000 (including any such Indebtedness on Schedule
7.8), (b) such Indebtedness when incurred shall not exceed the purchase price of the asset(s) financed, and (c) no such Indebtedness
shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing.

 

“Person”
shall mean any individual, sole proprietorship, partnership, corporation, business trust, joint stock company, trust, unincorporated
organization, association, limited liability company, limited liability partnership, institution, public benefit corporation,
joint venture, entity or Governmental Body (whether federal, state, county, city, municipal or otherwise, including any instrumentality,
division, agency, body or department thereof).

 

“Plan”
shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Benefit Plan), maintained
for employees of Borrower or any member of the Controlled Group or any such Plan to which Borrower or any member of the Controlled
Group is required to contribute on behalf of any of its employees.

 

“Pledge
Agreement” shall mean the Pledge Agreement executed by Borrower in favor of Agent.

 

“PNC”
shall have the meaning set forth in the preamble to this Agreement and shall extend to all of its successors and assigns.

 

    	22

     

    

 

“Properly
Contested” shall mean, in the case of any Indebtedness or Lien, as applicable, of any Person (including any taxes) that
is not paid as and when due or payable by reason of such Person’s bona fide dispute concerning its liability to pay same
or concerning the amount thereof, (i) such Indebtedness or Lien, as applicable, is being properly contested in good faith by appropriate
proceedings promptly instituted and diligently conducted; (ii) such Person has established appropriate reserves as shall be required
in conformity with GAAP; (iii) the non-payment of such Indebtedness will not have a Material Adverse Effect and will not result
in the forfeiture of any assets of such Person having a value in excess of $50,000; (iv) no Lien is imposed upon any of such Person’s
assets having a value in excess of $50,000 with respect to such Indebtedness unless such Lien is at all times junior and subordinate
in priority to the Liens in favor of Agent (except only with respect to property taxes that have priority as a matter of applicable
state law) and enforcement of such Lien is stayed during the period prior to the final resolution or disposition of such dispute;
(v) if such Indebtedness or Lien, as applicable, results from, or is determined by the entry, rendition or issuance against a
Person or any of its assets having a value in excess of $50,000 of a judgment, writ, order or decree, enforcement of such judgment,
writ, order or decree is stayed pending a timely appeal or other judicial review; and (vi) if such contest is abandoned, settled
or determined adversely (in whole or in part) to such Person, such Person forthwith pays such Indebtedness and all penalties,
interest and other amounts due in connection therewith.

 

“Published
Rate” shall mean the rate of interest published each Business Day in The Wall Street Journal “Money Rates”
listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published
therein for any reason, then the Published Rate shall be the eurodollar rate for a one month period as published (which may include
electronic methods of “publication”) in another publication or source determined by Agent.

 

“Purchase
Money Indebtedness” shall mean and include (i) Indebtedness (other than the Obligations) of any Credit Party for the
payment of all or any part of the purchase price of any Equipment, (ii) any Indebtedness (other than the Obligations) of any Credit
Party incurred at the time of or within thirty (30) days prior to or one hundred twenty (120) days after the acquisition of any
Equipment for the purpose of financing all or any part of the purchase price thereof (whether by means of a loan agreement, capitalized
lease or otherwise), and (iii) any renewals, extensions or refinancings (but not any increases in the principal amounts) thereof
outstanding at the time.

 

“Purchase
Money Lien” shall mean a Lien upon Equipment which secures Purchase Money Indebtedness, but only if such Lien shall
at all times be confined solely to the fixed assets acquired through the incurrence of the Purchase Money Indebtedness secured
by such Lien and shall not encumber any other property of Borrower, and such Lien constitutes a purchase money security interest
under the Uniform Commercial Code.

 

“Purchasing
CLO” shall have the meaning set forth in Section 15.3(d) hereof.

 

“Purchasing
Lender” shall have the meaning set forth in Section 15.3(c) hereof.

 

    	23

     

    

 

“RCRA”
shall mean the Resource Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., as the same may be amended from time
to time.

 

“Real
Property” shall mean all real property owned and leased by a Credit Party and identified on Schedule 4.5 hereto or which
is hereafter owned or leased by a Credit Party.

 

“Receivables”
shall mean and include, as to any Credit Party, all of such Credit Party’s accounts, contract rights, instruments (including
those evidencing indebtedness owed to such Credit Party by its Affiliates), documents, chattel paper (including electronic chattel
paper), general intangibles relating to accounts, drafts and acceptances, credit card receivables and all other forms of obligations
owing to such Credit Party arising out of or in connection with the sale or lease of Inventory or the rendition of services pursuant
to term contracts or otherwise or the licensing of any general intangible rights, all supporting obligations, guarantees and other
security therefor, whether secured or unsecured, now existing or hereafter created, and whether or not specifically sold or assigned
to Agent hereunder.

 

“Receivables
Advance Rate” shall have the meaning set forth in Section 2.1(a)(y)(i) hereof.

 

“Register”
shall have the meaning set forth in Section 15.3(e).

 

“Reimbursement
Obligation” shall have the meaning set forth in Section 2.12(b) hereof.

 

“Release”
shall have the meaning set forth in Section 5.7(c)(i) hereof.

 

“Release
of Restricted Insurance Closure Fund” shall mean the pending funds forthcoming to Borrower from Chartis/AIG in connection
with the restructuring of its state mandated closure insurance requirements.

 

“Reportable
Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal
complaint or similar charging instrument, arraigned, or custodially detained, in connection with any Anti-Terrorism Law or any
predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely
that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

 

“Reportable
Event” shall mean a reportable event described in Section 4043(b) of ERISA or the regulations promulgated thereunder.

 

“Required
Lenders” shall mean Lenders holding at least sixty-six and two thirds percent (66-2/3%) of the Advances, and if no Advances
are outstanding, shall mean Lenders holding at least sixty-six and two thirds percent (66-2/3%) of the Commitment Percentage;
provided, however, if there are fewer than three (3) Lenders (including any Defaulting Lender), Required Lenders
shall mean all Lenders (other than any Defaulting Lender).

 

    	24

     

    

 

“Reserve
Percentage” shall mean as of any day the maximum percentage in effect on such day as prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental,
marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency
Liabilities”).

 

“Revolving
Advances” shall mean Advances made other than Letters of Credit and the Term Loan.

 

“Revolving
Credit Note” shall mean the promissory note referred to in Section 2.1(a) hereof.

 

“Revolving
Interest Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable
Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar
Rate Loans.

 

“Sanctioned
Country” shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law.

 

“Sanctioned
Person” shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially
designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions
(including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Section
20 Subsidiary” shall mean the Subsidiary of the bank holding company controlling PNC, which Subsidiary has been granted
authority by the Federal Reserve Board to underwrite and deal in certain Ineligible Securities.

 

“Secured
Subsidiaries Guaranty” shall mean the Amended and Restated Secured Subsidiaries Guaranty executed by each of the Guarantors.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Senior
Debt Payments” shall mean and include all cash actually expended by any Credit Party to make (a) interest payments on
any Advances hereunder, plus (b) scheduled principal payments on the Term Loan, plus (c) payments for all fees, commissions and
charges set forth herein and with respect to any Advances, plus (d) capitalized lease payments, plus (e) payments with respect
to any other Indebtedness for borrowed money, including Purchase Money Indebtedness.

 

    	25

     

    

 

“Settlement
Date” shall mean the Closing Date and thereafter Wednesday or Thursday of each week or more frequently if Agent deems
appropriate unless such day is not a Business Day in which case it shall be the next succeeding Business Day.

 

“Subordinated
Lender” shall mean Robert Louis Ferguson.

 

“Subordinated
Loan” shall mean the loan and Indebtedness evidenced by the Loan and Securities Purchase Agreement and the Promissory
Note in the original principal amount of $2,500,000 between Borrower and Subordinated Lender. The Promissory Note shall have an
interest rate of 4% with interest only for the first twelve months and thereafter monthly payments of $208,300.

 

“Subordination
Agreement” shall mean the Subordination Agreement to be entered into among Agent, Borrower and Subordinated Lender.

 

“Subsidiary”
of any Person shall mean a corporation or other entity of whose Equity Interests having ordinary voting power (other than Equity
Interests having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation,
or other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person.

 

“Subsidiary
Stock” shall mean:

 

(a) one
hundred percent 100% of the issued and outstanding Equity Interests of any Domestic Subsidiary of Borrower and 65% of each class
of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Voting
Equity”) and 100% of each class of the issued and outstanding Equity Interests not entitled to vote (within the meaning
of Treas. Reg. Section 1.956-2(c)(2)) (“Non-Voting Equity”) of each Foreign Subsidiary (but only to the extent
that the pledge of such Non-Voting Equity would not cause the Obligations to be treated as “United States property”
of such Foreign Subsidiary within the meaning of Treas. Reg. Section 1.956-2), in each case together with the certificates (or
other agreements or instruments), if any, representing such Equity Interests, and all options and other rights, contractual or
otherwise, with respect thereto (collectively, the “Pledged Capital Stock”), including, but not limited to,
the following:

 

(y) subject
to the percentage restrictions described above, all shares, securities, membership interests or other equity interests representing
a dividend on any of the Pledged Capital Stock, or representing a distribution or return of capital upon or in respect of the
Pledged Capital Stock, or resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions,
warrants, rights or options issued to the holder of, or otherwise in respect of, the Pledged Capital Stock; and

 

(z) without
affecting the obligations of Borrower under any provision prohibiting such action hereunder, in the event of any consolidation
or merger involving the issuer of any Pledged Capital Stock and in which such issuer is not the surviving entity, all shares of
each class of the Equity Interests of the successor entity formed by or resulting from such consolidation or merger;

 

    	26

     

    

 

(b) Subject
to the percentage restrictions described above, any and all other Capital Stock owned by Borrower in any Domestic Subsidiary or
any Foreign Subsidiary; and

 

(c) All
proceeds and products of the foregoing, however and whenever acquired and in whatever form.

 

“Tangible
Adjusted Net Worth” shall mean, at a particular date, (a) the aggregate amount of all assets of Borrower on a consolidated
basis, as may properly be classified as such in accordance with GAAP consistently applied and such other assets as are properly
classified as “intangible assets” but specifically excluding such other assets as may be properly classified as goodwill
assets under GAAP, less (b) the aggregate amount of all Indebtedness of Borrower on a consolidated basis. For purposes of this
definition, any amounts noted in Borrower’s books and records for “Acquired Permits” shall not be deemed “goodwill”.

 

“Term”
shall have the meaning set forth in Section 13.1 hereof.

 

“Term
Loan” shall mean the Advances made pursuant to Section 2.4 hereof.

 

“Term
Loan Rate” shall mean an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable
Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar
Rate Loans.

 

“Term
Note” shall mean the promissory note described in Section 2.4 hereof.

 

“Termination
Event” shall mean (i) a Reportable Event with respect to any Plan or Multiemployer Plan; (ii) the withdrawal of Borrower
or any member of the Controlled Group from a Plan or Multiemployer Plan during a plan year in which such entity was a “substantial
employer” as defined in Section 4001(a)(2) of ERISA; (iii) the providing of notice of intent to terminate a Plan in a distress
termination described in Section 4041(c) of ERISA; (iv) the institution by the PBGC of proceedings to terminate a Plan or Multiemployer
Plan; (v) any event or condition (a) which would constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan or Multiemployer Plan, or (b) that would result in termination of a Multiemployer
Plan pursuant to Section 4041A of ERISA; or (vi) the partial or complete withdrawal within the meaning of Sections 4203 and 4205
of ERISA, of Borrower or any member of the Controlled Group from a Multiemployer Plan.

 

“Toxic
Substance” shall mean and include any material present on the Real Property or Leasehold Interests which has been shown
to have significant adverse effect on human health or which is subject to regulation under the Toxic Substances Control Act (TSCA),
15 U.S.C. §§ 2601 et seq., applicable state law, or any other applicable Federal or state laws now in force or hereafter
enacted relating to toxic substances. “Toxic Substance” includes but is not limited to asbestos, polychlorinated biphenyls
(PCBs) and lead-based paints.

 

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“Transferee”
shall have the meaning set forth in Section 15.3(d) hereof.

 

“Undrawn
Availability” at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the
Maximum Revolving Advance Amount, minus (b) the sum of (i) the outstanding amount of Advances (other than the Term Loan) plus
(ii) all amounts due and owing to any Credit Party’s trade creditors which are outstanding more than sixty (60) days after
their due date, plus (iii) fees and expenses for which any Credit Party is liable but which have not been paid or charged to Borrower’s
Account.

 

“Unfinanced
Capital Expenditures” shall mean all Capital Expenditures of Borrower other than those made utilizing financing provided
by the applicable seller or third party lenders. For the avoidance of doubt, Capital Expenditures made by Borrower utilizing Revolving
Advances shall be deemed Unfinanced Capital Expenditures.

 

“Uniform
Commercial Code” shall have the meaning set forth in Section 1.3 hereof.

 

“USA
PATRIOT Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or
replaced.

 

“Voting
Stock” shall mean, with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such
Person, even though the right so to vote has been suspended by the happening of such a contingency.

 

“Week”
shall mean the time period commencing with the opening of business on a Wednesday and ending on the end of business the following
Tuesday.

 

1.3. Uniform
Commercial Code Terms.

 

All
terms used herein and defined in the Uniform Commercial Code as adopted in the State of New York from time to time (the “Uniform
Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without limiting the foregoing,
the terms “accounts”, “chattel paper”, “commercial tort claims”, “instruments”,
“general intangibles”, “goods”, “payment intangibles”, “proceeds”, “supporting
obligations”, “securities”, “investment property”, “documents”, “deposit accounts”,
“software”, “letter of credit rights”, “inventory”, “equipment” and “fixtures”,
as and when used in the description of Collateral shall have the meanings given to such terms in Articles 8 or 9 of the Uniform
Commercial Code. To the extent the definition of any category or type of collateral is expanded by any amendment, modification
or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment,
modification or revision. Notwithstanding the foregoing, and where the context so requires, any term defined in this Agreement
by reference to the Uniform Commercial Code shall also have any extended, alternative or analogous meaning given to such term
in applicable Canadian personal property security and other laws (including, without limitation, the Personal Property Security
Act and Securities Transfer Act of each applicable province and territory of Canada), in all cases for the extension, preservation
or betterment of the security and rights in the Collateral.

 

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1.4. Certain
Matters of Construction.

 

The
terms “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular section, paragraph or subdivision. All references herein to Articles, Sections, Exhibits
and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement. Any pronoun
used shall be deemed to cover all genders. Wherever appropriate in the context, terms used herein in the singular also include
the plural and vice versa. All references to statutes and related regulations shall include any amendments of same and any successor
statutes and regulations. Unless otherwise provided, all references to any instruments or agreements to which Agent is a party,
including, without limitation, references to any of the Other Documents, shall include any and all modifications or amendments
thereto and any and all extensions or renewals thereof. All references herein to the time of day shall mean the time in New York,
New York. Unless otherwise provided, all financial calculations shall be performed with Inventory valued on a first-in, first-out
basis. Whenever the words “including” or “include” shall be used, such words shall be understood to mean
“including, without limitation” or “include, without limitation”. A Default or Event of Default shall
be deemed to exist at all times during the period commencing on the date that such Default or Event of Default occurs to the date
on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default, is cured
within any period of cure expressly provided for in this Agreement; and an Event of Default shall “continue” or be
“continuing” until such Event of Default has been waived in writing by the Required Lenders. Any Lien referred to
in this Agreement or any of the Other Documents as having been created in favor of Agent, any agreement entered into by Agent
pursuant to this Agreement or any of the Other Documents, any payment made by or to or funds received by Agent pursuant to or
as contemplated by this Agreement or any of the Other Documents, or any act taken or omitted to be taken by Agent, shall, unless
otherwise expressly provided, be created, entered into, made or received, or taken or omitted, for the benefit or account of Agent
and Lenders. Wherever the phrase “to the best of Borrower’s knowledge” or words of similar import relating to
the knowledge or the awareness of Borrower are used in this Agreement or Other Documents, such phrase shall mean and refer to
(i) the actual knowledge of a senior officer of Borrower or (ii) the knowledge that a senior officer would have obtained if he
had engaged in good faith and diligent performance of his/her duties, including the making of such reasonably specific inquiries
as may be necessary of the employees or agents of Borrower and a good faith attempt to ascertain the existence or accuracy of
the matter to which such phrase relates. All covenants hereunder shall be given independent effect so that if a particular action
or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or otherwise within
the limitations of, another covenant shall not avoid the occurrence of a default if such action is taken or condition exists.
In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation
or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar
subject matter is correct or is not breached will not affect the incorrectness of a breach of a representation or warranty hereunder.

 

1.5. Eurodollar
Notification.

 

Section
3.8.2. of this Agreement provides a mechanism for determining an alternate rate of interest in the event that the London interbank
offered rate is no longer available or in certain other circumstances. Agent does not warrant or accept any responsibility for
and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank
offered rate or other rates in the definition of “Eurodollar Rate” or with respect to any alternative or successor
rate thereto, or replacement rate therefor.

 

ARTICLE
II

ADVANCES, PAYMENTS

 

2.1. Revolving
Advances.

 

(a) Amount
of Revolving Advances

 

Subject
to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will
make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender’s Commitment Percentage
of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters
of Credit or (y) an amount equal to the sum of:

 

(i) an
amount equal to the sum of (without duplication) (A) up to 85%, subject to the provisions of Section 2.1(b) hereof, of Acceptable
Government Agency Receivables, (B) up to 50%, subject to the provision of Section 2.1(b) hereof, of Acceptable Unbilled Amounts,
(C) up to 85%, subject to the provisions of Section 2.1(b) hereof, of Commercial Broker Receivables, and (D) up to 85%, subject
to the provisions of Section 2.1(b) hereof, of Commercial Receivables (collectively, the “Advance Rates”); provided,
however, that Foreign Receivables shall not constitute more than ten percent (10%) of Eligible Receivables at any time, minus

 

(ii) the
aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus

 

(iii) such
reserves as Agent may in good faith reasonably deem proper and necessary from time to time.

 

The
amount derived from the sum of (x) Sections 2.1(a)(y)(i) minus (y) Section 2.1 (a)(y)(ii) and (iii) at any time and from time
to time shall be referred to as the “Formula Amount”. The Revolving Advances shall be evidenced by one or more secured
promissory notes (collectively, the “Revolving Credit Note”) substantially in the form attached hereto as Exhibit
2.1(a).

 

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(b) Discretionary
Rights.

 

The
Advance Rates may be increased or decreased by Agent at any time and from time to time in evaluating specific Receivables in the
exercise of its good faith reasonable discretion. Borrower consents to any such increases or decreases and acknowledges that decreasing
the Advance Rates or increasing or imposing reserves may limit or restrict Advances requested by Borrower. The rights of Agent
under this subsection are subject to the provisions of Section 15.2(b).

 

2.2. Procedure
for Revolving Advances Borrowing.

 

(a) Borrower
may notify Agent prior to 3:00 p.m. (New York time) on a Business Day of Borrower’s request to incur, on that day, a Revolving
Advance hereunder. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement
or any other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request
for a Revolving Advance maintained as a Domestic Rate Loan as of the date such payment is due, in the amount required to pay in
full such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request
shall be irrevocable.

 

(b) Notwithstanding
the provisions of subsection (a) above, in the event Borrower desires to obtain a Eurodollar Rate Loan, Borrower shall give Agent
written notice by no later than 3:00 p.m. on the day which is three (3) Business Days prior to the date such Eurodollar Rate Loan
is to be borrowed, specifying (i) the date of the proposed borrowing (which shall be a Business Day), (ii) the type of borrowing
and the amount on the date of such Advance to be borrowed, which amount shall be in an aggregate principal amount that is not
less than $1,000,000 and integral multiples of $250,000 in excess thereof, and (iii) the duration of the first Interest Period
therefor. Interest Periods for Eurodollar Rate Loans shall be for one, two or three months; provided, if an Interest Period would
end on a day that is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding
calendar month in which case the Interest Period shall end on the next preceding Business Day. Any Interest Period that begins
on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. Upon and
after the occurrence of an Event of Default, and during the continuation thereof, at the option of Agent or at the direction of
Required Lenders, no Eurodollar Rate Loan shall be made available to Borrower. After giving effect to each requested Eurodollar
Rate Loan, including those which are converted from a Domestic Rate Loan under Section 2.2(d), there shall not be outstanding
more than five (5) Eurodollar Rate Loans, in the aggregate.

 

(c) Each
Interest Period of a Eurodollar Rate Loan shall commence on the date such Eurodollar Rate Loan is made and shall end on such date
as Borrower may elect as set forth in subsection (b)(iii) above provided that the exact length of each Interest Period shall be
determined in accordance with the practice of the interbank market for offshore Dollar deposits and no Interest Period shall end
after the last day of the Term.

 

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Borrower
shall elect the initial Interest Period applicable to a Eurodollar Rate Loan by its notice of borrowing given to Agent pursuant
to Section 2.2(b) or by its notice of conversion given to Agent pursuant to Section 2.2(d), as the case may be. Borrower shall
elect the duration of each succeeding Interest Period by giving irrevocable written notice to Agent of such duration not later
than 3:00 p.m. (New York time) on the day which is three (3) Business Days prior to the last day of the then current Interest
Period applicable to such Eurodollar Rate Loan. If Agent does not receive timely notice of the Interest Period elected by Borrower,
Borrower shall be deemed to have elected to convert to a Domestic Rate Loan subject to Section 2.2(d) hereinbelow.

 

(d) Provided
that no Event of Default shall have occurred and be continuing, on the last Business Day of the then current Interest Period applicable
to any outstanding Eurodollar Rate Loan, or on any Business Day with respect to Domestic Rate Loans, Borrower may convert any
such loan into a loan of another type in the same aggregate principal amount provided that any conversion of a Eurodollar Rate
Loan shall be made only on the last Business Day of the then current Interest Period applicable to such Eurodollar Rate Loan.
If Borrower desires to convert a loan, Borrower shall give Agent written notice by no later than 3:00 p.m. (New York time) (i)
on the day which is three (3) Business Days’ prior to the date on which such conversion is to occur with respect to a conversion
from a Domestic Rate Loan to a Eurodollar Rate Loan, or (ii) on the day which is one (1) Business Day prior to the date on which
such conversion is to occur with respect to a conversion from a Eurodollar Rate Loan to a Domestic Rate Loan, specifying, in each
case, the date of such conversion, the loans to be converted and if the conversion is from a Domestic Rate Loan to any other type
of loan, the duration of the first Interest Period therefor.

 

(e) At
its option and upon written notice given prior to 3:00 p.m. (New York time) at least three (3) Business Days’ prior to the
date of such prepayment, Borrower may prepay the Eurodollar Rate Loans in whole at any time or in part from time to time with
accrued interest on the principal being prepaid to the date of such repayment. Borrower shall specify the date of prepayment of
Advances which are Eurodollar Rate Loans and the amount of such prepayment. In the event that any prepayment of a Eurodollar Rate
Loan is required or permitted on a date other than the last Business Day of the then current Interest Period with respect thereto,
Borrower shall indemnify Agent and Lenders therefor in accordance with Section 2.2(f) hereof.

 

(f) Borrower
shall indemnify Agent and Lenders and hold Agent and Lenders harmless from and against any and all losses or expenses that Agent
and Lenders may sustain or incur as a consequence of any prepayment, conversion of or any default by Borrower in the payment of
the principal of or interest on any Eurodollar Rate Loan or failure by Borrower to complete a borrowing of, a prepayment of or
conversion of or to a Eurodollar Rate Loan after notice thereof has been given, including, but not limited to, any interest payable
by Agent or Lenders to lenders of funds obtained by it in order to make or maintain its Eurodollar Rate Loans hereunder. A certificate
as to any additional amounts payable pursuant to the foregoing sentence submitted by Agent or any Lender to Borrower shall be
conclusive absent manifest error.

 

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(g) Notwithstanding
any other provision hereof, if any Applicable Law, or any change therein or in the interpretation or application thereof, including
without limitation any Change in Law, shall make it unlawful for any Lender (for purposes of this subsection (g), the term “Lender”
shall include any Lender and the office or branch where any Lender or any corporation or bank controlling such Lender makes or
maintains any Eurodollar Rate Loans) to make or maintain its Eurodollar Rate Loans, the obligation of Lenders to make Eurodollar
Rate Loans hereunder shall forthwith be cancelled and Borrower shall, if any affected Eurodollar Rate Loans are then outstanding,
promptly upon request from Agent, either pay all such affected Eurodollar Rate Loans or convert such affected Eurodollar Rate
Loans into loans of another type. If any such payment or conversion of any Eurodollar Rate Loan is made on a day that is not the
last day of the Interest Period applicable to such Eurodollar Rate Loan, Borrower shall pay Agent, upon Agent’s request,
such amount or amounts as may be necessary to compensate Lenders for any loss or expense sustained or incurred by Lenders in respect
of such Eurodollar Rate Loan as a result of such payment or conversion, including (but not limited to) any interest or other amounts
payable by Lenders to lenders of funds obtained by Lenders in order to make or maintain such Eurodollar Rate Loan. A certificate
as to any additional amounts payable pursuant to the foregoing sentence submitted by Lenders to Borrower shall be conclusive absent
manifest error.

 

(h) Borrower’s
obligations and indemnifications under this Section 2.2 shall survive the termination of this Agreement.

 

(i) Anything
to the contrary contained herein notwithstanding, neither Agent nor any Lender, nor any of their participants, is required actually
to acquire Eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the Eurodollar
Rate. The provisions set forth herein shall apply as if each Lender or its participants had match funded any Obligation as to
which interest is accruing based on the Eurodollar Rate by acquiring Eurodollar deposits for each Interest Period in the amount
of the Eurodollar Rate Loans.

 

2.3. Disbursement
of Advance Proceeds.

 

All
Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any
and all other Obligations of Borrower to Agent or Lenders, shall be charged to Borrower’s Account on Agent’s books.
During the Term, Borrower may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms
and conditions hereof. The proceeds of each Revolving Advance requested by Borrower or deemed to have been requested by Borrower
under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances,
be made available to Borrower on the day so requested by way of credit to Borrower’s operating account at PNC, or such other
bank as Borrower may designate following notification to Agent, in immediately available federal funds or other immediately available
funds or, with respect to Revolving Advances deemed to have been requested by Borrower, be disbursed to Agent to be applied to
the outstanding Obligations giving rise to such deemed request.

 

    	32

     

    

 

2.4. Term
Loan.

 

Each
Lender, severally and not jointly, made a Term Loan in the sum equal to such Lender’s Commitment Percentage of $6,095,238.12.
As of the Closing Date the Term Loan has a balance of $1,741,817.82. The Term Loan was advanced on the Closing Date and shall
be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this
Agreement or termination of this Agreement: equal monthly installments of $35,547.30 commencing on June 1, 2020 and continuing
on the first (1st) day of each month thereafter with the remaining balance due in full on the last day of the Term. The Term Loan
shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”) in substantially the form
attached hereto as Exhibit 2.4(a). The Term Loan may consist of Domestic Rate Loans or Eurodollar Rate Loans, or a combination
thereof, as Borrower may request. In the event that Borrower desires to obtain or extend a Eurodollar Rate Loan or to convert
a Domestic Rate Loan to a Eurodollar Rate Loan, Borrower shall comply with the notification requirements set forth in Sections
2.2(b) and (d) and the provisions of Sections 2.2(b) through (h) shall apply.

 

2.5. Maximum
Advances.

 

The
aggregate balance of Revolving Advances outstanding at any time shall not exceed the lesser of (a) the Maximum Revolving Advance
Amount or (b) the Formula Amount less, in each case, the aggregate Maximum Undrawn Amount of all issued and outstanding Letters
of Credit.

 

2.6. Repayment
of Advances.

 

(a) The
Revolving Advances shall be due and payable in full on the last day of the Term subject to earlier prepayment as herein provided.
The Term Loan shall be due and payable as provided in Section 2.4(a) hereof and in the Term Note, subject to mandatory prepayments
as herein provided.

 

(b) Borrower
recognizes that the amounts evidenced by checks, notes, drafts or any other items of payment relating to and/or proceeds of Collateral
may not be collectible by Agent on the date received. In consideration of Agent’s agreement to conditionally credit Borrower’s
Account as of the next Business Day following Agent’s receipt of those items of payment, Borrower agrees that, in computing
the charges under this Agreement, all items of payment shall be deemed applied by Agent on account of the Obligations one (1)
Business Day after (i) the Business Day Agent receives such payments via wire transfer or electronic depository check or (ii)
in the case of payments received by Agent in any other form, the Business Day such payment constitutes good funds in Agent’s
account. Agent is not, however, required to credit Borrower’s Account for the amount of any item of payment which is unsatisfactory
to Agent and Agent may charge Borrower’s Account for the amount of any item of payment which is returned to Agent unpaid.

 

    	33

     

    

 

(c) All
payments of principal, interest and other amounts payable hereunder, or under any of the Other Documents shall be made to Agent
at the Payment Office not later than 1:00 P.M. (New York time) on the due date therefor in lawful money of the United States of
America in federal funds or other funds immediately available to Agent. Agent shall have the right to effectuate payment on any
and all Obligations due and owing hereunder by charging Borrower’s Account or by making Advances as provided in Section
2.2 hereof.

 

(d) Borrower
shall pay principal, interest, and all other amounts payable hereunder, or under any related agreement, without any deduction
whatsoever, including, but not limited to, any deduction for any setoff or counterclaim.

 

2.7. Repayment
of Excess Advances.

 

The
aggregate balance of Advances outstanding at any time in excess of the maximum amount of Advances permitted hereunder shall be
immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default
has occurred.

 

2.8. Statement
of Account.

 

Agent
shall maintain, in accordance with its customary procedures, a loan account (“Borrower’s Account”) in
the name of Borrower in which shall be recorded the date and amount of each Advance made by Agent and the date and amount of each
payment in respect thereof; provided, however, the failure by Agent to record the date and amount of any Advance shall not adversely
affect Agent or any Lender. Each month, Agent shall send to Borrower a statement showing the accounting for the Advances made,
payments made or credited in respect thereof, and other transactions between Agent and Borrower, during such month. The monthly
statements shall be deemed correct and binding upon Borrower in the absence of manifest error and shall constitute an account
stated between Lenders and Borrower unless Agent receives a written statement of Borrower’s specific exceptions thereto
within thirty (30) days after such statement is received by Borrower. The records of Agent with respect to the loan account shall
be conclusive evidence absent manifest error of the amounts of Advances and other charges thereto and of payments applicable thereto.

 

2.9. Letters
of Credit.

 

Subject
to the terms and conditions hereof, Agent shall issue or cause the issuance of standby and/or trade letters of credit for the
account of Borrower; provided, however, that Agent will not be required to issue or cause to be issued any Letters of Credit to
the extent that the issuance thereof would then cause the sum of (i) the outstanding Revolving Advances plus (ii) the Maximum
Undrawn Amount of all outstanding Letters of Credit to exceed the lesser of (x) the Maximum Revolving Advance Amount or (y) the
Formula Amount. The Maximum Undrawn Amount of all outstanding Letters of Credit shall not exceed in the aggregate at any time
the Letter of Credit Sublimit. All disbursements or payments related to Letters of Credit shall be deemed to be Domestic Rate
Loans consisting of Revolving Advances and shall bear interest at the applicable Contract Rate for Domestic Rate Loans. Letters
of Credit that have not been drawn upon shall not bear interest.

 

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2.10. Issuance
of Letters of Credit.

 

(a) Borrower
may request Agent to issue or cause the issuance of a Letter of Credit by delivering to Agent, at the Payment Office, prior to
10:00 a.m. (New York time), at least five (5) Business Days’ prior to the proposed date of issuance, Agent’s form
of Letter of Credit Application (the “Letter of Credit Application”) completed to the satisfaction of Agent;
and, such other certificates, documents and other papers and information as Agent may reasonably request. Borrower also has the
right to give instructions and make agreements with respect to any application, any applicable letter of credit and security agreement,
any applicable letter of credit reimbursement agreement and/or any other applicable agreement, any letter of credit and the disposition
of documents, disposition of any unutilized funds, and to agree with Agent upon any amendment, extension or renewal of any Letter
of Credit.

 

(b) Each
Letter of Credit shall, among other things, (i) provide for the payment of sight drafts, other written demands for payment, or
acceptances of usance drafts when presented for honor thereunder in accordance with the terms thereof and when accompanied by
the documents described therein and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s
date of issuance and in no event later than the last day of the Term. Each standby Letter of Credit shall be subject either to
the Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce at
the time a Letter of Credit is issued (the “UCP”) or the International Standby Practices (ISP98-International Chamber
of Commerce Publication Number 590) (the “ISP98 Rules”), and any subsequent revisions thereof at the time a standby
Letter of Credit is issued, as determined by Agent, and each trade Letter of Credit shall be subject to the UCP.

 

(c) Agent
shall use its reasonable efforts to notify Lenders of the request by Borrower for a Letter of Credit hereunder.

 

2.11. Requirements
For Issuance of Letters of Credit.

 

(a) Borrower
shall authorize and direct any Issuer to name Borrower as the “Applicant” or “Account Party” of each Letter
of Credit. If Agent is not the Issuer of any Letter of Credit, Borrower shall authorize and direct the Issuer to deliver to Agent
all instruments, documents, and other writings and property received by the Issuer pursuant to the Letter of Credit and to accept
and rely upon Agent’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit,
the application therefor or any Acceptance therefor.

 

(b) In
connection with all Letters of Credit issued or caused to be issued by Agent under this Agreement, Borrower hereby appoints Agent,
or its designee, as its attorney, with full power and authority if an Event of Default shall have occurred and be continuing,
(i) to sign and/or endorse Borrower’s name upon any warehouse or other receipts, letter of credit applications and acceptances,
(ii) to sign Borrower’s name on bills of lading; (iii) to clear Inventory through the United States of America Customs Department
(“Customs”) in the name of Borrower or Agent or Agent’s designee, and to sign and deliver to Customs
officials powers of attorney in the name of Borrower for such purpose; and (iv) to complete in Borrower’s name or Agent’s,
or in the name of Agent’s designee, any order, sale or transaction, obtain the necessary documents in connection therewith,
and collect the proceeds thereof. Neither Agent nor its attorneys will be liable for any acts or omissions nor for any error of
judgment or mistakes of fact or law, except for Agent’s or its attorney’s willful misconduct. This power, being coupled
with an interest, is irrevocable as long as any Letters of Credit remain outstanding.

 

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2.12. Disbursements,
Reimbursement.

 

(a) Immediately
upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees
to, purchase from Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Lender’s
Commitment Percentage of the Maximum Face Amount of such Letter of Credit and the amount of such drawing, respectively.

 

(b) In
the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, Agent will promptly
notify Borrower. Provided that it shall have received such notice, Borrower shall reimburse (such obligation to reimburse Agent
shall sometimes be referred to as a “Reimbursement Obligation”) Agent prior to 12:00 Noon, New York time on
each date that an amount is paid by Agent under any Letter of Credit (each such date, a “Drawing Date”) in
an amount equal to the amount so paid by Agent. In the event Borrower fails to reimburse Agent for the full amount of any drawing
under any Letter of Credit by 12:00 Noon, New York time, on the Drawing Date, Agent will promptly notify each Lender thereof,
and Borrower shall be deemed to have requested that a Revolving Advance maintained as a Domestic Rate Loan be made by the Lenders
to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the lesser
of Maximum Revolving Advance Amount or the Formula Amount and subject to Section 8.2 hereof. Any notice given by Agent pursuant
to this Section 2.12(b) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(c) Each
Lender shall upon any notice pursuant to Section 2.12(b) make available to Agent an amount in immediately available funds equal
to its Commitment Percentage of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.12(d))
each be deemed to have made a Revolving Advance maintained as a Domestic Rate Loan to Borrower in that amount. If any Lender so
notified fails to make available to Agent the amount of such Lender’s Commitment Percentage of such amount by no later than
2:00 p.m., New York time on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment,
from the Drawing Date to the date on which such Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective
Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Revolving
Advances maintained as a Domestic Rate Loans on and after the fourth day following the Drawing Date. Agent will promptly give
notice of the occurrence of the Drawing Date, but failure of Agent to give any such notice on the Drawing Date or in sufficient
time to enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section
2.12(c), provided that such Lender shall not be obligated to pay interest as provided in Section 2.12(c) (i) and (ii) until and
commencing from the date of receipt of notice from Agent of a drawing.

 

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(d) With
respect to any unreimbursed drawing that is not converted into a Revolving Advance maintained as a Domestic Rate Loan to Borrower
in whole or in part as contemplated by Section 2.12(b), because of Borrower’s failure to satisfy the conditions set forth
in Section 8.2 (other than any notice requirements) or for any other reason, Borrower shall be deemed to have incurred from Agent
a borrowing (each a “Letter of Credit Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to a Revolving
Advance maintained as a Domestic Rate Loan. Each Lender’s payment to Agent pursuant to Section 2.12(c) shall be deemed to
be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance”
from such Lender in satisfaction of its Participation Commitment under this Section 2.12.

 

Each
Lender’s Participation Commitment shall continue until the last to occur of any of the following events: (x) Agent ceases
to be obligated to issue or cause to be issued Letters of Credit hereunder; (y) no Letter of Credit issued or created hereunder
remains outstanding and uncancelled and (z) all Persons (other than Borrower) have been fully reimbursed for all payments made
under or relating to Letters of Credit.

 

2.13. Repayment
of Participation Advances.

 

(a) Upon
(and only upon) receipt by Agent for its account of immediately available funds from Borrower (i) in reimbursement of any payment
made by Agent under the Letter of Credit with respect to which any Lender has made a Participation Advance to Agent, or (ii) in
payment of interest on such a payment made by Agent under such a Letter of Credit, Agent will pay to each Lender, in the same
funds as those received by Agent, the amount of such Lender’s Commitment Percentage of such funds, except Agent shall retain
the amount of the Commitment Percentage of such funds of any Lender that did not make a Participation Advance in respect of such
payment by Agent.

 

(b) If
Agent is required at any time to return to Borrower, or to a trustee, receiver, liquidator, custodian, or any official in any
insolvency proceeding, any portion of the payments made by Borrower to Agent pursuant to Section 2.13(a) in reimbursement of a
payment made under the Letter of Credit or interest or fee thereon, each Lender shall, on demand of Agent, forthwith return to
Agent the amount of its Commitment Percentage of any amounts so returned by Agent plus interest at the Federal Funds Effective
Rate.

 

2.14. Documentation.

 

Borrower
agrees to be bound by the terms of the Letter of Credit Application and by Agent’s interpretations of any Letter of Credit
issued for Borrower’s account and by Agent’s written regulations and customary practices relating to letters of credit,
though Agent’s interpretations may be different from Borrower’s own. In the event of a conflict between the Letter
of Credit Application and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment),
Agent shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following Borrower’s
instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto.

 

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2.15. Determination
to Honor Drawing Request.

 

In
determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, Agent shall be responsible
only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered
and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing
on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

2.16. Nature
of Participation and Reimbursement Obligations.

 

Each
Lender’s obligation in accordance with this Agreement to make the Revolving Advances or Participation Advances as a result
of a drawing under a Letter of Credit, and the obligations of Borrower to reimburse Agent upon a draw under a Letter of Credit,
shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Section
2.16 under all circumstances, including the following circumstances:

 

(i) any
set-off, counterclaim, recoupment, defense or other right which such Lender may have against Agent, Borrower or any other Person
for any reason whatsoever;

 

(ii) the
failure of Borrower or any other Person to comply, in connection with a Letter of Credit Borrowing, with the conditions set forth
in this Agreement for the making of a Revolving Advance, it being acknowledged that such conditions are not required for the making
of a Letter of Credit Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.12;

 

(iii) any
lack of validity or enforceability of any Letter of Credit;

 

(iv) any
claim of breach of warranty that might be made by Borrower or any Lender against the beneficiary of a Letter of Credit, or the
existence of any claim, set-off, recoupment, counterclaim, cross claim, defense or other right which Borrower or any Lender may
have at any time against a beneficiary, any successor beneficiary or any transferee of any Letter of Credit or the proceeds thereof
(or any Persons for whom any such transferee may be acting), Agent or any Lender or any other Person, whether in connection with
this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between
Borrower or any Subsidiaries of Borrower and the beneficiary for which any Letter of Credit was procured);

 

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(v) the
lack of power or authority of any signer of (or any defect in or forgery of any signature or endorsement on) or the form of or
lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other
document presented under or in connection with any Letter of Credit, or any fraud or alleged fraud in connection with any Letter
of Credit, or the transport of any property or provisions of services relating to a Letter of Credit, in each case even if Agent
or any of Agent’s Affiliates has been notified thereof;

 

(vi) payment
by Agent under any Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply
with the terms of such Letter of Credit;

 

(vii) the
solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction
or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other characteristic
of any property or services relating to a Letter of Credit;

 

(viii) any
failure by Agent or any of Agent’s Affiliates to issue any Letter of Credit in the form requested by Borrower, unless Agent
has received written notice from Borrower of such failure within three (3) Business Days after Agent shall have furnished Borrower
a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice;

 

(ix) any
Material Adverse Effect on Borrower or any Guarantor;

 

(x) any
breach of this Agreement or any Other Document by any party thereto;

 

(xi) the
occurrence or continuance of an insolvency proceeding with respect to Borrower or any Guarantor;

 

(xii) the
fact that a Default or Event of Default shall have occurred and be continuing;

 

(xiii) the
fact that the Term shall have expired or this Agreement or the Obligations hereunder shall have been terminated; and

 

(xiv) any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

2.17. Indemnity.

 

In
addition to amounts payable as provided in Section 15.5, Borrower hereby agrees to protect, indemnify, pay and save harmless Agent
and any of Agent’s Affiliates that have issued a Letter of Credit from and against any and all claims, demands, liabilities,
damages, taxes, penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements
of counsel and allocated costs of internal counsel) which Agent or any of Agent’s Affiliates may incur or be subject to
as a consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of (A) the gross negligence
or willful misconduct of Agent as determined by a final and non-appealable judgment of a court of competent jurisdiction or (b)
the wrongful dishonor by Agent or any of Agent’s Affiliates of a proper demand for payment made under any Letter of Credit,
except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de
facto Governmental Body (all such acts or omissions herein called “Governmental Acts”). The foregoing obligations
and the indemnifications hereunder shall survive the termination of this Agreement.

 

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2.18. Liability
for Acts and Omissions.

 

As
between Borrower and Agent and Lenders, Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit
by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the respective foregoing,
Agent shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document
submitted by any party in connection with the application for an issuance of any such Letter of Credit, even if it should in fact
prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if Agent shall have been notified
thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any
such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which
such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit
or any other claim of Borrower against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between
or among Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or
delays in transmission or delivery of any messages, by mail, cable, facsimile, telex or otherwise, whether or not they be in cipher;
(v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required
in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary
of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from
causes beyond the control of Agent, including any governmental acts, and none of the above shall affect or impair, or prevent
the vesting of, any of Agent’s rights or powers hereunder. Nothing in the preceding sentence shall relieve Agent from liability
for Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable
judgment) in connection with actions or omissions described in such clauses (i) through (viii) of such sentence. In no event shall
Agent or Agent’s Affiliates be liable to Borrower for any indirect, consequential, incidental, punitive, exemplary or special
damages or expenses (including without limitation attorneys’ fees), or for any damages resulting from any change in the
value of any property relating to a Letter of Credit.

 

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Without
limiting the generality of the foregoing, Agent and each of its Affiliates (i) may rely on any oral or other communication believed
in good faith by Agent or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit,
(ii) may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions
of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of Credit, whether such
dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled
to reimbursement to the same extent as if such presentation had initially been honored, together with any interest paid by Agent
or its Affiliates; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment,
upon receipt of such statement (even if such statement indicates that a draft or other document is being delivered separately),
and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant
Letter of Credit; (v) may pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices of
the place where such bank is located; and (vi) may settle or adjust any claim or demand made on Agent or its Affiliate in any
way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity issued
to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter
of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection with such
Letter of Credit fail to conform in any way with such Letter of Credit.

 

In
furtherance and extension and not in limitation of the specific provisions set forth above, any action taken or omitted by Agent
under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken
or omitted in good faith and without gross negligence (as determined by a court of competent jurisdiction in a final non-appealable
judgment), shall not put Agent under any resulting liability to Borrower or any Lender.

 

2.19. Additional
Payments.

 

Any
sums expended by Agent or any Lender due to Borrower’s failure to perform or comply with its obligations under this Agreement
or any Other Document including Borrower’s obligations under Sections 4.2, 4.4, 4.12, 4.13, 4.14 and 6.1 hereof, may be
charged to Borrower’s Account as a Revolving Advance and added to the Obligations.

 

2.20. Manner
of Borrowing and Payment.

 

(a) Each
borrowing of Revolving Advances shall be advanced according to the applicable Commitment Percentages of Lenders. The Term Loan
shall be advanced according to the Commitment Percentages of Lenders.

 

(b) Each
payment (including each prepayment) by Borrower on account of the principal of and interest on the Revolving Advances, shall be
applied to the Revolving Advances pro rata according to the applicable Commitment Percentages of Lenders. Each payment (including
each prepayment) by Borrower on account of the principal of and interest on the Term Note, shall be made from or to, or applied
to that portion of the Term Loan evidenced by the Term Note pro rata according to the Commitment Percentages of Lenders. Except
as expressly provided herein, all payments (including prepayments) to be made by Borrower on account of principal, interest and
fees shall be made without set off or counterclaim and shall be made to Agent on behalf of the Lenders to the Payment Office,
in each case on or prior to 1:00 P.M., New York time, in Dollars and in immediately available funds.

 

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(c) (i) Notwithstanding
anything to the contrary contained in Sections 2.20(a) and (b) hereof, commencing with the first Business Day following the Closing
Date, each borrowing of Revolving Advances shall be advanced by Agent and each payment by Borrower on account of Revolving Advances
shall be applied first to those Revolving Advances advanced by Agent. On or before 1:00 P.M., New York time, on each Settlement
Date commencing with the first Settlement Date following the Closing Date, Agent and Lenders shall make certain payments as follows:
(I) if the aggregate amount of new Revolving Advances made by Agent during the preceding Week (if any) exceeds the aggregate amount
of repayments applied to outstanding Revolving Advances during such preceding Week, then each Lender shall provide Agent with
funds in an amount equal to its applicable Commitment Percentage of the difference between (w) such Revolving Advances and (x)
such repayments and (II) if the aggregate amount of repayments applied to outstanding Revolving Advances during such Week exceeds
the aggregate amount of new Revolving Advances made during such Week, then Agent shall provide each Lender with funds in an amount
equal to its applicable Commitment Percentage of the difference between (y) such repayments and (z) such Revolving Advances.

 

(ii) Each
Lender shall be entitled to earn interest at the applicable Contract Rate on outstanding Advances which it has funded.

 

(iii) Promptly
following each Settlement Date, Agent shall submit to each Lender a certificate with respect to payments received and Advances
made during the Week immediately preceding such Settlement Date. Such certificate of Agent shall be conclusive in the absence
of manifest error.

 

(d) If
any Lender or Participant (a “benefited Lender”) shall at any time receive any payment of all or part of its
Advances, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off)
in a greater proportion than any such payment to and Collateral received by any other Lender, if any, in respect of such other
Lender’s Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly
permitted hereunder, such benefited Lender shall purchase for cash from the other Lenders a participation in such portion of each
such other Lender’s Advances, or shall provide such other Lender with the benefits of any such Collateral, or the proceeds
thereof, as shall be necessary to cause such benefited 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 benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent
of such recovery, but without interest. Each Lender so purchasing a portion of another Lender’s Advances may exercise all
rights of payment (including rights of set-off) with respect to such portion as fully as if such Lender were the direct holder
of such portion.

 

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(e) Unless
Agent shall have been notified by telephone, confirmed in writing, by any Lender that such Lender will not make the amount which
would constitute its applicable Commitment Percentage of the Advances available to Agent, Agent may (but shall not be obligated
to) assume that such Lender shall make such amount available to Agent on the next Settlement Date and, in reliance upon such assumption,
make available to Borrower a corresponding amount. Agent will promptly notify Borrower of its receipt of any such notice from
a Lender. If such amount is made available to Agent on a date after such next Settlement Date, such Lender shall pay to Agent
on demand an amount equal to the product of (i) the daily average Federal Funds Rate (computed on the basis of a year of 360 days)
during such period as quoted by Agent, times (ii) such amount, times (iii) the number of days from and including such Settlement
Date to the date on which such amount becomes immediately available to Agent. A certificate of Agent submitted to any Lender with
respect to any amounts owing under this paragraph (e) shall be conclusive, in the absence of manifest error. If such amount is
not in fact made available to Agent by such Lender within three (3) Business Days after such Settlement Date, Agent shall be entitled
to recover such an amount, with interest thereon at the rate per annum then applicable to such Revolving Advances hereunder, on
demand from Borrower; provided, however, that Agent’s right to such recovery shall not prejudice or otherwise adversely
affect Borrower’s rights (if any) against such Lender.

 

2.21. Mandatory
Prepayments.

 

Subject
to Section 4.3 hereof, when any Credit Party sells or otherwise disposes of any Collateral other than Inventory in the Ordinary
Course of Business, Borrower shall repay the Advances in an amount equal to the Net Cash Proceeds, such repayments to be made
promptly but in no event more than three (3) Business Days following receipt of such net proceeds, and until the date of payment,
such proceeds shall be held in trust for Agent. The foregoing shall not be deemed to be implied consent to any such sale otherwise
prohibited by the terms and conditions hereof. Such repayments shall be applied (x) first, to the outstanding principal installments
of the Term Loan in the inverse order of the maturities thereof and (y) second, to the remaining Advances in such order as Agent
may determine, subject to Borrower’s ability to reborrow Revolving Advances in accordance with the terms hereof.

 

2.22. Use
of Proceeds.

 

(a) Borrower
shall apply the proceeds of Advances to (i) pay fees and expenses relating to this transaction, (ii) provide for its working capital
needs and reimburse drawings under Letters of Credit, and (iii) for other general corporate purposes of Borrower.

 

(b) Without
limiting the generality of Section 2.22(a) above, neither Borrower, the Guarantors nor any other Person which may in the future
become party to this Agreement or the Other Documents as Borrower or Guarantor, intends to use nor shall they use any portion
of the proceeds of the Advances, directly or indirectly, for any purpose in violation of the Trading with the Enemy Act.

 

2.23. Defaulting
Lender.

 

(a) Notwithstanding
anything to the contrary contained herein, in the event any Lender (x) has refused (which refusal constitutes a breach by such
Lender of its obligations under this Agreement) to make available its portion of any Advance or (y) notifies either Agent or Borrower
that it does not intend to make available its portion of any Advance (if the actual refusal would constitute a breach by such
Lender of its obligations under this Agreement) (each, a “Lender Default”), all rights and obligations hereunder
of such Lender (a “Defaulting Lender”) as to which a Lender Default is in effect and of the other parties hereto
shall be modified to the extent of the express provisions of this Section 2.23 while such Lender Default remains in effect.

 

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(b) Advances
shall be incurred pro rata from Lenders (the “Non-Defaulting Lenders”) which are not Defaulting Lenders based
on their respective Commitment Percentages, and no Commitment Percentage of any Lender or any pro rata share of any Advances required
to be advanced by any Lender shall be increased as a result of such Lender Default. Amounts received in respect of principal of
any type of Advances shall be applied to reduce the applicable Advances of each Lender (other than any Defaulting Lender) pro
rata based on the aggregate of the outstanding Advances of that type of all Lenders at the time of such application; provided,
that, Agent shall not be obligated to transfer to a Defaulting Lender any payments received by Agent for the Defaulting Lender’s
benefit, nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any principal, interest
or fees). Amounts payable to a Defaulting Lender shall instead be paid to or retained by Agent. Agent may hold and, in its discretion,
re-lend to Borrower the amount of such payments received or retained by it for the account of such Defaulting Lender.

 

(c) A
Defaulting Lender shall not be entitled to give instructions to Agent or to approve, disapprove, consent to or vote on any matters
relating to this Agreement and the Other Documents. All amendments, waivers and other modifications of this Agreement and the
Other Documents may be made without regard to a Defaulting Lender and, for purposes of the definition of “Required Lenders”,
a Defaulting Lender shall be deemed not to be a Lender and not to have either Advances outstanding or a Commitment Percentage.

 

(d) Other
than as expressly set forth in this Section 2.23, the rights and obligations of a Defaulting Lender (including the obligation
to indemnify Agent) and the other parties hereto shall remain unchanged. Nothing in this Section 2.23 shall be deemed to release
any Defaulting Lender from its obligations under this Agreement and the Other Documents, shall alter such obligations, shall operate
as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which Borrower, Agent or any Lender
may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder.

 

(e) In
the event a Defaulting Lender retroactively cures to the satisfaction of Agent the breach which caused a Lender to become a Defaulting
Lender, such Defaulting Lender shall no longer be a Defaulting Lender and shall be treated as a Lender under this Agreement.

 

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ARTICLE
III

INTEREST AND FEES

 

3.1. Interest.

 

Interest
on Advances shall be payable in arrears on the first day of each month with respect to Domestic Rate Loans and, with respect to
Eurodollar Rate Loans, at the end of each Interest Period. Interest charges shall be computed on the actual principal amount of
Advances outstanding during the month at a rate per annum equal to (i) with respect to Revolving Advances, the applicable Revolving
Interest Rate and (ii) with respect to the Term Loan, the applicable Term Loan Rate (as applicable, the “Contract Rate”).
Whenever, subsequent to the date of this Agreement, the Alternate Base Rate is increased or decreased, the applicable Contract
Rate for Domestic Rate Loans shall be similarly changed without notice or demand of any kind by an amount equal to the amount
of such change in the Alternate Base Rate during the time such change or changes remain in effect. The Eurodollar Rate shall be
adjusted with respect to Eurodollar Rate Loans without notice or demand of any kind on the effective date of any change in the
Reserve Percentage as of such effective date. Upon and after the occurrence of an Event of Default, and during the continuation
thereof, at the option of Agent or at the direction of Required Lenders, the Obligations shall bear interest at the applicable
Contract Rate plus two (2%) percent per annum (as applicable, the “Default Rate”).

 

3.2. Letter
of Credit Fees.

 

(a) Borrower
shall pay (x) to Agent, for the ratable benefit of Lenders, fees for each Letter of Credit for the period from and excluding the
date of issuance of same to and including the date of expiration or termination, equal to the aggregate daily face amount of each
outstanding Letter of Credit multiplied by two percent (2.0%) per annum, such fees to be calculated on the basis of a 360-day
year for the actual number of days elapsed and to be payable quarterly in arrears on the first day of each fiscal quarter and
on the last day of the Term, and (y) to the Issuer, a fronting fee of one quarter of one percent (0.25%) per annum, together with
any and all administrative, issuance, amendment, payment and negotiation charges with respect to Letters of Credit and all fees
and expenses as agreed upon by the Issuer and Borrower in connection with any Letter of Credit, including in connection with the
opening, amendment or renewal of any such Letter of Credit and any acceptances created thereunder and shall reimburse Agent for
any and all fees and expenses, if any, paid by Agent to the Issuer (all of the foregoing fees, the “Letter of Credit
Fees”). All such charges shall be deemed earned in full on the date when the same are due and payable hereunder and
shall not be subject to rebate or pro-ration upon the termination of this Agreement for any reason. Any such charge in effect
at the time of a particular transaction shall be the charge for that transaction, notwithstanding any subsequent change in the
Issuer’s prevailing charges for that type of transaction. All Letter of Credit Fees payable hereunder shall be deemed earned
in full on the date when the same are due and payable hereunder and shall not be subject to rebate or pro-ration upon the termination
of this Agreement for any reason. Upon and after the occurrence of an Event of Default, and during the continuation thereof, at
the option of Agent or at the direction of Required Lenders, the Letter of Credit Fees described in clause (x) of this Section
3.2(a) shall be increased by an additional two percent (2%) per annum.

 

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(b) Following
an Event of Default that is continuing or if a Letter of Credit will expire after the Term, Borrower will cause cash to be deposited
and maintained in an account with Agent, as cash collateral, in an amount equal to one hundred and five percent (105%) of the
Maximum Undrawn Amount of all outstanding Letters of Credit, and Borrower hereby irrevocably authorizes Agent, in its discretion,
on Borrower’s behalf and in Borrower’s name, to open such an account and to make and maintain deposits therein, or
in an account opened by Borrower, in the amounts required to be made by Borrower, out of the proceeds of Receivables or other
Collateral or out of any other funds of Borrower coming into any Lender’s possession at any time. Agent will invest such
cash collateral (less applicable reserves) in such short-term money-market items as to which Agent and Borrower mutually agree
and the net return on such investments shall be credited to such account and constitute additional cash collateral. During the
period that an Event of Default is continuing, Borrower may not withdraw amounts credited to any such account except upon the
occurrence of all of the following: (x) payment and performance in full of all Obligations, (y) expiration of all Letters of Credit
and (z) termination of this Agreement.

 

3.3. Amendment
Fee and Facility Fee.

 

(a) Amendment
Fee.

 

Upon
the execution of this Agreement, Borrower shall pay to Agent for the ratable benefit of Lenders an amendment fee of $50,000.

 

(b) Facility
Fee.

 

Borrower
shall pay to Agent a fee for the ratable benefit of Lenders in an amount equal to (0.375%) per annum multiplied by the amount
by which the Maximum Revolving Advance Amount exceeds the daily unpaid balance of the Revolving Advances plus the aggregate amount
of any outstanding Letters of Credit that are available to be drawn during each calendar quarter. Such fee shall be payable to
Agent in arrears on the first day of each calendar quarter with respect to the previous calendar quarter.

 

3.4. Collateral
Fees.

 

(a) Collateral
Evaluation Fee.

 

Borrower
shall pay Agent a collateral evaluation fee equal to $3,125 per month commencing on June 1, 2020 and on the first day of each
month thereafter during the Term. The collateral evaluation fee shall be deemed earned in full on the date when same is due and
payable hereunder and shall not be subject to rebate or proration upon termination of this Agreement for any reason.

 

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(b) Collateral
Monitoring Fee.

 

Borrower
shall pay to Agent on the first day of each month following any month in which Agent performs any collateral monitoring - namely
any field examination, collateral analysis or other business analysis, the need for which is to be determined by Agent and which
monitoring is undertaken by Agent or for Agent’s benefit - a collateral monitoring fee in an amount equal to $1,000 per
day for each person employed to perform such monitoring, plus a per examination field exam management fee in the amount of $1,500
(or, in each event, such amount customarily charged by Agent to its customers), plus all costs and disbursements incurred by Agent
in the performance of such examination or analysis.

 

3.5. Computation
of Interest and Fees.

 

Interest
and fees hereunder shall be computed on the basis of a year of 360 days and for the actual number of days elapsed. If any payment
to be made hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the
next succeeding Business Day and interest thereon shall be payable at the applicable Contract Rate for Domestic Rate Loans during
such extension.

 

3.6. Maximum
Charges.

 

In
no event whatsoever shall interest and other charges charged hereunder exceed the highest rate permissible under law. In the event
interest and other charges as computed hereunder would otherwise exceed the highest rate permitted under law, such excess amount
shall be first applied to any unpaid principal balance owed by Borrower, and if the then remaining excess amount is greater than
the previously unpaid principal balance, Lenders shall promptly refund such excess amount to Borrower and the provisions hereof
shall be deemed amended to provide for such permissible rate.

 

3.7. Increased
Costs.

 

(a) In
the event that any Applicable Law, or any Change in Law or compliance by any Lender in the interpretation or any Change in Law,
or compliance by any Lender (for purposes of this Section 3.7, the term “Lender” shall include Agent or any Lender
and any corporation or bank controlling Agent or any Lender) and the office or branch where Agent or any Lender (as so defined)
makes or maintains any Eurodollar Rate Loans with any request or directive (whether or not having the force of law) from any central
bank or other financial, monetary or other authority, shall:

 

(i) subject
Agent or any Lender to any tax of any kind whatsoever with respect to this Agreement or any Other Document or change the basis
of taxation of payments to Agent or any Lender of principal, fees, interest or any other amount payable hereunder or under any
Other Documents (except for changes in the rate of tax on the overall net income of Agent or any Lender by the jurisdiction in
which it maintains its principal office);

 

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(ii) impose,
modify or hold applicable any reserve, special deposit, assessment or similar requirement against assets held by, or deposits
in or for the account of, advances or loans by, or other credit extended by, any office of Agent or any Lender, including (without
limitation) pursuant to Regulation D of the Board of Governors of the Federal Reserve System; or

 

(iii) impose
on Agent or any Lender or the London interbank Eurodollar market any other condition with respect to this Agreement or any Other
Document;

 

and
the result of any of the foregoing is to increase the cost to Agent or any Lender of making, renewing or maintaining its Advances
hereunder by an amount that Agent or such Lender deems to be material or to reduce the amount of any payment (whether of principal,
interest or otherwise) in respect of any of the Advances by an amount that Agent or such Lender deems to be material, then, in
any case Borrower shall promptly pay Agent or such Lender, upon its demand, such additional amount as will compensate Agent or
such Lender for such additional cost or such reduction, as the case may be, provided that the foregoing shall not apply to increased
costs which are reflected in the Eurodollar Rate, as the case may be. Agent or such Lender shall certify the amount of such additional
cost or reduced amount to Borrower, and such certification shall be conclusive absent manifest error.

 

(b) A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender and delivered to Borrowers shall
be conclusive absent manifest error, provided that such certificate shall set forth reasonably detailed calculations.

 

(c) Failure
or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.7 shall not constitute
a waiver of such Lender’s right to demand such compensation.

 

3.8. Alternate
Rate of Interest.

 

3.8.1. Interest
Rate Inadequate or Unfair. In the event that Agent or any Lender shall have determined that:

 

(a) reasonable
means do not exist for ascertaining the Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest Period; or

 

(b) Dollar
deposits in the relevant amount and for the relevant maturity are not available in the London interbank eurodollar market, with
respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate Loan, or a proposed conversion of a Base Rate Loan
into a Eurodollar Rate Loan; or

 

(c) the
making, maintenance or funding of any Eurodollar Rate Loan has been made impracticable or unlawful by compliance by Agent or such
Lender in good faith with any Applicable Law or any interpretation or application thereof by any Governmental Body or with any
request or directive of any such Governmental Body (whether or not having the force of law); or

 

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(d) the
Eurodollar Rate will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any Eurodollar
Rate Loan,

 

then
Agent shall give Borrower prompt written or telephonic notice of such determination. If such notice is given prior to a Benchmark
Replacement Date (as defined below), (i) any such requested Eurodollar Rate Loan shall be made as a Base Rate Loan, unless Borrower
shall notify Agent no later than 1:00 p.m., New York time two (2) Business Days prior to the date of such proposed borrowing,
that its request for such borrowing shall be cancelled or made as an unaffected type of Eurodollar Rate Loan, (ii) any Base Rate
Loan or Eurodollar Rate Loan which was to have been converted to an affected type of Eurodollar Rate Loan shall be continued as
or converted into a Base Rate Loan, or, if Borrower shall notify Agent, no later than 1:00 p.m., New York time two (2) Business
Days prior to the proposed conversion, shall be maintained as an unaffected type of Eurodollar Rate Loan, and (iii) any outstanding
affected Eurodollar Rate Loans shall be converted into a Base Rate Loan, or, if Borrower shall notify Agent, no later than 1:00
p.m., New York time two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such
affected Eurodollar Rate Loan, shall be converted into an unaffected type of Eurodollar Rate Loan, on the last Business Day of
the then current Interest Period for such affected Eurodollar Rate Loans (or sooner, if any Lender cannot continue to lawfully
maintain such affected Eurodollar Rate Loan). Until such notice has been withdrawn, Lenders shall have no obligation to make an
affected type of Eurodollar Rate Loan or maintain outstanding affected Eurodollar Rate Loans and Borrower shall not have the right
to convert a Base Rate Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar Rate Loan.

 

3.8.2. Successor
Eurodollar Rate Index.

 

(a) Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any Other Document, if Agent determines that a Benchmark
Transition Event or an Early Opt-in Event has occurred, Agent may amend this Agreement to replace the Eurodollar Rate with a Benchmark
Replacement in accordance with this Section 3.8.2.; and any such amendment shall be in writing, shall specify the date that the
Benchmark Replacement is effective and will not require any further action or consent of any other party to this Agreement, including
Borrower. Until the Benchmark Replacement is effective, each advance, conversion and renewal of a Eurodollar Rate Loan will continue
to bear interest with reference to the Eurodollar Rate; provided however, during a Benchmark Unavailability Period (i) any pending
selection of, conversion to or renewal of a Eurodollar Rate Loan that has not yet gone into effect shall be deemed to be a selection
of, conversion to or renewal of the Base Rate with respect to such Eurodollar Rate Loan, (ii) all outstanding Eurodollar Rate
Loans shall automatically be converted to Base Rate Loans at the expiration of the existing Interest Period (or sooner, if Agent
cannot continue to lawfully maintain such affected Eurodollar Rate Loan) and (iii) the component of the Base Rate based upon the
Eurodollar Rate will not be used in any determination of the Base Rate.

 

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

 

(c) Notices;
Standards for Decisions and Determinations. Agent will promptly notify Borrower of (i) the effectiveness of any Benchmark
Replacement Conforming Changes and (ii) the commencement of any Benchmark Unavailability Period. Any determination, decision or
election that may be made by Agent or Lenders pursuant to this Section 3.8.2. including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without
consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.8.2.

 

(d) Certain
Defined Terms. As used in this Section 3.8.2.:

 

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

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the Eurodollar Rate with an alternate benchmark rate
for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which
may be a positive or negative value or zero) that has been selected by Agent and Borrower (a) giving due consideration to (i)
any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of the Eurodollar Rate with the applicable Benchmark Replacement (excluding such spread adjustment) by the Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for
calculating or determining such spread adjustment, for such replacement of the Eurodollar Rate for U.S. dollar-denominated credit
facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from the Eurodollar
Rate to the Benchmark Replacement and (ii) yield- or risk-based differences between the Eurodollar Rate and the Benchmark Replacement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate has not been replaced with a Benchmark Replacement,
the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement
has replaced the Eurodollar Rate for all purposes hereunder in accordance with Section 3.8.2. and (y) ending at the time that
a Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder pursuant to Section 3.8.2.

 

“Early
Opt-in Event” means a determination by Agent that U.S. dollar-denominated credit facilities being executed at such time,
or that include language similar to that contained in this Section 3.8.2., are being executed or amended, as applicable, to incorporate
or adopt a new benchmark interest rate to replace the Eurodollar Rate.

 

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

 

3.9. Capital
Adequacy.

 

(a) In
the event that Agent or any Lender shall have determined that any Applicable Law or guideline regarding capital adequacy, or any
Change in Law, or any change in the interpretation or administration thereof by any Governmental Body, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by Agent or any Lender (for purposes of this Section
3.9, the term “Lender” shall include Agent or any Lender and any corporation or bank controlling Agent or any Lender)
and the office or branch where Agent or any Lender (as so defined) makes or maintains any Eurodollar Rate Loans with any request
or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable
agency, has or would have the effect of reducing the rate of return on Agent or any Lender’s capital as a consequence of
its obligations hereunder to a level below that which Agent or such Lender could have achieved but for such adoption, change or
compliance (taking into consideration Agent’s and each Lender’s policies with respect to capital adequacy) by an amount
deemed by Agent or any Lender to be material, then, from time to time, Borrower shall pay upon demand to Agent or such Lender
such additional amount or amounts as will compensate Agent or such Lender for such reduction. In determining such amount or amounts,
Agent or such Lender may use any reasonable averaging or attribution methods. The protection of this Section 3.9 shall be available
to Agent and each Lender regardless of any possible contention of invalidity or inapplicability with respect to the Applicable
Law or condition.

 

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(b) A
certificate of Agent or such Lender setting forth such amount or amounts as shall be necessary to compensate Agent or such Lender
with respect to Section 3.9(a) hereof when delivered to Borrower shall be conclusive absent manifest error.

 

(c) Failure
or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 3.9 shall not constitute
a waiver of such Lender’s right to demand such compensation.

 

3.10. Gross
Up for Taxes.

 

If
Borrower shall be required by Applicable Law to withhold or deduct any taxes from or in respect of any sum payable under this
Agreement or any of the Other Documents to Agent, or any Lender, assignee of any Lender, or Participant (each, individually, a
“Payee” and collectively, the “Payees”), (a) the sum payable to such Payee or Payees, as
the case may be, shall be increased as may be necessary so that, after making all required withholding or deductions, the applicable
Payee or Payees receives an amount equal to the sum it would have received had no such withholding or deductions been made (the
“Gross-Up Payment”), (b) Borrower shall make such withholding or deductions, and (c) Borrower shall pay the
full amount withheld or deducted to the relevant taxation authority or other authority in accordance with Applicable Law. Notwithstanding
the foregoing, Borrower shall not be obligated to make any portion of the Gross-Up Payment that is attributable to any withholding
or deductions that would not have been paid or claimed had the applicable Payee or Payees properly claimed a complete exemption
with respect thereto pursuant to Section 3.11 hereof.

 

3.11. Withholding
Tax Exemption.

 

(a) Each
Payee that is not incorporated under the Laws of the United States of America or a state thereof (and, upon the written request
of Agent, each other Payee) agrees that it will deliver to Borrower and Agent two (2) duly completed appropriate valid Withholding
Certificates (as defined under §1.1441-1(c)(16) of the Income Tax Regulations (“Regulations”)) certifying
its status (i.e., U.S. or foreign person) and, if appropriate, making a claim of reduced, or exemption from, U.S. withholding
tax on the basis of an income tax treaty or an exemption provided by the Code. The term “Withholding Certificate”
means a Form W-9; a Form W-8BEN; a Form W-8ECI; a Form W-8IMY and the related statements and certifications as required under
§1.1441-1(e)(2) and/or (3) of the Regulations; a statement described in §1.871-14(c)(2)(v) of the Regulations; or any
other certificates under the Code or Regulations that certify or establish the status of a payee or beneficial owner as a U.S.
or foreign person.

 

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(b) Each
Payee required to deliver to Borrower and Agent a valid Withholding Certificate pursuant to Section 3.11(a) hereof shall deliver
such valid Withholding Certificate as follows: (A) each Payee which is a party hereto on the Closing Date shall deliver such valid
Withholding Certificate at least five (5) Business Days prior to the first date on which any interest or fees are payable by Borrower
hereunder for the account of such Payee; (B) each Payee shall deliver such valid Withholding Certificate at least five (5) Business
Days before the effective date of such assignment or participation (unless Agent in its sole discretion shall permit such Payee
to deliver such Withholding Certificate less than five (5) Business Days before such date in which case it shall be due on the
date specified by Agent). Each Payee which so delivers a valid Withholding Certificate further undertakes to deliver to Borrower
and Agent two (2) additional copies of such Withholding Certificate (or a successor form) on or before the date that such Withholding
Certificate expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent Withholding
Certificate so delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably requested by
Borrower or Agent.

 

(c) Notwithstanding
the submission of a Withholding Certificate claiming a reduced rate of or exemption from U.S. withholding tax required under Section
3.11(b) hereof, Agent shall be entitled to withhold United States federal income taxes at the full 30% withholding rate if in
its reasonable judgment it is required to do so under the due diligence requirements imposed upon a withholding agent under §1.1441-7(b)
of the Regulations. Further, Agent is indemnified under §1.1461-1(e) of the Regulations against any claims and demands of
any Payee for the amount of any tax it deducts and withholds in accordance with regulations under §1441 of the Code.

 

 (d) If
a payment made to a Lender, Issuer, Participant or Agent under any Document would be subject to U.S. Federal withholding Tax imposed
by FATCA if such Person fails 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, Issuer, Participant or Agent shall deliver to Agent (in the case
of a Lender or Issuer) and Borrower (A) a certification signed by the chief financial officer, principal accounting officer, treasurer
or controller of such Person, and (B) other documentation reasonably requested by Agent or Borrower sufficient for Agent and Borrower
to comply with their obligations under FATCA and to determine that such Lender, Participant, Issuer, or Agent has complied with
such applicable reporting requirements.

 

3.12 Survival
of Obligations.

 

Borrower’s
obligations and the indemnifications under this Article III shall survive the termination of this Agreement.

 

ARTICLE
IV

COLLATERAL: GENERAL TERMS

 

4.1. Security
Interest in the Collateral.

 

To
secure the prompt payment and performance to Agent and each Lender of the Obligations, Borrower hereby assigns, pledges and grants
(and shall cause each of its Subsidiaries to assign, pledge and grant) to Agent for its benefit and for the ratable benefit of
each Lender a continuing security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter
acquired or arising and wheresoever located, which Lien may be subject to a Permitted Encumbrance. Borrower shall, and shall cause
each of its Subsidiaries to, mark its books and records as may be necessary or appropriate to evidence, protect and perfect Agent’s
security interest and shall cause its financial statements to reflect such security interest. Borrower shall promptly provide
Agent with written notice of all commercial tort claims, such notice to contain the case title together with the applicable court
and a brief description of the claim(s). Upon delivery of each such notice, Borrower shall be deemed to hereby grant to Agent
a security interest and lien in and to such commercial tort claims and all proceeds thereof.

 

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4.2. Perfection
of Security Interest.

 

Borrower
shall (and shall cause each of its Subsidiaries to) take, or cause to be taken, any and all action that may be necessary or desirable,
or that Agent may reasonably request, so as at all times to maintain the validity, perfection, enforceability and priority of
Agent’s security interest in and Lien on the Collateral or to enable Agent to protect, exercise or enforce its rights hereunder
and in the Collateral, including, but not limited to, (i) immediately discharging all Liens other than Permitted Encumbrances,
(ii) obtaining Lien Waiver Agreements, (iii) delivering to Agent, endorsed or accompanied by such instruments of assignment as
Agent may specify, and stamping or marking, in such manner as Agent may specify, any and all chattel paper, instruments, letters
of credits and advices thereof and documents evidencing or forming a part of the Collateral, (iv) entering into warehousing, lockbox
and other custodial arrangements satisfactory to Agent, and (v) executing and delivering financing statements, control agreements,
instruments of pledge, mortgages, notices and assignments, in each case in form and substance satisfactory to Agent, relating
to the creation, validity, perfection, maintenance or continuation of Agent’s security interest and Lien under the Uniform
Commercial Code or other Applicable Law. Agent is hereby authorized to file financing statements in accordance with the Uniform
Commercial Code as adopted in the State of New York from time to time. By its signature hereto, Borrower hereby authorizes Agent
to file against Borrower, one or more financing continuation or amendment statements pursuant to the Uniform Commercial Code in
form and substance satisfactory to Agent (which statements may have a description of collateral which is broader than that set
forth herein and which may describe the Collateral as “all assets” or “all personal property”). All charges,
expenses and fees Agent may incur in doing any of the foregoing, and any local taxes relating thereto, shall be charged to Borrower’s
Account as a Revolving Advance of a Domestic Rate Loan and added to the Obligations, or, at Agent’s option, shall be paid
to Agent for its benefit and for the ratable benefit of Lenders immediately upon demand.

 

4.3. Disposition
of Collateral.

 

(a) Borrower
shall (and cause each of its Subsidiaries to) reasonably safeguard and protect all Collateral for Agent’s general account
and make no disposition thereof whether by sale, lease or otherwise except (a) the sale of Inventory in the Ordinary Course of
Business and (b) the disposition or transfer of obsolete and worn-out Equipment in the Ordinary Course of Business during any
fiscal year having an aggregate fair market value, based upon Agent’s reasonable estimation), of not more than $500,000
and only to the extent that (i) the proceeds of any such disposition are used to acquire replacement Equipment which is subject
to Agent’s first priority security interest or (ii) the proceeds of which are remitted to Agent to be applied pursuant to
Section 2.21.

 

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(b) No
fees or charges shall apply to such prepayments other than those set forth in Section 13.1.

 

4.4. Preservation
of Collateral.

 

Following
the occurrence of a Default or Event of Default that is continuing in addition to the rights and remedies set forth in Section
11.1 hereof, Agent: (a) may at any time take such steps as Agent deems necessary to protect Agent’s interest in and to preserve
the Collateral, including the hiring of such security guards or the placing of other security protection measures as Agent may
deem appropriate; (b) may employ and maintain at any Credit Party’s premises a custodian who shall have full authority to
do all acts necessary to protect Agent’s interests in the Collateral; (c) may lease warehouse facilities to which Agent
may move all or part of the Collateral; (d) may use any Credit Party’s owned or leased lifts, hoists, trucks and other facilities
or equipment for handling or removing the Collateral; and (e) shall have, and is hereby granted, a right of ingress and egress
to the places where the Collateral is located, and may proceed over and through any of any Credit Party’s owned or leased
property. Each Credit Party shall cooperate fully with all of Agent’s efforts to preserve the Collateral and will take such
actions to preserve the Collateral as Agent may direct. All of Agent’s expenses of preserving the Collateral, including
any expenses relating to the bonding of a custodian, shall be charged to Borrower’s Account as a Revolving Advance maintained
as a Domestic Rate Loan and added to the Obligations.

 

4.5. Ownership
of Collateral.

 

(a) With
respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) a Credit Party shall
be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in
each and every item of the its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral shall be
free and clear of all Liens and encumbrances whatsoever; (ii) each document and agreement executed by a Credit Party or delivered
to Agent or any Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements
of a Credit Party that appear on such documents and agreements shall be genuine and such Credit Party shall have full capacity
to execute same; and (iv) the Credit Party’s Equipment and Inventory shall be located as set forth on Schedule 4.5 and shall
not be removed from such location(s) without the prior written consent of Agent except with respect to the sale of Inventory in
the Ordinary Course of Business and Equipment to the extent permitted in Section 4.3 hereof.

 

(b) (i) As
of the Closing Date, there is no location at which Borrower has any Inventory (except for Inventory in transit) or other Collateral
other than those locations listed on Schedule 4.5; (ii) Schedule 4.5 hereto contains a correct and complete list, as of the Closing
Date, of the legal names and addresses of each warehouse at which Inventory of Borrower is stored and each warehouseman, bailee
or other third party in possession of any of Borrower’s Inventory or Equipment; (iii) Schedule 4.5 hereto sets forth a correct
and complete list as of the Closing Date of (A) each place of business of Borrower and (B) the chief executive office of Borrower;
and (iv) Schedule 4.5 hereto sets forth a correct and complete list as of the Closing Date of the location, by state and street
address, of all Real Property owned or leased by Borrower, identifying which properties are owned and which are leased, together
with the names and addresses of any landlords.

 

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4.6. Defense
of Agent’s and Lenders’ Interests.

 

Until
(a) payment and performance in full of all of the Obligations and (b) termination of this Agreement, Agent’s interests in
the Collateral shall continue in full force and effect. During such period Borrower shall not (and shall not permit any of its
Subsidiaries to), without Agent’s prior written consent, pledge, sell (except Inventory in the Ordinary Course of Business
and Equipment to the extent permitted in Section 4.3 hereof), assign, transfer, create or suffer to exist a Lien upon or encumber
or allow or suffer to be encumbered in any way except for Permitted Encumbrances, any part of the Collateral. Borrower shall (and
shall cause each of its Subsidiaries to) defend Agent’s interests in the Collateral against any and all Persons whatsoever.
At any time following demand by Agent for payment of all Obligations, Agent shall have the right to take possession of the indicia
of the Collateral and the Collateral in whatever physical form contained, including, without limitation: labels, stationery, documents,
instruments and advertising materials. If Agent exercises this right to take possession of the Collateral, Borrower shall, upon
demand, assemble it in the best manner possible and make it available to Agent at a place reasonably convenient to Agent. In addition,
with respect to all Collateral, Agent and Lenders shall be entitled to all of the rights and remedies set forth herein and further
provided by the Uniform Commercial Code or other Applicable Law. Borrower shall (and shall cause each of its Subsidiaries to),
and Agent may, at its option, instruct all suppliers, carriers, forwarders, warehousers or others receiving or holding cash, checks,
Inventory, documents or instruments in which Agent holds a security interest to deliver same to Agent and/or subject to Agent’s
order and if they shall come into a Credit Party’s possession, they, and each of them, shall be held by such Credit Party
in trust as Agent’s trustee, and such Credit Party will immediately deliver them to Agent in their original form together
with any necessary endorsement.

 

4.7. Books
and Records.

 

Borrower
shall (and shall cause each of its Subsidiaries to) (a) keep proper books of record and account in which full, true and correct
entries will be made of all dealings or transactions of or in relation to its business and affairs which books and records shall
be kept at Borrower’s principal place of business or make such accessible to Agent at Borrower’s principal place of
business; (b) set up on its books accruals with respect to all taxes, assessments, charges, levies and claims; and (c) on a reasonably
current basis set up on its books, from its earnings, allowances against doubtful Receivables, advances and investments and all
other proper accruals (including, without limitation, by reason of enumeration, accruals for premiums, if any, due on required
payments and accruals for depreciation, obsolescence, or amortization of properties), which should be set aside from such earnings
in connection with its business. All determinations pursuant to this subsection shall be made in accordance with, or as required
by, GAAP consistently applied in the opinion of such independent public accountant as shall then be regularly engaged by Borrower.

 

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4.8. Financial
Disclosure.

 

Borrower
hereby irrevocably authorizes and directs all accountants and auditors employed by Borrower at any time during the Term to exhibit
and deliver to Agent and each Lender copies of any of Borrower’s financial statements, trial balances or other accounting
records of any sort in the accountant’s or auditor’s possession, and to disclose to Agent and each Lender any information
such accountants may have concerning any Credit Party’s financial status and business operations. Borrower hereby authorizes
all Governmental Bodies to furnish to Agent and each Lender copies of reports or examinations relating to Borrower or any of its
Subsidiaries, whether made by Borrower or any such Subsidiary or otherwise; however, Agent and each Lender will attempt to obtain
such information or materials directly from Borrower prior to obtaining such information or materials from such accountants or
Governmental Bodies.

 

4.9. Compliance
with Laws.

 

Borrower
shall (and shall cause each of its Subsidiaries to) comply in all material respects with all Applicable Laws with respect to the
Collateral or any part thereof or to the operation of any Credit Party’s business the non-compliance with which would have
a Material Adverse Effect. The Credit Parties may, however, contest or dispute any acts, regulations, orders and directions of
those bodies or officials in any reasonable manner, provided that any related Lien is inchoate or stayed and sufficient reserves
are established to the reasonable satisfaction of Agent to protect Agent’s Lien on or security interest in the Collateral.
The Collateral, at all times, shall be maintained in accordance with the requirements of all insurance carriers which provide
insurance with respect to the Collateral so that such insurance shall remain in full force and effect.

 

4.10. Inspection
of Premises; Appraisals.

 

At
all reasonable times Agent and each Lender shall have full access to and the right to audit, check, inspect and make abstracts
and copies from the Credit Parties’ books, records, audits, correspondence and all other papers relating to the Collateral
and the operation of the Credit Parties’ business. Agent, any Lender and their agents may enter upon any of the Credit Parties’
premises at any time during business hours and at any other reasonable time, and from time to time, for the purpose of inspecting
the Collateral and any and all records pertaining thereto and the operation of the Credit Parties’ business and discussing
the affairs, finances and business of the Credit Parties with any officers and directors of any Credit Party or with the Accountants.
At the sole cost of Borrower, Agent will conduct no more than four field examinations per year in the absence of a Default. If
an Event of Default exists Agent may conduct appraisals (whether real estate appraisals, appraisals of Inventory or appraisals
of Equipment) at Borrower’s expense.

 

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4.11. Insurance.

 

The
assets and properties of the Credit Parties at all times shall be maintained in accordance with the material requirements (unless
failure to comply with a non-material requirement would result in the cancellation of the insurance) of all insurance carriers
which provide insurance with respect to the assets and properties of the Credit Parties so that such insurance shall remain in
full force and effect. The Credit Parties shall bear the full risk of any loss of any nature whatsoever with respect to the Collateral.
At the Credit Parties’ own cost and expense in amounts and with carriers acceptable to Agent, the Credit Parties shall (a)
keep all its insurable properties and properties in which the Credit Parties have an interest (including leased premises) insured
against the hazards of fire, flood, sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards,
and for such amounts, as is customary in the case of companies engaged in businesses similar to the Credit Parties’ including,
without limitation, business interruption insurance; (b) maintain a bond or insurance policy in such amounts as is customary in
the case of companies engaged in businesses similar to the Credit Parties insuring against larceny, embezzlement or other criminal
misappropriation of insured’s officers and employees who may either singly or jointly with others at any time have access
to the assets or funds of any Credit Parties either directly or through authority to draw upon such funds or to direct generally
the disposition of such assets; (c) maintain public and product liability insurance against claims for personal injury, death
or property damage suffered by others; (d) maintain all such worker’s compensation or similar insurance as may be required
under the laws of any state or jurisdiction in which such Credit Parties is engaged in business; (e) furnish Agent with (i) copies
of all policies and evidence of the maintenance of such policies by the renewal thereof at least thirty (30) days before any expiration
date, and (ii) appropriate loss payable endorsements in form and substance satisfactory to Agent, naming Agent as a lender loss
payee as its interests may appear with respect to all insurance coverage referred to in clauses (a) and (c) above, and providing
(A) that all proceeds thereunder shall be payable to Agent or the applicable Credit Party, (B) no such insurance shall be affected
by any act or neglect of the insured or owner of the property described in such policy, and (C) that such policy and loss payable
clauses may not be cancelled, amended or terminated unless at least twenty (20) days’ prior written notice is given to Agent.
Without limiting the foregoing, Borrower shall, and shall cause each of its Subsidiaries to, maintain insurance of such type and
in such amounts as may be required by Applicable Law. In the event of any loss thereunder, the carriers named therein hereby are
directed by Agent and the Credit Parties to make payment for such loss to Agent and not to the Credit Parties and Agent jointly.
If any insurance losses are paid by check, draft or other instrument payable to the Credit Parties and Agent jointly, Agent may
endorse the Credit Parties’ name thereon and do such other things as Agent may deem advisable to reduce the same to cash.
If any payment for such loss is made to the Credit Parties and not Agent, the Credit Parties shall turn over such payment to Agent.
Agent is hereby authorized to adjust and compromise claims under insurance coverage referred to in clauses (a) and (b) above,
provided, however, the applicable Credit Party shall have six (6) months from the date of the loss to adjust and
compromise such claims prior to such authorization for any such claim. All loss recoveries received by Agent upon any such insurance
may be applied to the Obligations, in such order as Agent in its reasonable discretion shall determine. Any surplus shall be paid
by Agent to the Credit Parties or applied as may be otherwise required by law. Any deficiency thereon shall be paid by the Credit
Parties to Agent, on demand. Anything hereinabove to the contrary notwithstanding, and subject to the fulfillment of the conditions
set forth below, Agent shall remit to Borrower insurance proceeds received by Agent during any calendar year under insurance policies
procured and maintained by Borrower which insure Credit Parties’ insurable properties to the extent such insurance proceeds
do not exceed $250,000 in the aggregate during such calendar year or $250,000 per occurrence. In the event the amount of insurance
proceeds received by Agent for any occurrence exceeds $250,000, then Agent shall not be obligated to remit the insurance proceeds
to Borrower unless Borrower shall provide Agent with evidence reasonably satisfactory to Agent that the insurance proceeds will
be used by the applicable Credit Party to repair, replace or restore the insured property which was the subject of the insurable
loss. In the event the Credit Parties have previously received (or, after giving effect to any proposed remittance by Agent to
Borrower would receive) insurance proceeds which equal or exceed $25,000 in the aggregate during any calendar year, then Agent
may, in its sole discretion, either remit the insurance proceeds to Borrower upon Borrower providing Agent with evidence reasonably
satisfactory to Agent that the insurance proceeds will be used by the applicable Credit Party to repair, replace or restore the
insured property which was the subject of the insurable loss, or apply the proceeds to the Obligations, as aforesaid. The agreement
of Agent to remit insurance proceeds in the manner above provided shall be subject in each instance to satisfaction of each of
the following conditions: (x) No Event of Default or Default shall then have occurred, and (y) the applicable Credit Party shall
use such insurance proceeds to repair, replace or restore the insurable property which was the subject of the insurable loss and
for no other purpose.

 

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4.12. Failure
to Pay Insurance.

 

If
any Credit Party fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if Agent so elects, may
obtain such insurance and pay the premium therefor on behalf of Borrower, and charge Borrower’s Account therefor as a Revolving
Advance of a Domestic Rate Loan and such expenses so paid shall be part of the Obligations.

 

4.13. Payment
of Taxes.

 

Each
Credit Party will pay, when due, all taxes, assessments and other Charges lawfully levied or assessed upon Borrower or any of
the Collateral including, without limitation, real and personal property taxes, assessments and charges and all franchise, income,
employment, social security benefits, withholding, and sales taxes, except for such taxes, assessments and other Charges
contested in good faith provided that adequate reserves are maintained for such amounts provided, nevertheless, that in no event
shall such amount exceed $75,000 at any one time. If any tax by any Governmental Body is or may be imposed on or as a result of
any transaction between any Credit Party and Agent or any Lender which Agent or any Lender may be required to withhold or pay
or if any taxes, assessments, or other Charges remain unpaid after the date fixed for their payment, or if any claim shall be
made which, in Agent’s or any Lender’s opinion, may possibly create a valid Lien on the Collateral, Agent may without
notice to any Credit Party pay the taxes, assessments or other Charges and Borrower hereby indemnifies and holds Agent and each
Lender harmless in respect thereof. The amount of any payment by Agent under this Section 4.13 shall be charged to Borrower’s
Account as a Revolving Advance maintained as a Domestic Rate Loan and added to the Obligations and, until Borrower shall furnish
Agent with an indemnity therefor (or supply Agent with evidence satisfactory to Agent that due provision for the payment thereof
has been made), Agent may hold without interest any balance standing to Borrower’s credit and Agent shall retain its security
interest in and Lien on any and all Collateral held by Agent.

 

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4.14. Payment
of Leasehold Obligations.

 

Borrower
shall (and shall cause each of its Subsidiaries to) at all times pay, when and as due, its rental obligations under all leases
under which it is a tenant, and shall otherwise comply, in all material respects, with all other terms of such leases and keep
them in full force and effect and, at Agent’s request will provide evidence of having done so.

 

4.15. Receivables.

 

(a) Nature
of Receivables.

 

Each
of the Receivables shall be a bona fide and valid account representing a bona fide indebtedness incurred by the Customer therein
named, for a fixed sum as set forth in the invoice relating thereto (provided immaterial or unintentional invoice errors shall
not be deemed to be a breach hereof) with respect to an absolute sale or lease and delivery of goods upon stated terms of the
applicable Credit Party, or work, labor or services theretofore rendered by the applicable Credit Party as of the date each Receivable
is created. Same shall be due and owing in accordance with the applicable Credit Party’s standard terms of sale without
dispute, setoff or counterclaim except as may be stated on the accounts receivable schedules delivered by Borrower to Agent. The
Acceptable Unbilled Amounts shall relate to work done, Inventory sold or services rendered which would constitute Eligible Receivables
but for the fact that the amount in question has not yet been billed.

 

(b) Solvency
of Customers.

 

Each
Customer, to the best of each Credit Party’s reasonable knowledge, as of the date each Receivable is created, is and will
be solvent and able to pay all Receivables on which the Customer is obligated in full when due or with respect to such Customers
of Borrower who are not solvent Borrower has set up on its books and in its financial records bad debt reserves adequate to cover
such Receivables.

 

(c) Location
of Borrower.

 

Borrower’s
chief executive office is located at the address set forth on Schedule 4.5. Until written notice is given to Agent by Borrower
of any other office at which Borrower keeps its records pertaining to Receivables, all such records shall be kept at such executive
office.

 

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(d) Collection
of Receivables.

 

Until
Borrower’s authority to do so is terminated by Agent (which notice Agent may give at any time following the occurrence of
an Event of Default that has not been waived or cured or when Agent in its sole discretion deems it to be in Lenders’ best
interest to do so), Borrower will, at Borrower’s sole cost and expense, but on Agent’s behalf and for Agent’s
account, collect as Agent’s property and in trust for Agent all amounts received on Receivables, and shall not commingle
such collections with Borrower’s funds or use the same except to pay Obligations. Borrower shall deposit in the Blocked
Account or, upon request by Agent, deliver to Agent, in original form and on the date of receipt thereof, all checks, drafts,
notes, money orders, acceptances, cash and other evidences of Indebtedness.

 

(e) Notification
of Assignment of Receivables.

 

At
any time following the occurrence of an Event of Default or a Default that is continuing, that has not been waived or cured, Agent
shall have the right to send notice of the assignment of, and Agent’s security interest in and Lien on, the Receivables
to any and all Customers or any third party holding or otherwise concerned with any of the Collateral. Thereafter, Agent shall
have the sole right to collect the Receivables, take possession of the Collateral, or both. Agent’s actual collection expenses,
including, but not limited to, stationery and postage, telephone and facsimile, secretarial and clerical expenses and the salaries
of any collection personnel used for collection, may be charged to Borrower’s Account and added to the Obligations.

 

(f) Power
of Agent to Act on Borrower’s Behalf.

 

Agent
shall have the right to receive, endorse, assign and/or deliver in the name of Agent or Borrower any and all checks, drafts and
other instruments for the payment of money relating to the Receivables, and Borrower hereby waives notice of presentment, protest
and non-payment of any instrument so endorsed. Borrower hereby constitutes Agent or Agent’s designee as Borrower’s
attorney with power (i) to endorse Borrower’s name upon any notes, acceptances, checks, drafts, money orders or other evidences
of payment or Collateral; (ii) to sign Borrower’s name on any invoice or bill of lading relating to any of the Receivables,
drafts against Customers, assignments and verifications of Receivables; (iii) to send verifications of Receivables to any Customer;
(iv) to sign Borrower’s name on all documents or instruments deemed necessary or appropriate by Agent to preserve, protect,
or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the Receivables; (vi) to enforce
payment of the Receivables by legal proceedings or otherwise; (vii) to exercise all of Borrower’s rights and remedies with
respect to the collection of the Receivables and any other Collateral; (viii) to settle, adjust, compromise, extend or renew the
Receivables; (ix) to settle, adjust or compromise any legal proceedings brought to collect Receivables; (x) to prepare, file and
sign Borrower’s name on a proof of claim in bankruptcy or similar document against any Customer; (xi) to prepare, file and
sign Borrower’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the
Receivables; and (xii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee
are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor
for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence (as determined
by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable
while any of the Obligations remain unpaid. Agent shall have the right at any time following the occurrence of an Event of Default
or Default, to change the address for delivery of mail addressed to Borrower to such address as Agent may designate and to receive,
open and dispose of all mail addressed to Borrower.

 

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(g) No
Liability.

 

Neither
Agent nor any Lender shall, under any circumstances or in any event whatsoever, have any liability for any error or omission or
delay of any kind occurring in the settlement, collection or payment of any of the Receivables or any instrument received in payment
thereof, or for any damage resulting therefrom. Following the occurrence of an Event of Default or Default Agent may, without
notice or consent from Borrower, sue upon or otherwise collect, extend the time of payment of, compromise or settle for cash,
credit or upon any terms any of the Receivables or any other securities, instruments or insurance applicable thereto and/or release
any obligor thereof. Agent is authorized and empowered to accept following the occurrence of an Event of Default or Default that
is continuing, the return of the goods represented by any of the Receivables, without notice to or consent by Borrower, all without
discharging or in any way affecting Borrower’s liability hereunder.

 

(h) Establishment
of a Cash Management System.

 

Except
as otherwise provided in this Agreement, all proceeds of Collateral shall be deposited by each Credit Party into either (i) a
lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established
at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked
Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”)
established at Agent for the deposit of such proceeds. Each Credit Party, Agent and each Blocked Account Bank shall enter into
a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank to transfer
such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to
appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and
each Credit Party shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited.
Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and
satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment
accounts of Borrower and its Subsidiaries are set forth on Schedule 4.15(h). Notwithstanding the foregoing, a deposit account
control agreement is not required for a Canadian account of any Credit Party provided that any amount in excess of $500,000 in
any such account must be used to pay down Revolving Advances within twenty (20) days.

 

(i) Adjustments.

 

No
Credit Party will permit, without Agent’s consent, compromise or adjust any material amount of the Receivables (or extend
the time for payment thereof) or accept any material returns of merchandise or grant any additional discounts, allowances or credits
thereon except for those compromises, adjustments, returns, discounts, credits and allowances as have been heretofore customary
in the business of the Credit Parties.

 

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4.16. Inventory.

 

To
the extent Inventory held for sale or lease has been produced by a Credit Party, it has been and will be produced by such Credit
Party in accordance with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder.

 

4.17. Maintenance
of Equipment.

 

The
Equipment shall be maintained in good operating condition and repair (reasonable wear and tear excepted) and all necessary replacements
of and repairs thereto shall be made so that the value and operating efficiency of the Equipment shall be maintained and preserved.
Borrower will not, and will not permit any Credit Party to, use or operate the Equipment in violation of any law, statute, ordinance,
code, rule or regulation. Borrower and the other Credit Parties shall have the right to sell Equipment to the extent set forth
in Section 4.3 hereof.

 

4.18. Exculpation
of Liability.

 

Nothing
herein contained shall be construed to constitute Agent or any Lender as agent for any Credit Party for any purpose whatsoever,
nor shall Agent or any Lender be responsible or liable for any shortage, discrepancy, damage, loss or destruction of any part
of the Collateral wherever the same may be located and regardless of the cause thereof. Neither Agent nor any Lender, whether
by anything herein or in any assignment or otherwise, assume any Credit Party’s obligations under any contract or agreement
assigned to Agent or such Lender, and neither Agent nor any Lender shall be responsible in any way for the performance by any
Credit Party of any of the terms and conditions thereof.

 

4.19. Environmental
Matters.

 

(a) Except
as disclosed on Schedule 5.7, Borrower shall, and shall cause each other Credit Party to, ensure that the Real Property owned
or leased by Borrower remains in compliance with all Environmental Laws and they shall not place or permit to be placed any Hazardous
Substances on any Real Property except as permitted by Applicable Law or appropriate governmental authorities or other than where
such failure to comply would have a Material Adverse Effect.

 

(b) Borrower
shall, and shall cause each of the other Credit Parties to, establish and maintain a system to assure and monitor continued compliance
with all applicable Environmental Laws which system shall include periodic reviews of such compliance, the failure of which would
have a Material Adverse Effect.

 

(c) Borrower
shall, and shall cause each of the other Credit Parties to, (i) employ in connection with the use of the Real Property appropriate
technology necessary to maintain compliance with any applicable Environmental Laws and (ii) dispose of any and all Hazardous Waste
generated at the Real Property only at facilities and with carriers that maintain valid permits under RCRA and any other applicable
Environmental Laws the failure of which would have a Material Adverse Effect. Borrower shall use its best efforts to obtain certificates
of disposal, such as hazardous waste manifest receipts, from all treatment, transport, storage or disposal facilities or operators
employed by any Credit Party in connection with the transport or disposal of any Hazardous Waste generated at the Real Property.

 

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(d) In
the event any Credit Party obtains, gives or receives notice of any Release or threat of Release of a reportable quantity of any
Hazardous Substances at the Real Property (any such event being hereinafter referred to as a “Hazardous Discharge”)
or receives any notice of violation, request for information or notification that it is potentially responsible for investigation
or cleanup of environmental conditions at the Real Property, demand letter or complaint, order, citation, or other written notice
with regard to any Hazardous Discharge or violation of Environmental Laws affecting the Real Property or any Credit Party’s
interest therein (any of the foregoing is referred to herein as an “Environmental Complaint”) from any Person
other than that would have Material Adverse Effect, including any state agency responsible in whole or in part for environmental
matters in the state in which the Real Property is located or the United States Environmental Protection Agency (any such person
or entity hereinafter the “Authority”), then Borrower shall, within five (5) Business Days, give written notice
of same to Agent detailing facts and circumstances of which Borrower or any other Credit Party is aware giving rise to the Hazardous
Discharge or Environmental Complaint. Such information is to be provided to allow Agent to protect its security interest in and
Lien on the Real Property and the Collateral and is not intended to create nor shall it create any obligation upon Agent or any
Lender with respect thereto.

 

(e) Borrower
shall promptly forward to Agent copies of any request for information, notification of potential liability, demand letter relating
to potential responsibility that could have a Material Adverse Effect with respect to the investigation or cleanup of Hazardous
Substances at any other site owned, operated or used by any Credit Party to dispose of Hazardous Substances and shall continue
to forward copies of correspondence between such Credit Party and the Authority regarding such claims to Agent until the claim
is settled. Borrower shall promptly forward to Agent copies of all documents and reports concerning a Hazardous Discharge at the
Real Property that any Credit Party is required to file under any Environmental Laws. Such information is to be provided solely
to allow Agent to protect Agent’s security interest in and Lien on the Real Property and the Collateral.

 

(f) Borrower
shall respond promptly to any Hazardous Discharge or Environmental Complaint that could have a Material Adverse Effect and take
all necessary action in order to safeguard the health of any Person and to avoid subjecting the Collateral or Real Property to
any Lien. If any Credit Party shall fail to respond promptly to any Hazardous Discharge or Environmental Complaint or any Credit
Party shall fail to comply with any of the requirements of any Environmental Laws that could have a Material Adverse Effect, Agent
on behalf of Lenders may, but without the obligation to do so, for the sole purpose of protecting Agent’s interest in the
Collateral: (A) give such notices or (B) enter onto the Real Property (or authorize third parties to enter onto the Real Property)
and take such actions as Agent (or such third parties as directed by Agent) deem reasonably necessary or advisable, to clean up,
remove, mitigate or otherwise deal with any such Hazardous Discharge or Environmental Complaint. All reasonable costs and expenses
incurred by Agent and Lenders (or such third parties) in the exercise of any such rights, including any sums paid in connection
with any judicial or administrative investigation or proceedings, fines and penalties, together with interest thereon from the
date expended at the Default Rate for Domestic Rate Loans constituting Revolving Advances shall be paid upon demand by Borrower,
and until paid shall be added to and become a part of the Obligations secured by the Liens created by the terms of this Agreement
or any other agreement between Agent, any Lender and Borrower.

 

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(g) Promptly
upon the written request of Agent from time to time, Borrower shall provide Agent, at Borrower’s expense, with an environmental
site assessment or environmental audit report prepared by an environmental engineering firm acceptable in the reasonable opinion
of Agent upon the occurrence of a Material Adverse Effect, to assess with a reasonable degree of certainty the existence of a
Hazardous Discharge and the potential costs in connection with abatement, cleanup and removal of any Hazardous Substances found
on, under, at or within the Real Property. Any report or investigation of such Hazardous Discharge proposed and acceptable to
an appropriate Authority that is charged to oversee the clean-up of such Hazardous Discharge shall be acceptable to Agent. If
such estimates, individually or in the aggregate, exceed $100,000 (other than estimates previously disclosed to Agent), Agent
shall have the right to require Borrower or any other Credit Party, as applicable, to post a bond, letter of credit or other security
reasonably satisfactory to Agent to secure payment of these costs and expenses.

 

(h) Borrower
shall defend and indemnify Agent and Lenders and hold Agent, Lenders and their respective employees, agents, directors and officers
harmless from and against all loss, liability, damage and expense, claims, costs, fines and penalties, including attorney’s
fees, suffered or incurred by Agent or Lenders under or on account of any Environmental Laws, including, without limitation, the
assertion of any Lien thereunder, with respect to any Hazardous Discharge, the presence of any Hazardous Substances affecting
the Real Property, whether or not the same originates or emerges from the Real Property or any contiguous real estate, including
any loss of value of the Real Property as a result of the foregoing except to the extent such loss, liability, damage and expense
is attributable to any Hazardous Discharge resulting from actions on the part of Agent or any Lender. Borrower’s obligations
under this Section 4.19 shall arise upon the discovery of the presence of any Hazardous Substances at the Real Property, whether
or not any federal, state, or local environmental agency has taken or threatened any action in connection with the presence of
any Hazardous Substances. Borrower’s obligation and the indemnifications hereunder shall survive the termination of this
Agreement.

 

(i) For
purposes of Section 4.19 and 5.7, all references to Real Property shall be deemed to include all of Borrower’s right, title
and interest in and to its owned and leased premises.

 

4.20. Financing
Statements.

 

Except
as respects the financing statements filed by Agent and the financing statements relating to Permitted Encumbrances or described
on Schedule 1.2, no financing statement covering any of the Collateral or any proceeds thereof is on file in any public office.

 

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4.21. Voting
Rights in Respect of Subsidiary Stock Pledged to Agent.

 

(a) So
long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, Borrower may exercise any and
all voting and other consensual rights pertaining to the Subsidiary Stock of Borrower pledged to Agent or any part thereof for
any purpose not inconsistent with the terms of this Agreement; and

 

(b) Upon
the occurrence and during the continuance of an Event of Default and following written notice by Agent, all rights of Borrower
to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to paragraph (a)
of this Section shall cease and all such rights shall thereupon become vested in Agent which shall then have the sole right to
exercise such voting and other consensual rights.

 

4.22. Dividend
and Distribution Rights in Respect of Subsidiary Shares Pledged to Agent.

 

(a) So
long as no Event of Default shall have occurred and be continuing, Borrower may receive and retain any and all dividends (other
than stock or ownership interest dividends and other dividends constituting Subsidiary Stock pledged to Agent which are addressed
herein), distributions or interest paid in respect of the Subsidiary Stock pledged to Agent to the extent they are allowed under
this Agreement.

 

(b) Upon
the occurrence and during the continuation of an Event of Default:

 

(A) all
rights of Borrower to receive the dividends, distributions and interest payments which it would otherwise be authorized to receive
and retain pursuant to paragraph (a) of this Section shall cease and all such rights shall thereupon be vested in Agent which
shall then have the sole right to receive and hold as Subsidiary Stock such dividends, distributions and interest payments; and

 

(B) all
dividends, distributions and interest payments which are received by Borrower contrary to the provisions of clause (A) of this
paragraph (b) shall be received in trust for the benefit of Agent, shall be segregated from other property or funds of Borrower,
and shall be forthwith paid over to Agent as Subsidiary Stock in the exact form received, to be held by Agent as Subsidiary Stock
and as further collateral security for the Obligations.

 

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ARTICLE
V

REPRESENTATIONS AND WARRANTIES

 

Borrower
represents and warrants as follows:

 

5.1. Authority.

 

Each
Credit Party has full power, authority and legal right to enter into this Agreement and the Other Documents to which it is a party
and to perform all its respective Obligations hereunder and thereunder, in each case to the extent that such Person is a party
thereto. This Agreement and the Other Documents have been duly executed and delivered by each Credit Party, and this Agreement
and the Other Documents constitute the legal, valid and binding obligation of such Credit Party enforceable in accordance with
their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium, fraudulent transfer
or conveyance or similar laws affecting creditors’ rights generally and limits imposed by equitable principles. The execution,
delivery and performance of this Agreement and of the Other Documents by each Credit Party (a) are within such Credit Party’s
corporate powers, have been duly authorized by all necessary corporate action, are not in contravention of law or the terms of
such Credit Party’s by-laws, certificate of incorporation or other applicable documents relating to each Credit Party’s
formation or to the conduct of such Credit Party’s business or of any material agreement or undertaking to which such Credit
Party is a party or by which such Credit Party is bound, (b) will not conflict with or violate any law or regulation, or any judgment,
order or decree of any Governmental Body, (c) will not require the Consent of any Governmental Body or any other Person, except
those Consents set forth on Schedule 5.1 hereto, all of which will have been duly obtained, made or compiled prior to the Closing
Date and which are in full force and effect and (d) will not conflict with, nor result in any breach in any of the provisions
of or constitute a default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of any Credit
Party under the provisions of any agreement, charter document, instrument, by-law, or other instrument to which such Credit Party
is a party or by which it or its property is a party or by which it may be bound.

 

5.2. Formation
and Qualification.

 

(a) Each
Credit Party is duly incorporated and in good standing under the laws of the state indicated on Schedule 5.2(a) and is qualified
to do business and is in good standing in the states indicated on Schedule 5.2(a) which constitute all states in which qualification
and good standing are necessary for such Credit Party to conduct its business and own its property and where the failure to so
qualify could reasonably be expected to have a Material Adverse Effect. Each Credit Party has delivered to Agent true and complete
copies of its certificate of incorporation and by-laws and will promptly notify Agent of any amendment or changes thereto.

 

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(b) As
of the Closing Date, the only Subsidiaries of Borrower are listed on Schedule 5.2(b). As of the Closing Date, the Persons identified
on Schedule 5.2(b) are the record and beneficial owners of all of the shares of Capital Stock of each of the Subsidiaries of Borrower
listed on Schedule 5.2(b) as being owned by thereby, there are no proxies, irrevocable or otherwise, with respect to such shares
other than as set forth on Schedule 5.2(b), and, except as set forth on Schedule 5.2(b) no equity securities of any of such Persons
are or may become required to be issued by reason of any options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, shares of any Capital Stock
of any such Person, and there are no contracts, commitments, understandings or arrangements by which any such Person is or may
become bound to issue additional shares of its Capital Stock or securities convertible into or exchangeable for such shares. All
of the shares owned by Borrower are owned free and clear of any Liens other than Permitted Encumbrances.

 

5.3. Survival
of Representations and Warranties.

 

All
representations and warranties of Borrower contained in this Agreement and the Other Documents shall be true at the time of Borrower’s
execution of this Agreement and the Other Documents, and shall survive the execution, delivery and acceptance thereof by the parties
thereto and the closing of the transactions described therein or related thereto.

 

5.4. Tax
Returns.

 

Each
Credit Party’s federal tax identification number is set forth on Schedule 5.4. Each Credit Party has filed all federal,
state and local tax returns and other reports it is required by law to file and has paid all taxes, assessments, fees and other
governmental charges that are due and payable other than those contested in good faith for which reserves have been established
except as disclosed on Schedule 5.4. The provision for taxes on the books of the Credit Parties is adequate for all years not
closed by applicable statutes, and for its current fiscal year, and Borrower has no knowledge of any deficiency or additional
assessment in connection therewith not provided for on its books.

 

5.5. Financial
Statements.

 

The
consolidated and consolidating balance sheets of Borrower, its Subsidiaries and such other Persons described therein (including
the accounts of all Subsidiaries for the respective periods during which a subsidiary relationship existed), as of December 31,
2019, and the related statements of income, changes in stockholder’s equity, and changes in cash flow for the period ended
on such date, all accompanied by reports thereon containing opinions without qualification by independent certified accountants,
copies of which have been delivered to Agent, have been prepared in accordance with GAAP, consistently applied (except for changes
in application to which such accountants concur) and present fairly the financial position of Borrower and its Subsidiaries at
such date and the results of their operations for such period. Since December 31, 2019, other than receipt by Borrower of a PPP
loan, there has been no material change in the condition, financial or otherwise, of Borrower or its Subsidiaries as shown on
the consolidated balance sheet as of such date and no change in the aggregate value of machinery, equipment and Real Property
owned by Borrower and its Subsidiaries, except changes in the Ordinary Course of Business, none of which individually or in the
aggregate has been materially adverse.

 

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5.6. Entity
Name and Locations.

 

Borrower
has not been known by any other corporate name in the past five years and does not sell Inventory under any other name except
as set forth on Schedule 5.6, nor has Borrower been the surviving corporation of a merger or consolidation or acquired all or
substantially all of the assets of any Person during the preceding five (5) years.

 

5.7. O.S.H.A.
and Environmental Compliance.

 

(a) Except
as disclosed on Schedule 5.7, each Credit Party has duly complied with, and its operating facilities, business, assets, property,
leaseholds, Real Property and Equipment are in compliance in all material respects with, the provisions of the Federal Occupational
Safety and Health Act, the Environmental Protection Act, RCRA and all other Environmental Laws, the failure of which would have
a Material Adverse Effect and all judgments, decrees and other enforcement orders and directives relating thereto; there have
been no outstanding citations, notices or orders of non-compliance issued to any Credit Party or relating to its business, assets,
property, leaseholds or Equipment under any such laws, rules or regulations that could have a Material Adverse Effect; provided
however, that the representatives and warranties contained in this Section 5.7(a) as to the Credit Parties to be acquired in the
Transactions are made only to Borrower’s knowledge.

 

(b) Except
as disclosed on Schedule 5.7, each Credit Party has been issued for the conduct of its business and activities all required federal,
state and local licenses, certificates or permits relating to all applicable Environmental Laws, each of which is in effect, the
failure of which could have a Material Adverse Effect.

 

(c) Except
as disclosed on Schedule 5.7, there are no facts which suggest, and (i) there are no visible signs of releases, spills, discharges,
leaks or disposal (collectively referred to as “Releases”) of Hazardous Substances at, upon, under or within
any Real Property or any premises leased by Borrower that could have a Material Adverse Effect; (ii) there are no underground
storage tanks or polychlorinated biphenyls on the Real Property or any premises leased by Borrower; (iii) neither the Real Property
nor any premises leased by Borrower has ever been used as a treatment, storage or disposal facility of Hazardous Waste; and (iv)
no Hazardous Substances are present on the Real Property or any premises leased by Borrower that would have a Material Adverse
Effect, excepting such quantities as are handled in accordance with all applicable manufacturer’s instructions and governmental
regulations and in proper storage containers and as are necessary for the operation of the commercial business of Borrower or
of its tenants.

 

5.8. Solvency;
No Litigation, Violation, Indebtedness or Default.

 

(a) Borrower,
on a consolidated basis, is now and, after giving effect to the Transactions will be, solvent, able to pay its debts as they mature,
has and, after giving effect to the Transactions, will have, capital sufficient to carry on its business and all businesses in
which it is about to engage, and (i) as of the Closing Date, the fair present saleable value of its assets, on a consolidated
basis, calculated on a going concern basis, is in excess of the amount of Borrower’s and its Subsidiaries’ liabilities
and (ii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) will be in
excess of the amount of its liabilities.

 

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(b) Except
as disclosed on Schedule 5.8(b), no Credit Party has any (i) pending or threatened litigation, arbitration, actions or proceedings
that could have a Material Adverse Effect, and (ii) liabilities or indebtedness for borrowed money other than the Obligations.

 

(c) Except
as disclosed on Schedule 5.8(c), no Credit Party is in violation of any applicable statute, law, rule, regulation or ordinance
in any respect which would have a Material Adverse Effect, nor is any Credit Party in violation of any order of any court, Governmental
Body or arbitration board or tribunal that could have a Material Adverse Effect.

 

(d) Neither
Borrower nor any member of the Controlled Group maintains or contributes to any Plan other than as of the Closing Date, those
listed on Schedule 5.8(d) hereto and thereafter, as permitted under this Agreement. Except as set forth on Schedule 5.8(d), to
Borrower’s knowledge, (i) no Plan has incurred any “accumulated funding deficiency,” as defined in Section 302(a)(2)
of ERISA and Section 412(a) of the Code, whether or not waived, and Borrower and each member of the Controlled Group has met all
applicable minimum funding requirements under Section 302 of ERISA in respect of each Plan; (ii) each Plan which is intended to
be a qualified plan under Section 401(a) of the Code as currently in effect has been determined by the Internal Revenue Service
to be qualified under Section 401(a) of the Code and the trust related thereto is exempt from federal income tax under Section
501(a) of the Code; (iii) neither Borrower nor any member of the Controlled Group has incurred any liability to the PBGC other
than for the payment of premiums, and there are no premium payments which have become due which are unpaid; (iv) no Plan has been
terminated by the plan administrator thereof nor by the PBGC, and there is no occurrence which would cause the PBGC to institute
proceedings under Title IV of ERISA to terminate any Plan; (v) at this time, the current value of the assets of each Plan exceeds
the present value of the accrued benefits and other liabilities of such Plan and neither Borrower nor any member of the Controlled
Group knows of any facts or circumstances which would materially change the value of such assets and accrued benefits and other
liabilities; (vi) neither Borrower nor any member of the Controlled Group has breached any of the responsibilities, obligations
or duties imposed on it by ERISA with respect to any Plan; (vii) neither Borrower nor any member of a Controlled Group has incurred
any liability for any excise tax arising under Section 4972 or 4980B of the Code, and no fact exists which could give rise to
any such liability; (viii) neither Borrower nor any member of the Controlled Group nor any fiduciary of, nor any trustee to, any
Plan, has engaged in a “prohibited transaction” described in Section 406 of the ERISA or Section 4975 of the Code
nor taken any action which would constitute or result in a Termination Event with respect to any such Plan which is subject to
ERISA; (ix) Borrower and each member of the Controlled Group has made all contributions due and payable with respect to each Plan;
(x) there exists no event described in Section 4043(b) of ERISA, for which the thirty (30) day notice period has not been waived;
(xi) neither Borrower nor any member of the Controlled Group has any fiduciary responsibility for investments with respect to
any plan existing for the benefit of persons other than employees or former employees of Borrower and any member of the Controlled
Group; (xii) neither Borrower nor any member of the Controlled Group maintains or contributes to any Plan which provides health,
accident or life insurance benefits to former employees, their spouses or dependents, other than in accordance with Section 4980B
of the Code; (xiii) neither Borrower nor any member of the Controlled Group has withdrawn, completely or partially, from any Multiemployer
Plan so as to incur liability under the Multiemployer Pension Plan Amendments Act of 1980; and (xiv) no Plan fiduciary (as defined
in Section 3(21) of ERISA) has any material liability for breach of fiduciary duty or for any failure in connection with the administration
or investment of the assets of a Plan.

 

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5.9. Patents,
Trademarks, Copyrights and Licenses.

 

All
patents, patent applications, trademarks, trademark applications, service marks, service mark applications, copyrights, copyright
applications, design rights, tradenames, assumed names, trade secrets and licenses owned or utilized by each Credit Party are
set forth on Schedule 5.9, are valid and have been duly registered or filed with all appropriate Governmental Bodies and constitute
all of the intellectual property rights which are necessary for the operation of its business; there is no objection to or pending
challenge to the validity of any such patent, trademark, copyright, design rights, tradename, trade secret or license and Borrower
is not aware of any grounds for any challenge, except as set forth in Schedule 5.9 hereto. Each patent, patent application, patent
license, trademark, trademark application, trademark license, service mark, service mark application, service mark license, design
rights, copyright, copyright application and copyright license owned or held by each Credit Party and all trade secrets used by
each Credit Party consist of original material or property developed by such Credit Party or was lawfully acquired by such Credit
Party from the proper and lawful owner thereof. Each of such items has been maintained so as to preserve the value thereof from
the date of creation or acquisition thereof. With respect to all software used by any Credit Party, such Credit Party is in possession
of all source and object codes related to each piece of software or is the beneficiary of a source code escrow agreement, each
such source code escrow agreement being listed on Schedule 5.9 hereto.

 

5.10. Licenses
and Permits.

 

Except
as set forth on Schedule 5.10, each Credit Party (a) is in compliance with and (b) has procured and is now in possession of, all
material licenses or permits required by any applicable federal, state or local law, rule or regulation for the operation of its
business in each jurisdiction wherein it is now conducting or proposes to conduct business and where the failure to procure such
licenses or permits could have a Material Adverse Effect.

 

5.11. Default
of Indebtedness.

 

No
Credit Party is in default in the payment of the principal of or interest on any Indebtedness for borrowed money (exclusive of
trade debt) or under any instrument or agreement under or subject to which any Indebtedness for borrowed money (exclusive of trade
debt) has been issued and no event has occurred under the provisions of any such instrument or agreement which with or without
the lapse of time or the giving of notice, or both, constitutes or would constitute an event of default thereunder, the effect
of which would have a Material Adverse Effect.

 

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5.12. No
Default.

 

No
Credit Party is in default in the payment or performance of any of its contractual obligations and no Default has occurred that
would have a Material Adverse Effect other than as set forth on Schedule 5.12.

 

5.13. No
Burdensome Restrictions.

 

No
Credit Party is party to any contract or agreement the performance of which would have a Material Adverse Effect, other than as
set forth on Schedule 5.28. Borrower has heretofore delivered to Agent true and complete copies of all material contracts to which
it is a party or to which it or any of its properties is subject. Borrower has not agreed or consented to cause or permit in the
future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be
subject to a Lien which is not a Permitted Encumbrance.

 

5.14. No
Labor Disputes.

 

No
Credit Party is involved in any labor dispute; there are no strikes or walkouts or union organization of such Credit Party’s
employees threatened or in existence and no labor contract is scheduled to expire during the Term other than as set forth on Schedule
5.14 hereto.

 

5.15. Margin
Regulations.

 

No
Credit Party is engaged, nor will it engage, principally or as one of its important activities, in the business of extending credit
for the purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings
of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to
time hereafter in effect. No part of the proceeds of any Advance will be used for “purchasing” or “carrying”
“margin stock” as defined in Regulation U of such Board of Governors.

 

5.16. Investment
Company Act.

 

No
Credit Party is an “investment company” registered or required to be registered under the Investment Company Act of
1940, as amended, nor is it controlled by such a company.

 

5.17. Disclosure.

 

No
representation or warranty made by any Credit Party in this Agreement or in any financial statement, report, certificate or any
other document furnished in connection herewith contains any untrue statement of a material fact or omits to state any material
fact necessary to make the statements herein or therein not misleading that could have a Material Adverse Effect. There is no
fact known to any Credit Party or which reasonably should be known to any Credit Party that any Credit Party has not disclosed
to Agent in writing with respect to the Transactions which could reasonably be expected to have a Material Adverse Effect.

 

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5.18. Intentionally
Deleted.

 

5.19. Swaps.

 

No
Credit Party is a party to, nor will it be a party to, any swap agreement whereby such Credit Party has agreed or will agree to
swap interest rates or currencies unless same provides that damages upon termination following an event of default thereunder
are payable on an unlimited “two-way basis” without regard to fault on the part of either party.

 

5.20. Conflicting
Agreements.

 

No
provision of any mortgage, indenture, contract, agreement, judgment, decree or order binding on any Credit Party or affecting
the Collateral conflicts with, or requires any Consent which has not already been obtained to, or would in any way prevent the
execution, delivery or performance of, the terms of this Agreement or the Other Documents.

 

5.21. Application
of Certain Laws and Regulations.

 

No
Credit Party is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.22. Business
and Property of Borrower.

 

Upon
and after the Closing Date, no Credit Party proposes to engage in any business other than providing treatment, storage, and disposal
facility services and on-site remediation, upgrades and nuclear services in compliance with applicable Environmental Laws; consulting
services with respect to toxic, radioactive and Hazardous Waste; nuclear energy design, build, refurbishment and operational support
services; instrumentation and measurement technologies; and activities that are necessary to conduct the foregoing. On the Closing
Date, each Credit Party will own or have the right to use all the Property and possess all of the rights and Consents necessary
for the conduct of its business.

 

5.23. Section
20 Subsidiaries.

 

No
Credit Party intends to use and shall not use any portion of the proceeds of the Advances, directly or indirectly, to purchase
during the underwriting period, or for 30 days thereafter, Ineligible Securities being underwritten by a Section 20 Subsidiary.

 

5.24. Anti-Terrorism
Laws.

 

(a) Borrower
represents and warrants that (i) no Covered Entity is a Sanctioned Person and (ii) no Covered Entity, either in its own right
or through any third party, (A) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned
Person in violation of any Anti-Terrorism Law; (B) does business in or with, or derives any of its income from investments in
or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; or (C) engages in any
dealings or transactions prohibited by any Anti-Terrorism Law.

 

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(b) Borrower
covenants and agrees that (i) no Covered Entity will become a Sanctioned Person, (ii) no Covered Entity, either in its own right
or through any third party, will (A) have any of its assets in a Sanctioned Country or in the possession, custody or control of
a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do business in or with, or derive any of its income from investments
in or transactions with, any Sanctioned County or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engaged in any
dealings or transactions prohibited by any Anti-Terrorism Law or (D) use the Advances to fund any operations in, finance any investments
or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law,
(iii) the funds used to repay the Obligations will not be derived from any unlawful activity, (iv) each Covered Entity shall comply
with all Anti-Terrorism Laws and (v) Borrower shall promptly notify Agent in writing upon the occurrence of a Reportable Compliance
Event.

 

5.25. Intentionally
Deleted.

 

5.26. Commercial
Tort Claims.

 

Borrower
does not have any known commercial tort claims as of the Closing Date that would have a Material Adverse Effect.

 

5.27. Partnership
and Limited Liability Company Interests.

 

Except
as previously disclosed in writing to Agent, none of the Subsidiary Stock consisting of partnership or limited liability company
interests (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that
it is a security governed by Article 8 of the Uniform Commercial Code, (iii) is an investment company security, (iv) is held in
a securities account or (v) constitutes a “security” or a “financial asset” as such terms are defined
in Article 8 of the Uniform Commercial Code.

 

5.28. Material
Contracts.

 

Set
forth on Schedule 5.28, as updated from time to time, is a complete and accurate list of all Material Contracts of Borrower and
its Subsidiaries. All of the Material Contracts are in full force and effect, and no material defaults currently exist thereunder
which would have a Material Adverse Effect other than as set forth on Schedule 5.28.

 

5.29. Future
Subsidiaries.

 

Promptly
upon any Person becoming a direct or indirect Subsidiary of Borrower (other than with respect to joint ventures and limited liability
companies not wholly owned by Borrower), Borrower shall promptly provide written notice thereof to Agent, setting forth with specificity
a description of the proposed locations, business and property of such Subsidiary and of all material real and personal property
owned and leased by it. Borrower shall also promptly cause such Subsidiary holding any capital stock of such Subsidiary to execute
and deliver to Agent a Secured Subsidiaries Guaranty, together with such financing statements and other documents as shall in
the reasonable opinion of the Agent be necessary or advisable in order that Agent receive valid and perfect first-priority Liens
in all of the ownership interests and (subject to Permitted Encumbrances) substantially all of the property (including, without
limitation, leasehold interests) of such Subsidiary, together with certificates representing all of the ownership interests of
such Subsidiary, accompanied by appropriate instruments of transfer duly executed in blank. Borrower or such Subsidiary shall
also deliver one or more opinions of counsel to the Borrower or such Subsidiary (including opinions of local counsel) covering
such legal matters with respect to such agreements and other instruments and documents as the Agent may reasonably request. All
of such agreements, instruments, opinions and documents shall be reasonably satisfactory in form and substance in all respects
to counsel to the Agent.

 

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5.30. Certificate
of Beneficial Ownership.

 

The
Certificate of Beneficial Ownership dated April 5, 2020 executed and delivered to Agent for Borrower, as updated from time to
time in accordance with this Agreement, is accurate, complete and correct as of the date hereof and as of the date of any such
update is delivered. Borrower acknowledges and agrees that the Certificate of Beneficial Ownership is one of the Other Documents

 

ARTICLE
VI

AFFIRMATIVE COVENANTS

 

Borrower
shall, and shall cause each of its Subsidiaries to, until payment in full of the Obligations and termination of this Agreement:

 

6.1. Payment
of Fees.

 

Pay
to Agent on demand all usual and customary fees and expenses which Agent incurs in connection with (a) the forwarding of Advance
proceeds and (b) the establishment and maintenance of any Blocked Accounts or Depository Accounts as provided for in Section 4.15(h).
Agent may, without making demand, charge Borrower’s Account for all such fees and expenses.

 

6.2. Conduct
of Business and Maintenance of Existence and Assets.

 

(a) Conduct
continuously and operate actively its business according to good business practices and maintain all of its properties useful
or necessary in its business in good working order and condition (reasonable wear and tear excepted and except as may be disposed
of in accordance with the terms of this Agreement), including, without limitation, all licenses, patents, copyrights, design rights,
tradenames, trade secrets and trademarks and take all actions necessary to enforce and protect the validity of any intellectual
property right or other right included in the Collateral; (b) keep in full force and effect its existence and comply in all material
respects with the laws and regulations governing the conduct of its business where the failure to do so could have a Material
Adverse Effect; and (c) make all such reports and pay all such franchise and other taxes and license fees and do all such other
acts and things as may be lawfully required to maintain its rights, licenses, leases, powers and franchises under the laws of
the United States or any political subdivision thereof where the failure to do so could have a Material Adverse Effect.

 

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6.3. Violations.

 

Promptly
notify Agent in writing of any violation of any law, statute, regulation or ordinance of any Governmental Body, or of any agency
thereof, applicable to any Credit Party which would reasonably be expected to have a Material Adverse Effect.

 

6.4. Government
Receivables.

 

Take
all steps necessary to protect Agent’s interest in the Collateral under the Federal Assignment of Claims Act, the Uniform
Commercial Code and all other applicable state or local statutes or ordinances and deliver to Agent appropriately endorsed, any
instrument or chattel paper connected with any Receivable arising out of contracts between any Credit Party and the United States,
any state or any department, agency or instrumentality of any of them.

 

6.5. Financial
Covenants.

 

(a) Tangible
Adjusted Net Worth.

 

Maintain
at all times a Tangible Adjusted Net Worth in an amount not less than $27,000,000.

 

(b) Fixed
Charge Coverage Ratio.

 

Cause
to be maintained a Fixed Charge Coverage Ratio of not less than 1.15 to 1.0 for the four quarter period ending as of June 30,
2020 and for each fiscal quarter thereafter.

 

6.6. Execution
of Supplemental Instruments.

 

Execute
and deliver to Agent from time to time, upon demand, such supplemental agreements, statements, assignments and transfers, or instructions
or documents relating to the Collateral, and such other instruments as Agent may reasonably request, in order that the full intent
of this Agreement may be carried into effect.

 

6.7. Payment
of Indebtedness.

 

Pay,
discharge or otherwise satisfy at or before maturity (subject, where applicable, to specified grace periods and, in the case of
the trade payables, to normal payment practices) all its obligations and liabilities of whatever nature, except when the failure
to do so would have a Material Adverse Effect or when the amount or validity thereof is currently being Properly Contested.

 

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6.8. Standards
of Financial Statements.

 

Cause
all financial statements referred to in Sections 9.7, 9.8, 9.9, 9.10, 9.11, 9.12 and 9.13 as to which GAAP is applicable to fairly
represent in all material respects (subject, in the case of interim financial statements, to normal year-end audit adjustments)
and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein
(except as concurred in by such reporting accountants or officer, as the case may be, and disclosed therein).

 

6.9. Intentionally
Deleted.

 

6.10. Real
Property.

 

If
any Credit Party shall acquire at any time or times hereafter any fee simple interest and title in real property with a value
in excess of $1,000,000, then within ninety (90) days of the acquisition thereof such Credit Party shall execute and deliver to
Agent, as additional security and Collateral for the Obligations, deeds of trust, security deeds, mortgages or other collateral
assignments reasonably satisfactory in form and substance to Agent and its counsel (herein collectively referred to as “New
Mortgages”) covering such real property. The New Mortgages shall be duly recorded (at Borrower’s expense) in each
office where such recording is required to constitute a valid lien on the real property covered thereby. In respect of any New
Mortgage, Borrower shall deliver to Agent, at Borrower’s expense, mortgagee title insurance policies issued by a title insurance
company reasonably satisfactory to Agent, which policies shall be in form and substance reasonably satisfactory to Agent and shall
insure a valid lien in favor of Agent on the property covered thereby, subject only to Permitted Encumbrances and those other
exceptions reasonably acceptable to Agent and its counsel. Borrower shall also deliver to Agent such other usual and customary
documents, including, without limitation, ALTA surveys of the real property described in the New Mortgages, as Agent and its counsel
may reasonably request relating to the real property subject to the New Mortgages.

 

6.11. Inactive
Subsidiaries.

 

To
the extent a Subsidiary that is inactive as of the Closing Date subsequently becomes actively engaged in business then Borrower
shall cause such Subsidiary to become a Guarantor.

 

6.12. Certificate
of Beneficial Ownership and Other Additional Information.

 

Provide
to Agent: (i) confirmation of the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership
provided to Agent; (ii) a new Certificate of Beneficial Ownership, in form and substance acceptable to Agent, when the individual(s)
to be identified as a Beneficial Owner have been changed; and (iii) such other information and documentation as may reasonably
be requested by Agent from time to time for purposes of compliance by Agent with applicable laws (including without limitation
the USA Patriot Act and other “know your customer” and anti-money laundering rules and regulations), and any policy
or procedure implemented by Agent to comply therewith.

 

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6.13. Additional
Intellectual Property.

 

Borrower
agrees to execute any documents required by Agent to perfect a lien on any registered United States Intellectual Property that
has not been previously pledged to Agent.

 

ARTICLE
VII

NEGATIVE COVENANTS

 

Borrower
shall not, and shall not permit any other Credit Party to, until satisfaction in full of the Obligations and termination of this
Agreement:

 

7.1 Merger,
Consolidation, Acquisition and Sale of Assets.

 

(a) Enter
into any merger, consolidation or other reorganization with or into any other Person or acquire all or a substantial portion of
the assets or stock of any Person or permit any other Person to consolidate with or merge with it, except with the express written
consent of Agent and (i) among Credit Parties and (ii) as may be permitted under Section 7.4.

 

(b) Sell,
lease, transfer or otherwise dispose of any of its properties or assets, except (i) dispositions of Inventory and Equipment to
the extent expressly permitted by Section 4.3 and (ii) any other sales or dispositions expressly permitted by this Agreement.

 

7.2. Creation
of Liens.

 

Create
or suffer to exist any Lien or transfer upon or against any of its property or assets now owned or hereafter acquired, except
Permitted Encumbrances.

 

7.3. Guarantees.

 

Become
liable upon the obligations or liabilities of any Person by assumption, endorsement or guaranty thereof or otherwise (other than
to Lenders) except (a) as disclosed on Schedule 7.3, (b) guarantees made in the Ordinary Course of Business up to an aggregate
amount of $1,000,000, (c) the endorsement of checks in the Ordinary Course of Business, and (d) guarantees of any Credit Party
for another Credit Party.

 

7.4 Investments.

 

Purchase
or acquire obligations or Equity Interests of, or any other interest in, any Person, or make other investments except (a) obligations
issued or guaranteed by the United States of America or any agency thereof, (b) commercial paper with maturities of not more than
one hundred eighty (180) days and a published rating of not less than A-1 or P-1 (or the equivalent rating), (c) certificates
of time deposit and bankers’ acceptances having maturities of not more than one hundred eighty (180) days and repurchase
agreements backed by United States government securities of a commercial bank if (i) such bank has a combined capital and surplus
of at least $500,000,000, or (ii) its debt obligations, or those of a holding company of which it is a Subsidiary, are rated not
less than A (or the equivalent rating) by a nationally recognized investment rating agency, (d) U.S. money market funds that invest
solely in obligations issued or guaranteed by the United States of America or an agency thereof, (e) investments in respect of
Interest Rate Hedges, (f) extensions of trade credit in the Ordinary Course of Business, (g) loan and advances to officers and
employees made in compliance with Section 7.5, (h) advances, loans or extensions of credit between Borrower and any Credit Party
made in compliance with Section 7.5, (i) as set forth on Schedule 7.4, (j) the stock of any Credit Party, (k) as allowed under
Section 7.1, (l) by and among Credit Parties to other Credit Parties, and (m) notwithstanding any other limitation of this Section,
an aggregate amount not to exceed the greater of $100,000 per year. Notwithstanding the foregoing, Borrower shall deposit all
proceeds of issuances of equity and Indebtedness into the Investment Account and pledged as Collateral. Property in the Investment
Account may be invested at Borrower’s direction so long as no Event of Default exists; provided that no such Property shall
be invested outside of Agent and its Affiliates at any time when there is an outstanding balance under the Revolving Credit Facility.

 

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7.5. Loans.

 

Make
advances, loans or extensions of credit to any Person, including any Parent, Subsidiary or Affiliate except with respect to (a)
the extension of commercial trade credit in connection with the sale of Inventory in the Ordinary Course of Business, (b) loans
to its employees in the Ordinary Course of Business not to exceed the aggregate amount of $1,000,000 at any time outstanding,
(c) advances, loans or extensions of credit between and among the Credit Parties or Borrower and any of the Credit Parties and
(d) other than as set forth on Schedule 7.5.

 

7.6. Capital
Expenditures.

 

Contract
for, purchase or make any expenditure or commitments for Capital Expenditures in any fiscal year in an aggregate amount in excess
of $6,000,000.

 

7.7. Dividends.

 

(a) Declare,
pay or make any dividend or distribution on any shares of the common stock or preferred stock of Borrower (other than dividends
or distributions payable in its stock, or split-ups or reclassifications of its stock) or apply any of its funds, property or
assets to the purchase, redemption or other retirement of any common or preferred stock, or of any options to purchase or acquire
any such shares of common or preferred stock of Borrower except as set forth on Schedule 7.7.

 

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7.8. Indebtedness.

 

Create,
incur, assume or suffer to exist any Indebtedness (exclusive of trade debt) except in respect of:

 

(a) Indebtedness
to Lenders under this Agreement and the Other Documents;

 

(b) Indebtedness
incurred for Capital Expenditures permitted under Section 7.6 hereof;

 

(c) Permitted
Purchase Money Indebtedness;

 

(d) Indebtedness
described on Schedule 7.8 and any refinancings of such Indebtedness, provided that the aggregate principal amount of such Indebtedness
is not increased, the scheduled maturity dates of such Indebtedness are not shortened and such refinancing is on terms and conditions
no more restrictive than the terms and conditions of the Indebtedness being refinanced;

 

(e) Indebtedness
under any Interest Rate Hedge;

 

(f) Indebtedness
not otherwise permitted hereunder in an amount not to exceed $1,500,000 outstanding at any one time;

 

(g) Indebtedness
assumed by a Credit Party in connection with Section 7.1 or Section 7.14;

 

(h) Indebtedness
resulting from a judgment having been rendered against a Credit Party for which reserves have been established;

 

(i) Indebtedness
with respect to guarantees permitted by Section 7.3;

 

(j) Indebtedness
due under the Subordinated Loan Documentation; and any refinancings of such Indebtedness, provided that in connection with such
refinancing: (i) the aggregate principal amount of such Indebtedness is not increased, (ii) the scheduled maturity date of such
Indebtedness is not shortened, (iii) the covenants or defaults are not materially more restrictive or more onerous than analogous
provisions in the Subordinated Loan Documentation as in effect on the date hereof, and (iv) an intercreditor agreement in form
and substance satisfactory to Agent and the Required Lenders shall have been executed and delivered to Agent prior to the consummation
of such refinancing (it being agreed that an intercreditor agreement containing terms substantially similar to the terms set forth
in the Subordination Agreement will be satisfactory); and

 

(k) Indebtedness
in connection with the PPP.

 

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7.9. Nature
of Business.

 

Substantially
change the nature of the business in which it will be engaged in after the completion of the Transactions, nor except as specifically
permitted hereby purchase or invest, directly or indirectly, in any assets or property other than in the Ordinary Course of Business
for assets or property which are useful in, necessary for and are to be used in its business as presently conducted after completion
of the Transactions.

 

7.10. Transactions
with Affiliates.

 

Directly
or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, make any payment to,
or enter into any transaction or arrangement with, or otherwise deal with, any Affiliate, except transactions (i) disclosed on
Schedule 7.10 or (ii) disclosed to Agent, which are in the Ordinary Course of Business, on an arm’s-length basis on terms
and conditions no less favorable than terms and conditions which would have been obtainable from a Person other than an Affiliate;
(iii) constituting the payment of reasonable compensation (including indemnity and expense reimbursement obligations to officers
and employees for services actually rendered; (iv) constituting payments of management fees and transactions among the Credit
Parties to the extent not otherwise prohibited by this Agreement; (v) constituting the payment of customary directors’ fees,
indemnities and reimbursement obligations.

 

7.11. Leases.

 

Enter
as lessee into any lease arrangement for real or personal property (unless capitalized and permitted under Section 7.6 hereof)
if after giving effect thereto, aggregate annual rental payments for all leased property would exceed $1,000,000 in any one fiscal
year in the aggregate for Borrower and any other Credit Party.

 

7.12. Subsidiaries.

 

(a) Form
any Subsidiary unless (i) such Subsidiary is a Domestic Subsidiary or is Perma-Fix Canada, Inc., (ii) such Subsidiary expressly
joins in this Agreement as a Credit Party and executes a joinder and joins the Secured Subsidiaries Guaranty and under any other
agreement between any Credit Party and Lenders and (iii) Agent shall have received all documents, including, without limitation,
legal opinions and appraisals it may reasonably require in connection therewith, except as described on Schedule 7.12(a).

 

(b) Enter
into any partnership, joint venture or similar arrangement, except (i) as described on Schedule 7.12(b) and which will be disclosed
to Agent on a quarterly basis and (ii) a joint venture in which Borrower’s initial investment does not exceed $100,000 (Borrower’s
aggregate investment in all joint ventures shall not exceed $250,000) and whose operating agreement is acceptable to Agent.

 

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7.13. Fiscal
Year and Accounting Changes.

 

Change
its fiscal year from December 31 or make any significant change (i) in accounting treatment and reporting practices except as
required by GAAP or (ii) in tax reporting treatment except as required by law, except for the fiscal year of those Subsidiaries
to be acquired in the Transactions, which will be changed to December 31.

 

7.14. Pledge
of Credit.

 

Now
or hereafter pledge Agent’s or any Lender’s credit on any purchases or for any purpose whatsoever or use any portion
of any Advance in or for any business other than Borrower’s business as conducted on the date of this Agreement.

 

7.15. Amendment
of Organizational Documents.

 

Amend,
modify or waive any term or material provision of its Articles of Incorporation or By-Laws or other organizational documents or
adopt any resolution which would have a Material Adverse Effect.

 

7.16. Compliance
with ERISA.

 

(i)
(x) Maintain, or permit any member of the Controlled Group to maintain, or (y) become obligated to contribute, or permit any member
of the Controlled Group to become obligated to contribute, to any Plan, other than those Plans disclosed on Schedule 5.8(d) or
any other Plan for which Agent has provided its prior written consent, (ii) engage, or permit any member of the Controlled Group
to engage, in any non-exempt “prohibited transaction”, as that term is defined in section 406 of ERISA and Section
4975 of the Code, (iii) incur, or permit any member of the Controlled Group to incur, any “accumulated funding deficiency”,
as that term is defined in Section 302 of ERISA or Section 412 of the Code, (iv) terminate, or permit any member of the Controlled
Group to terminate, any Plan where such event could result in any liability of Borrower or any member of the Controlled Group
or the imposition of a lien on the property of Borrower or any member of the Controlled Group pursuant to Section 4068 of ERISA,
(v) assume, or permit any member of the Controlled Group to assume, any obligation to contribute to any Multiemployer Plan not
disclosed on Schedule 5.8(d), (vi) incur, or permit any member of the Controlled Group to incur, any withdrawal liability to any
Multiemployer Plan; (vii) fail promptly to notify Agent of the occurrence of any Termination Event, (viii) fail to comply, or
permit a member of the Controlled Group to fail to comply, with the requirements of ERISA or the Code or other Applicable Laws
in respect of any Plan, (ix) fail to meet, or permit any member of the Controlled Group to fail to meet, all minimum funding requirements
under ERISA or the Code or postpone or delay or allow any member of the Controlled Group to postpone or delay any funding requirement
with respect of any Plan.

 

7.17. Prepayment
of Indebtedness.

 

At
any time, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest
on or premium payable in connection with the prepayment or redemption of any Indebtedness for borrowed money (other than Indebtedness
owed to the Lender under this Agreement or the Other Documents), except any such prepayment, repurchase, redemption, retirement
or acquisition (i) expressly permitted in the Subordination Agreement; (ii) in connection with the refinancing of Indebtedness
in compliance with Section 7.8(j); (iii) any prepayment of the Indebtedness set forth in Section 7.8(k); or (iv) in an amount
not to exceed $100,000 in the aggregate.

 

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7.18. Intentionally
Deleted.

 

7.19. Intentionally
Deleted.

 

7.20. Other
Agreements.

 

Enter
into any material amendment, waiver or modification that would have a Material Adverse Effect without prior notice to Agent of
(a) the Acquisition Agreement or (b) any Material Contract other than with respect to the Material Contracts identified on Schedule
5.28.

 

7.21. Additional
Negative Pledges.

 

Create
or otherwise cause or suffer to exist or become effective, directly or indirectly, unless otherwise permitted under this Agreement,
(i) any prohibition or restriction (including any agreement to provide equal and ratable security to any other Person in the event
a Lien is granted to or for the benefit of Agent and the Lenders) on the creation or existence of any Lien upon the assets of
Borrower or any Guarantor, other than Permitted Encumbrances, (ii) any contractual obligation which may restrict or inhibit Agent’s
rights or ability to sell or otherwise dispose of the Collateral or any part thereof after the occurrence of an Event of Default.

 

7.22. Additional
Bank Accounts.

 

Open,
maintain or otherwise have any checking, savings or other accounts at any bank or other financial institution, or any other account
where money is or may be deposited or maintained with any Person, other than (a) the accounts set forth on Schedule 4.15(h), each
of which shall be subject to a blocked account arrangement with the depository institution, except to the extent otherwise determined
by Agent (b) deposit accounts established after the Closing Date that are subject to a blocked account arrangement with the depository
institution in form and substance satisfactory to Agent, (c) other deposit accounts established after the Closing Date solely
as payroll and other zero balance accounts and (d) other deposit accounts established after the Closing Date, so long as at any
time the balance in any such account does not exceed $10,000 and the aggregate balance in all such accounts does not exceed $50,000.

 

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ARTICLE
VIII

CONDITIONS PRECEDENT

 

8.1. Conditions
to Initial Advances.

 

The
agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject to the satisfaction, or
waiver by Agent/Lenders, immediately prior to or concurrently with the making of such Advances, of the following conditions precedent:

 

(a) Note.

 

Agent
shall have received an amended Revolving Credit Note;

 

(b) Insurance.

 

Agent
shall have received in form and substance satisfactory to Agent, (i) evidence that adequate insurance, including without limitation,
casualty and liability insurance, required to be maintained under this Agreement is in full force and effect, (ii) insurance certificates
issued by Borrower’s insurance broker containing such information regarding Borrower’s casualty and liability insurance
policies as Agent shall request and naming Agent as an additional insured, lenders loss payee and/or mortgagee, as applicable,
and (iii) loss payable endorsements issued by Borrower’s insurer naming Agent as lenders loss payee and mortgagee, as applicable;

 

(c) No
Adverse Material Change.

 

(i)
Since December 31, 2019, there shall not have occurred any event, condition or state of facts which would reasonably be expected
to have a Material Adverse Effect and (ii) no representations made or information supplied to Agent or Lenders shall have been
proven to be inaccurate or misleading in any material respect;

 

(d) Compliance
with Laws.

 

Agent
shall be reasonably satisfied that Borrower is in compliance with all pertinent federal, state, local or territorial regulations,
including those with respect to the Federal Occupational Safety and Health Act, the Environmental Protection Act, ERISA and the
Anti-Terrorism Laws; and

 

(e) Other.

 

All
corporate and other proceedings, and all documents, instruments and other legal matters in connection with this Agreement shall
be satisfactory in form and substance to Agent and its counsel.

 

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8.2. Conditions
to Each Advance.

 

The
agreement of Lenders to make any Advance requested to be made on any date (including the initial Advance), is subject to the satisfaction
of the following conditions precedent as of the date such Advance is made:

 

(a) Representations
and Warranties.

 

Each
of the representations and warranties made by Borrower in or pursuant to this Agreement, the Other Documents and any related agreements
to which it is a party, and each of the representations and warranties contained in any certificate, document or financial or
other statement furnished at any time under or in connection with this Agreement, the Other Documents or any related agreement
shall be true and correct in all material respects on and as of such date as if made on and as of such date;

 

(b) No
Default.

 

No
Event of Default or Default shall have occurred and be continuing on such date, or would exist after giving effect to the Advances
requested to be made, on such date and, in the case of the initial Advance, after giving effect to the consummation of the transactions
contemplated by the Acquisition Agreement; provided, however that Agent, in its sole discretion, may continue to make Advances
notwithstanding the existence of an Event of Default or Default and that any Advances so made shall not be deemed a waiver of
any such Event of Default or Default; and

 

(c) Maximum
Advances.

 

In
the case of any type of Advance requested to be made, after giving effect thereto, the aggregate amount of such type of Advance
shall not exceed the maximum amount of such type of Advance permitted under this Agreement.

 

Each
request for an Advance by Borrower hereunder shall constitute a representation and warranty by Borrower as of the date of such
Advance that the conditions contained in this subsection shall have been satisfied.

 

ARTICLE
IX

INFORMATION AS TO BORROWER

 

Borrower
shall, until satisfaction in full of the Obligations and the termination of this Agreement:

 

9.1. Disclosure
of Material Matters.

 

Promptly
upon learning thereof, report to Agent all matters materially affecting the value, enforceability or collectibility of any material
portion of the Collateral, including, without limitation, any Credit Party’s reclamation or repossession of, or the return
to any Credit Party of, a material amount of goods or claims or disputes asserted by any Customer or other obligor.

 

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9.2 Schedules.

 

Deliver
to Agent on or before the twenty-fifth (25th) day of each month as and for the prior month (a) accounts receivable ageings inclusive
of reconciliations to the general ledger, (b) accounts payable schedules inclusive of reconciliations to the general ledger, (c)
Inventory reports and (d) a Borrowing Base Certificate in form and substance satisfactory to Agent (which shall be calculated
as of the last day of the prior month and which shall not be binding upon Agent or restrictive of Agent’s rights under this
Agreement). In addition, Borrower will deliver to Agent (i) weekly sales and cash receipt journals together with any accounts
receivable adjustment in form and substance satisfactory to Agent and (ii) at such intervals as Agent may require: (a) confirmatory
assignment schedules, (b) copies of Customer’s invoices if reasonably requested, (c) evidence of shipment or delivery, (d)
such further schedules, documents and/or information regarding the Collateral as Agent may require including, without limitation,
trial balances and test verifications; and (e) a statement of the balance of each of the Intercompany Receivables. Agent shall
have the right to confirm and verify all Receivables by any manner and through any medium it considers advisable and do whatever
it may deem reasonably necessary to protect its interests hereunder. The items to be provided under this Section are to be in
form satisfactory to Agent and executed by Borrower and delivered to Agent from time to time solely for Agent’s convenience
in maintaining records of the Collateral, and Borrower’s failure to deliver any of such items to Agent shall not affect,
terminate, modify or otherwise limit Agent’s Lien with respect to the Collateral.

 

9.3. Environmental
Reports.

 

Furnish
Agent, concurrently with the delivery of the financial statements referred to in Sections 9.7 and 9.8, a Compliance Certificate
signed by the President (or such other officer permitted to execute the Compliance Certificate) of Borrower stating, to the best
of his knowledge, that each Credit Party is in compliance in all material respects with all federal, state and local Environmental
Laws applicable to the Credit Parties which would result in a Material Adverse Effect except as otherwise discussed on Schedule
5.7. To the extent any Credit Party is not in compliance with the foregoing laws which would result in a Material Adverse Effect,
the Compliance Certificate shall briefly set forth with specificity all areas of non-compliance and the proposed action such Credit
Party will implement in order to achieve full compliance to the best of such individual’s knowledge after due inquiry.

 

9.4. Litigation.

 

Promptly
notify Agent in writing of any claim, litigation, suit or administrative proceeding affecting any Credit Party, whether or not
the claim is covered by insurance, and of any litigation, suit or administrative proceeding, which in any such case adversely
affects a material amount of Collateral or which would have a Material Adverse Effect (without regard to any such insurance).

 

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9.5. Material
Occurrences.

 

Promptly
notify Agent in writing upon the occurrence of (a) any Event of Default or Default; (b) any event, development or circumstance
whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly, in accordance
with GAAP consistently applied, the consolidated financial condition or operating results of Borrower as of the date of such statements;
(c) any accumulated retirement plan funding deficiency which, if such deficiency continued for two plan years and was not corrected
as provided in Section 4971 of the Code, could subject any Credit Party to a tax imposed by Section 4971 of the Code resulting
in a Material Adverse Effect; (d) each and every default by Borrower which would result in the acceleration of the maturity of
any Indebtedness in excess of $50,000, including the names and addresses of the holders of such Indebtedness with respect to which
there is a default existing or with respect to which the maturity has been or could be accelerated, and the amount of such Indebtedness;
and (e) any other development in the business or affairs of any Credit Party, which would have a Material Adverse Effect; in each
case describing the nature thereof and the action such Credit Party proposes to take with respect thereto.

 

9.6. Public
Filings.

 

Furnish
Agent concurrently with the filing thereof, copies of all filings and information statements submitted by Borrower to the Securities
and Exchange Commission, any equivalent State authority, any stock exchange or to Borrower’s securityholders.

 

9.7. Annual
Financial Statements.

 

Furnish
Agent within one hundred twenty (120) days after the end of each fiscal year of Borrower, financial statements of Borrower on
a consolidating and consolidated basis including, but not limited to, statements of income and stockholders’ equity and
cash flow from the beginning of the current fiscal year to the end of such fiscal year and the balance sheet as at the end of
such fiscal year, all prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable detail
and accompanied by a report and opinion (which report and opinion shall be prepared in accordance with generally accepted auditing
standards and shall not be subject to any “going concern” or like assumption, qualification or exception as to scope
of the audit) an independent certified public accounting firm selected by Borrower and satisfactory to Agent (the “Accountants”).
The report of the Accountants shall be accompanied by a statement of the Accountants certifying that (i) they have caused this
Agreement to be reviewed, (ii) in making the examination upon which such report was based either no information came to their
attention which to their knowledge constituted an Event of Default or a Default under this Agreement or any related agreement
or, if such information came to their attention, specifying any such Default or Event of Default, its nature, when it occurred
and whether it is continuing, and such report shall contain or have appended thereto calculations which set forth Borrower’s
compliance with the requirements or restrictions imposed by Sections 6.5, 7.4, 7.5, 7.6, 7.7, 7.8 and 7.11 hereof. In addition,
the reports shall be accompanied by a Compliance Certificate.

 

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9.8. Quarterly
Financial Statements.

 

Furnish
Agent within fifty (50) days after the end of each fiscal quarter, an unaudited balance sheet of Borrower on a consolidated and
consolidating basis and unaudited statements of income and stockholders’ equity and cash flow of Borrower on a consolidated
and consolidating basis reflecting results of operations from the beginning of the fiscal year to the end of such quarter and
for such quarter, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject
to normal and recurring year end adjustments that individually and in the aggregate are not material to Borrower’s business.
The reports shall be accompanied by a Compliance Certificate.

 

9.9. Monthly
Financial Statements.

 

Furnish
Agent within thirty (30) days after the end of each month, an unaudited balance sheet of Borrower on a consolidated and consolidating
basis and unaudited statements of income and stockholders’ equity and cash flow of Borrower on a consolidated and consolidating
basis reflecting results of operations from the beginning of the fiscal year to the end of such month and for such month, prepared
on a basis consistent with prior practices and complete and correct in all material respects, subject to normal and recurring
year end adjustments that individually and in the aggregate are not material to Borrower’s business. The reports for the
last month of each quarter shall be accompanied by a Compliance Certificate regarding the quarter then ended.

 

9.10. Other
Reports.

 

Furnish
Agent as soon as available, but in any event within ten (10) days after the issuance thereof, with copies of such financial statements,
reports and returns as Borrower shall send to its stockholders.

 

9.11. Additional
Information.

 

Furnish
Agent with such additional information as Agent shall reasonably request in order to enable Agent to determine whether the terms,
covenants, provisions and conditions of this Agreement and the Note have been complied with by Borrower and the other Credit Parties
including, without limitation, any without the necessity of any request by Agent, (a) copies of all environmental audits and reviews,
(b) at least thirty (30) days prior thereto, notice of any Credit Party’s opening of any new office or place of business
or any Credit Party’s closing of any existing office or place of business, and (c) promptly upon any Credit Party’s
learning thereof, notice of any labor dispute to which any Credit Party may become a party, any strikes or walkouts relating to
any of its plants or other facilities, and the expiration of any labor contract to which any Credit Party is a party or by which
any Credit Party is bound.

 

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9.12. Projected
Operating Budget.

 

Furnish
Agent, no later than thirty (30) days after the beginning of each fiscal year of Borrower commencing with fiscal year 2021, a
month by month projected operating budget and cash flow of Borrower on a consolidated and consolidating basis for such fiscal
year (including an income statement for each month and a balance sheet as at the end of the last month in each fiscal quarter),
such projections to be accompanied by a certificate signed by the President or Chief Financial Officer of Borrower, in his personal
capacity, to the effect that such projections have been prepared on the basis of sound financial planning practice consistent
with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material
assumptions on which such projections were prepared.

 

9.13. Variances
From Operating Budget.

 

Furnish
Agent, concurrently with the delivery of the financial statements referred to in Section 9.7 and each monthly report, a written
report summarizing all material variances from budgets submitted by Borrower pursuant to Section 9.12 and a discussion and analysis
by management with respect to such variances.

 

9.14. Notice
of Suits, Adverse Events.

 

Furnish
Agent with prompt written notice of (i) any lapse or other termination of any Consent issued to any Credit Party by any Governmental
Body or any other Person which would have a Material Adverse Effect that is material to the operation of any Credit Party’s
business, (ii) any refusal by any Governmental Body or any other Person to renew or extend any such Consent; and (iii) copies
of any periodic or special reports filed by any Credit Party with any Governmental Body or Person, if such reports indicate any
material change in the business, operations, affairs or condition of a Credit Party, or if copies thereof are requested by Lender,
and (iv) copies of any material notices and other communications from any Governmental Body or Person which specifically relate
to a Credit Party.

 

9.15. ERISA
Notices and Requests.

 

Furnish
Agent with prompt written notice in the event that (i) Borrower or any member of the Controlled Group knows or has reason to know
that a Termination Event has occurred, together with a written statement describing such Termination Event and the action, if
any, which Borrower or any member of the Controlled Group has taken, is taking, or proposes to take with respect thereto and,
when known, any action taken or threatened by the Internal Revenue Service, Department of Labor or PBGC with respect thereto,
(ii) Borrower or any member of the Controlled Group knows or has reason to know that a prohibited transaction (as defined in Sections
406 of ERISA and 4975 of the Code) has occurred together with a written statement describing such transaction and the action which
Borrower or any member of the Controlled Group has taken, is taking or proposes to take with respect thereto, (iii) a funding
waiver request has been filed with respect to any Plan together with all communications received by Borrower or any member of
the Controlled Group with respect to such request, (iv) any increase in the benefits of any existing Plan or the establishment
of any new Plan or the commencement of contributions to any Plan to which Borrower or any member of the Controlled Group was not
previously contributing shall occur, (v) Borrower or any member of the Controlled Group shall receive from the PBGC a notice of
intention to terminate a Plan or to have a trustee appointed to administer a Plan, together with copies of each such notice, (vi)
Borrower or any member of the Controlled Group shall receive any favorable or unfavorable determination letter from the Internal
Revenue Service regarding the qualification of a Plan under Section 401(a) of the Code, together with copies of each such letter;
(vii) Borrower or any member of the Controlled Group shall receive a notice regarding the imposition of withdrawal liability,
together with copies of each such notice; (viii) Borrower or any member of the Controlled Group shall fail to make a required
installment or any other required payment under Section 412 of the Code on or before the due date for such installment or payment;
or (ix) Borrower or any member of the Controlled Group knows that (a) a Multiemployer Plan has been terminated, (b) the administrator
or plan sponsor of a Multiemployer Plan intends to terminate a Multiemployer Plan, or (c) the PBGC has instituted or will institute
proceedings under Section 4042 of ERISA to terminate a Multiemployer Plan.

 

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9.16. Additional
Documents.

 

Execute
and deliver to Agent, upon request, such documents and agreements as Agent may, from time to time, reasonably request to carry
out the purposes, terms or conditions of this Agreement.

 

9.17. Government
Receivables.

 

Notify
Agent immediately if any of its Receivables arise out of contracts between Borrower and the United States, any state, or any department,
agency or instrumentality of any of them.

 

ARTICLE
X

EVENTS OF DEFAULT

 

The
occurrence of any one or more of the following events shall constitute an “Event of Default”:

 

10.1. Nonpayment.

 

Failure
by Borrower to pay any principal or interest on the Obligations when due, whether at maturity or by reason of acceleration pursuant
to the terms of this Agreement or by notice of intention to prepay, or by required prepayment or failure to pay when due any other
liabilities or make any other payment, fee or charge provided for herein when due or in any Other Document (violations of or related
to the Formula Amount and/or the Borrowing Base Certificate shall be deemed to be a default under this Section 10.1);

 

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10.2. Breach
of Representation.

 

Any
representation or warranty made or deemed made by any Credit Party in this Agreement, any Other Document or any related agreement
or in any certificate, document or financial or other statement furnished at any time in connection herewith or therewith shall
prove to have been misleading in any material respect on the date when made or deemed to have been made;

 

10.3. Financial
Information.

 

Failure
by Borrower or any other Credit Party to (i)(x) furnish financial information when due or (y) when requested, or (ii) permit the
inspection of its books or records in accordance with this Agreement;

 

10.4. Judicial
Actions.

 

Issuance
of a notice of Lien, levy, assessment, injunction or attachment against any Credit Party’s Eligible Receivables or against
a material portion of any Credit Party’s other property which is not stayed or lifted within sixty (60) days;

 

10.5. Noncompliance.

 

Except
as otherwise provided for in Section 10.1 or Section 10.3:

 

(a) failure
or neglect of any Credit Party to perform, keep or observe any term, provision, condition, or covenant, contained in Sections
4.10, 6.2(b), 6.5 or 6.6 or in Article 7 or 9 hereof, or

 

(b) failure
or neglect of Borrower to perform, keep or observe any term, provision, condition or covenant contained herein or any Other Document
that, if such term, provision, condition or covenant is capable of cure, is not cured within thirty (30) days from the earlier
to occur of (A) receipt by Borrower of written notice thereof from Agent or any Lender and (B) the date upon which Borrower obtains
knowledge thereof, or within such reasonably longer period as may be required to cure same (so long as cure is commenced within
the thirty-day period and thereafter is prosecuted to completion with reasonable diligence);

 

10.6. Judgments.

 

Any
judgment or judgments are rendered against any Credit Party for an aggregate amount in excess of $1,000,000 and (i) enforcement
proceedings shall have been commenced by a creditor upon such judgment, (ii) there shall be any period of thirty (30) consecutive
days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, shall not be in effect,
or (iii) any such judgment results in the creation of a Lien upon any of the Collateral (other than a Permitted Encumbrance);

 

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10.7. Bankruptcy.

 

Any
Credit Party shall (i) apply for, consent to or suffer the appointment of, or the taking of possession by, a receiver, custodian,
trustee, liquidator or similar fiduciary of itself or of all or a substantial part of its property, (ii) make a general assignment
for the benefit of creditors, (iii) commence a voluntary case under any state or federal bankruptcy laws (as now or hereafter
in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law providing
for the relief of debtors, (vi) acquiesce to, or fail to have dismissed, within thirty (30) days, any petition filed against it
in any involuntary case under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing;

 

10.8. Inability
to Pay.

 

Any
Credit Party shall admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations
of its present business;

 

10.9. Material
Adverse Effect.

 

Any
change in any Credit Party’s results of operations or condition (financial or otherwise) which in Agent’s reasonable
opinion exercised in good faith has a Material Adverse Effect after written notice by Agent to Borrower of the default and five
(5) Business Days following Borrower’s receipt of the written notice of default;

 

10.10. Lien
Priority.

 

Any
Lien created hereunder or under any Other Document or provided for hereby or thereby or under any related agreement for any reason
ceases to be or is not a valid and perfected Lien having a first priority interest or Borrower or any other Person acting on its
behalf shall so claim;

 

10.11. Cross
Default.

 

A
default of the obligations of any Credit Party under any other agreement (except for agreements relating to trade payables) to
which it is a party shall occur which adversely affects its condition, affairs or prospects (financial or otherwise) by more than
$100,000 or $500,000 in the aggregate) which default is not cured within any applicable grace period;

 

10.12. Breach
of Guaranty.

 

Termination
or breach of any Guaranty or Guaranty Security Agreement or similar agreement executed and delivered to Agent in connection with
the Obligations of Borrower, or if any Guarantor attempts to terminate, challenges the validity of, or its liability under, any
such Guaranty or Guaranty Security Agreement or similar agreement;

 

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10.13. Change
of Control.

 

Any
Change of Control shall occur;

 

10.14. Invalidity.

 

Any
material provision of this Agreement or any Other Document shall, for any reason, cease to be valid and binding on any Credit
Party or any Credit Party shall so claim in writing to Agent;

 

10.15. Licenses.

 

(i)
Any Governmental Body shall (A) revoke, terminate, suspend or adversely modify any license, permit, patent trademark or tradename
of the Credit Parties on a consolidated basis, the continuation of which is material to the continuation of any Credit Party’s
business, or (B) commence proceedings to suspend, revoke, terminate or adversely modify any such license, permit, trademark, tradename
or patent and such proceedings shall not be dismissed or discharged within sixty (60) days, or (C) schedule or conduct a hearing
on the renewal of any license, permit, trademark, tradename or patent necessary for the continuation of any Credit Party’s
business on a consolidated basis and the staff of such Governmental Body issues a report recommending the termination, revocation,
suspension or material, adverse modification of such license, permit, trademark, tradename or patent; (ii) any agreement which
is necessary or material to the operation of any Credit Party’s business shall be revoked or terminated and not replaced
by a substitute acceptable to Agent within thirty (30) days after the date of such revocation or termination, and such revocation
or termination and non-replacement would have a Material Adverse Effect;

 

10.16. Seizures.

 

Any
portion of the Collateral having a value in excess of $50,000 shall be seized or taken by a Governmental Body, or any Credit Party
or the title and rights of any Credit Party or any Original Owner which is the owner of any material portion of the Collateral
shall have become the subject matter of claim, litigation, suit or other proceeding which might, in the reasonable opinion of
Agent, upon final determination, result in impairment or loss of the security provided by this Agreement or the Other Documents;

 

10.17. Pension
Plans.

 

An
event or condition specified in Sections 7.16 or 9.15 hereof shall occur or exist with respect to any Plan and, as a result of
such event or condition, together with all other such events or conditions, Borrower or any member of the Controlled Group shall
incur, or in the opinion of Agent be reasonably likely to incur, a liability to a Plan or the PBGC (or both) which would have
a Material Adverse Effect; or

 

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10.18. Subordinated
Loan Default.

 

An
event of default has occurred under the Subordinated Loan Documents, which default shall not have been cured or waived within
any applicable grace period or if any Person party to a Subordination Agreement breaches or violates, or attempts to terminate
or challenge the validity of, such agreement.

 

ARTICLE
XI

LENDERS’ RIGHTS AND REMEDIES AFTER DEFAULT

 

11.1. Rights
and Remedies.

 

(a) Upon
the occurrence of (i) an Event of Default pursuant to Section 10.7 all Obligations shall be immediately due and payable and this
Agreement and the obligation of Lenders to make Advances shall be deemed terminated; and, (ii) any of the other Events of Default
that is continuing and at any time thereafter (such default not having previously been cured or waived), at the option of Required
Lenders all Obligations shall be immediately due and payable and Lenders shall have the right to terminate this Agreement and
to terminate the obligation of Lenders to make Advances and (iii) a filing of a petition against Borrower in any involuntary case
under any state or federal bankruptcy laws, all Obligations shall be immediately due and payable and the obligation of Lenders
to make Advances hereunder shall be terminated other than as may be required by an appropriate order of the bankruptcy court having
jurisdiction over Borrower. Upon the occurrence of any Event of Default that has not been cured or waived and is continuing, Agent
shall have the right to exercise any and all other rights and remedies provided for herein, under the Other Documents, under the
Uniform Commercial Code and at law or equity generally, including, without limitation, the right to foreclose the security interests
granted herein and to realize upon any Collateral by any available judicial procedure and/or to take possession of and sell any
or all of the Collateral with or without judicial process. Agent may enter any of Borrower’s premises or other premises
without legal process and without incurring liability to Borrower therefor, and Agent may thereupon, or at any time thereafter,
in its discretion without notice or demand, take the Collateral and remove the same to such place as Agent may deem advisable
and Agent may require Borrower to make the Collateral available to Agent at a convenient place. With or without having the Collateral
at the time or place of sale, Agent may sell the Collateral, or any part thereof, at public or private sale, at any time or place,
in one or more sales, at such price or prices, and upon such terms, either for cash, credit or future delivery, as Agent may elect.
Except as to that part of the Collateral which is perishable or threatens to decline speedily in value or is of a type customarily
sold on a recognized market, Agent shall give Borrower reasonable notification of such sale or sales, it being agreed that in
all events written notice mailed to Borrower at least ten (10) days prior to such sale or sales is reasonable notification. At
any public sale Agent or any Lender may bid for and become the purchaser, and Agent, any Lender or any other purchaser at any
such sale thereafter shall hold the Collateral sold absolutely free from any claim or right of whatsoever kind, including any
equity of redemption and all such claims, rights and equities are hereby expressly waived and released by Borrower. In connection
with the exercise of the foregoing remedies in the event of an Event of Default that is continuing, including the sale of Inventory,
Agent is granted a perpetual nonrevocable, royalty free, nonexclusive license and Agent is granted permission to use all of Borrower’s
(a) trademarks, trade styles, trade names, patents, patent applications, copyrights, service marks, licenses, franchises and other
proprietary rights which are used or useful in connection with Inventory for the purpose of marketing, advertising for sale and
selling or otherwise disposing of such Inventory and (b) Equipment for the purpose of completing the manufacture of unfinished
goods. The cash proceeds realized from the sale of any Collateral shall be applied to the Obligations in the order set forth in
Section 11.5 hereof. Noncash proceeds will only be applied to the Obligations as they are converted into cash. If any deficiency
shall arise, Borrower shall remain liable to Agent and Lenders therefor.

 

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(b) To
the extent that Applicable Law imposes duties on Agent to exercise remedies in a commercially reasonable manner, Borrower acknowledges
and agrees that it is not commercially unreasonable for Agent (i) to fail to incur expenses reasonably deemed significant by Agent
to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished
products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain
or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of
Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Customers or other Persons obligated
on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Customers
and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists,
(v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral
is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as Borrower, for expressions of
interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the
disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing
internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity
of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x)
to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements
to insure Agent against risks of loss, collection or disposition of Collateral or to provide to Agent a guaranteed return from
the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Agent, to obtain the services of other
brokers, investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any of the
Collateral. Borrower acknowledges that the purpose of this Section 11.1(b) is to provide non-exhaustive indications of what actions
or omissions by Agent would not be commercially unreasonable in Agent’s exercise of remedies against the Collateral and
that other actions or omissions by Agent shall not be deemed commercially unreasonable solely on account of not being indicated
in this Section 11.1(b). Without limitation upon the foregoing, nothing contained in this Section 11.1(b) shall be construed to
grant any rights to Borrower or to impose any duties on Agent that would not have been granted or imposed by this Agreement or
by Applicable Law in the absence of this Section 11.1(b).

 

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11.2. Agent’s
Discretion.

 

Agent
shall have the right in its reasonable discretion to determine which rights, Liens, security interests or remedies Agent may at
any time pursue, relinquish, subordinate, or modify or to take any other action with respect thereto and such determination will
not in any way modify or affect any of Agent’s or Lenders’ rights hereunder.

 

11.3. Setoff.

 

Subject
to Section 14.12, in addition to any other rights which Agent or any Lender may have under Applicable Law, upon the occurrence
of an Event of Default hereunder that has not been waived or cured and is continuing, Agent and such Lender shall have a right,
immediately and without notice of any kind, to apply Borrower’s property held by Agent and such Lender to reduce the Obligations.

 

11.4. Rights
and Remedies not Exclusive.

 

The
enumeration of the foregoing rights and remedies is not intended to be exhaustive and the exercise of any rights or remedy shall
not preclude the exercise of any other right or remedies provided for herein or otherwise provided by law, all of which shall
be cumulative and not alternative.

 

11.5. Allocation
of Payments After Event of Default.

 

Notwithstanding
any other provisions of this Agreement to the contrary, after the occurrence and during the continuance of an Event of Default,
all amounts collected or received by Agent on account of the Obligations or any other amounts outstanding under any of the Other
Documents or in respect of the Collateral may, at Agent’s discretion, be paid over or delivered as follows:

 

FIRST,
to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of Agent in connection
with enforcing its rights and the rights of the Lenders under this Agreement and the Other Documents and any protective advances
made by Agent with respect to the Collateral under or pursuant to the terms of this Agreement;

 

SECOND,
to payment of any fees owed to Agent;

 

THIRD,
to the payment of all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees) of each of the
Lenders to the extent owing to such Lender pursuant to the terms of this Agreement;

 

FOURTH,
to the payment of all of the Obligations consisting of accrued fees and interest;

 

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FIFTH,
to the payment of the outstanding principal amount of the Obligations (including the payment or cash collateralization of any
outstanding Letters of Credit), to breakage, termination or other payments, and any interest accrued thereon, due under any Lender-Provided
Interest Rate Hedge, to the extent such Lender-Provided Interest Rate Hedge is permitted by Section 7.8, and to amounts due under
any Cash Management Products;

 

SIXTH,
to all other Obligations and other obligations which shall have become due and payable under the Other Documents or otherwise
and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

 

SEVENTH,
to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.

 

In
carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application
to the next succeeding category; (ii) each of the Lenders shall receive (so long as it is not a Defaulting Lender) an amount equal
to its pro rata share (based on the proportion that the then outstanding Advances held by such Lender bears to the aggregate then
outstanding Advances) of amounts available to be applied pursuant to clauses “FOURTH”, “FIFTH” and “SIXTH”
above; and (iii) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable
to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by Agent in a cash collateral account
and applied (A) first, to reimburse the Issuer from time to time for any drawings under such Letters of Credit and (B) then, following
the expiration of all Letters of Credit, to all other obligations of the types described in clauses “FIFTH” and “SIXTH”
above in the manner provided in this Section 11.5.

 

ARTICLE
XII

WAIVERS AND JUDICIAL PROCEEDINGS

 

12.1. Waiver
of Notice.

 

Borrower
hereby waives notice of non-payment of any of the Receivables, demand, presentment, protest and notice thereof with respect to
any and all instruments, notice of acceptance hereof, notice of loans or advances made, credit extended, Collateral received or
delivered, or any other action taken in reliance hereon, and all other demands and notices of any description, except such as
are expressly provided for herein.

 

12.2. Delay.

 

No
delay or omission on Agent’s or any Lender’s part in exercising any right, remedy or option shall operate as a waiver
of such or any other right, remedy or option or of any Default or Event of Default. No Out-of-Formula Loan or protective advance
made during the existence of a Default or an Event of Default shall operate as a waiver of any such Default or Event of Default.

 

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12.3. Jury
Waiver.

 

EACH
PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A)
ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B)
IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT
OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO
OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH
PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

ARTICLE
XIII

EFFECTIVE DATE AND TERMINATION.

 

13.1. Term.

 

This
Agreement, which shall inure to the benefit of and shall be binding upon the respective successors and permitted assigns of Borrower,
Agent and each Lender, shall become effective on the date hereof and shall continue in full force and effect until May 15, 2024
(the “Term”) unless sooner terminated as herein provided. Borrower may terminate this Agreement at any time
upon ninety (90) days’ prior written notice upon payment in full of the Obligations. In the event the Obligations are prepaid
in full prior to the last day of the Term (the date of such prepayment hereinafter referred to as the “Early Termination
Date”), Borrower shall pay to Agent for the benefit of Lenders an early termination fee in an amount equal to (x) one
percent (1.0%) of the Maximum Loan Amount if the Early Termination Date occurs on or after May 8, 2020 to and including May 7,
2021, and (y) one-half of one percent (0.50%) of the Maximum Loan Amount if the Early Termination Date occurs on or after May
8, 2021 to and including May 7, 2022.

 

13.2. Termination.

 

The
termination of the Agreement shall not affect Borrower’s, Agent’s or any Lender’s rights, or any of the Obligations
having their inception prior to the effective date of such termination, and the provisions hereof shall continue to be fully operative
until all transactions entered into, rights or interests created or Obligations (other than contingent indemnity claims not yet
asserted or threatened) have been fully and indefeasibly paid, disposed of, concluded or liquidated. The security interests, Liens
and rights granted to Agent and Lenders hereunder and the financing statements filed hereunder shall continue in full force and
effect, notwithstanding the termination of this Agreement or the fact that Borrower’s Account may from time to time be temporarily
in a zero or credit position, until all of the Obligations (other than contingent indemnity claims not yet asserted or threatened)
have been indefeasibly paid and performed in full after the termination of this Agreement or Borrower has furnished Agent and
Lenders with an indemnification satisfactory to Agent and Lenders with respect thereto. Accordingly, Borrower waives any rights
which it may have under the Uniform Commercial Code to demand the filing of termination statements with respect to the Collateral,
and Agent shall not be required to send such termination statements to Borrower, or to file them with any filing office, unless
and until this Agreement shall have been terminated in accordance with its terms and all Obligations (other than contingent indemnity
claims not yet asserted or threatened) have been indefeasibly paid in full in immediately available funds. All representations,
warranties, covenants, waivers and agreements contained herein shall survive termination hereof until all Obligations (other than
contingent indemnity claims not yet asserted or threatened) are indefeasibly paid and performed in full.

 

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ARTICLE
XIV

REGARDING AGENT

 

14.1. Appointment.

 

Each
Lender hereby designates PNC to act as Agent for such Lender under this Agreement and the Other Documents. Each Lender hereby
irrevocably authorizes Agent to take such action on its behalf under the provisions of this Agreement and the Other Documents
and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of
Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto and Agent shall hold all Collateral,
payments of principal and interest, fees (except the fees set forth in Sections 3.3(a) and 3.4), charges and collections (without
giving effect to any collection days) received pursuant to this Agreement, for the ratable benefit of Lenders. Agent may perform
any of its duties hereunder by or through its agents or employees. As to any matters not expressly provided for by this Agreement
(including, without limitation, collection of the Note) Agent shall not be required to exercise any discretion or take any action,
but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon
the instructions of the Required Lenders, and such instructions shall be binding; provided, however, that Agent shall not be required
to take any action which exposes Agent to liability or which is contrary to this Agreement or the Other Documents or Applicable
Law unless Agent is furnished with an indemnification reasonably satisfactory to Agent with respect thereto.

 

14.2. Nature
of Duties.

 

Agent
shall have no duties or responsibilities except those expressly set forth in this Agreement and the Other Documents. Neither Agent
nor any of its officers, directors, employees or agents shall be (i) liable for any action taken or omitted by them as such hereunder
or in connection herewith, unless caused by their gross (not mere) negligence or willful misconduct (as determined by a court
of competent jurisdiction in a final non-appealable judgment), or (ii) responsible in any manner for any recitals, statements,
representations or warranties made by Borrower or any officer thereof contained in this Agreement, or in any of the Other Documents
or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection
with, this Agreement or any of the Other Documents or for the value, validity, effectiveness, genuineness, due execution, enforceability
or sufficiency of this Agreement, or any of the Other Documents or for any failure of Borrower to perform its obligations hereunder.
Agent 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 Agreement or any of the Other Documents, or to inspect the properties, books
or records of Borrower. The duties of Agent as respects the Advances to Borrower shall be mechanical and administrative in nature;
Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement,
expressed or implied, is intended to or shall be so construed as to impose upon Agent any obligations in respect of this Agreement
except as expressly set forth herein.

 

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14.3. Lack
of Reliance on Agent and Resignation.

 

Independently
and without reliance upon Agent or any other Lender, each Lender has made and shall continue to make (i) its own independent investigation
of the financial condition and affairs of Borrower and each Guarantor in connection with the making and the continuance of the
Advances hereunder and the taking or not taking of any action in connection herewith, and (ii) its own appraisal of the creditworthiness
of Borrower and each Guarantor. Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide
any Lender with any credit or other information with respect thereto, whether coming into its possession before making of the
Advances or at any time or times thereafter except as shall be provided by Borrower pursuant to the terms hereof. Agent shall
not be responsible to any Lender for any recitals, statements, information, representations or warranties herein or in any agreement,
document, certificate or a statement delivered in connection with or for the execution, effectiveness, genuineness, validity,
enforceability, collectibility or sufficiency of this Agreement or any Other Document, or of the financial condition of Borrower
or any Guarantor, or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions
or conditions of this Agreement, the Notes, the Other Documents or the financial condition of Borrower, or the existence of any
Event of Default or any Default.

 

Agent
may resign on sixty (60) days’ written notice to each of Lenders and Borrower and upon such resignation, the Required Lenders
will promptly designate a successor Agent reasonably satisfactory to Borrower.

 

Any
such successor Agent shall succeed to the rights, powers and duties of Agent, and the term “Agent” shall mean such
successor agent effective upon its appointment, and the former Agent’s rights, powers and duties as Agent shall be terminated,
without any other or further act or deed on the part of such former Agent. After any Agent’s resignation as Agent, the provisions
of this Article XIV shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this
Agreement.

 

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14.4. Certain
Rights of Agent.

 

If
Agent shall request instructions from Lenders with respect to any act or action (including failure to act) in connection with
this Agreement or any Other Document, Agent shall be entitled to refrain from such act or taking such action unless and until
Agent shall have received instructions from the Required Lenders; and Agent shall not incur liability to any Person by reason
of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against Agent as a result
of its acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders.

 

14.5. Reliance.

 

Agent
shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, statement, certificate,
facsimile, electronic message, email, order or other document or telephone message believed by it to be genuine and correct and
to have been signed, sent or made by the proper person or entity, and, with respect to all legal matters pertaining to this Agreement
and the Other Documents and its duties hereunder, upon advice of counsel selected by it. Agent may employ agents and attorneys-in-fact
and shall not be liable for the default or misconduct of any such agents or attorneys-in-fact selected by Agent with reasonable
care.

 

14.6. Notice
of Default.

 

Agent
shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder or under the Other
Documents, unless Agent has received notice from a Lender or Borrower referring to this Agreement or the Other Documents, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that Agent receives
such a notice, Agent shall give notice thereof to Lenders. Agent shall take such action with respect to such Default or Event
of Default as shall be reasonably directed by the Required Lenders; provided, that, unless and until Agent shall have received
such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect
to such Default or Event of Default as it shall deem advisable in the best interests of Lenders.

 

14.7. Indemnification.

 

To
the extent Agent is not reimbursed and indemnified by Borrower, each Lender will reimburse and indemnify Agent in proportion to
its respective portion of the Advances (or, if no Advances are outstanding, according to its Commitment Percentage), from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by or asserted against Agent in performing its duties hereunder,
or in any way relating to or arising out of this Agreement or any Other Document; provided that, Lenders shall not be liable for
any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
(including, without limitation, attorneys’ fees) resulting from Agent’s gross (not mere) negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final non-appealable judgment).

 

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14.8. Agent
in its Individual Capacity.

 

With
respect to the obligation of Agent to lend under this Agreement, the Advances made by it shall have the same rights and powers
hereunder as any other Lender and as if it were not performing the duties as Agent specified herein; and the term “Lender”
or any similar term shall, unless the context clearly otherwise indicates, include Agent in its individual capacity as a Lender.
Agent may engage in business with Borrower as if it were not performing the duties specified herein, and may accept fees and other
consideration from Borrower for services in connection with this Agreement or otherwise without having to account for the same
to Lenders.

 

14.9. Delivery
of Documents.

 

To
the extent Agent receives financial statements required under Sections 9.7, 9.8, 9.9, 9.12 and 9.13 or Borrowing Base Certificates
from Borrower pursuant to the terms of this Agreement which Borrower is not obligated to deliver to each Lender, Agent will promptly
furnish such documents and information to Lenders.

 

14.10. Borrower’s
Undertaking to Agent.

 

Without
prejudice to its obligations to Lenders under the other provisions of this Agreement, Borrower hereby undertakes with Agent to
pay to Agent from time to time on demand all amounts from time to time due and payable by it for the account of Agent or Lenders
or any of them pursuant to this Agreement to the extent not already paid. Any payment made pursuant to any such demand shall pro
tanto satisfy the relevant Borrower’s obligations to make payments for the account of Lenders or the relevant one or more
of them pursuant to this Agreement.

 

14.11. No
Reliance on Agent’s Customer Identification Program.

 

Each
Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on Agent
to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program,
or other obligations required or imposed under or pursuant to the USA PATRIOT Act or the regulations thereunder, including the
regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other
Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with Borrower, its
Affiliates or its agents, this Agreement, the Other Documents or the transactions hereunder or contemplated hereby: (1) any identity
verification procedures, (2) any record-keeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures
required under the CIP Regulations or such other laws.

 

    	103

     

    

 

14.12. Other
Agreements.

 

Each
of the Lenders agrees that it shall not, without the express consent of Agent, and that it shall, to the extent it is lawfully
entitled to do so, upon the request of Agent, set off against the Obligations, any amounts owing by such Lender to Borrower or
any deposit accounts of Borrower now or hereafter maintained with such Lender. Anything in this Agreement to the contrary notwithstanding,
each of the Lenders further agrees that it shall not, unless specifically requested to do so by Agent, take any action to protect
or enforce its rights arising out of this Agreement or the Other Documents, it being the intent of Lenders that any such action
to protect or enforce rights under this Agreement and the Other Documents shall be taken in concert and at the direction or with
the consent of Agent or Required Lenders.

 

ARTICLE
XV

MISCELLANEOUS

 

15.1. Governing
Law.

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed
wholly within the State of New York. Any judicial proceeding brought by or against Borrower with respect to any of the Obligations,
this Agreement, the Other Documents or any related agreement may be brought in any court of competent jurisdiction in the State
of New York, United States of America, and, by execution and delivery of this Agreement, Borrower accepts for itself and in connection
with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts, and irrevocably agrees
to be bound by any judgment rendered thereby in connection with this Agreement. Borrower hereby waives personal service of any
and all process upon it and consents that all such service of process may be made by registered mail (return receipt requested)
directed to Borrower at its address set forth in Section 15.6 and service so made shall be deemed completed five (5) days after
the same shall have been so deposited in the mails of the United States of America. Nothing herein shall affect the right to serve
process in any manner permitted by law or shall limit the right of Agent or any Lender to bring proceedings against Borrower in
the courts of any other jurisdiction. Borrower waives any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Borrower waives the
right to remove any judicial proceeding brought against Borrower in any state court to any federal court. Any judicial proceeding
by Borrower against Agent or any Lender involving, directly or indirectly, any matter or claim in any way arising out of, related
to or connected with this Agreement or any related agreement, shall be brought only in a federal or state court located in the
County of New York, State of New York.

 

15.2. Entire
Understanding.

 

(a) This
Agreement and the documents executed concurrently herewith contain the entire understanding between Borrower, Agent and each Lender
and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations,
warranties or guarantees not herein contained and hereinafter made shall have no force and effect unless in writing, signed by
Borrower’s, Agent’s and each Lender’s respective officers. Neither this Agreement nor any portion or provisions
hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled or terminated orally or by any course of
dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Borrower acknowledges that
it has been advised by counsel in connection with the execution of this Agreement and Other Documents and is not relying upon
oral representations or statements inconsistent with the terms and provisions of this Agreement.

 

    	104

     

    

 

(b) The
Required Lenders, Agent with the consent in writing of the Required Lenders, and Borrower may, subject to the provisions of this
Section 15.2 (b), from time to time enter into written supplemental agreements to this Agreement or the Other Documents executed
by Borrower, for the purpose of adding or deleting any provisions or otherwise changing, varying or waiving in any manner the
rights of Lenders, Agent or Borrower thereunder or the conditions, provisions or terms thereof or waiving any Event of Default
thereunder, but only to the extent specified in such written agreements; provided, however, that no such supplemental agreement
shall, without the consent of all Lenders:

 

(i) increase
the Commitment Percentage or the maximum dollar commitment of any Lender or the Maximum Revolving Advance Amount.

 

(ii) extend
the maturity of any Note or the due date for any amount payable hereunder (excluding any mandatory prepayment), or decrease the
rate of interest or reduce any fee payable by Borrower to Lenders pursuant to this Agreement.

 

(iii) alter
the definition of the term Required Lenders or alter, amend or modify this Section 15.2(b).

 

(iv) release
any Collateral during any calendar year (other than in accordance with the provisions of this Agreement) having an aggregate value
in excess of $1,000,000.

 

(v) change
the rights and duties of Agent.

 

(vi) permit
any Revolving Advance to be made if after giving effect thereto the total of Revolving Advances outstanding hereunder would exceed
the Formula Amount for more than sixty (60) consecutive Business Days or exceed one hundred and ten percent (110%) of the Formula
Amount.

 

(vii) increase
the Advance Rates above the Advance Rates in effect on the Closing Date.

 

(viii) release
any Guarantor.

 

    	105

     

    

 

Any
such supplemental agreement shall apply equally to each Lender and shall be binding upon Borrower, Lenders and Agent and all future
holders of the Obligations. In the case of any waiver, Borrower, Agent and Lenders shall be restored to their former positions
and rights, and any Event of Default waived shall be deemed to be cured and not continuing, but no waiver of a specific Event
of Default shall extend to any subsequent Event of Default (whether or not the subsequent Event of Default is the same as the
Event of Default which was waived), or impair any right consequent thereon.

 

In
the event that Agent requests the consent of a Lender pursuant to this Section 15.2 and such consent is denied, then PNC may,
at its option, require such Lender to assign its interest in the Advances to PNC or to another Lender or to any other Person designated
by Agent (the “Designated Lender”), for a price equal to the then outstanding principal amount thereof plus
accrued and unpaid interest and fees due such Lender, which interest and fees shall be paid when collected from Borrower. In the
event PNC elects to require any Lender to assign its interest to PNC or to the Designated Lender, PNC will so notify such Lender
in writing within forty-five (45) days following such Lender’s denial, and such Lender will assign its interest to PNC or
the Designated Lender no later than five (5) days following receipt of such notice pursuant to a Commitment Transfer Supplement
executed by such Lender, PNC or the Designated Lender, as appropriate, and Agent.

 

Notwithstanding
(a) the existence of a Default or an Event of Default that is continuing, (b) that any of the other applicable conditions precedent
set forth in Section 8.2 hereof have not been satisfied or (c) any other provision of this Agreement, Agent may at its discretion
and without the consent of the Required Lenders, voluntarily permit the outstanding Revolving Advances at any time to exceed the
Formula Amount by up to ten percent (10%) of the Formula Amount for up to sixty (60) consecutive Business Days (the “Out-of-Formula
Loans”); provided, that, such outstanding Advances do not exceed the Maximum Revolving Advance Amount. If Agent is willing
in its sole and absolute discretion to make such Out-of-Formula Loans, such Out-of-Formula Loans shall be payable on demand and
shall bear interest at the Default Rate for Revolving Advances consisting of Domestic Rate Loans; provided that, if Lenders do
make Out-of-Formula Loans, neither Agent nor Lenders shall be deemed thereby to have changed the limits of Section 2.1(a). For
purposes of this paragraph, the discretion granted to Agent hereunder shall not preclude involuntary overadvances that may result
from time to time due to the fact that the Formula Amount was unintentionally exceeded for any reason, including, but not limited
to, Collateral previously deemed to be either “Eligible Receivables” or “Eligible Inventory”, as applicable,
becomes ineligible, collections of Receivables applied to reduce outstanding Revolving Advances are thereafter returned for insufficient
funds or overadvances are made to protect or preserve the Collateral. In the event Agent involuntarily permits the outstanding
Revolving Advances to exceed the Formula Amount by more than ten percent (10%), Agent shall use its efforts to have Borrower decrease
such excess in as expeditious a manner as is practicable under the circumstances and not inconsistent with the reason for such
excess. Revolving Advances made after Agent has determined the existence of involuntary overadvances shall be deemed to be involuntary
overadvances and shall be decreased in accordance with the preceding sentence.

 

    	106

     

    

 

In
addition to (and not in substitution of) the discretionary Revolving Advances permitted above in this Section 15.2, Agent is hereby
authorized by Borrower and the Lenders, from time to time in Agent’s sole discretion, (A) after the occurrence and during
the continuation of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions precedent
set forth in Section 8.2 hereof have not been satisfied, to make Revolving Advances to Borrower on behalf of the Lenders which
Agent, in its reasonable business judgment, deems necessary or desirable (a) to preserve or protect the Collateral, or any portion
thereof, (b) to enhance the likelihood of, or maximize the amount of, repayment of the Advances and other Obligations, or (c)
to pay any other amount chargeable to Borrower pursuant to the terms of this Agreement; provided, that at any time after giving
effect to any such Revolving Advances the outstanding Revolving Advances do not exceed one hundred and ten percent (110%) of the
Formula Amount.

 

15.3. Successors
and Assigns; Participations; New Lenders.

 

(a) This
Agreement shall be binding upon and inure to the benefit of Borrower, Agent, each Lender, all future holders of the Obligations
and their respective successors and permitted assigns, except that Borrower may not assign or transfer any of its rights or obligations
under this Agreement without the prior written consent of Agent and each Lender.

 

(b) Borrower
acknowledges that in the regular course of commercial banking business one or more Lenders may at any time and from time to time
sell participating interests in the Advances to other financial institutions (each such transferee or purchaser of a participating
interest, a “Participant”; provided, that any such sale of participating interests must be for a constant and non-varying
interest in all Advances. Each Participant may exercise all rights of payment (including, without limitation, rights of set-off)
with respect to the portion of such Advances held by it or other Obligations payable hereunder as fully as if such Participant
were the direct holder thereof provided that Borrower shall not be required to pay to any Participant more than the amount which
it would have been required to pay to Lender which granted an interest in its Advances or other Obligations payable hereunder
to such Participant had such Lender retained such interest in the Advances hereunder or other Obligations payable hereunder and
in no event shall Borrower be required to pay any such amount arising from the same circumstances and with respect to the same
Advances or other Obligations payable hereunder to both such Lender and such Participant. Borrower hereby grants to any Participant
a continuing security interest in any deposits, moneys or other property actually or constructively held by such Participant as
security for the Participant’s interest in the Advances. No Lenders shall transfer, grant, assign or sell any participation
under which the participant shall have rights to approve any amendment or waiver of this Agreement except to the extent such amendment
or waiver would (A) extend the final maturity date or the date for the payments of any installment of fees or principal or interest
of any Advances or Letter of Credit reimbursement obligations in which such participant is participating, (B) reduce the amount
of any installment of principal of the Advances or Letter of Credit reimbursement obligations in which such participant is participating,
(C) except as otherwise expressly provided in this Agreement, reduce the interest rate applicable to the Advances or Letter of
Credit reimbursement obligations in which such participant is participating, or (D) except as otherwise expressly provided in
this Agreement, reduce any fees payable hereunder.

 

    	107

     

    

 

(c) Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may sell, assign or transfer all or any
part of its rights and obligations under or relating to Revolving Advances and/or Term Loans under this Agreement and the Other
Documents to one or more additional banks or financial institutions and one or more additional banks or financial institutions
may commit to make Advances hereunder (each a “Purchasing Lender”), in minimum amounts of not less than $5,000,000,
pursuant to a Commitment Transfer Supplement, executed by a Purchasing Lender, the transferor Lender, and Agent and delivered
to Agent for recording; provided, that any such assignment of a portion must be for a constant and non-varying portion of such
Lender’s rights under this Agreement, the Other Documents, the Advances and Commitment Percentage. Upon such execution,
delivery, acceptance and recording, from and after the transfer effective date determined pursuant to such Commitment Transfer
Supplement, (i) Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Commitment Transfer Supplement,
have the rights and obligations of a Lender thereunder with a Commitment Percentage as set forth therein, and (ii) the transferor
Lender thereunder shall, to the extent provided in such Commitment Transfer Supplement, be released from its obligations under
this Agreement, the Commitment Transfer Supplement creating a novation for that purpose. Such Commitment Transfer Supplement shall
be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing
Lender and the resulting adjustment of the Commitment Percentages arising from the purchase by such Purchasing Lender of all or
a portion of the rights and obligations of such transferor Lender under this Agreement and the Other Documents. Borrower hereby
consents to the addition of such Purchasing Lender and the resulting adjustment of the Commitment Percentages arising from the
purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement
and the Other Documents. Borrower shall execute and deliver such further documents and do such further acts and things in order
to effectuate the foregoing.

 

(d) Any
Lender, with the consent of Agent which shall not be unreasonably withheld or delayed, may directly or indirectly sell, assign
or transfer all or any portion of its rights and obligations under or relating to Revolving Advances and/or Term Loans under this
Agreement and the Other Documents to an entity, whether a corporation, partnership, trust, limited liability company or other
entity that (i) is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit
in the ordinary course of its business and (ii) is administered, serviced or managed by the assigning Lender or an Affiliate of
such Lender (a “Purchasing CLO” and together with each Participant and Purchasing Lender, each a “Transferee”
and collectively the “Transferees”), pursuant to a Commitment Transfer Supplement modified as appropriate to
reflect the interest being assigned (“Modified Commitment Transfer Supplement”), executed by any intermediate
purchaser, the Purchasing CLO, the transferor Lender, and Agent as appropriate and delivered to Agent for recording. Upon such
execution and delivery, from and after the transfer effective date determined pursuant to such Modified Commitment Transfer Supplement,
(i) Purchasing CLO thereunder shall be a party hereto and, to the extent provided in such Modified Commitment Transfer Supplement,
have the rights and obligations of a Lender thereunder and (ii) the transferor Lender thereunder shall, to the extent provided
in such Modified Commitment Transfer Supplement, be released from its obligations under this Agreement, the Modified Commitment
Transfer Supplement creating a novation for that purpose. Such Modified Commitment Transfer Supplement shall be deemed to amend
this Agreement to the extent, and only to the extent, necessary to reflect the addition of such Purchasing CLO. Borrower hereby
consents to the addition of such Purchasing CLO. Borrower shall execute and deliver such further documents and do such further
acts and things in order to effectuate the foregoing.

 

    	108

     

    

 

(e) Agent
shall maintain at its address a copy of each Commitment Transfer Supplement and Modified Commitment Transfer Supplement delivered
to it and a register (the “Register”) for the recordation of the names and addresses of each Lender and the
outstanding principal, accrued and unpaid interest and other fees due hereunder. The entries in the Register shall be conclusive,
in the absence of manifest error, and Borrower, Agent and Lenders may treat each Person whose name is recorded in the Register
as the owner of the Advance recorded therein for the purposes of this Agreement. The Register shall be available for inspection
by Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. Agent shall receive a fee
in the amount of $3,500 payable by the applicable Purchasing Lender and/or Purchasing CLO upon the effective date of each transfer
or assignment (other than to an intermediate purchaser) to such Purchasing Lender and/or Purchasing CLO.

 

(f) Borrower
authorizes each Lender to disclose to any Transferee and any prospective Transferee any and all financial information in such
Lender’s possession concerning Borrower which has been delivered to such Lender by or on behalf of Borrower pursuant to
this Agreement or in connection with such Lender’s credit evaluation of Borrower.

 

(g) Notwithstanding
anything to the contrary contained in this Agreement, any Lender may at any time and from time to time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

15.4. Application
of Payments.

 

Agent
shall have the continuing and exclusive right to apply or reverse and re-apply any payment and, to the extent permitted under
this Agreement, any and all proceeds of Collateral to any portion of the Obligations. To the extent that Borrower makes a payment
or Agent or any Lender receives any payment or proceeds of the Collateral for Borrower’s benefit, which are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession,
receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to such extent, the Obligations
or part thereof intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by
Agent or such Lender.

 

15.5. Indemnity.

 

Borrower
shall indemnify Agent, each Lender and each of their respective officers, directors, Affiliates, in-house attorneys, employees
and agents from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses and disbursements of any kind or nature whatsoever (including, without limitation, fees and disbursements of counsel)
which may be imposed on, incurred by, or asserted against Agent or any Lender in any claim, litigation, proceeding or investigation
instituted or conducted by any Governmental Body or instrumentality or any other Person with respect to any aspect of, or any
transaction contemplated by, or referred to in, or any matter related to, this Agreement or the Other Documents, whether or not
Agent or any Lender is a party thereto, except to the extent that any of the foregoing arises out of the willful misconduct of
the party being indemnified (as determined by a court of competent jurisdiction in a final and non-appealable judgment). Without
limiting the generality of the foregoing, this indemnity shall extend to any liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements
of counsel) asserted against or incurred by any of the indemnitees described above in this Section 15.5 by any Person under any
Environmental Laws or similar laws by reason of Borrower’s or any other Person’s failure to comply with laws applicable
to solid or hazardous waste materials, including Hazardous Substances and Hazardous Waste, or other Toxic Substances. Additionally,
if any taxes (excluding taxes imposed upon or measured solely by the net income of Agent and Lenders, but including any intangibles
taxes, stamp tax, recording tax or franchise tax) shall be payable by Agent, Lenders or Borrower on account of the execution or
delivery of this Agreement, or the execution, delivery, issuance or recording of any of the Other Documents, or the creation or
repayment of any of the Obligations hereunder, by reason of any Applicable Law now or hereafter in effect, Borrower will pay (or
will promptly reimburse Agent and Lenders for payment of) all such taxes, including interest and penalties thereon, and will indemnify
and hold the indemnitees described above in this Section 15.5 harmless from and against all liability in connection therewith.

 

15.6. Notice.

 

Any
notice or request hereunder may be given to Borrower or to Agent or any Lender at their respective addresses set forth below or
at such other address as may hereafter be specified in a notice designated as a notice of change of address under this Section.
Any notice, request, demand, direction or other communication (for purposes of this Section 15.6 only, a “Notice”)
to be given to or made upon any party hereto under any provision of this Loan Agreement shall be given or made by telephone or
in writing (which includes by means of electronic transmission (i.e., “e-mail”) or facsimile transmission or by setting
forth such Notice on a site on the World Wide Web (a “Website Posting”) if Notice of such Website Posting (including
the information necessary to access such site) has previously been delivered to the applicable parties hereto by another means
set forth in this Section 15.6) in accordance with this Section 15.6. Any such Notice must be delivered to the applicable parties
hereto at the addresses and numbers set forth under their respective names on Section 15.6 hereof or in accordance with any subsequent
unrevoked Notice from any such party that is given in accordance with this Section 15.6. Any Notice shall be effective:

 

(a) In
the case of hand-delivery, when delivered;

 

    	109

     

    

 

(b) If
given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid,
return receipt requested;

 

(c) In
the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no
later than the next Business Day by hand delivery, a facsimile or electronic transmission, a Website Posting or an overnight courier
delivery of a confirmatory Notice (received at or before noon on such next Business Day);

 

(d) In
the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number, if
the party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine;

 

(e) In
the case of electronic transmission, when actually received;

 

(f) In
the case of a Website Posting, upon delivery of a Notice of such posting (including the information necessary to access such site)
by another means set forth in this Section 15.6; and

 

(g) If
given by any other means (including by overnight courier), when actually received:

 

Any
Lender giving a Notice to Borrower shall concurrently send a copy thereof to Agent, and Agent shall promptly notify the other
Lenders of its receipt of such Notice.

 

	 	(A)	If to Agent or 	PNC Bank, National Association
	 	 	PNC at:	One Piedmont Town Center
	 	 	 	4720 Piedmont Row Drive
	 	 	 	Suite 300
	 	 	 	Charlotte, North Carolina 28210
	 	 	 	Attention:	Alex Council
	 	 	 	Telephone:	(704) 531-8503
	 	 	 	Facsimile:	(704) 643-7918
	 	 	 	 	 
	 	 	with an additional	 	 
	 	 	copy to:	Moore & Van Allen PLLC
	 	 	 	100 N. Tryon Street, Floor 47
	 	 	 	Charlotte, North Carolina 28202-4003
	 	 	 	Attention:	Lea Stromire Johnson 
	 	 	 	Telephone:	(704) 331-1068
	 	 	 	Facsimile:	(704) 378-2068
	 	 	 	 	 
	 	(B)	If to a Lender other than Agent,
    as specified on the signature pages hereof

 

    	110

     

    

 

	 	(C)	If to Borrower:	Perma-Fix Environmental Services,
    Inc.
	 	 	 	8302 Dunwoody Place #250	 
	 	 	 	Atlanta, Georgia 30350
	 	 	 	Attention	Ben Naccarato
	 	 	 	Telephone:	(770) 587-9898
	 	 	 	Telecopier:	(770) 587-9937
	 	 	 	 	 
	 	 	with a copy to:	 	 
	 	 	 	Conner & Winters, LLP
	 	 	 	1700 One Leadership Square
	 	 	 	211 North Robinson
	 	 	 	Oklahoma City, Oklahoma 73102-7102
	 	 	 	Attention:	Irwin Steinhorn
	 	 	 	Telephone:	(405) 272-5750
	 	 	 	Facsimile:	(405) 232-2695

 

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15.7. Survival.

 

The
obligations of Borrower under Sections 2.2(f), 3.7, 3.8, 3.9, 4.19(h), and 15.5 and the obligations of Lenders under Section 14.7,
shall survive termination of this Agreement and the Other Documents and payment in full of the Obligations.

 

15.8. Severability.

 

If
any part of this Agreement is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable
and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby
and shall be given effect so far as possible.

 

15.9. Expenses.

 

All
costs and expenses including, without limitation, reasonable attorneys’ fees (including the allocated costs of in house
counsel) and disbursements incurred by Agent on its behalf or on behalf of Lenders (a) in all efforts made to enforce payment
of any Obligation or effect collection of any Collateral, or (b) in connection with the entering into, modification, amendment,
administration and enforcement of this Agreement, the Other Documents or any consents or waivers hereunder and all related agreements,
documents and instruments, or (c) in instituting, maintaining, preserving, enforcing and foreclosing on Agent’s security
interest in or Lien on any of the Collateral, or maintaining, preserving or enforcing any of Agent’s or any Lender’s
rights hereunder, the Other Documents and under all related agreements, whether through judicial proceedings or otherwise, or
(d) in defending or prosecuting any actions or proceedings arising out of or relating to Agent’s or any Lender’s transactions
with Borrower, any Guarantor or (e) in connection with any advice given to Agent with respect to its rights and obligations under
this Agreement, the Other Documents and all related agreements, may be charged to Borrower’s Account and shall be part of
the Obligations.

 

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15.10. Injunctive
Relief.

 

Borrower
recognizes that, in the event Borrower fails to perform, observe or discharge any of its obligations or liabilities under this
Agreement, or threatens to fail to perform, observe or discharge such obligations or liabilities, any remedy at law may prove
to be inadequate relief to Lenders; therefore, Agent, if Agent so requests, shall be entitled to temporary and permanent injunctive
relief in any such case without the necessity of proving that actual damages are not an adequate remedy.

 

15.11. Consequential
Damages.

 

Neither
Agent nor any Lender, nor any agent or attorney for any of them, shall be liable to Borrower or any Guarantor (or any Affiliate
of any such Person) for indirect, punitive, exemplary or consequential damages arising from any breach of contract, tort or other
wrong relating to the establishment, administration or collection of the Obligations or as a result of any transaction contemplated
under this Agreement or any Other Document.

 

15.12. Captions.

 

The
captions at various places in this Agreement are intended for convenience only and do not constitute and shall not be interpreted
as part of this Agreement.

 

15.13. Counterparts;
Facsimile Signatures.

 

This
Agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed,
shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by
a party by facsimile or other form of electronic transmission shall be deemed to be an original signature hereto.

 

15.14. Construction.

 

The
parties acknowledge that each party and its counsel have reviewed this Agreement and that the normal rule of construction to the
effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Agreement or any amendments, schedules or exhibits thereto.

 

15.15. Confidentiality;
Sharing Information.

 

(a) Agent,
each Lender and each Transferee shall hold all non-public information obtained by Agent, such Lender or such Transferee pursuant
to the requirements of this Agreement in accordance with Agent’s, such Lender’s and such Transferee’s customary
procedures for handling confidential information of this nature; provided, however, Agent, each Lender and each Transferee may
disclose such confidential information (a) to its examiners, Affiliates, outside auditors, counsel and other professional advisors,
(b) to Agent, any Lender or to any prospective Transferees, and (c) as required or requested by any Governmental Body or representative
thereof or pursuant to legal process; provided, further that (i) unless specifically prohibited by Applicable Law, Agent, each
Lender and each Transferee shall use its reasonable best efforts prior to disclosure thereof, to notify Borrower of the applicable
request for disclosure of such non-public information (A) by a Governmental Body or representative thereof (other than any such
request in connection with an examination of the financial condition of a Lender or a Transferee by such Governmental Body) or
(B) pursuant to legal process and (ii) in no event shall Agent, any Lender or any Transferee be obligated to return any materials
furnished by Borrower other than those documents and instruments in possession of Agent or any Lender in order to perfect its
Lien on the Collateral once the Obligations have been paid in full and this Agreement has been terminated.

 

    	113

     

    

 

(b) Borrower
acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to Borrower
or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries
or Affiliates of such Lender and Borrower hereby authorizes each Lender to share any information delivered to such Lender by Borrower
and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement,
to any such Subsidiary or Affiliate of such Lender, it being understood that any such Subsidiary or Affiliate of any Lender receiving
such information shall be bound by the provisions of this Section 15.15 as if it were a Lender hereunder. Such authorization shall
survive the repayment of the other Obligations and the termination of this Agreement.

 

15.16. Publicity.

 

Each
Credit Party, Agent and each Lender hereby authorizes Agent and Borrower to make appropriate announcements of the financial arrangement
entered into among Borrower, Agent and Lenders, including, without limitation, announcements which are commonly known as tombstones,
in such publications and to such selected parties as Agent shall in its sole and absolute discretion deem appropriate.

 

15.17. Certifications
From Banks and Participants; USA PATRIOT Act.

 

(a) Each
Lender or assignee or participant of a Lender that is not incorporated under the Laws of the United States of America or a state
thereof (and is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable
regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence
in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository
institution or foreign bank) shall deliver to Agent the certification, or, if applicable, recertification, certifying that such
Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and the
applicable regulations: (1) within ten (10) days after the Closing Date, and (2) as such other times as are required under the
USA PATRIOT Act.

 

(b) The
USA PATRIOT Act requires all financial institutions to obtain, verify and record certain information that identifies individuals
or business entities which open an “account” with such financial institution. Consequently, Lender may from time to
time request, and Borrower shall provide to Lender, Borrower’s name, address, tax identification number and/or such other
identifying information as shall be necessary for Lender to comply with the USA PATRIOT Act and any other Anti-Terrorism Law.

 

    	114

     

    

 

Each
of the parties has signed this Agreement as of the day and year first above written.

 

	 	
	 	 
	 	
	 	 
	 	   Commitment
Percentages:

 

	 	   Revolving Loans:	100%
	 	   Term Loan:	100%Exhibit 10.1

 

Execution Version

 

INCREMENTAL JOINDER AGREEMENT NO. 1

 

This INCREMENTAL JOINDER
AGREEMENT NO. 1 (this “Agreement”), dated as of May 11, 2020, and effective as of the Effective Date (as hereinafter
defined), is made and entered into by and among TWIN RIVER WORLDWIDE HOLDINGS, INC., a Delaware corporation (the “Borrower”),
the GUARANTORS (as defined in the Credit Agreement referred to below) party hereto, each 2020 INCREMENTAL TERM B FACILITY LENDER
(as hereinafter defined) party hereto, and CITIZENS BANK, N.A., as administrative agent for the Lenders under the Existing Credit
Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”).

 

RECITALS:

 

WHEREAS, reference
is hereby made to the Credit Agreement, dated as of May 10, 2019 (as amended by that certain Amendment No. 1, dated as of
April 24, 2020, among the Borrower, the Guarantors, the Revolving Lenders party thereto and the Administrative Agent (the
 “First Amendment”), and as it may be further amended, restated, amended and restated, replaced, supplemented
or otherwise modified prior to giving effect to the amendments contemplated by this Agreement, the “Existing Credit Agreement”),
among the Borrower, the Guarantors, the Lenders (as defined in the Credit Agreement) party thereto from time to time, the Administrative
Agent, Citizens Bank, N.A., as collateral agent for the Secured Parties (as defined in the Credit Agreement) and the other parties
thereto;

 

WHEREAS, pursuant to
Section 2.12 of the Existing Credit Agreement, the Borrower has requested that those certain financial institutions party
hereto and listed on Schedule A hereto (the “2020 Incremental Term B Facility Lenders”) provide
in the aggregate $275,000,000 in New Term Loan Commitments as a new tranche of term loans having the terms applicable to the “Term
B-1 Facility” set forth in the Credit Agreement (as defined below) (the “2020 Incremental Term B Loan Commitments”
and the loans made thereunder, the “2020 Incremental Term B Loans”);

 

WHEREAS, pursuant to
Section 2.12(f) and Section 13.04(c) of the Existing Credit Agreement, the Borrower has further requested that the Administrative
Agent agree to amend the Existing Credit Agreement subject to and in accordance with the terms and conditions set forth herein
to reflect the incurrence of the 2020 Incremental Term B Loans;

 

WHEREAS, the proceeds
of the 2020 Incremental Term B Loans (net of borrowing costs and expenses) will be used solely for the purpose of (a) repaying
outstanding revolving credit borrowings under the terms of the Credit Agreement (subject to re-borrowings) and/or (b) paying the
purchase price under, and the costs and expenses incurred in connection with, Additional Specified Covenant Relief Period Acquisition
Agreements and/or (C) for such other general corporate purposes that are not prohibited by the Regulatory Agreement; and

 

WHEREAS, each 2020
Incremental Term B Facility Lender and the Administrative Agent is willing, on the terms and subject to the conditions set forth
below, to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and agreements, provisions and covenants herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

     

     

    

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.1     
Definitions. Except as otherwise expressly provided herein, capitalized terms used
in this Agreement (including in the Recitals and the introductory paragraph above) shall have the meanings given in the Credit
Agreement, and the rules of construction set forth in the Credit Agreement shall apply to this Agreement.

 

ARTICLE
II

AGREEMENT TO PROVIDE 2020 Incremental Term B LOAN COMMITMENTS

 

SECTION 2.1     
Agreement to Make 2020 Incremental Term B Loans. Each 2020 Incremental Term B Facility
Lender hereby agrees, severally and not jointly, to provide its respective 2020 Incremental Term B Loan Commitment as set forth
on Schedule A annexed hereto on the terms set forth in this Agreement, and its 2020 Incremental Term B Loan Commitment
shall be binding as of the Effective Date. Each 2020 Incremental Term B Facility Lender hereby agrees, severally and not jointly,
to make a 2020 Incremental Term B Loan to the Borrower on the Effective Date having the terms set forth in this Agreement and the
Credit Agreement in the amount of its 2020 Incremental Term B Loan Commitment.

 

SECTION 2.2     
New Loans and Commitments. The 2020 Incremental Term B Loan Commitment of each 2020
Incremental Term B Facility Lender is in addition to such 2020 Incremental Term B Facility Lender’s existing Loans and Commitments
under the Existing Credit Agreement, if any (which, except to the extent repaid on the Effective Date, shall continue under and
be subject in all respects to the Credit Agreement), and, immediately after giving effect to the amendments contemplated hereby,
will be subject in all respects to the terms of the Credit Agreement (and, in each case, the other Credit Documents).

 

SECTION 2.3     
2020 Incremental Term B Loan Commitments. This Agreement represents the Borrower’s
request pursuant to Section 2.12(a) of the Credit Agreement for the 2020 Incremental Term B Loan Commitments to be established
and provided on the terms set forth herein on the Effective Date and for the 2020 Incremental Term B Loans to be made thereunder
to be funded on the Effective Date. It is the understanding, agreement and intention of the parties that all 2020 Incremental Term
B Loans shall be a new Tranche of Term Loans having all of the terms and conditions set forth for the “Term B-1 Facility
Loans” in the Credit Agreement and shall constitute Loans, New Term Loans, Term Loans and Term B-1 Facility Loans under the
Credit Documents. The 2020 Incremental Term B Loans shall be subject to the provisions of, and shall be on the terms and conditions
set forth in, the Credit Agreement and the other Credit Documents. The 2020 Incremental Term B Loan Commitments shall automatically
terminate on the Effective Date after giving effect to the making of the 2020 Incremental Term B Loans. The Borrower hereby designates
the 2020 Incremental Term B Loan Commitments as incurred pursuant to clause (d) of the definition of “Incremental Loan Amount”.

 

ARTICLE
III

AMENDMENTS TO EXISTING CREDIT DOCUMENTS

 

SECTION 3.1     
Amendments to Existing Credit Agreement.

 

(a)               
Pursuant to Sections 2.12(f) and 13.04(c) of the Existing Credit Agreement, subject to the conditions and upon the terms
set forth in this Agreement and in reliance on the representations and warranties of the Credit Parties set forth in this Agreement,
the Borrower, each of the other Credit Parties, each 2020 Incremental Term B Facility Lender and the Administrative Agent agree
that on the Effective Date, simultaneously with the effectiveness of the provisions of Article II hereof, the Existing Credit
Agreement shall be amended as set forth in Exhibit A attached hereto in order to reflect the incurrence of the 2020
Incremental Term B Loans (double underlining indicates
new language and strikethrough indicates language that has been deleted)
(the Existing Credit Agreement, as so amended by this Agreement, and as it may be further amended, restated, amended and restated,
replaced, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

     

     

    

 

(b)               
The corresponding Annexes and Exhibits to the Existing Credit Agreement are hereby restated as set forth in the Credit Agreement.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

 

To induce (a) the
2020 Incremental Term B Facility Lenders to provide the 2020 Incremental Term B Loan Commitments and (b) the Administrative
Agent to enter into this Agreement, the Credit Parties represent to each 2020 Incremental Term B Facility Lender and the Administrative
Agent that, after giving effect to the incurrence of the 2020 Incremental Term B Loans by the Borrower, as of the Effective Date:

 

SECTION 4.1     
Corporate Existence. The Borrower and each Restricted Subsidiary (a)(i) is a corporation,
partnership, limited liability company or other entity duly organized and validly existing under the laws of the jurisdiction of
its organization and (ii) is in good standing under the laws of the jurisdiction of its organization; (b)(i) has all
requisite corporate or other power and authority, and (ii) has all governmental licenses, authorizations, consents and approvals
necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business and is
in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except,
in the case of clauses (b)(ii) and (c) where the failure thereof individually or in the aggregate would not reasonably be
expected to have a Material Adverse Effect.

 

SECTION 4.2     
Action; Enforceability. The Borrower and each Restricted Subsidiary has all necessary
corporate or other organizational power, authority and legal right to execute, deliver and perform its obligations under this Agreement
and to consummate the transactions herein contemplated; the execution, delivery and performance by the Borrower and each Restricted
Subsidiary of this Agreement and the consummation of the transactions herein contemplated have been duly authorized by all necessary
corporate, partnership or other organizational action on its part; and this Agreement has been duly and validly executed and delivered
by each Credit Party and constitutes its legal, valid and binding obligation, enforceable against each Credit Party in accordance
with its terms, except as may be limited by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar
laws of general applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and
(b) the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 

     

     

    

 

SECTION 4.3     
No Breach. None of the execution, delivery and performance by any Credit Party of this
Agreement nor the consummation of the transactions herein contemplated do or will (i) conflict with or result in a breach of, or
require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any
Credit Party or (y) any applicable Requirement of Law (including, without limitation, any Gaming/Racing Law) or (z) any order,
writ, injunction or decree of any Governmental Authority binding on any Credit Party, or result in a breach of, or require termination
of, any term or provision of any Contractual Obligation of any Credit Party or (ii) constitute (with due notice or lapse of time
or both) a default under any such Contractual Obligation or (iii) result in or require the creation or imposition of any Lien (except
for the Liens created pursuant to the Security Documents) upon any Property of any Credit Party pursuant to the terms of any such
Contractual Obligation, except with respect to (i)(y), (i)(z), (ii) or (iii) which would not reasonably be expected to result in
a Material Adverse Effect.

 

SECTION 4.4     
Credit Document Representations. Each of the representations and warranties made by
the Borrower or any other Credit Party in or pursuant to the Credit Documents to which such entity is a party, as amended hereby,
are true and correct in all material respects as of such date (except to the extent such representations and warranties are qualified
by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall
be true and correct in all respects), as applicable, with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date (except to the extent such representations and warranties
are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties
shall be true and correct in all respects as of the applicable date)).

 

ARTICLE
V

CONDITIONS TO THE EFFECTIVE DATE

 

This Agreement shall
become effective, and the 2020 Incremental Term B Facility Lenders shall fund their 2020 Incremental Term B Loan Commitments on
the date (the “Effective Date”) on which each of the following conditions is satisfied:

 

SECTION 5.1     
Execution of Counterparts. The Administrative Agent shall have received executed counterparts
of this Agreement from each Credit Party, each 2020 Incremental Term B Facility Lender and the Administrative Agent.

 

SECTION 5.2     
Corporate Documents. The Administrative Agent shall have received:

 

(a)               
certified true and complete copies of the Organizational Documents of each Credit Party and of all corporate or other authority
for each Credit Party (including board of directors (or other applicable governing authority) resolutions and evidence of the incumbency,
including specimen signatures, of officers) with respect to the execution, delivery and performance of this Agreement and the extensions
of credit hereunder, certified as of the Effective Date as complete and correct copies thereof by a Responsible Officer of each
such Credit Party (provided that, in lieu of attaching such Organizational Documents and/or evidence of incumbency, such certificate
may certify that (x) since the Closing Date (or such later date on which the applicable Credit Party became party to the Credit
Documents) or the date of the First Amendment, there have been no changes to the Organizational Documents of such Credit Party
and (y) no changes have been made to the incumbency certificate of the officers of such Credit Party delivered on the Closing
Date (or such later date referred to above) or the date of the First Amendment);

 

     

     

    

 

(b)               
a certificate as to the good standing each Credit Party as of a recent date, from the Secretary of State (or other applicable
Governmental Authority) of its jurisdiction of formation; and

 

(c)               
a customary closing certificate of a Responsible Officer of the Borrower (i) certifying as to the matters set forth in Sections
5.4 and 5.5 of this Agreement and (ii) setting forth the calculations indicating compliance with clause (d) of the definition of
 “Incremental Loan Amount”.

 

SECTION 5.3     
Conditions to Incremental Loan Commitments(a). All of the applicable requirements under
Section 2.12 of the Existing Credit Agreement with respect to the incurrence of the 2020 Incremental Term B Loans shall have been
complied with or waived.

 

SECTION 5.4     
Representations and Warranties. Each of the representations and warranties made by
the Borrower or any other Credit Party in or pursuant to Article IV of this Agreement and the Credit Documents to which such entity
is a party, as amended hereby, shall be true and correct in all material respects as of such date (except to the extent such representations
and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations
and warranties shall be true and correct in all respects), as applicable, with the same effect as though made on and as of such
date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date (except to the extent such representations
and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations
and warranties shall be true and correct in all respects as of the applicable date)).

 

SECTION 5.5     
No Default. No Default or Event of Default shall have occurred or be continuing immediately
after giving effect to the incurrence of the 2020 Incremental Term B Loan. 

 

SECTION 5.6     
Solvency Certificate. The Administrative Agent shall have received a solvency certificate
substantially in the form of Exhibit G to the Existing Credit Agreement from the chief financial officer, chief accounting officer
or other financial officer of the Borrower. 

 

SECTION 5.7     
Opinions of Counsel. The Administrative Agent shall have received the following opinions, each of which shall be
addressed to the Administrative Agent, the Collateral Agent and the 2020 Incremental Term B Facility Lenders and covering customary
matters for transactions of this type as reasonably requested by the Administrative Agent:

 

(a)               
an opinion of Jones Day, special counsel to the Credit Parties; and

 

(b)               
opinions of local counsel to the Credit Parties in such jurisdictions as are set forth in Schedule B.

 

SECTION 5.8     
Notice of Borrowing. The Administrative Agent shall have received a Notice of Borrowing,
duly completed and complying with Section 4.05 of the Existing Credit Agreement (or as otherwise agreed by the Administrative
Agent). 

 

SECTION 5.9     
Fees, Costs and Expenses. All fees due to the Administrative Agent and the Lenders
on the Effective Date shall have been paid from the proceeds of the 2020 Incremental Term B Loans on the Effective Date or otherwise,
and all expenses to be paid or reimbursed to the Administrative Agent and the Lenders that have been invoiced a reasonable period
of time prior to the Effective Date (and in any event, invoiced at least three (3) Business Days prior to the Effective Date (except
as otherwise agreed by the Borrower)) shall have been paid from the proceeds of the 2020 Incremental Term B Loans on the Effective
Date or otherwise.

 

     

     

    

 

SECTION 5.10  
Know Your Customer and Anti-Money Laundering. Each of the Borrower and the applicable
Guarantors shall have provided the documentation and other information to the Administrative Agent that are required by regulatory
authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Act,
at least three (3) Business Days prior to the Effective Date (or such later date as the Administrative Agent may agree to), to
the extent requested at least ten (10) Business Days prior to the Effective Date.

 

SECTION 5.11  
Flood Insurance. With respect to the Mortgaged Real Properties commonly known as Hard
Rock Hotel & Casino Biloxi and Mardi Gras Casino, for each such Mortgaged Real Property, the Borrower shall have provided to
the Administrative Agent, in form and substance reasonably acceptable to the Administrative Agent, (a) a completed “Life-of-Loan”
Federal Emergency Management Agency standard flood hazard determination, (b) a notice about special flood hazard area status and
flood disaster assistance duly executed by Borrower and the applicable Credit Party relating thereto and (c) evidence of all insurance
required with respect to such Mortgaged Real Property by Flood Insurance Laws (if any)).

 

ARTICLE
VI

POST-CLOSING REQUIREMENTS

 

SECTION 6.1     
Post-Closing Real Property. The Borrower shall as soon as practicable, but not later
than ninety (90) days after the Effective Date (or such later date as the Administrative Agent may determine in its sole discretion),
deliver or cause to be delivered to Collateral Agent the following items with respect to each Mortgaged Real Property, each in
form and substance reasonably acceptable to the Administrative Agent:

 

(a)               
an amendment to each existing Mortgage encumbering a Mortgaged Real Property (each Mortgaged Real Property encumbered by
a Mortgage prior to the date hereof, an “Existing Mortgaged Real Property”) to include the 2020 Incremental
Term B Loans in the obligations secured by such Mortgage (the “Mortgage Amendments”), each duly executed and
delivered by an authorized officer of each Credit Party party thereto and in form suitable for filing and recording in all filing
or recording offices that the Administrative Agent may deem necessary or desirable;

 

(b)               
such mortgage-modification, date-down and other endorsements as the Administrative Agent may reasonably request to the Lenders’
title insurance policies previously delivered to the Administrative Agent with respect to each of the Existing Mortgaged Real Properties,
each effective as of the date of the recordation or filing of the applicable Mortgage Amendment and in form and substance reasonably
satisfactory to the Administrative Agent;

 

(c)               
with respect to each Mortgage Amendment, legal opinions, each of which shall be addressed to the Administrative Agent, Collateral
Agent and the Lenders, dated the effective date of such Mortgage Amendment and covering such matters as the Administrative Agent
shall reasonably request in a manner customary for transactions of this type; and

 

(d)               
a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect
to each fee-owned Existing Mortgaged Real Property (or to the extent required by law, any other Existing Mortgaged Real Property)
(together with a notice about special flood hazard area status and flood disaster assistance duly executed by Borrower and the
applicable Credit Party relating thereto and evidence of all insurance required with respect to such Existing Mortgaged Real Properties
by Flood Insurance Laws (if any)).

 

     

     

    

 

SECTION 6.2     
Collateral Expenses. Each of the Credit Parties hereby acknowledges its obligations
under Section 13.03(a) of the Credit Agreement as and to the extent that they relate to the negotiation, preparation, execution
and delivery of the Mortgage Amendments and other documents required by Section 6.1 in accordance with their terms.

 

ARTICLE
VII

VALIDITY OF OBLIGATIONS AND LIENS

 

SECTION 7.1     
Reaffirmation. Each of the Credit Parties party hereto (a) acknowledges and agrees
that all of such Credit Party’s obligations under the Security Documents and the other Credit Documents (as amended hereby)
to which it is a party are reaffirmed and remain in full force and effect on a continuous basis as amended by this Agreement, (b)
reaffirms each lien and security interest granted by it to the Collateral Agent for the benefit of the Secured Parties to secure
the Secured Obligations and the guaranties of the Guaranteed Obligations made by it pursuant to the Existing Credit Agreement,
(c) acknowledges and agrees that the grants of liens and security interests by, and the guaranties of, the Credit Parties contained
in the Existing Credit Agreement and the Security Documents are, and shall remain, in full force and effect after giving effect
to this Agreement and the transactions contemplated hereby and thereby and (d) confirms and agrees that the Obligations, the Guaranteed
Obligations and the Secured Obligations under the Credit Agreement and the other Credit Documents include the 2020 Incremental
Term B Loans.

 

ARTICLE
VIII

MISCELLANEOUS

 

SECTION 8.1     
Notice. For purposes of the Credit Agreement, the initial notice address of each 2020
Incremental Term B Facility Lender (other than any 2020 Incremental Term B Facility Lender that, immediately prior to the execution
of this Agreement, is a “Lender” under the Existing Credit Agreement) shall be as set forth below its signature to
this Agreement.

 

SECTION 8.2     
Amendment, Modification and Waiver. This Agreement may not be amended, modified or
waived except by an instrument or instruments in writing signed and delivered on behalf of the Borrower and the Administrative
Agent (acting at the direction of such Lenders as may be required under Section 13.04 of the Credit Agreement).

 

SECTION 8.3     
Entire Agreement. This Agreement (including the Schedules and Exhibits) and the other
Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede
all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject
matter hereof. Each 2020 Incremental Term B Facility Lender party hereto, in its capacity as a 2020 Incremental Term B Facility
Lender hereunder and in its capacity as a Lender under the Existing Credit Agreement, hereby consents to the incurrence of the
2020 Incremental Term B Loans on the terms set forth herein.

 

SECTION 8.4     
GOVERNING LAW. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF
ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS AGREEMENT, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PRINCIPLES THAT
WOULD APPLY THE LAWS OF ANOTHER JURISDICTION.

 

     

     

    

 

SECTION 8.5     
SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER. EACH PARTY
HERETO AGREES THAT SECTION 13.09(b), 13.09(c), 13.09(d) AND 13.09(e) OF THE CREDIT AGREEMENT SHALL APPLY TO THIS AGREEMENT
MUTATIS MUTANDIS.

 

SECTION 8.6     
Confidentiality. Each party hereto agrees that Section 13.10 of the Credit Agreement
shall apply to this Agreement mutatis mutandis.

 

SECTION 8.7     
No Advisory or Fiduciary Responsibility. Each party hereto agrees that Section 13.17
of the Credit Agreement shall apply to this Agreement mutatis mutandis.

 

SECTION 8.8     
Severability. Wherever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by
or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

SECTION 8.9     
Counterparts. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission (including
portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed counterpart
hereof. The words “execution,” “signed,” “signature,” “delivery,” and words of
like import in or relating to this Agreement and any document to be signed in connection with this Agreement and the transactions
contemplated hereby shall be deemed to include an electronic symbol or process attached to a contract or other record and adopted
by a Person with the intent to sign, authenticate or accept such contract or record (each an “Electronic Signature”),
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be,
to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form
or format without its prior written consent.  Without limiting the generality of the foregoing, the Borrower hereby (i) agrees
that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy
proceedings or litigation among the Administrative Agent, the Lenders and the Credit Parties, electronic images of this Agreement
or any other Credit Documents (in each case, including with respect to any signature pages thereto)  shall have the same legal
effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity
or enforceability of the Credit Documents based solely on the lack of paper original copies of any Credit Documents, including
with respect to any signature pages thereto.

 

SECTION 8.10  
Credit Document. This Agreement shall constitute a “Credit Document” as
defined in the Credit Agreement.

 

SECTION 8.11  
No Novation. The parties hereto expressly acknowledge that it is not their intention
that this Agreement or any of the other Credit Documents executed or delivered pursuant hereto constitute a novation of any of
the obligations, covenants or agreements contained in the Existing Credit Agreement or any other Credit Document, but rather constitute
a modification thereof or supplement thereto pursuant to the terms contained herein. The Existing Credit Agreement and the Credit
Documents, in each case as amended, modified or supplemented hereby, shall be deemed to be continuing agreements among the parties
thereto, and all documents, instruments, and agreements delivered, as well as all Liens created, pursuant to or in connection with
the Existing Credit Agreement and the other Credit Documents shall remain in full force and effect, each in accordance with its
terms (as amended, modified or supplemented by this Agreement), unless such document, instrument, or agreement has otherwise been
terminated or has expired in accordance with or pursuant to the terms of this Agreement or such document, instrument, or agreement
or as otherwise agreed by the required parties hereto or thereto, it being understood that from after the occurrence of Effective
Date, each reference in the Credit Documents to the “Credit Agreement,” “thereunder,” “thereof”
(and each reference in the Credit Agreement to “this Agreement,” “hereunder,” or “hereof”)
or words of like import shall mean and be a reference to the Credit Agreement as amended, modified or supplemented by this Agreement.

 

     

     

    

 

SECTION 8.12  
Expenses. Without duplication of any amounts required to be paid pursuant to Sections
5.9 and 6.2, the Borrower agrees to reimburse the Administrative Agent and the Collateral Agent for the reasonable and
documented out-of-pocket expenses incurred by them in connection with this Amendment, including the reasonable and documented fees,
charges and disbursements of one primary counsel and one local counsel in each relevant material jurisdiction for the Administrative
Agent and the Collateral Agent, taken as a whole.

 

[Remainder of page intentionally left blank]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed as of the day and year first above written, to be effective as of the
Effective Date.

 

	 	Borrower:
	 	 	 
	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary

 

 

[Signature Page to Incremental Joinder Agreement
No. 1] 

 

     

     

    

 

	 	Guarantors:
	 	 	 
	 	TWIN RIVER MANAGEMENT GROUP, INC.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	UTGR, INC.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	PREMIER ENTERTAINMENT BILOXI LLC
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	PREMIER FINANCE BILOXI CORP.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	JAMLAND, LLC
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name:	 Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary

 

 

[Signature Page to Incremental Joinder Agreement
No. 1]

 

     

     

    

 

	 	TWIN RIVER-TIVERTON, LLC
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title:	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	PREMIER ENTERTAINMENT III, LLC
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	DOVER DOWNS, INC.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	DOVER DOWNS GAMING MANAGEMENT CORP.
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title:	Executive Vice President, General Counsel and Secretary
	 	 	 
	 	PREMIER ENTERTAINMENT BLACKH AWK,
    LLC
	 	 	 
	 	By: 	/s/ Craig Eaton
	 	Name: 	Craig L. Eaton
	 	Title: 	Executive Vice President, General Counsel and Secretary

 

 

[Signature Page to Incremental Joinder Agreement No.
1]

 

     

     

    

 

	Acknowledged and Agreed by:	 
	citizens bank, N.A., as Administrative Agent	 
	 	 	 
	By: 	/s/ Hariette Batson	 
	Name: 	Hariette Batson	 
	Title: 	AVP	 

 

 

[Signature Page to Incremental Joinder Agreement No.
1]

 

     

     

    

 

	CITIZENS BANK, N.A.,	 
	as a 2020 Incremental Term B Facility Lender	 
	 	 	 
	By: 	/s/ Hariette Batson	 
	Name: 	Hariette Batson	 
	Title: 	AVP	 

 

Notice Information: Laura Key

 

Address: 20 Cabot Rd., Medford, MA 02155

Telephone: 781-655-2173

Fax: 855-306-6453

Email: Laura.key@citizensbank.com

 

 

[Signature Page to Incremental Joinder Agreement No.
1]

 

     

     

    

 

SCHEDULE A

 

2020 Incremental Term B Loan Commitments

 

	Name of Incremental Term B Facility Lender	Amount
	Citizens Bank, N.A.	$275,000,000.00
	Total	$275,000,000.00

 

     

     

    

 

SCHEDULE B

 

Local Counsel Opinions

 

	Balch and Bingham LLP Legal Opinion (Mississippi)
	Cooper Levenson, P.A. Legal Opinion (Delaware)
	Greenberg Traurig, LLP Legal Opinion (Rhode Island)
	Holland & Hart LLP Legal Opinion (Colorado)
	The Tipton Law Firm, P.C. Legal Opinion (Colorado Gaming)

 

     

     

    

 

Exhibit A

 

EXECUTION VERSION

 

 

 

CREDIT AGREEMENT

Dated as of May 10, 2019,

(as
amended by the First Amendment, dated as of April 24, 2020

as further amended by the Incremental Joinder Agreement No. 1, dated as of May 11, 2020)

among

TWIN RIVER WORLDWIDE HOLDINGS, INC.,

as Borrower,

THE SUBSIDIARIES OF BORROWER PARTY HERETO,

as Guarantors,

THE LENDERS PARTY HERETO,

THE L/C LENDERS PARTY HERETO,

CITIZENS BANK, N.A.,

as Administrative Agent and as Collateral
Agent,

 

 

and

CITIZENS BANK, N.A., CREDIT SUISSE LOAN FUNDING LLC,

DEUTSCHE BANK SECURITIES INC., FIFTH THIRD BANK, NATIONAL ASSOCIATION,
GOLDMAN SACHS BANK USA, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED AND

SUNTRUST ROBINSON HUMPHREY, INC.,

as Lead Arrangers and Bookrunners for
the Closing Date Revolving Facility and the Term B Facility

 

and

 

CREDIT SUISSE LOAN FUNDING LLC, 

as Syndication Agent 

 

CITIZENS
BANK, N.A., FIFTH THIRD BANK, NATIONAL ASSOCIATION and SUNTRUST ROBINSON HUMPHREY, INC.,

as
Lead Arrangers and Bookrunners for the Term B-1 Facility

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I.
	 
	DEFINITIONS, ACCOUNTING MATTERS AND RULES OF CONSTRUCTION
	 
	SECTION 1.01.	Certain Defined Terms	1
	SECTION 1.02.	Accounting Terms and Determinations	7376
	SECTION 1.03.	Classes and Types of Loans	7377
	SECTION 1.04.	Rules of Construction.	7477
	SECTION 1.05.	Pro Forma Calculations	7578
	SECTION 1.06.	Letter of Credit Amounts	7679
	SECTION 1.07.	Limited Condition Transactions	7679
	SECTION 1.08.	Ratio Calculations; Negative Covenant Reclassification	7780
	 	 	 
	ARTICLE II.
	 
	CREDITS
	 
	SECTION 2.01.	Loans.	7881
	SECTION 2.02.	Borrowings	8184
	SECTION 2.03.	Letters of Credit.	8185
	SECTION 2.04.	Termination and Reductions of Commitment.	8993
	SECTION 2.05.	Fees.	9093
	SECTION 2.06.	Lending Offices	9096
	SECTION 2.07.	Several Obligations of Lenders	9096
	SECTION 2.08.	Notes; Register.	9196
	SECTION 2.09.	Optional Prepayments and Conversions or Continuations of Loans.	9196
	SECTION 2.10.	Mandatory Prepayments.	9297
	SECTION 2.11.	Replacement of Lenders.	97102
	SECTION 2.12.	Incremental Loan Commitments.	98104
	SECTION 2.13.	Extensions of Loans and Commitments.	103109
	SECTION 2.14.	Defaulting Lender Provisions.	106112
	SECTION 2.15.	Refinancing Amendments.	108114
	SECTION 2.16.	Cash Collateral.	110116
	 	 	 
	ARTICLE III.
	 
	PAYMENTS OF PRINCIPAL AND INTEREST
	 
	SECTION 3.01.	Repayment of Loans.	111117
	SECTION 3.02.	Interest.	112118
	 	 	 
	ARTICLE IV.
	 
	PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS; ETC.
	 
	SECTION 4.01.	Payments.	112119
	SECTION 4.02.	Pro Rata Treatment	113120
	SECTION 4.03.	Computations	114120
	SECTION 4.04.	Minimum Amounts	114120

 

    	 	-i-	 

     

    

 

Page

 

	SECTION 4.05.	Certain Notices	114120
	SECTION 4.06.	Non-Receipt of Funds by Administrative Agent	115121
	SECTION 4.07.	Right of Setoff, Sharing of Payments; Etc.	116122
	 	 	 
	ARTICLE V.
	 	 	 
	YIELD PROTECTION, ETC.
	 	 	 
	SECTION 5.01.	Increased Costs.	117123
	SECTION 5.02.	Inability To Determine Interest Rate	118124
	SECTION 5.03.	Illegality	119126
	SECTION 5.04.	Treatment of Affected Loans	120126
	SECTION 5.05.	Compensation.	120127
	SECTION 5.06.	Net Payments.	121127
	 	 	 
	ARTICLE VI.
	 	 	 
	GUARANTEES
	 	 	 
	SECTION 6.01.	The Guarantees	124130
	SECTION 6.02.	Obligations Unconditional	124131
	SECTION 6.03.	Reinstatement	126133
	SECTION 6.04.	Subrogation; Subordination	126133
	SECTION 6.05.	Remedies	127133
	SECTION 6.06.	Continuing Guarantee	127134
	SECTION 6.07.	General Limitation on Guarantee Obligations	127134
	SECTION 6.08.	Release of Guarantors	127134
	SECTION 6.09.	Keepwell	128134
	SECTION 6.10.	Right of Contribution	128135
	 	 	 
	ARTICLE VII.
	 	 	 
	CONDITIONS PRECEDENT
	 	 	 
	SECTION 7.01.	Conditions to Initial Extensions of Credit.	128135
	SECTION 7.02.	Conditions to All Extensions of Credit	131138
	 	 	 
	ARTICLE VIII.
	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	SECTION 8.01.	Corporate Existence; Compliance with Law	132139
	SECTION 8.02.	Financial Condition; Etc	132140
	SECTION 8.03.	Litigation	133140
	SECTION 8.04.	No Breach; No Default.	133140
	SECTION 8.05.	Action	133140
	SECTION 8.06.	Approvals	134141
	SECTION 8.07.	ERISA, Foreign Employee Benefit Matters and Labor Matters	134141
	SECTION 8.08.	Taxes	134142
	SECTION 8.09.	Investment Company Act.	135142
	SECTION 8.10.	Environmental Matters	135142
	SECTION 8.11.	Use of Proceeds.	135143
	SECTION 8.12.	Subsidiaries.	136143

 

    	 	-ii-	 

     

    

 

Page

 

	SECTION 8.13.	Ownership of Property; Liens	136144
	SECTION 8.14.	Security Interest; Absence of Financing Statements; Etc	136144
	SECTION 8.15.	Licenses and Permits	137145
	SECTION 8.16.	Disclosure	137145
	SECTION 8.17.	Solvency	138145
	SECTION 8.18.	Senior Obligations	138145
	SECTION 8.19.	Intellectual Property	138145
	SECTION 8.20.	Gaming/Racing Agreements	138146
	SECTION 8.21.	[Reserved]	138146
	SECTION 8.22.	Insurance	138146
	SECTION 8.23.	Real Estate.	139146
	SECTION 8.24.	Leases.	139146
	SECTION 8.25.	Mortgaged Real Property	139147
	SECTION 8.26.	Material Adverse Effect	140147
	SECTION 8.27.	Anti-Corruption Laws and Sanctions	140147
	 	 	 
	ARTICLE IX.
	 	 	 
	AFFIRMATIVE COVENANTS
	 	 	 
	SECTION 9.01.	Existence; Business Properties.	140148
	SECTION 9.02.	Insurance.	141149
	SECTION 9.03.	Taxes; Performance of Obligations	142149
	SECTION 9.04.	Financial Statements, Etc	142150
	SECTION 9.05.	Maintaining Records; Access to Properties and Inspections	146153
	SECTION 9.06.	Use of Proceeds	146154
	SECTION 9.07.	Compliance with Environmental Law	146154
	SECTION 9.08.	Pledge or Mortgage of Real Property and Vessels.	147155
	SECTION 9.09.	Security Interests; Further Assurances	150158
	SECTION 9.11.	Additional Credit Parties	151159
	SECTION 9.12.	Limitation on Designations of Unrestricted Subsidiaries.	152160
	SECTION 9.13.	Limitation on Designation of Immaterial Subsidiaries.	153161
	SECTION 9.14.	Ratings	154162
	SECTION 9.15.	Post-Closing Matters	154162
	 	 	 
	ARTICLE X.
	 	 	 
	NEGATIVE COVENANTS
	 	 	 
	SECTION 10.01.	Indebtedness	155163
	SECTION 10.02.	Liens	159167
	SECTION 10.03.	[Reserved]	163172
	SECTION 10.04.	Investments, Loans and Advances	164172
	SECTION 10.05.	Mergers, Consolidations and Sales of Assets	167175
	SECTION 10.06.	Restricted Payments	170178
	SECTION 10.07.	Transactions with Affiliates	172180
	SECTION 10.08.	Financial Covenant	173181
	SECTION 10.09.	Certain Payments of Indebtedness; Amendments to Certain Agreements	173185
	SECTION 10.10.	Limitation on Certain Restrictions Affecting Subsidiaries	175187
	SECTION 10.11.	Limitation on Lines of Business	177189
	SECTION 10.12.	Limitation on Changes to Fiscal Year	177189

    	 	-iii-	 

     

    

 

Page

 

	ARTICLE XI.
	 	 	 
	EVENTS OF DEFAULT
	 	 	 
	SECTION 11.01.	Events of Default	177189
	SECTION 11.02.	Application of Proceeds	180193
	SECTION 11.03.	Borrower’s Right to Cure	181193
	 	 	 
	ARTICLE XII.
	 
	AGENTS
	 	 	 
	SECTION 12.01.	Appointment	182194
	SECTION 12.02.	Rights as a Lender	182195
	SECTION 12.03.	Exculpatory Provisions	183195
	SECTION 12.04.	Reliance by Agents	184196
	SECTION 12.05.	Delegation of Duties	184196
	SECTION 12.06.	Resignation of Administrative Agent and Collateral Agent	184197
	SECTION 12.07.	Nonreliance on Agents and Other Lenders	186198
	SECTION 12.08.	Indemnification	186199
	SECTION 12.09.	No Other Duties	187199
	SECTION 12.10.	Holders	187199
	SECTION 12.11.	Administrative Agent May File Proofs of Claim	187199
	SECTION 12.12.	Collateral Matters	188200
	SECTION 12.13.	Withholding Tax	188201
	SECTION 12.14.	Secured Cash Management Agreements and Credit Swap Contracts	188201
	SECTION 12.15.	ERISA	189201
	 	 	 
	ARTICLE XIII.
	 	 	 
	MISCELLANEOUS
	 	 	 
	SECTION 13.01.	Waiver	190202
	SECTION 13.02.	Notices	190202
	SECTION 13.03.	Expenses, Indemnification, Etc.	192204
	SECTION 13.04.	Amendments and Waiver	194207
	SECTION 13.05.	Benefit of Agreement; Assignments; Participations	201213
	SECTION 13.06.	Survival	207220
	SECTION 13.07.	Captions	207220
	SECTION 13.08.	Counterparts; Interpretation; Effectiveness	207220
	SECTION 13.09.	Governing Law; Submission to Jurisdiction; Waivers; Etc.	207220
	SECTION 13.10.	Confidentiality	209222
	SECTION 13.11.	Independence of Representations, Warranties and Covenants	209222
	SECTION 13.12.	Severability	209222
	SECTION 13.13.	Gaming/Racing Laws and Liquor Laws.	210222
	SECTION 13.14.	Hard Rock License Agreement Matters	211224
	SECTION 13.15.	USA Patriot Act and Beneficial Ownership Regulation	211224
	SECTION 13.16.	Waiver of Claims	211224
	SECTION 13.17.	No Advisory or Fiduciary Responsibility	211224
	SECTION 13.18.	Lender Action	212225
	SECTION 13.19.	Interest Rate Limitation	212225
	SECTION 13.20.	Payments Set Aside	213226
	SECTION 13.21.	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	213226

 

    	 	-iv-	 

     

    

 

ANNEXES:

 

	ANNEX A-1	-	Revolving Commitments
	ANNEX A-2	-	Term B Facility Commitments
	ANNEX A-3	-	Term B-1 Facility Commitments
	ANNEX B-1	-	Applicable Fee Percentage for Revolving Loans 
	ANNEX B-2	-	Applicable Margin for Revolving Loans and Swingline Loans 
	 	 	 
	SCHEDULES:	 	 
	 	 	 
	SCHEDULE 1.01(A)	-	Excluded Subsidiary Agreements
	SCHEDULE 1.01(B)	-	Guarantors
	SCHEDULE 1.01(C)	-	Mortgaged Real Property
	SCHEDULE 7.01	-	Jurisdictions of Local Counsel Opinions
	SCHEDULE 8.03	-	Litigation
	SCHEDULE 8.07	-	ERISA
	SCHEDULE 8.10	-	Environmental Matters
	SCHEDULE 8.12(a)	-	Subsidiaries
	SCHEDULE 8.12(b)	-	Immaterial Subsidiaries
	SCHEDULE 8.12(c)	-	Unrestricted Subsidiaries
	SCHEDULE 8.23(a)	-	Real Property
	SCHEDULE 8.23(b)	-	Real Property Takings, Etc.
	SCHEDULE 8.25(a)	-	No Certificates of Occupancy; Violations, Etc.
	SCHEDULE 8.25(b)	-	Encroachment, Boundary, Location, Possession Disputes
	SCHEDULE 9.12	-	Designated Unrestricted Subsidiaries
	SCHEDULE 9.15	-	Post-Closing Matters
	SCHEDULE 10.01	-	Existing Indebtedness
	SCHEDULE 10.02	-	Certain Existing Liens
	SCHEDULE 10.04	-	Investments
	SCHEDULE 10.07	-	Transactions with Affiliates
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	EXHIBIT A-1	-	Form of Revolving Note
	EXHIBIT A-2	-	Form of Term B Facility Note
	EXHIBIT A-3	-	Form of Swingline Note
	EXHIBIT A-4	-	Form of Term B-1 Facility Note
	EXHIBIT B	-	Form of Notice of Borrowing
	EXHIBIT C	-	Form of Notice of Continuation/Conversion
	EXHIBIT D	-	Forms of U.S. Tax Compliance Certificate
	EXHIBIT E	-	[Reserved]
	EXHIBIT F	-	[Reserved]
	EXHIBIT G	-	Form of Solvency Certificate
	EXHIBIT H	-	Form of Security Agreement
	EXHIBIT I	-	Form of Mortgage
	EXHIBIT J	-	Form of Affiliated Lender Assignment and Assumption
	EXHIBIT K	-	Form of Assignment and Assumption Agreement
	EXHIBIT L	-	Form of Letter of Credit Request

 

    	 	-v-	 

     

    

 

	EXHIBIT M	-	Form of Joinder Agreement
	EXHIBIT N	-	Form of Perfection Certificate
	EXHIBIT O	-	Form of Auction Procedures
	EXHIBIT P	-	Form of Open Market Assignment and Assumption Agreement
	EXHIBIT Q	-	Form of Term Loan Extension Amendment
	EXHIBIT R	-	Form of Revolving Extension Amendment
	EXHIBIT S	-	Form of Pari Passu Intercreditor Agreement
	EXHIBIT T	-	Form of Second Lien Intercreditor Agreement
	EXHIBIT U 	-	Form of Compliance Certificate
	EXHIBIT V	-	Form of Hard Rock Collateral Assignment Consent
	EXHIBIT W	-	Form of Hard Rock SNDA (Restaurant Lease)
	EXHIBIT X	-	Form of Hard Rock SNDA (Retail Store Lease)

 

    	 	-vi-	 

     

    

 

CREDIT AGREEMENT,
dated as of May 10, 2019 (this “Agreement”), among TWIN RIVER WORLDWIDE HOLDINGS, INC., a Delaware corporation
(“Borrower”); the SUBSIDIARY GUARANTORS party hereto from time to time; the LENDERS from time
to time party hereto; the L/C LENDERS from time to time party hereto; CITIZENS BANK, N.A., as swingline lender (in
such capacity, together with its successors in such capacity, “Swingline Lender”); CITIZENS BANK, N.A.,
as administrative agent (in such capacity, together with its successors in such capacity, “Administrative Agent”);
and CITIZENS BANK, N.A., as collateral agent (in such capacity, together with its successors in such capacity, “Collateral
Agent”).

 

WHEREAS, Borrower has
requested that the Lenders provide revolving credit and term loan facilities, and the Lenders have indicated their willingness
to lend, and the L/C Lenders have indicated their willingness to issue letters of credit, in each case, on the terms and subject
to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

 

ARTICLE I.

 

DEFINITIONS,
ACCOUNTING MATTERS AND RULES OF CONSTRUCTION

 

SECTION 1.01.     
Certain Defined Terms. As used herein, the following terms shall have the following meanings:

 

“2020
Incremental Joinder Agreement” shall mean that certain Incremental Joinder Agreement No. 1, dated as of May 11, 2020,
by and among Borrower, Guarantors, the Lenders party thereto and Administrative Agent.

 

“2020
Incremental Joinder Agreement Effective Date” shall mean May 11, 2020.

  

“2019 Comfort
Letter” shall mean that certain letter agreement among DBR, the Division, UTGR and Tiverton dated May 10, 2019.

 

“ABR Loans”
shall mean Loans that bear interest at rates based upon the Alternate Base Rate.

 

“Acquisition”
shall mean, with respect to any Person, any transaction or series of related transactions for the (a) acquisition of all or substantially
all of the Property of any other Person, or of any business or division of any other Person (other than any then-existing Company),
(b) acquisition of more than 50% of the Equity Interests of any other Person, or otherwise causing any other Person to become
a Subsidiary of such Person or (c) merger or consolidation of such Person or any other combination of such Person with any other
Person (other than any of the foregoing between or among any then-existing Companies).

 

“Act”
has the meaning set forth in Section 13.15.

 

“Additional
Credit Party” has the meaning set forth in Section 9.11.

 

“Adjusted
Maximum Amount” has the meaning set forth in Section 6.10.

 

“Administrative
Agent” has the meaning set forth in the introductory paragraph hereof.

 

     

     

    

 

“Affected
Classes” has the meaning set forth in Section 13.04(b)(A).

 

“Affiliate”
shall mean, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified; provided that as to any Credit Party or any Subsidiary
thereof, the term “Affiliate” shall expressly exclude the Persons constituting Lenders as of the Closing Date and their
respective Affiliates (determined as provided herein without regard to this proviso). “Control” shall mean the
possession, directly or indirectly, of the power to (x) vote more than fifty percent (50%) (or, for purposes of (1) Section 10.07,
ten percent (10%)) of the outstanding voting interests of a Person and (2) the definition of Twin River Permitted Assignee, fifteen
percent (15%)) of the outstanding voting interests of a Person or (y) direct or cause the direction of the management or policies
of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
 “Controlled” have meanings correlative thereto.

 

“Affiliated
Lender” shall mean a Lender that is a Twin River Permitted Assignee other than any Debt Fund Affiliate.

 

“Affiliated
Lender Assignment and Assumption” has the meaning set forth in Section 13.05(e).

 

“Affiliated
Lender Cap” has the meaning set forth in Section 13.05(e).

 

“Agent”
shall mean any of Administrative Agent, Auction Manager, Collateral Agent, Syndication Agent and/or Lead Arrangers, as applicable.

 

“Agent Party”
has the meaning set forth in Section 13.02(e).

 

“Agent Related
Parties” shall mean each Agent and any sub-agent thereof and their respective Affiliates and the respective directors,
officers, employees, agents, partners and advisors of the foregoing.

 

“Agreement”
has the meaning set forth in the introductory paragraph hereof.

 

“All-In Yield”
shall mean, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront
fees, a LIBO Rate floor (to the extent the LIBO Rate floor applicable to the applicable Indebtedness is greater than the LIBO Rate
floor for the Term B Facility or the Term B-1 Facility, as applicable,
and is in excess of the three-month LIBO Rate at the time of incurrence of such Indebtedness) or Alternate Base Rate floor (to
the extent the Alternate Base Rate floor applicable to the applicable Indebtedness is greater than the Alternate Base Rate floor
for the Term B Facility or the Term B-1 Facility, as applicable,
and is in excess of the Alternate Base Rate at the time of incurrence of such Indebtedness) or otherwise, in each case, incurred
or payable by Borrower generally to all lenders of such Indebtedness; provided that original issue discount and upfront
fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time
of incurrence of the applicable Indebtedness); provided, further, that “All-In Yield” shall not include arrangement,
structuring, commitment, underwriting, amendment or other similar fees (regardless of whether paid or shared in whole or in part
to any or all lenders) or other fees not paid generally to all lenders of such Indebtedness; provided, further, that “All-In
Yield” shall include any amendment to the relevant interest rate margins and interest rate floors that became effective after
the Closing Date but prior to the applicable date of determination. For the purposes of determining the All-In Yield of any fixed-rate
Indebtedness, at Borrower’s option, such Indebtedness may be swapped to a floating rate on a customary matched maturity basis.

 

    	 	-2-	 

     

    

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the LIBO Rate for a one month Interest Period beginning on
such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0%; provided that, the LIBO
Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day; provided, further,
that (i) with respect to the Term B Facility Loans only, the Alternate Base Rate shall not be less than 1.0% and,
(ii) with respect to the Revolving Loans only, the Alternate Base Rate shall not be less than 1.01.75%
and (iii) with respect to the Term B-1 Facility Loans only, the Alternate Base Rate shall not be less than 2.00%. Any
change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the LIBO Rate shall be effective from and
including the effective date of such change in the Prime Rate, the NYFRB Rate or the LIBO Rate, respectively.

 

“Anti-Corruption
Laws” shall mean the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, as amended,
and all other laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Subsidiaries from time to time
concerning or relating to bribery or corruption.

 

“Applicable
ECF Percentage” shall mean, for any fiscal year, commencing with the fiscal year ended December 31, 2020, (a) 50% if
the Consolidated Total Net Leverage Ratio as of the last day of such fiscal year is greater than 4.00 to 1.00, (b) 25% if the Consolidated
Total Net Leverage Ratio as of the last day of such fiscal year is equal to or less than 4.00 to 1.00 and (c) 0% if the Consolidated
Total Net Leverage Ratio as of the last day of such fiscal year is equal to or less than 3.50 to 1.00.

 

“Applicable
Fee Percentage” shall mean, (i) with respect to any Unutilized R/C Commitments in respect of the Closing Date Revolving
Facility, (a) prior to the Initial Financial Statement Delivery Date, the respective percentage per annum set forth at Level
I as set forth on Annex B-1 and (b) on and after the Initial Financial Statement Delivery Date, the applicable percentage
per annum as set forth on Annex B-1 set forth opposite the relevant Consolidated Total Net Leverage Ratio in Annex
B-1 determined as of the most recent Calculation Date and (ii) with respect to any other Tranche of Revolving Commitments,
the applicable percentage per annum as set forth in the applicable Incremental Joinder Agreement, Refinancing Amendment
or Extension Amendment. After the Initial Financial Statement Delivery Date, any change in the Consolidated Total Net Leverage
Ratio shall be effective to adjust the Applicable Fee Percentage for the Closing Date Revolving Facility on and as of the date
of receipt by Administrative Agent of the Section 9.04 Financials resulting in such change until the date immediately preceding
the next date of delivery of Section 9.04 Financials resulting in another such change. If (i) Borrower fails to deliver the Section
9.04 Financials within the times specified in Section 9.04(a) or 9.04(b), as applicable, or (ii) an Event of Default is continuing
and the Required Tranche Lenders for the Closing Date Revolving Facility have directed the application of Level I for the Closing
Date Revolving Facility, such ratio shall be deemed to be at Level I as set forth in Annex B-1 from the date of any such
failure to deliver until Borrower delivers such Section 9.04 Financials in the case of clause (i) or the date of delivery of such
direction in the case of clause (ii) until such Event of Default is no longer continuing or the Required Tranche Lenders for the
Closing Date Revolving Facility have otherwise agreed that such Level I is no longer applicable, as applicable. In the event that
any financial statement or certification delivered pursuant to Section 9.04 is shown to be inaccurate (an “Inaccuracy
Determination”), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Fee Percentage
for any period (an “Inaccurate Applicable Fee Percentage Period”) than the Applicable Fee Percentage applied
for such Inaccurate Applicable Fee Percentage Period, then Borrower shall promptly (i) deliver to Administrative Agent corrected
Section 9.04 Financials for such Inaccurate Applicable Fee Percentage Period, (ii) determine the Applicable Fee Percentage for
such Inaccurate Applicable Fee Percentage Period based upon the corrected Section 9.04 Financials and (iii) pay to Administrative
Agent the accrued additional commitment fee owing as a result of such increased Applicable Fee Percentage for such Inaccurate Applicable
Fee Percentage Period, which payment shall be promptly applied by Administrative Agent in accordance with Section 4.01. It is acknowledged
and agreed that nothing contained herein shall limit the rights of Administrative Agent and the Lenders under the Credit Documents,
including their rights under Article XI and their other respective rights under this Agreement.

 

    	 	-3-	 

     

    

 

“Applicable
Lending Office” shall mean, for each Lender and for each Type of Loan, the “Lending Office” of such Lender
(or of an Affiliate of such Lender) (a) that is a lender on the Closing Date, designated for such Type of Loan on Annexes A-1
and A-2 hereof, (b) set forth on such Lender’s signature page to an Incremental Joinder Agreement for any Lender making
any Incremental Commitment pursuant to Section 2.12, (c) set forth on such Lender’s signature page to any Refinancing Amendment
for any Lender providing Credit Agreement Refinancing Indebtedness pursuant to Section 2.15, (d) set forth in the Assignment Agreement
for any Person that becomes a “Lender” hereunder pursuant to an Assignment Agreement or (e) such other office of such
Lender (or of an Affiliate of such Lender) as such Lender may from time to time specify to Administrative Agent and Borrower as
the office by which its Loans of such Type are to be made and maintained.

 

“Applicable
Margin” shall mean:

 

(a)       (i)
with respect to the Closing Date Revolving Facility, (A) prior to the Initial Financial Statement Delivery Date, the respective
percentage per annum set forth at Level I as set forth on Annex B-2 for such Type and Class of Loan; and (B) on
and after the Initial Financial Statement Delivery Date, the applicable percentage per annum as set forth on Annex B-2
for such Type and Class of Loan, set forth opposite the relevant Consolidated Total Net Leverage Ratio in Annex B-2 determined
as of the most recent Calculation Date and (ii) with respect to any other Tranche of Loans or Commitments other than Term B Facility
Loans and Term B-1 Facility Loans, the applicable percentage per annum as set forth in the applicable Incremental
Joinder Agreement, Refinancing Amendment or Extension Amendment. After the Initial Financial Statement Delivery Date, any change
in the Consolidated Total Net Leverage Ratio shall be effective to adjust the Applicable Margin for the Closing Date Revolving
Facility on and as of the date of receipt by Administrative Agent of the Section 9.04 Financials resulting in such change until
the date immediately preceding the next date of delivery of Section 9.04 Financials resulting in another such change. If (i) Borrower
fails to deliver the Section 9.04 Financials within the times specified in Section 9.04(a) or 9.04(b), as applicable, or (ii) an
Event of Default is continuing and the Required Tranche Lenders for the Closing Date Revolving Facility have directed the application
of Level I for the Closing Date Revolving Facility, such ratio shall be deemed to be at Level I as set forth in Annex B-2
from the date of any such failure to deliver until Borrower delivers such Section 9.04 Financials in the case of clause (i) or
the date of delivery of such direction in the case of clause (ii) until such Event of Default is no longer continuing or the Required
Tranche Lenders for the Closing Date Revolving Facility have otherwise agreed that such Level I is no longer applicable, as applicable.
In the event of an Inaccuracy Determination, and such inaccuracy, if corrected, would have led to the application of a higher Applicable
Margin for any period (an “Inaccurate Applicable Margin Period”) than the Applicable Margin applied for such
Inaccurate Applicable Margin Period, then Borrower shall promptly (i) deliver to Administrative Agent corrected Section 9.04 Financials
for such Inaccurate Applicable Margin Period, (ii) determine the Applicable Margin for such Inaccurate Applicable Margin Period
based upon the corrected Section 9.04 Financials and (iii) pay to Administrative Agent the accrued additional interest owing as
a result of such increased Applicable Margin for such Inaccurate Applicable Margin Period, which payment shall be promptly applied
by Administrative Agent in accordance with Section 4.01. It is acknowledged and agreed that nothing contained herein shall limit
the rights of Administrative Agent and the Lenders under the Credit Documents, including their rights under Section 3.02 and Article
XI and their other respective rights under this Agreement; and

 

    	 	-4-	 

     

    

 

(b)       for
each Term B Facility Loan, (i) 2.75% per annum, with respect to LIBOR Loans and (ii) 1.75% per annum, with respect to ABR Loans.;
and

 

(c)       for
each Term B-1 Facility Loan, (i) 8.00% per annum, with respect to LIBOR Loans and 7.00% per annum, with respect to ABR Loans.

 

“Applicable
Percentage” shall mean, as of the date of receipt by Borrower or any of its Restricted Subsidiaries of the applicable
Net Available Proceeds, (i) if the Consolidated Total Net Leverage Ratio is greater than 3.00 to 1.00, 100%, (ii) if the Consolidated
Total Net Leverage Ratio is less than or equal to 3.00 to 1.00, 50% and (iii) if the Consolidated Total Net Leverage Ratio is less
than or equal to 2.00 to 1.00, 0%.

 

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

 

“Asset Sale”
shall mean (a) any conveyance, sale, lease, transfer or other disposition (including by way of merger or consolidation and
including any sale and leaseback transaction) of any Property (including accounts receivable and Equity Interests of any Person
owned by Borrower or any of its Restricted Subsidiaries but not any Equity Issuance) (whether owned on the Closing Date or thereafter
acquired) by Borrower or any of its Restricted Subsidiaries to any Person (other than (i) with respect to any Credit Party,
to any Credit Party, and (ii) with respect to any other Company, to any Company) and (b) any issuance or sale by any
Restricted Subsidiary of its Equity Interests to any Person (other than to Borrower or any other Restricted Subsidiary); provided
that the following shall not constitute an “Asset Sale”: (v) any conveyance, sale, lease, transfer or other disposition
of inventory, in any case in the ordinary course of business, (w) Real Property leases and other leases, licenses, subleases or
sublicenses, in each case, granted to others in the ordinary course of business and which do not materially interfere with the
business of Borrower and the Restricted Subsidiaries taken as a whole, (x) any conveyance, sale, lease, transfer or other disposition
of obsolete or worn out assets or assets no longer used or useful in the business of the Credit Parties, (y) licenses of Intellectual
Property entered into in the ordinary course of business and (z) any conveyance, sale, transfer or other disposition of cash and/or
Cash Equivalents.

 

“Assignment
Agreement” shall mean an Assignment and Assumption Agreement substantially in the form attached as Exhibit K
hereto.

 

“Attributable
Debt” shall mean, in respect of a sale and leaseback transaction, at the time of determination, the present value of
the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback
transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value will be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in
accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation,
the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”

 

“Auction Amount”
shall have the meaning provided in Exhibit O hereto.

 

    	 	-5-	 

     

    

 

“Auction Manager”
shall mean Citizens, or another financial institution as shall be selected by Borrower in a written notice to Administrative Agent,
in each case in its capacity as Auction Manager.

 

“Auction Procedures”
shall mean, collectively, the auction procedures, auction notice, return bid and Borrower Assignment Agreement in substantially
the form set forth as Exhibit O hereto or such other form as is reasonably acceptable to Auction Manager and Borrower so
long as the same are consistent with the provisions hereof; provided, however, Auction Manager, with the prior written
consent of Borrower, may amend or modify the procedures, notices, bids and Borrower Assignment Agreement in connection with any
Borrower Loan Purchase (but excluding economic terms of a particular auction after any Lender has validly tendered Term Loans requested
in an offer relating to such auction, other than to increase the Auction Amount or raise the Discount Range applicable to such
auction); provided, further, that no such amendments or modifications may be implemented after 24 hours prior to
the date and time return bids are due in such auction.

 

“Auto-Extension
Letter of Credit” shall have the meaning provided by Section 2.03(b).

 

“Available
Amount” shall mean, on any date, an amount not less than zero, equal to:

  

(a)   
the greater of $40,000,000 and 20% of Consolidated EBITDA at the time of determination for the Test Period most recently
ended prior to such date; plus

 

(b)   
an amount (which amount shall not be less than zero) equal to the Cumulative Retained Excess Cash Flow Amount at such time;
plus

 

(c)   
in the event of (i) the Revocation of a Subsidiary that was designated as an Unrestricted Subsidiary, (ii) the merger, consolidation
or amalgamation of an Unrestricted Subsidiary with or into Borrower or a Restricted Subsidiary (where the surviving entity is Borrower
or a Restricted Subsidiary) or (iii) the transfer or other conveyance of assets of an Unrestricted Subsidiary to, or liquidation
of an Unrestricted Subsidiary into, Borrower or a Restricted Subsidiary, an amount equal to the sum of (x) the fair market value
of the Investments deemed made by Borrower and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time such Subsidiary
was designated as an Unrestricted Subsidiary, plus (y) the amount of the Investments of Borrower and its Restricted Subsidiaries
in such Unrestricted Subsidiary made after such designation and prior to the time of such Revocation, merger, consolidation, amalgamation,
conveyance or transfer (or of the assets transferred or conveyed, as applicable), other than, in the case of this clause (y), to
the extent such Investments funded Investments by such Unrestricted Subsidiary into a Person that, after giving effect to the transaction
described in clauses (i), (ii) or (iii) above, will be an Unrestricted Subsidiary, in each case, to the extent such Investments
were made in reliance on the Available Amount; provided, that clauses (x) and (y) shall not be duplicative of any reductions
in the amount of such Investments pursuant to the proviso to the definition of “Investments”; plus

 

(d)   
an amount equal to the returns or refunds of Investments received by Borrower and its Restricted Subsidiaries from Persons
other than Credit Parties after the Closing Date to the extent (i) such Investments were made using the Available Amount (and not
to exceed the original amount of such Investments) and (i) such returns or refunds are not included in Consolidated Net Income;
plus

 

(e)   
the aggregate amount of Equity Issuance Proceeds (but excluding Excluded Contributions) received by Borrower from Permitted
Equity Issuances (other than Permitted Equity Issuances pursuant to Section 11.03) after the Closing Date and on or prior to such
date; plus

 

    	 	-6-	 

     

    

 

(f)    
the aggregate fair market value of assets or Property acquired in exchange for Equity Interests (other than Disqualified
Capital Stock) of Borrower (other than Excluded Contributions and Permitted Equity Issuances pursuant to Section 11.03) after the
Closing Date and on or prior to such date; plus

 

(g)   
the aggregate principal amount of debt instruments or Disqualified Capital Stock issued after the Closing Date that are
converted into or exchanged for any Equity Interests (other than Disqualified Capital Stock) by Borrower after the Closing Date
and on or prior to such date, together with the fair market value of any assets or Property received in such conversion or exchange;
plus

 

(h)   
the amount of any Declined Amounts; minus

 

(i)    
the aggregate amount of any (i) Investments made pursuant to Section 10.04(l), (ii) Restricted Payments made pursuant to
Section 10.06(j) and (iii) Junior Prepayments pursuant to Section 10.09(a)(ii) (in each case, in reliance on the then-outstanding
Available Amount) made since the Closing Date and on or prior to such date.

 

“Available
Specified RP Cash” shall mean, as of any date of determination, an amount equal to the excess of (i) $260.0 million minus
(ii) the aggregate amount of Restricted Payments made pursuant to Section 10.06(o) on or prior to such date; provided, that
on any date prior to the Specified Restricted Payment End Date, Borrower may in its discretion elect by written notice to Administrative
Agent that any portion of Available Specified RP Cash available as of such date and designated in such written notice may not be
used to make Specified Restricted Payments from and after the date specified in such notice and Available Specified RP Cash shall
be reduced by such amount from and after the date specified in such notice.

 

“Bail-In Action”
shall mean 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”
shall mean, 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” shall mean the Title 11 of the United States Code entitled “Bankruptcy,” as now or hereinafter in effect,
or any successor statute thereto.

 

“Beneficial
Ownership Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

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

 

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

 

“Biloxi Lease”
shall mean that certain Lease and Air Rights Agreement, dated as of November 18, 2003, by and between City of Biloxi, Mississippi,
as lessor, and Premier Entertainment, as lessee (together with any and all modifications, renewals, extensions, and substitutions
of the foregoing) and recorded in Book 413, Page 202 with the Chancery Clerk of the Second Judicial District of Harrison County,
Mississippi.

 

    	 	-7-	 

     

    

 

“Borrower”
has the meaning set forth in the introductory paragraph hereof.

 

“Borrower
Assignment Agreement” shall mean, with respect to any assignment to Borrower or one of its Subsidiaries pursuant to Section
13.05(d) consummated pursuant to the Auction Procedures, an Assignment and Acceptance Agreement substantially in the form of Annex C
to the Auction Procedures (as may be modified from time to time as set forth in the definition of Auction Procedures).

 

“Borrower
Loan Purchase” shall mean any purchase of Term Loans by Borrower or one of its Subsidiaries pursuant to Section 13.05(d).

 

“Borrower
Materials” has the meaning set forth in Section 9.04.

 

“Borrowing”
shall mean (a) Loans of the same Class and Type made, converted or continued on the same date and, in the case of LIBOR Loans,
as to which a single Interest Period is in effect, or (b) a Swingline Loan.

 

“Business
Day” shall mean any day, except a Saturday or Sunday, (a) on which commercial banks are not authorized or required to
close in New York and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation
or conversion of or into, or an Interest Period for, a LIBOR Loan or a notice by Borrower with respect to any such borrowing, payment,
prepayment, continuation, conversion or Interest Period, that is also a day on which dealings in Dollar deposits are carried out
in the London interbank market.

 

“Calculation
Date” shall mean the last day of the most recent Test Period.

 

“Capital Expenditures”
shall mean, for any period, any expenditures by Borrower or its Restricted Subsidiaries for the acquisition or leasing of fixed
or capital assets (including Capital Lease Obligations) that should be capitalized in accordance with GAAP and any expenditures
by such Person for maintenance, repairs, restoration or refurbishment of the condition or usefulness of Property of such Person
that should be capitalized in accordance with GAAP; provided that the following items shall not constitute Capital Expenditures:
(a) expenditures made in connection with the replacement, substitution, restoration or repair of assets to the extent financed
with (x) insurance proceeds paid on account of the loss of or damage to the assets being replaced, restored or repaired or (y)
awards of compensation arising from the taking by eminent domain or condemnation (or transfers in lieu thereof) of the assets being
replaced; (b) the purchase price of assets purchased simultaneously with the trade-in of existing assets solely to the extent that
the gross amount of such purchase price is reduced by the credit granted by the seller of such assets for the asset being traded
in at such time; (c) the purchase of property or equipment to the extent financed with the proceeds of asset sales or other dispositions
outside the ordinary course of business that are not required to be applied to prepay the Term Loans pursuant to Section 2.10(a)(iii);
(d) expenditures that constitute Permitted Acquisitions or other Acquisitions not prohibited hereunder; (e) any capitalized interest
expense reflected as additions to property in the consolidated balance sheet of Borrower and its Restricted Subsidiaries (including
in connection with sale-leaseback transactions not prohibited hereunder); (f) any non-cash compensation or other non-cash costs
reflected as additions to property in the consolidated balance sheet of Borrower and its Restricted Subsidiaries; and (g) capital
expenditures relating to the construction or acquisition of any property or equipment which has been transferred to a Person other
than Borrower or any of its Restricted Subsidiaries pursuant to a sale-leaseback transaction not prohibited hereunder and capital
expenditures arising pursuant to sale-leaseback transactions.

 

    	 	-8-	 

     

    

 

“Capital Lease”
as applied to any Person, shall mean any lease of any Property by that Person as lessee that, in conformity with GAAP, is required
to be classified and accounted for as a capital lease on the balance sheet of that Person; provided, however, that for the
avoidance of doubt, any lease that is accounted for by any Person as an operating lease as of December 31, 2018 and any similar
lease entered into after December 31, 2018 may, in the sole discretion of Borrower, be accounted for as an operating lease and
not as a Capital Lease.

 

“Capital Lease
Obligations” shall mean, for any Person, all obligations of such Person to pay rent or other amounts under a Capital
Lease, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined
in accordance with GAAP; provided, however, that for the avoidance of doubt, any lease that is accounted for by any Person
as an operating lease as of December 31, 2018 and any similar lease entered into after December 31, 2018 may, in the sole discretion
of Borrower, be accounted for as an operating lease and not as a Capital Lease.

 

“Cash Collateralize”
shall mean, in respect of an obligation, to provide and pledge (as a first priority perfected security interest) cash collateral
in Dollars or other credit support, in each case, at a location and pursuant to documentation in form and substance reasonably
satisfactory to (a) Administrative Agent, (b) in the case of obligations owing to an L/C Lender, such L/C Lender, and (c) in the
case of obligations owing to the Swingline Lender, Swingline Lender (and “Cash Collateral” and “Cash
Collateralization” have corresponding meanings).

 

“Cash Equivalents”
shall mean, for any Person: (a) direct obligations of the United States, or of any agency thereof, or obligations guaranteed
as to principal and interest by the United States, or by any agency thereof, in either case maturing not more than one year from
the date of acquisition thereof by such Person; (b) time deposits, certificates of deposit or bankers’ acceptances (including
eurodollar deposits) issued by (i) any bank or trust company organized under the laws of the United States or any state thereof
and having capital, surplus and undivided profits of at least $500.0 million that is assigned at least a “B” rating
by Thomson Financial BankWatch or (ii) any Lender or bank holding company owning any Lender (in each case, at the time of
acquisition); (c) commercial paper maturing not more than one year from the date of acquisition thereof by such Person and
(i) issued by any Lender or bank holding company owning any Lender or (ii) rated at least “A-2” or the equivalent thereof
by S&P or at least “P-2” or the equivalent thereof by Moody’s, respectively, (in each case, at the time of
acquisition); (d) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types
described in clause (a) above or (e) below entered into with a bank meeting the qualifications described in clause (b) above
(in each case, at the time of acquisition); (e) securities with maturities of one year or less from the date of acquisition
issued or fully guaranteed by any state, commonwealth or territory of the United States, or by any political subdivision or taxing
authority thereof or by any foreign government, and rated at least “A” by S&P or “A” by Moody’s
(in each case, at the time of acquisition); (f) securities with maturities of six months or less from the date of acquisition
backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) above
(in each case, at the time of acquisition); (g) money market mutual funds that invest primarily in the foregoing items (determined
at the time such investment in such fund is made); (h) solely with respect to any Foreign Subsidiary, (i) marketable direct obligations
issued by, or unconditionally guaranteed by, the country in which such Foreign Subsidiary maintains its chief executive office
or principal place of business, or issued by any agency of such country and backed by the full faith and credit of such country,
and rated at least “A” or the equivalent thereof by S&P or “A2” or the equivalent thereof by Moody’s
(in each case, at the time of acquisition), (ii) time deposits, certificates of deposit or bankers’ acceptances issued by
any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its
chief executive office and principal place of business, or payable to a Company promptly following demand and maturing within one
year of the date of acquisition and (iii) other customarily utilized high-quality or cash equivalent-type Investments in the country
where such Foreign Subsidiary maintains its chief executive office or principal place of business; (i) such local currencies held
by Borrower or any Restricted Subsidiary from time to time in the ordinary course of business; or (j) investment funds investing
at least 90% of their assets in securities of the types described in clauses (a) through (i) above.

 

    	 	-9-	 

     

    

 

“Cash Management
Agreement” shall mean any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements.

 

“Cash Management
Bank” shall mean (a) any Person that is a party to a Cash Management Agreement with Borrower and/or any of its Restricted
Subsidiaries if such Person was, at the date of entering into such Cash Management Agreement, an Agent, a Lender or an Affiliate
of an Agent or a Lender and (b) any Person that is a party to a Cash Management Agreement with Borrower and/or any of its Restricted
Subsidiaries that was in effect on the Closing Date, if such Person becomes an Agent, a Lender or an Affiliate of an Agent or a
Lender within thirty (30) days of the Closing Date, and in the case of each of clauses (a) and (b), such Person executes and delivers
to Administrative Agent a letter agreement in form and substance reasonably acceptable to Administrative Agent pursuant to which
such Person (i) appoints Collateral Agent as its agent under the applicable Credit Documents and (ii) agrees to be bound by the
provisions of Section 12.03.

 

“Casualty
Event” shall mean any loss of title or any loss of or damage to or destruction of, or any condemnation or other taking
(or settlement in lieu thereof) (including by any Governmental Authority) of, any Property. “Casualty Event” shall
include, but not be limited to, any taking of all or any part of any Real Property of Borrower or any of its Restricted Subsidiaries
or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Law (or settlement in lieu thereof),
or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of Borrower or any of
its Restricted Subsidiaries or any part thereof by any Governmental Authority, civil or military.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. § 9601
et seq.

 

“CFC”
shall mean a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“CFC Holdco”
shall mean any Subsidiary that has no material assets other than Equity Interests (or Equity Interests and Indebtedness) of one
or more Subsidiaries of the Borrower that are CFCs or other CFC Holdcos.

 

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

 

    	 	-10-	 

     

    

 

“Change of
Control” shall be deemed to have occurred if:

 

(a)               
any “Person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act
(but excluding (i) any employee benefit plan of such Person or its subsidiaries, any Person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan, or any Person formed as a holding company for Borrower (in
a transaction where the Voting Stock of Borrower outstanding prior to such transaction is converted into or exchanged for the Voting
Stock of the surviving or transferee Person constituting all or substantially all of the outstanding shares of such Voting Stock
of such surviving or transferee Person (immediately after giving effect to such issuance)) and (ii) the Permitted Holders)), becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), except that a Person or group
shall be deemed to have “beneficial ownership” of all securities that such Person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)),
directly or indirectly, of Voting Stock representing more than 50% of the voting power of the total outstanding Voting Stock of
Borrower (and taking into account all such securities that such “Person” or “group” has the right to acquire
pursuant to any option right); or

 

(b)               
there shall have occurred any “change of control” (or any comparable term) in any document pertaining to (x)
the Senior Unsecured Notes, or (y) any other Indebtedness of Borrower or any Restricted Subsidiary constituting Material Indebtedness.

 

“Charges”
has the meaning set forth in Section 13.19.

 

“Citizens”
shall mean Citizens Bank, N.A.

 

“Class”
has the meaning set forth in Section 1.03.

 

“Closing Date”
shall mean the date on which the initial extension of credit is made hereunder, which date is May 10, 2019.

 

“Closing Date
Refinancing” shall mean the repayment and replacement of all loans and commitments under the Existing Credit Agreement.

 

“Closing Date
Revolving Commitment” shall mean a Revolving Commitment established on the Closing Date and any Incremental Revolving
Commitments of the same Tranche.

 

“Closing Date
Revolving Facility” shall mean the credit facility comprising the Closing Date Revolving Commitments and any Incremental
Existing Tranche Revolving Commitments of the same Tranche.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

    	 	-11-	 

     

    

 

“Collateral”
shall mean all of the Pledged Collateral, the Mortgaged Real Property, the Mortgaged Vessels (if any), all Property encumbered
pursuant to Sections 9.08, 9.11 and 9.15, and all other Property of a Credit Party whether now owned or hereafter acquired,
upon which a Lien securing the Obligations is granted or purported to be granted under any Security Document. “Collateral”
shall not include (i) any Excluded Property or (ii) any assets or Property that has been released (in accordance with the Credit
Documents) from the Lien granted to Collateral Agent pursuant to the Security Documents, unless and until such time as such assets
or Property are or are required by the Credit Documents to again become subject to a Lien in favor of Collateral Agent.

 

“Collateral
Account” shall mean (a) a Deposit Account (as defined in the UCC) of Borrower with respect to which Collateral Agent
has “control” (as defined in Section 9-104 of the UCC) or (b) a Securities Account (as defined in the UCC) of Borrower
with respect to which Collateral Agent has “control” (as defined in Section 9-106 of the UCC).

 

“Collateral
Agent” has the meaning set forth in the introductory paragraph hereof.

 

“Colorado
Subsidiaries” shall mean Mile High USA, Inc., Interstate Racing Association, Inc., Racing Associates of Colorado, Ltd.
d/b/a Arapahoe Park, and each other subsidiary of Mile High USA, Inc. or any of its Subsidiaries.

 

“Comfort Letters”
shall mean, collectively, (i) the letter agreement between the Division and UTGR dated May 10, 2013, (ii) the letter agreement
between DBR and UTGR dated May 9, 2013, (iii) the letter agreement dated July 10, 2014, among DBR, the Division and UTGR, (iv)
the letter agreement dated July 14, 2015 among DBR, the Division and PE II, (v) the Assignment, Assumption and Amendment of Regulatory
Agreement dated as of October 31, 2018 among DBR, the Division, Borrower, TRMG, UTGR, PE II and Tiverton, (vi) the 2019 Comfort
Letter and (vii) each other “comfort letter” among DBR, the Division and Borrower, UTGR, Tiverton or any other Company.

 

“Commitments”
shall mean the Revolving Commitments, the Term Loan Commitments, the Swingline Commitment, any Other Commitments, any New Revolving
Commitments and any New Term Loan Commitments.

 

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

 

“Companies”
shall mean Borrower and its Subsidiaries; and “Company” shall mean any one of them.

 

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

 

“Consolidated
Current Assets” shall mean, with respect to any Person at any date, the total consolidated current assets of such Person
and its Subsidiaries (other than Unrestricted Subsidiaries) that would, in accordance with GAAP, be classified as current assets
on a consolidated balance sheet of such Person and its Subsidiaries (other than Unrestricted Subsidiaries), other than (x) cash
and Cash Equivalents and (y) the current portion of deferred income tax assets.

 

“Consolidated
Current Liabilities” shall mean, with respect to any Person at any date, all liabilities of such Person and its Subsidiaries
(other than Unrestricted Subsidiaries) at such date that would, in accordance with GAAP, be classified as current liabilities on
a consolidated balance sheet of such Person and its Subsidiaries (other than Unrestricted Subsidiaries), other than (w) the current
portion of any Indebtedness, (x) the current portion of deferred income taxes, (y) current liabilities in respect of compensation
charges arising from the grant of any stock, stock options or other equity based awards and (z) any liability consisting of the
obligation to pay the State of Rhode Island monies held by the Credit Parties on behalf of, and payable to, the State of Rhode
Island for video lottery terminal winnings and table game winnings consistent with the requirements of the VLT Contract, the Tiverton
VLT Contract, the Regulatory Agreement and Gaming/Racing Laws.

 

    	 	-12-	 

     

    

 

“Consolidated
EBITDA” shall mean, for any Test Period, the sum (without duplication) of Consolidated Net Income for such Test Period;
plus 

 

(a)   
in each case to the extent deducted in calculating such Consolidated Net Income:

 

(i)       
provisions for taxes based on income or profits or capital gains, plus franchise or similar taxes and for state taxes payable
in lieu of income taxes, of Borrower and its Restricted Subsidiaries for such Test Period (in each case in this clause (i), other
than gaming taxes under Title 29 of the Delaware Code or otherwise in effect in the State of Delaware);

 

(ii)       
Consolidated Interest Expense (net of interest income (other than interest income in respect of notes receivable and similar
items)) of Borrower and its Restricted Subsidiaries for such Test Period, whether paid or accrued and whether or not capitalized;

 

(iii)     
any cost, charge, fee or expense (including discounts and commissions and including fees and charges incurred in respect
of letters of credit or bankers acceptance financings) (or any amortization of any of the foregoing) associated with any issuance
(or proposed issuance) of debt, or equity or any refinancing transaction (or proposed refinancing transaction) or any amendment
or other modification of any debt instrument;

 

(iv)      
depreciation and amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid
cash expenses that were paid in a prior Test Period);

 

(v)        
any Pre-Opening Expenses;

 

(vi)      
the amount of any restructuring costs, charges, accruals, expenses or reserves (including those relating to severance, relocation
costs, contract termination costs and one-time compensation charges), costs and expenses incurred in connection with any non-recurring
strategic initiatives, integration costs, referendum costs and other business optimization expenses (including incentive costs
and expenses relating to business optimization programs and signing, retention and completion bonuses) and costs associated with
establishing new facilities (other than to the extent such items represent the reversal of any accrual or reserve added back in
a prior period);

 

(vii)    
any unusual or non-recurring costs, charges, accruals, reserves or items of loss or expense (including, without limitation,
losses on asset sales (other than asset sales in the ordinary course of business) and non-recurring litigation expenses) (other
than to the extent such items represent the reversal of any accrual or reserve added back in a prior period);

 

(viii)  
any charges, fees and expenses (or any amortization thereof) (including, without limitation, all legal, accounting, advisory
or other transaction-related fees, charges, costs and expenses and any bonuses or success fee payments related to the Transactions)
related to the Transactions, any Permitted Acquisition or Investment (including any other Acquisition) or disposition (or any such
proposed acquisition, Investment or disposition) (including amortization or write offs of debt issuance or deferred financing costs,
premiums and prepayment penalties), in each case, whether or not successful;

 

    	 	-13-	 

     

    

 

(ix)      
any losses resulting from mark to market accounting of Swap Contracts or other derivative instruments;

 

(x)        
license fees paid by Borrower to the State of Delaware as described in Section 4819(d), Title 29 of the Delaware Code;

 

(xi)      
any non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards;

 

(xii)    
professional fees paid to consultants to assist the Credit Parties to preserve tax refunds resulting from prior net operating
losses;

 

(xiii)  
to the extent included in calculating such Consolidated Net Income, non-cash items decreasing such Consolidated Net Income
for such Test Period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items
in any future period (other than amortization of a prepaid cash item that was paid in a prior period), (A) Borrower may elect not
to add back such non-cash charge in the current period and (B) to the extent Borrower elects to add back such non-cash charge,
the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period pursuant
to (b)(iv) below to such extent); minus

 

(b)   
each of the following:

 

		(i)	to the extent included in calculating such Consolidated Net Income, non-cash items increasing such
Consolidated Net Income for such Test Period, other than (A) any non-cash items to the extent they represent the reversal
of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and (B) any non-cash
gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such
prior period;

 

		(ii)	to the extent included in calculating such Consolidated Net Income, the amount of any gains resulting
from mark to market accounting of Swap Contracts or other derivative instruments;

 

		(iii)	to the extent included in calculating such Consolidated Net Income, any unusual or non-recurring
items of income or gain to the extent increasing Consolidated Net Income for such Test Period; and

 

		(iv)	to the extent not deducted in calculating such Consolidated Net Income, cash payments in such Test
Period in respect of non-cash charges Borrower previously elected to add back pursuant to (a)(xiii) above; plus

 

    	 	-14-	 

     

    

 

(c)   
the amount of cost savings, operating expense reductions, other operating improvements and synergies projected by Borrower
in good faith to be realized as a result of specified actions taken or with respect to which steps have been initiated (in the
good faith determination of Borrower) during such Test Period (or with respect to Specified Transactions, are reasonably expected
to be initiated within eighteen (18) months of the closing date of the Specified Transaction), including in connection with the
Transactions or any Specified Transaction (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions,
other operating improvements and synergies had been realized during the entirety of such Test Period), net of the amount of actual
benefits realized during such Test Period from such actions; provided that (i) a duly completed Officer’s Certificate
of Borrower shall be delivered to Administrative Agent together with the applicable Section 9.04 Financials, providing reasonable
detail with respect to such cost savings, operating expense reductions, other operating improvements and synergies and certifying
that such savings, operating expense reductions, other operating improvements and synergies are reasonably expected to be realized
within eighteen (18) months of the taking of such specified actions (or, in the case of a Specified Transaction, within eighteen
(18) months of the closing date of such Specified Transaction) and are reasonably identifiable and factually supportable in the
good faith judgment of Borrower, (ii) such actions are to be taken within eighteen (18) months after the consummation of such Specified
Transaction, restructuring or implementation of an initiative that is expected to result in such cost savings, expense reductions,
other operating improvements or synergies, (iii) no cost savings, operating expense reductions, other operating improvements and
synergies shall be added pursuant to this clause (c) to the extent duplicative of any expenses or charges otherwise added to Consolidated
EBITDA, whether through a pro forma adjustment or otherwise, for such Test Period, and (iv) projected amounts (and not yet realized)
may no longer be added in calculating Consolidated EBITDA pursuant to this clause (c) to the extent more than eighteen (18) months
have elapsed after the specified action taken (or in the case of a Specified Transaction, more than eighteen (18) months have elapsed
after the date of such Specified Transaction) in order to realize such projected cost savings, operating expense reductions, other
operating improvements and synergies; provided, that the aggregate amount of additions made to Consolidated EBITDA for any
Test Period pursuant to this clause (c) and Section 1.05(c) shall not (i) exceed 25.0% of Consolidated EBITDA for such Test Period
(before giving effect to this clause (c) and Section 1.05(c)) or (ii) be duplicative of one another; plus

 

(d)   
to the extent not included in Consolidated Net Income or, if otherwise excluded from Consolidated EBITDA due to the operation
of clause (b)(iii) above, the amount of insurance proceeds received during such Test Period or after such Test Period and on or
prior to the date the calculation is made with respect to such Test Period, attributable to any property which has been closed
or had operations curtailed for such Test Period; provided that such amount of insurance proceeds shall only be included
pursuant to this clause (d) to the extent the amount of insurance proceeds plus Consolidated EBITDA attributable to such
property for such Test Period (without giving effect to this clause (d)) does not exceed Consolidated EBITDA attributable to such
property during the most recently completed four fiscal quarters for which financial results are available that such property was
fully operational (or if such property has not been fully operational for four consecutive fiscal quarters for which financial
results are available prior to such closure or curtailment, the Consolidated EBITDA attributable to such property during the Test
Period prior to such closure or curtailment (for which financial results are available) annualized over four fiscal quarters);
plus

 

(e)   
cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA
or Consolidated Net Income in any Test Period to the extent non-cash gains relating to such income were deducted in the calculation
of Consolidated EBITDA pursuant to paragraph (b) above for any previous Test Period and not added back.

 

    	 	-15-	 

     

    

 

Consolidated EBITDA shall
be further adjusted (without duplication):

 

(A) 
to include the Consolidated EBITDA of (i) any Person, property, business or asset (including a management agreement or similar
agreement) (other than an Unrestricted Subsidiary) acquired by Borrower or any Restricted Subsidiary during such Test Period and
(ii) any Unrestricted Subsidiary the designation of which as such is revoked and converted into a Restricted Subsidiary during
such Test Period, in each case, based on the Consolidated EBITDA of such Person (or attributable to such property, business or
asset) for such period (including the portion thereof occurring prior to such acquisition or Revocation), determined as if references
to Borrower and its Restricted Subsidiaries in Consolidated Net Income and other defined terms therein were to such Person and
its Subsidiaries;

 

(B) 
to exclude the Consolidated EBITDA of (i) any Person, property, business or asset (other than an Unrestricted Subsidiary)
sold, transferred or otherwise disposed of, closed or classified as discontinued operations by Borrower or any Restricted Subsidiary
during such Test Period and (ii) any Restricted Subsidiary that is designated as an Unrestricted Subsidiary during such Test Period,
in each case based on the actual Consolidated EBITDA of such Person for such period (including the portion thereof occurring prior
to such sale, transfer, disposition, closing, classification or conversion), determined as if references to Borrower and its Restricted
Subsidiaries in Consolidated Net Income and other defined terms therein were to such Person and its Subsidiaries;

 

(C) 
in the event of any Expansion Capital Expenditures that were opened for business during such Test Period, by multiplying
the Consolidated EBITDA attributable to such Expansion Capital Expenditures (as determined by Borrower in good faith) in respect
of the first three (3) complete fiscal quarters following opening of the business representing such Expansion Capital Expenditures
by: (x) 4 (with respect to the first such quarter), (y) 2 (with respect to the first two such quarters), and (z) 4/3 (with respect
to the first three such quarters) and, for the avoidance of doubt, excluding Consolidated EBITDA attributable to such Expansion
Capital Expenditures during the quarter in which the business representing such Expansion Capital Expenditure opened (unless such
business opened on the first day of a fiscal quarter);

 

(D) 
in the event of any Development Project that was opened for business during such Test Period, by multiplying the Consolidated
EBITDA attributable to such Development Project (as determined by Borrower in good faith) in respect of the first three (3) complete
fiscal quarters following opening of the business representing such Development Project by: (x) 4 (with respect to the first such
quarter), (y) 2 (with respect to the first two such quarters), and (z) 4/3 (with respect to the first three such quarters) and,
for the avoidance of doubt, excluding Consolidated EBITDA attributable to such Development Project during the quarter in which
such Development Project opened (unless such business opened on the first day of a fiscal quarter); and

 

(E)  
in the event of any new operations of Borrower or any Subsidiary that have been organically developed by Borrower or any
Subsidiary (e.g., not a Permitted Acquisition, but self-developed or self-constructed) that were opened during such Test Period,
by multiplying the Consolidated EBITDA attributable to such new organically developed operations (as determined by Borrower in
good faith) in respect of the first three (3) complete fiscal quarters following opening of the business representing such organically
developed operations by: (x) 4 (with respect to the first such quarter), (y) 2 (with respect to the first two such quarters), and
(z) 4/3 (with respect to the first three such quarters) and, for the avoidance of doubt, excluding Consolidated EBITDA attributable
to such new organically developed operations during the quarter in which such new organically developed operations opened (unless
such business opened on the first day of a fiscal quarter); and

 

    	 	-16-	 

     

    

 

(F)  
in any fiscal quarter during which a purchase of property that prior to such purchase was subject to any operating lease
that will be terminated in connection with such purchase shall occur and during the three (3) following fiscal quarters, by increasing
Consolidated EBITDA by an amount equal to the quarterly payment in respect of such lease (as if such purchase did not occur) times
(a) four (4) (in the case of the quarter in which such purchase occurs), (b) three (3) (in the case of the quarter following such
purchase), (c) two (2) (in the case of the second quarter following such purchase) and (d) one (1) (in the case of the third quarter
following such purchase), all as determined on a consolidated basis for Borrower and its Restricted Subsidiaries; and

 

(G) 
to the extent that a Tax Reduction Event occurs during such Test Period, Consolidated EBITDA for such Test Period shall
be calculated on a Pro Forma Basis as if such Tax Reduction Event (and the resultant reduction in gaming taxes payable to the State
of Delaware) had occurred on the first day of such Test Period.

 

Notwithstanding anything
to the contrary contained herein, Consolidated EBITDA shall be deemed to be (i) $52,500,000 for the fiscal quarter ended June 30,
2018, (ii) $47,500,000 for the fiscal quarter ended September 30, 2018, (iii) $43,200,000 for the fiscal quarter ended December
31, 2018 and (ii) $50,500,000 for the Fiscal Quarter ended March 31, 2019.

 

“Consolidated
Interest Expense” shall mean, for any Test Period, the sum of interest expense of Borrower and its Restricted Subsidiaries
for such Test Period as determined on a consolidated basis in accordance with GAAP, plus, to the extent deducted in arriving
at Consolidated Net Income and without duplication, (a) the interest portion of payments on Capital Leases, (b) amortization
of financing fees, debt issuance costs and interest or deferred financing or debt issuance costs, (c) arrangement, commitment or
upfront fees, original issue discount, redemption or prepayment premiums, (d) commissions, discounts and other fees and charges
owed with respect to letters of credit and bankers’ acceptance financing, (e) interest with respect to Indebtedness that
has been Discharged and any Escrowed Indebtedness, (f) the accretion or accrual of discounted liabilities during such period, (g)
interest expense attributable to the movement of the mark-to-market valuation of obligations under Swap Contracts or other derivative
instruments, (h) net payments made under Swap Contracts relating to interest rates with respect to such Test Period and any costs
associated with breakage in respect of hedging agreements for interest rates, (i) all interest expense consisting of liquidated
damages for failure to timely comply with registration rights obligations and financing fees, all as calculated on a consolidated
basis in accordance with GAAP, (j) fees and expenses associated with the consummation of the Transactions, (k) annual or quarterly
agency fees paid to Administrative Agent and (l) costs and fees associated with obtaining Swap Contracts and fees payable thereunder.

 

“Consolidated
Net Income” shall mean, for any Test Period, the aggregate of the net income of Borrower and its Restricted Subsidiaries
for such Test Period, on a consolidated basis, determined in accordance with GAAP; provided that, without duplication:

 

(a)   
any gain or loss (together with any related provision for taxes thereon) realized in connection with (i) any asset sale
outside the ordinary course of business or (ii) any disposition of any securities by such Person or any of its Restricted Subsidiaries
shall be excluded;

 

    	 	-17-	 

     

    

 

(b)   
any extraordinary gain or loss (together with any related provision for taxes thereon) shall be excluded;

 

(c)   
the net income of any Person that (i) is not a Restricted Subsidiary, (ii) is accounted for by the equity method of accounting,
(iii) is an Unrestricted Subsidiary or (iv) is a Restricted Subsidiary (or former Restricted Subsidiary) with respect to which
a Trigger Event has occurred following the occurrence and during the continuance of such Trigger Event shall be excluded; provided
that Consolidated Net Income of Borrower and its Restricted Subsidiaries shall be increased by the amount of dividends or distributions
or other payments (including management fees) that are actually paid or are payable in cash to Borrower or a Restricted Subsidiary
thereof in respect of such period by such Persons (or to the extent converted into cash);

 

(d)   
the undistributed earnings of any Restricted Subsidiary of Borrower that is not a Guarantor to the extent that, on the date
of determination the payment of cash dividends or similar cash distributions by such Restricted Subsidiary (or loans or advances
by such subsidiary to any parent company) are not permitted by the terms of any Contractual Obligation (other than under any Credit
Document) or Requirement of Law applicable to such Restricted Subsidiary shall be excluded, unless such restrictions with respect
to the payment of cash dividends and other similar cash distributions have been waived; provided that Consolidated Net Income of
Borrower and its Restricted Subsidiaries shall be increased by the amount of dividends or distributions or other payments (including
management fees) that are actually paid or are payable in cash to Borrower or a Restricted Subsidiary (not subject to such restriction)
thereof in respect of such period by such Restricted Subsidiaries (or to the extent converted into cash);

 

(e)   
any goodwill or other asset impairment charges or other asset write-offs or write downs, including any resulting from the
application of Accounting Standards Codification Nos. 350 and No. 360, and any expenses or charges relating to the amortization
of intangibles as a result of the application of Accounting Standards Codification No. 805, shall be excluded;

 

(f)    
any non-cash charges or expenses related to the repurchase of stock options to the extent not prohibited by this Agreement,
and any non-cash charges or expenses related to the grant, issuance or repricing of, or any amendment or substitution with respect
to, or otherwise in respect of, stock appreciation or similar rights, stock options, restricted stock, or other Equity Interests
or other equity based awards or rights or equivalent instruments, shall be excluded;

 

(g)   
the cumulative effect of a change in accounting principles shall be excluded;

 

(h)   
any expenses or reserves for liabilities shall be excluded to the extent that Borrower or any of its Restricted Subsidiaries
is entitled to indemnification therefor under binding agreements; provided that any such liabilities for which Borrower
or any of its Restricted Subsidiaries is not actually indemnified shall reduce Consolidated Net Income for the period in which
it is determined that Borrower or such Restricted Subsidiary will not be indemnified (to the extent such liabilities would otherwise
reduce Consolidated Net Income without giving effect to this clause (h));

 

(i)    
losses, to the extent covered by insurance and actually reimbursed, or, so long as Borrower has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount
is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within 365 days of the date
of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with
respect to liability or casualty events or business interruption shall be excluded;

 

    	 	-18-	 

     

    

 

(j)    
gains and losses resulting solely from fluctuations in currency values and the related tax effects shall be excluded, and
charges relating to Accounting Standards Codification Nos. 815 and 820 shall be excluded; and

 

(k)   
 the net income (or loss) of a Restricted Subsidiary that is not a Wholly Owned Subsidiary shall be included in an amount
proportional to Borrower’s economic ownership interest therein.

 

“Consolidated
Net Indebtedness” shall mean, as at any date of determination, (a) the aggregate amount of all Indebtedness of Borrower
and its Restricted Subsidiaries (other than any such Indebtedness that has been Discharged and any Escrowed Indebtedness) on such
date, in an amount that would be reflected on a balance sheet on such date prepared on a consolidated basis in accordance with
GAAP, consisting of Indebtedness for borrowed money, obligations in respect of Capital Leases, purchase money Indebtedness, Indebtedness
evidenced by promissory notes and similar instruments and Contingent Obligations in respect of any of the foregoing (to be included
only to the extent set forth in clause (iii) below), minus (b) Unrestricted Cash, minus (c) Development Expenses (x) of the type
described in clause (a) of the definition thereof and (y) to the extent paid using Unrestricted Cash or the proceeds of Indebtedness
that was previously included in clause (a) of the definition thereof, of the type described in clause (b) in such definition
thereof (excluding Development Expenses that consist of Unrestricted Cash that was deducted from Consolidated Net Indebtedness
pursuant to clause (b) above, if any); provided that (i) Consolidated Net Indebtedness shall not include (A) Indebtedness
in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder or (B) Indebtedness
of the type described in clause (i) of the definition thereof, (ii) the amount of Consolidated Net Indebtedness, in the case of
Indebtedness of a Restricted Subsidiary that is not a Wholly Owned Subsidiary, shall be reduced by an amount directly proportional
to the amount (if any) by which Consolidated EBITDA was reduced (including through the calculation of Consolidated Net Income)
in respect of such non-controlling interest in such Restricted Subsidiary owned by a Person other than Borrower or any of its Restricted
Subsidiaries, (iii) Consolidated Net Indebtedness shall not include Contingent Obligations, provided, however, that
if and when any Contingent Obligation that does not constitute Consolidated Net Indebtedness is demanded for payment from Borrower
or any of its Restricted Subsidiaries, then the amount of such Contingent Obligation shall be included in such calculations of
Consolidated Net Indebtedness and (iv) the amount of Consolidated Net Indebtedness, in the case of Indebtedness of a Subsidiary
of Borrower that is not a Guarantor and which Indebtedness is not guaranteed by any Credit Party in an amount in excess of the
proportion of such Indebtedness that would not be so excluded shall be reduced by an amount directly proportional to the amount
by which Consolidated EBITDA was reduced due to the undistributed earnings of such Subsidiary being excluded from Consolidated
Net Income pursuant to clause (d) thereof.

 

“Consolidated
Secured Net Indebtedness” shall mean Consolidated Net Indebtedness minus the sum of the portion of Indebtedness of Borrower
or any Restricted Subsidiary included in Consolidated Net Indebtedness that is not secured by any Lien on property or assets of
Borrower or any Restricted Subsidiary.

 

“Consolidated
Total Assets” shall mean, as at any date of determination with respect to any Person, the total amount of all assets
of such Person in accordance with GAAP, as shown on the most recent Section 9.04 Financials.

 

“Consolidated
Total Net Leverage Ratio” shall mean, as at any date of determination, the ratio of (a) Consolidated Net Indebtedness
as of such date to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date; provided, however
that for purposes of (i) determining whether Borrower is in compliance on a Pro Forma Basis under the Financial Maintenance Covenant
pursuant to Sections 10.06(j), 10.06(k), 10.09(a)(ii) and 10.09(a)(iii) and (ii) determining whether the maximum permitted Consolidated
Total Net Leverage Ratio is satisfied pursuant to Sections 10.06(j), 10.06(k), 10.09(a)(ii) and 10.09(a)(iii), the amount described
in clause (a) above shall be calculated without giving effect to clause (c) of the definition of Consolidated Net Indebtedness.

 

    	 	-19-	 

     

    

 

“Consolidated
Total Secured Net Leverage Ratio” shall mean, as at any date of determination, the ratio of (a) Consolidated Secured
Net Indebtedness as of such date to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date.

 

“Contingent
Obligation” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness
(“primary obligations”) 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 primary obligation
or any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment
of any such primary obligation 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 primary obligation of the ability of the primary obligor to make payment of such primary obligation;
or (d) otherwise to assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided,
however, that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in
the ordinary course of business and any lease guarantees executed by any Company in the ordinary course of business. The amount
of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation
in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such
Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable,
the maximum reasonably anticipated potential liability in respect thereof (assuming such Person is required to perform thereunder)
as determined by such Person in good faith.

 

“Contract Consideration”
has the meaning set forth in the definition of “Excess Cash Flow.”

 

“Contractual
Obligation” shall mean as to any Person, any provision of any security issued by such Person or of any mortgage, deed
of trust, security agreement, pledge agreement, promissory note, indenture, credit or loan agreement, guaranty, securities purchase
agreement, instrument, lease, contract, agreement or other contractual obligation to which such Person is a party or by which it
or any of its Property is bound or subject.

 

“Core Property”
means, each of the following, individually: (i) the Twin River Casino, (ii) the Tiverton Casino Hotel, (iii) the Dover Downs Hotel
 & Casino and (iv) the Hard Rock Hotel and Casino Biloxi.

 

“Covered Taxes”
shall mean all (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of any Credit Party under this Agreement, any Note, any Guarantee or any other Credit Document and (b) to the extent not otherwise
described in the foregoing clause (a), Other Taxes.

 

    	 	-20-	 

     

    

 

“Credit Agreement
Refinancing Indebtedness” shall mean (a) Permitted First Priority Refinancing Debt, (b) Permitted Second Priority
Refinancing Debt, (c) Permitted Unsecured Refinancing Debt or (d) other Indebtedness incurred pursuant to a Refinancing Amendment
(including, without limitation, Other Term Loans, Other Revolving Commitments and Other Revolving Loans), in each case, issued,
incurred or otherwise obtained (including by means of the extension or renewal of existing Indebtedness) in exchange for, or to
extend, renew, replace or refinance, in whole or part, then-existing Term Loans, Revolving Loans (and/or unused Revolving Commitments)
and/or Credit Agreement Refinancing Indebtedness (“Refinanced Debt”); provided that (i) other than in
the case of customary “bridge” facilities (so long as the long term debt into which any such customary “bridge”
facility is to be automatically converted satisfies the following requirements), such Indebtedness has the same or a later maturity
and, except in the case of any Indebtedness consisting of a revolving credit facility, a Weighted Average Life to Maturity equal
to or greater than, the Refinanced Debt (determined without giving effect to the impact of prepayments on amortization of Term
Loans being refinanced), (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the Refinanced
Debt, plus, accrued interest, fees and premiums (if any) thereon, plus, other fees and expenses associated with the
refinancing (including any arrangement fees, upfront fees and original issue discount), plus, any unutilized commitments
thereunder, (iii) such Refinanced Debt shall be repaid, defeased, satisfied and discharged (or in the case of revolving commitments,
permanently reduced) or extended or renewed on a dollar-for-dollar basis, and all accrued interest, fees and premiums (if any)
in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained,
(iv) to the extent such Credit Agreement Refinancing Indebtedness consists of a revolving credit facility, the Revolving Commitments
shall be reduced and/or terminated, as applicable, such that the Total Revolving Commitments (after giving effect to such Credit
Agreement Refinancing Indebtedness and such reduction or termination) shall not exceed the Total Revolving Commitments immediately
prior to the incurrence of such Credit Agreement Refinancing Indebtedness, plus, accrued interest, fees and premiums (if
any) thereon, plus, other fees and expenses associated with the refinancing (including any arrangement fees, upfront fees
and original issue discount), (v) the terms (excluding maturity, amortization, pricing, fees, rate floors, premiums, optional prepayment
or optional redemption provisions) of such Indebtedness are (as determined by Borrower in good faith) substantially identical to
the terms of the Refinanced Debt as existing on the date of incurrence of such Credit Agreement Refinancing Indebtedness except,
to the extent such terms (x) at the option of Borrower (1) reflect market terms and conditions (taken as a whole) at the time of
incurrence or issuance (as determined by Borrower in good faith); provided that, if any financial maintenance covenant is
added for the benefit of any Credit Agreement Refinancing Indebtedness, such financial maintenance covenant (together with any
 “equity cure” provisions) shall also be applicable to each corresponding Class (except to the extent such financial
maintenance covenant applies only to periods after the maturity date applicable to such Class), (2) with respect to any Credit
Agreement Refinancing Indebtedness that is unsecured, are customary for issuances of “high yield” securities; provided
that, if any financial maintenance covenant is added for the benefit of any such Credit Agreement Refinancing Indebtedness, such
financial maintenance covenant (together with any “equity cure” provisions) shall also be applicable to each corresponding
Class (except to the extent such financial maintenance covenant applies only to periods after the maturity date applicable to such
Class), or (3) are not materially more restrictive to Borrower (as reasonably determined by Borrower in good faith), when taken
as a whole, than the terms of the Refinanced Debt (except for covenants or other provisions applicable only to periods after the
Final Maturity Date (in the case of term Indebtedness) or the latest R/C Maturity Date (in the case of revolving Indebtedness)
(it being understood that any Credit Agreement Refinancing Indebtedness may provide for the ability to participate (i) with respect
to any borrowings, voluntary prepayments or voluntary commitment reductions, on a pro rata basis, greater than pro rata basis or
less than pro rata basis with the applicable Loans or facility and (ii) with respect to any mandatory prepayments, on a pro rata
basis (only in respect of a Credit Agreement Refinancing Indebtedness that ranks pari passu with the Obligations) or less than
pro rata basis with the applicable Loans (and on a greater than pro rata basis with respect to prepayments of any such Credit Agreement
Refinancing Indebtedness with the proceeds of permitted refinancing Indebtedness), or (y) are (1) added to the Term B Facility
Loans and the Term B-1 Facility Loans or Revolving Facility
or (2) applicable only after the Final Maturity Date (in the case of term Indebtedness) or the latest R/C Maturity Date (in the
case of revolving Indebtedness) (it being understood that to the extent any financial maintenance covenant is added for the benefit
of any such Credit Agreement Refinancing Indebtedness, no consent shall be required from Administrative Agent or any of the Lenders
to the extent that such financial maintenance covenant (together with any related “equity cure” provisions) is also
added for the benefit of any corresponding existing Class), (vi) Borrower shall be the sole borrower thereunder and no Subsidiary
of Borrower shall guaranty such Indebtedness unless such Subsidiary is also a Guarantor hereunder, and (vii) to the extent such
Indebtedness is secured, such Indebtedness shall not be secured by any Liens on any assets, except Liens on the Collateral. For
the avoidance of doubt, the usual and customary terms of convertible or exchangeable debt instruments issued in a registered offering
or under Rule 144A of the Securities Act shall be deemed to be no more restrictive in any material respect to Borrower and its
Restricted Subsidiaries than the terms set forth in this Agreement, so long as the terms of such instruments do not include any
financial maintenance covenant.

 

    	 	-21-	 

     

    

 

“Credit Documents”
shall mean (a) this Agreement, (b) the Notes, (c) the L/C Documents, (d) the Security Documents, (e) any Pari Passu
Intercreditor Agreement, (f) any Second Lien Intercreditor Agreement, (g) any Incremental Joinder Agreement, (h) any Extension
Amendment, (i) any Refinancing Amendment and (j) each other agreement entered into by any Credit Party with Administrative Agent,
Collateral Agent and/or any Lender, in connection herewith or therewith evidencing or governing the Obligations (other than the
Engagement Letter), all as amended from time to time, but shall not include a Swap Contract or Cash Management Agreement.

 

“Credit Parties”
shall mean Borrower and the Guarantors.

 

“Credit Swap
Contracts” shall mean any Swap Contract between Borrower and/or any or all of the other Credit Parties and a Swap Provider
(excluding any Swap Contract of the type described in the last sentence of the definition of Swap Contract).

 

“Creditor”
shall mean each of (a) each Agent, (b) each L/C Lender and (c) each Lender.

 

“Cumulative
Retained Excess Cash Flow Amount” shall mean, at any date, an amount (which shall not be less than zero in the aggregate)
determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for each
Excess Cash Flow Period ending after the Closing Date and prior to such date.

 

“Cure Expiration
Date” has the meaning set forth in Section 11.03.

 

“DBR”
shall mean the State of Rhode Island Department of Business Regulation.

 

“Debt Fund
Affiliate” shall mean (i) any affiliate of Borrower that is a bona fide debt Fund or managed account or financial institution
that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the
ordinary course of business or (ii) any affiliate of Borrower that is primarily engaged in, or advises funds or other investment
vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions
of credit or securities in the ordinary course and whose managers have fiduciary duties to the investors in such fund or other
investment vehicle independent of, or in addition to, their duties to Borrower.

 

    	 	-22-	 

     

    

 

“Debt Issuance”
shall mean the incurrence by Borrower or any Restricted Subsidiary of any Indebtedness after the Closing Date (other than as permitted
by Section 10.01). The issuance or sale of any debt instrument convertible into or exchangeable or exercisable for any Equity
Interests shall be deemed a Debt Issuance for purposes of Section 2.10(a).

 

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

 

“Declined
Amounts” shall have the meaning provided in Section 2.10(b).

 

“Default”
shall mean any event or condition that constitutes an Event of Default or that would become, with notice or lapse of time or both,
an Event of Default.

 

“Default Quarter”
shall have the meaning provided in Section 11.03.

 

“Default Rate”
shall mean a per annum rate equal to, (i) in the case of principal on any Loan, the rate which is 2% in excess of the rate
borne by such Loan immediately prior to the respective payment default or other Event of Default, and (ii) in the case of any other
Obligations, the rate which is 2% in excess of the rate otherwise applicable to ABR Loans which are Revolving Loans from time to
time (determined based on a weighted average if multiple Tranches of Revolving Commitments are then outstanding).

 

“Defaulting
Lender” shall mean, subject to Section 2.14(b), any Lender that (i) has failed to (A) fund all or any portion of its
Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender has notified
Administrative Agent and Borrower in writing that such failure is the result of such Lender’s good faith determination that
one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default,
if any, will be specifically identified in such writing), or (B) comply with its obligations under this Agreement to make a payment
to the L/C Lender in respect of a L/C Liability, make a payment to Swingline Lender in respect of a Swingline Loan, and/or make
a payment to a Lender of any amount required to be paid to it hereunder, in each case within two (2) Business Days of the date
when due, (ii) has notified Borrower, Administrative Agent, a L/C Lender or the Swingline Lender in writing, or has stated publicly,
that it will not comply with any such funding obligation hereunder, unless such writing or statement states that such position
is based on such Lender’s good faith determination that one or more conditions precedent to funding cannot be satisfied (which
conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement),
or has defaulted generally (excluding bona fide disputes) on its funding obligations under other loan agreements or credit agreements
or other similar agreements, (iii) a Lender Insolvency Event has occurred and is continuing with respect to such Lender or its
Parent Company, (iv) any Lender that has, for three or more Business Days after written request of Administrative Agent or Borrower,
failed to confirm in writing to Administrative Agent and Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender will cease to be a Defaulting Lender pursuant to this clause (iv) upon Administrative
Agent’s and Borrower’s receipt of such written confirmation) or (v) becomes the subject of a Bail-In Action. Any determination
of a Defaulting Lender under clauses (i) through (v) above will be conclusive and binding absent manifest error.

 

“Delaware
Gaming Authorities” shall mean Delaware State Lottery Office through the powers delegated to the Director thereof, the
Delaware’s Department of Safety and Homeland Security, Division of Gaming Enforcement.

 

    	 	-23-	 

     

    

 

“Designated
Non-Cash Consideration” shall mean the fair market value of non-cash consideration received by Borrower or any of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to
an Officers’ Certificate setting forth the basis of such valuation, executed by a financial officer of Borrower, minus
the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-Cash
Consideration.

 

“Designation”
has the meaning set forth in Section 9.12(a).

 

“Designation
Amount” has the meaning set forth in Section 9.12(a)(ii).

 

“Development
Expenses” shall mean, without duplication, the aggregate principal amount, not to exceed $75.0 million at any time, of
(a) outstanding Indebtedness incurred after the Closing Date, the proceeds of which, at the time of determination, as certified
by a Responsible Officer of Borrower, are pending application and are required or intended to be used to fund and (b) amounts spent
after the Closing Date (whether funded with the proceeds of Indebtedness, cash flow or otherwise) to fund, in each case, (i) Expansion
Capital Expenditures of Borrower or any Restricted Subsidiary, (ii) a Development Project or (iii) interest, fees or related charges
with respect to such Indebtedness; provided that (A) Borrower or the Restricted Subsidiary or other Person that owns assets
subject to the Expansion Capital Expenditure or Development Project, as applicable, is diligently pursuing the completion thereof
and has not at any time ceased construction of such Expansion Capital Expenditure or Development Project, as applicable, for a
period in excess of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite Gaming/Racing
Licenses or authorizations by any Governmental Authority, so long as, in the case of any such Gaming/Racing Licenses or other governmental
authorizations, Borrower or a Restricted Subsidiary or other applicable Person is diligently pursuing such Gaming/Racing Licenses
or authorizations by any Governmental Authority), (B) no such Indebtedness or funded costs shall constitute Development Expenses
with respect to an Expansion Capital Expenditure or a Development Project from and after the end of the first full fiscal quarter
after the completion of construction of the applicable Expansion Capital Expenditure or Development Project or, in the case of
a Development Project or Expansion Capital Expenditure that was not open for business when construction commenced, from and after
the end of the first full fiscal quarter after the date of opening of such Development Project or Expansion Capital Expenditure,
if earlier, and (C) in order to avoid duplication, it is acknowledged that to the extent that the proceeds of any Indebtedness
referred to in clause (a) above have been applied (whether for the purposes described in clauses (i), (ii) or (iii) above or any
other purpose), such Indebtedness shall no longer constitute Development Expenses under clause (a) above (it being understood,
however, that any such application in accordance with clauses (i), (ii) or (iii) above shall, subject to the other requirements
and limitations of this definition, constitute Development Expenses under clause (b) above).

 

“Development
Project” shall mean Investments, directly or indirectly, (a) in any Joint Ventures or Unrestricted Subsidiaries in which
Borrower or any of its Restricted Subsidiaries, directly or indirectly, has control or with whom it has a management, development
or similar contract and, in the case of a Joint Venture, in which Borrower or any of its Restricted Subsidiaries owns (directly
or indirectly) at least 25% of the Equity Interest of such Joint Venture, or (b) in, or expenditures with respect to, casinos,
 “racinos,” full-service casino resorts or Persons that own casinos, “racinos” or full-service casino resorts
(including casinos, “racinos” or full-service casino resorts in development or under construction that are not presently
open or operating) with respect to which Borrower or any of its Restricted Subsidiaries will directly manage the development thereof
or (directly or indirectly through Subsidiaries) Borrower or any of its Restricted Subsidiaries has entered into a management,
development or similar contract (or an agreement to enter into such a management, development or similar contract) and such contract
remains in full force and effect at the time of such Investment, though it may be subject to regulatory approvals, in each case,
used to finance, or made for the purpose of allowing such Joint Venture, Unrestricted Subsidiary, casino, “racino”
or full-service casino resort, as the case may be, to finance the purchase or other acquisition or construction of any fixed or
capital assets or the refurbishment of existing assets or properties that develops, adds to or significantly improves the property
of such Joint Venture, Unrestricted Subsidiary, casino, “racino” or full-service casino resort and assets ancillary
or related thereto, or the construction and development of a casino, “racino,” full-service casino resort or assets
ancillary or related thereto and including Pre-Opening Expenses with respect to such Joint Venture, Unrestricted Subsidiary, casino,
 “racino” or full-service casino resort and other fees and payments to be made to such Joint Venture, Unrestricted Subsidiary
or the owners of such casino, “racino” or full-service casino resort.

 

    	 	-24-	 

     

    

 

“Discharged”
shall mean Indebtedness that has been defeased (pursuant to a contractual or legal defeasance) or discharged pursuant to the prepayment
or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption (and regardless
of whether such Indebtedness constitutes a liability on the balance sheet of the obligors thereof); provided, however,
that the Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for defeasance or discharge
or redemption thereof have been made even if certain conditions thereto have not been satisfied, so long as such conditions are
reasonably expected to be satisfied within 95 days after such prepayment or deposit.

 

“Discount
Range” shall have the meaning provided in Exhibit O hereto.

 

“Disqualification”
shall mean, with respect to any Person:

 

(a) the failure of
such Person to timely file pursuant to applicable Gaming/Racing Laws (i) any application required of such Person by any Gaming/Racing
Authorities in connection with any licensing or approval required of such Person as a lender to Borrower pursuant to applicable
Gaming/Racing Laws or (ii) any application or other papers, in each case, required by any Gaming/Racing Authority in connection
with a determination by such Gaming/Racing Authority of the suitability of such Person as a lender to Borrower;

 

(b) the withdrawal
by such Person (except where requested or permitted by any Gaming/Racing Authority) of any such application or other required papers;

 

(c) any final determination
by a Gaming/Racing Authority pursuant to applicable Gaming/Racing Laws (i) that such Person is “unsuitable” as a lender
to Borrower, (ii) that such Person shall be “disqualified” as a lender to Borrower or (iii) denying the issuance to
such Person of a license or finding of suitability or other approval or waiver; or

 

(d) such Person has
otherwise failed to obtain a license or finding of “suitability” or other approval required by a Gaming/Racing Authority
pursuant to applicable Gaming/Racing Laws which failure results in a Material Adverse Effect on Borrower and/or any Restricted
Subsidiary.

 

“Disqualified
Capital Stock” shall mean, with respect to any Person, any Equity Interest of such Person that, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures
(excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable or redeemable
at the sole option of the holder thereof, pursuant to a sinking fund or otherwise (other than solely (w) for Qualified Capital
Stock or upon a sale of assets, casualty event or a change of control, in each case, subject to the prior payment in full of the
Obligations, (x) as a result of a redemption required by Gaming/Racing Law, (y) as a result of a redemption that by the terms of
such Equity Interest is contingent upon such redemption not being prohibited by this Agreement or (z) with respect to Equity Interests
issued to any plan for the benefit of, or to, present or former directors, officers, consultants or employees that is required
to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory obligations as a result of such
director’s, officer’s, consultant’s, or employee’s termination, resignation, retirement, death or disability),
or exchangeable or convertible into debt securities of the issuer thereof at the sole option of the holder thereof, in whole or
in part, on or prior to the date that is 181 days after the Final Maturity Date then in effect at the time of issuance thereof.

 

    	 	-25-	 

     

    

 

“Disqualified
Casino Competitor” shall have the meaning provided in the definition of “Disqualified Lenders”.

 

“Disqualified
Lenders” shall mean (a) banks, financial institutions, other institutions or Persons identified in writing to the Lead
Arrangers by Borrower on or prior to the date of the Engagement Letter as a disqualified lender, (b) any Person identified in writing
by Borrower to the Lead Arrangers on or prior to the date of the Engagement Letter, or that is identified in writing by Borrower
to the Lead Arrangers (or, after the Closing Date, to Administrative Agent) thereafter that, at the time, (i) owns or operates
a casino or similar gaming establishment or is seeking a gaming license for a casino or similar gaming establishment, in each case,
located within 125 miles of the Twin River Casino, the Tiverton Casino Hotel, the Dover Downs Hotel & Casino or the Hard Rock
Hotel and Casino Biloxi or (ii) is a competitor of Borrower and its Subsidiaries, or (c) any Affiliate of a Person referred to
in clause (b) that is (i) reasonably identifiable as such solely on the basis of their name (other than any bona fide (A) debt
fund, (B) investment vehicle, (C) regulated bank entity or (D) non-regulated lending entity that is engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business (“Bona
Fide Debt Funds”)) or (ii) identified in writing by Borrower to the Lead Arrangers (or, after the Closing Date, to Administrative
Agent) from time to time after the date of the Engagement Letter (other than any Bona Fide Debt Funds); provided, that (i)
any subsequent designation of a Disqualified Lender pursuant to the foregoing clauses (b) and (c) after the date of the Engagement
Letter will not become effective until three (3) Business Days after such designation is delivered pursuant to the terms of this
definition, it being understood that no such subsequent designation shall apply to any entity that is currently a Lender or party
to a pending trade and (ii) the foregoing shall not apply retroactively to disqualify any parties that have previously been allocated
a portion of the facilities hereunder or acquired an assignment or participation interest in the facilities hereunder to the extent
such party was not a Disqualified Lender at the time of the applicable allocation, assignment or participation, as the case may
be)).

 

“Division”
shall mean the Division of Lotteries of the State of Rhode Island Department of Revenue.

 

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

 

“Domestic
Subsidiary” of any Person shall mean any Subsidiary of such Person incorporated, organized or formed in the United States,
any state thereof or the District of Columbia.

 

“Dover Downs
Hotel & Casino” shall mean the Dover Downs Hotel & Casino, located in Dover, Delaware.

 

“EEA Financial
Institution” shall mean (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” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

    	 	-26-	 

     

    

 

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

 

“Eligible
Assignee” shall mean and include (i) a commercial bank, an insurance company, a finance company, a financial institution,
any fund that invests in loans or any other “accredited investor” (as defined in Regulation D), (ii) solely for
purposes of Borrower Loan Purchases, Borrower and its Restricted Subsidiaries, (iii) so long as in compliance with Section 13.05(e),
Affiliated Lenders and (iv) so long as in compliance with Section 13.5(h), Debt Fund Affiliates; provided, however, that
(x) other than as set forth in clauses (ii) and (iii) of this definition, neither Borrower nor any of Borrower’s Affiliates
or Subsidiaries shall be an Eligible Assignee, (y) Eligible Assignee shall not include any Person that is a Disqualified Lender
as of the applicable Trade Date unless consented to in writing by Borrower and (z) Eligible Assignee shall not include any Person
who is a Defaulting Lender or subject to a Disqualification.

 

“Employee
Benefit Plan” shall mean an employee benefit plan (as defined in Section 3(3) of ERISA) that is maintained or contributed
to by any ERISA Entity.

 

“Engagement
Letter” shall mean (i) the Amended and Restated Engagement Letter, dated as of April 17, 2019, among Borrower and the
Lead Arrangers and (ii) each of the “Fee Letters” (as defined in such Engagement Letter).

 

“Environment”
shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata or sediment, natural resources, the workplace or as otherwise defined in any Environmental Law.

 

“Environmental
Action” shall mean (a) any notice, claim, directive, order, litigation, judicial or administrative proceeding, demand
or other written or, to the knowledge of any Responsible Officer of Borrower, oral communication alleging liability or responsibility
of Borrower or any of its Restricted Subsidiaries for investigation, remediation, removal, cleanup, response, corrective action
or other costs, damages to natural resources, personal injury, property damage, fines or penalties resulting from, related to or
arising out of (i) the presence, Release or threatened Release in or into the Environment of Hazardous Material at any location
or (ii) any violation of Environmental Law, and shall include, without limitation, any claim seeking damages, contribution, indemnification,
cost recovery, compensation or injunctive relief resulting from, related to or arising out of the presence, Release or threatened
Release of Hazardous Material or alleged injury or threat of injury to human health, safety or the Environment arising under Environmental
Law and (b) any investigation, monitoring, removal or remedial activities undertaken by or on behalf of Borrower or any of its
Restricted Subsidiaries, arising under Environmental Law whether or not such activities are carried out voluntarily.

 

“Environmental
Law” shall mean any and all applicable treaties, laws, statutes, ordinances, regulations, rules, decrees, judgments,
orders, consent orders, consent decrees and other binding legal requirements, and the common law, relating to protection of public
health or the Environment, the Release or threatened Release of Hazardous Material, natural resources or natural resource damages,
or occupational safety or health.

 

    	 	-27-	 

     

    

 

“Equity Holder
Disqualification” shall mean, with respect to any Person:

 

(a) the failure of
such Person to timely file pursuant to applicable Gaming/Racing Laws (i) any application required of such Person by any Gaming/Racing
Authorities in connection with any licensing or approval required of such Person as a holder of any Equity Interests of Borrower
or any Subsidiary thereof, or as an officer, manager, director, partner, member or shareholder of any of the foregoing, pursuant
to applicable Gaming/Racing Laws or (ii) any application or other papers, in each case, required by any Gaming/Racing Authority
in connection with a determination by such Gaming/Racing Authority of the suitability of such Person as a holder of any Equity
Interests of Borrower or any Subsidiary thereof, or as an officer, manager, director, partner, member or shareholder of any of
the foregoing;

 

(b) the withdrawal
by such Person (except where requested or permitted by any Gaming/Racing Authority) of any such application or other required papers;

 

(c) any final determination
by a Gaming/Racing Authority pursuant to applicable Gaming/Racing Laws (i) that such Person is “unsuitable” as a holder
of any Equity Interests of Borrower or any Subsidiary thereof, or as an officer, manager, director, partner, member or shareholder
of any of the foregoing, (ii) that such Person shall be “disqualified” as a holder of any Equity Interests of Borrower
or any Subsidiary thereof, or as an officer, manager, director, partner, member or shareholder of any of the foregoing or (iii)
denying the issuance to such Person of a license or finding of suitability or other approval or waiver; or

 

(d) such Person has
otherwise failed to obtain a license or finding of “suitability” or other approval required by a Gaming/Racing Authority
pursuant to applicable Gaming/Racing Laws which failure results in a Material Adverse Effect on Borrower and/or any Restricted
Subsidiary.

 

“Equity Interests”
shall mean, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership
interests (however designated, whether voting or non-voting), of equity of such Person, including, if such Person is a partnership,
partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such partnership, whether outstanding on the Closing
Date or issued after the Closing Date; provided, however, that a debt instrument convertible into or exchangeable
or exercisable for any Equity Interests or Swap Contracts entered into as a part of, or in connection with, an issuance of such
debt instrument shall not be deemed an Equity Interest.

 

“Equity Issuance”
shall mean (a) any issuance or sale after the Closing Date by Borrower of any Equity Interests (including any Equity Interests
issued upon exercise of any Equity Rights) or any Equity Rights, or (b) the receipt by Borrower after the Closing Date of
any capital contribution (whether or not evidenced by any Equity Interest issued by the recipient of such contribution). The issuance
or sale of any debt instrument convertible into or exchangeable or exercisable for any Equity Interests shall be deemed an issuance
of Indebtedness and not an Equity Issuance for purposes of the definition of Equity Issuance Proceeds; provided, however,
that such issuance or sale shall be deemed an Equity Issuance upon the conversion or exchange of such debt instrument into Equity
Interests.

 

“Equity Issuance
Proceeds” shall mean, with respect to any Equity Issuance, the aggregate amount of all cash received in respect thereof
by the Person consummating such Equity Issuance net of all investment banking fees, discounts and commissions, legal fees, consulting
fees, accountants’ fees, underwriting discounts and commissions and other fees and expenses actually incurred in connection
therewith; provided that, with respect to any Equity Interests issued upon exercise of any Equity Rights, the Equity Issuance
Proceeds with respect thereto shall be determined without duplication of any Equity Issuance Proceeds received in respect of such
Equity Rights.

 

    	 	-28-	 

     

    

 

“Equity Rights”
shall mean, with respect to any Person, any then-outstanding subscriptions, options, warrants, commitments, preemptive rights or
agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting
of any additional Equity Interests of any class, or partnership or other ownership interests of any type in, such Person; provided,
however, that a debt instrument convertible into or exchangeable or exercisable for any Equity Interests shall not be deemed
an Equity Right.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Entity”
shall mean any member of the ERISA Group.

 

“ERISA Event”
shall mean (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder, with
respect to a Pension Plan (other than an event for which the 30-day notice requirement is waived); (b) (i) with respect to any
Pension Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of ERISA, whether
or not waived, (ii) the failure by any ERISA Entity to make by its due date a required installment under Section 430(j) of the
Code with respect to any Pension Plan or (iii) the failure to make any required contribution to a Multiemployer Plan; (c) the filing
pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard
with respect to any Pension Plan; (d) the incurrence by any ERISA Entity of any liability under Title IV of ERISA with respect
to the termination of any Pension Plan; (e) the receipt by any ERISA Entity from the PBGC or a plan administrator of any notice
indicating an intent to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan; (f) the occurrence
of any event or condition which would reasonably constitute grounds under ERISA for the termination of or the appointment of a
trustee to administer, any Pension Plan; (g) the incurrence by any ERISA Entity of any liability with respect to the withdrawal
or partial withdrawal from any Pension Plan or Multiemployer Plan; (h) the receipt by an ERISA Entity of any notice, or the
receipt by any Multiemployer Plan from any ERISA Entity of any notice, concerning the imposition of Withdrawal Liability on any
ERISA Entity or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of
ERISA or is in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section
305 of ERISA; (i) the making of any amendment to any Pension Plan which would be reasonably likely to result in the imposition
of a lien or the posting of a bond or other security; (j) the withdrawal of any ERISA Entity from a Pension Plan subject to Section
4063 of ERISA during a plan year in which such ERISA Entity was a “substantial employer” as defined in Section 4001(a)(2)
of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; or (k) the occurrence
of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which would reasonably
be expected to result in liability to Borrower or any of its Restricted Subsidiaries.

 

“ERISA Group”
shall mean Borrower and its Restricted Subsidiaries and all members of a controlled group of corporations and all trades or businesses
(whether or not incorporated) under common control which, together with Borrower or any of its Restricted Subsidiaries, are treated
as a single employer under Section 414(b) or (c) of the Code, or solely for purposes of Section 302 or 303 of ERISA or Section
412 or 430 of the Code, is treated as a single employer under Section 414 of the Code.

 

    	 	-29-	 

     

    

 

“Escrowed
Indebtedness” shall mean Indebtedness issued in escrow pursuant to customary escrow arrangements pending the release
thereof.

 

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

 

“Events of
Default” has the meaning set forth in Section 11.01.

 

“Excess Cash
Flow” shall mean, for any fiscal year of Borrower, an amount, if positive, equal to (without duplication):

 

(a)   
Consolidated Net Income; plus

 

(b)   
an amount equal to the amount of all non-cash charges or losses (including write-offs or write-downs, depreciation expense
and amortization expense including amortization of goodwill and other intangibles) to the extent deducted in arriving at such Consolidated
Net Income (excluding any such non-cash expense to the extent that it represents an accrual or reserve for potential cash charge
in any future period or amortization of a prepaid cash charge that was paid in a prior period and that did not reduce Excess Cash
Flow at the time paid); plus

 

(c)   
the decrease, if any, in Working Capital from the beginning of such period to the end of such period (for the avoidance
of doubt, an increase in negative Working Capital is a decrease in Working Capital); minus

 

(d)   
all payments with respect to restricted stock units upon the Person to whom such restricted stock units were originally
issued ceasing to be a director, officer, employee, consultant or advisor and net income or loss allocated to unvested participating
restricted stock of Borrower; plus

 

(e)   
any amounts received from the early extinguishment of Swap Contracts that are not included in Consolidated Net Income; minus

 

(f)    
the increase, if any, of Working Capital from the beginning of such period to the end of such period; minus

 

(g)   
any amounts paid in connection with the early extinguishment of Swap Contracts that are not included in Consolidated Net
Income; minus

 

(h)   
the amount of Capital Expenditures made in cash during such period (or, at Borrower’s election, after such period
and prior to the date the applicable Excess Cash Flow prepayment is due (without duplication of amounts deducted from Excess Cash
Flow in any other period)), except to the extent financed with the proceeds of an Equity Issuance, Indebtedness (other than revolving
Indebtedness), Asset Sales or Casualty Events (to the extent such proceeds did not increase Consolidated Net Income) of Borrower
or its Restricted Subsidiaries; minus

 

(i)    
the amount of principal payments made in cash during such period (or, at Borrower’s election, after such period and
prior to the date the applicable Excess Cash Flow prepayment is due (without duplication of amounts deducted from Excess Cash Flow
in any other period)) of the Loans, Other Applicable Indebtedness and Other First Lien Indebtedness of Borrower and its Restricted
Subsidiaries (excluding (i) repayments of Revolving Loans or Swingline Loans or other revolving indebtedness, except to the extent
the Revolving Commitments or commitments in respect of such other revolving debt, as applicable, are permanently reduced in connection
with such repayments, (ii) prepayments of Loans or other Indebtedness, in each case, that reduce the amount of Excess Cash Flow
prepayment required to be made with respect to such fiscal year under Section 2.10(a)(iv)(y) (including as a result of Section
2.10(a)(vii)) and (iii) mandatory prepayments of Loans pursuant to Section 2.10(a)(i), 2.10(a)(ii) or 2.10(a)(iii), except to the
extent the Net Available Proceeds from such Casualty Event or Asset Sale, as applicable, used to make such mandatory prepayments
were included in the calculation of Consolidated Net Income), in each case, except to the extent financed with the proceeds of
an Equity Issuance, Indebtedness (other than revolving Indebtedness), Asset Sales or Casualty Events (to the extent such proceeds
did not increase Consolidated Net Income) of Borrower or its Restricted Subsidiaries; minus

 

    	 	-30-	 

     

    

 

(j)    
the amount of Investments made during such period (or, at Borrower’s election, after such period and prior to the
date the applicable Excess Cash Flow prepayment is due (without duplication of amounts deducted from Excess Cash Flow in any other
period)) pursuant to Section 10.04 (other than Sections 10.04(a) (to the extent outstanding on the Closing Date), (b), (c), (d),
(e), (f) (except to the extent such amount increased Consolidated Net Income), (g) (except to the extent that the receipt of consideration
described therein increased Consolidated Net Income), (h) (to the extent taken into account in arriving at Consolidated Net Income),
(j), (l) (except to the extent made in reliance on clause (a) of the Available Amount), (o) (to the extent outstanding on the date
of the applicable acquisition, merger or consolidation), (q), (r), (u), (v), (w), (bb) (to the extent taken into account in arriving
at Consolidated Net Income) and (dd) (to the extent taken into account in arriving at Consolidated Net Income)), except to the
extent financed with the proceeds of an Equity Issuance, Indebtedness (other than revolving Indebtedness), Asset Sales or Casualty
Events (to the extent such proceeds did not increase Consolidated Net Income) of Borrower or its Restricted Subsidiaries; minus

 

(k)   
the amount of all non-cash gains to the extent included in arriving at such Consolidated Net Income (excluding any such
non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash loss in any prior period);
minus

 

(l)    
the amount of all Restricted Payments made during such period (or, at Borrower’s election, after such period and prior
to the date the applicable Excess Cash Flow prepayment is due (without duplication of amounts deducted from Excess Cash Flow in
any other period)) pursuant to Section 10.06(e), 10.06(f), 10.06(g), 10.06(h), 10.06(j) (to the extent made in reliance on clause
(a) of the Available Amount), 10.06(i), 10.06(l) (to the extent not taken into account in arriving at Consolidated Net Income)
and 10.06(n), except to the extent financed with the proceeds of an Equity Issuance, Indebtedness (other than revolving Indebtedness),
Asset Sales or Casualty Events (to the extent such proceeds did not increase Consolidated Net Income) of Borrower or its Restricted
Subsidiaries; minus

 

(m) 
the amount of all Junior Prepayments made during such period (or, at Borrower’s election, after such period and prior
to the date the applicable Excess Cash Flow prepayment is due (without duplication of amounts deducted from Excess Cash Flow in
any other period)) pursuant to Section 10.09(a)(i), 10.09(a)(ii) (to the extent made in reliance on clause (a) of the Available
Amount), 10.09(a)(iii), 10.09(a)(viii) or 10.09(xiii), except to the extent financed with the proceeds of an Equity Issuance, Indebtedness
(other than revolving Indebtedness), Asset Sales or Casualty Events (to the extent such proceeds did not increase Consolidated
Net Income) of Borrower or its Restricted Subsidiaries; minus

 

    	 	-31-	 

     

    

 

(n)   
any expenses or reserves for liabilities to the extent that Borrower or any Restricted Subsidiary is entitled to indemnification
or reimbursement therefor under binding agreements or insurance claims therefor to the extent Borrower has not received such indemnity
or reimbursement payment, in each case, to the extent not taken into account in arriving at Consolidated Net Income; minus

 

(o)   
the amount of cash Taxes actually paid by Borrower and its Restricted Subsidiaries to Governmental Authorities during such
period; minus

 

(p)   
the amount of income tax benefit included in determining Consolidated Net Income for such fiscal year (if any); minus

 

(q)   
to the extent included in Consolidated Net Income, Specified 10.04(k) Investment Returns received during such fiscal year;
minus

 

(r)    
without duplication of amounts deducted from Excess Cash Flow in any other periods, the aggregate consideration required
to be paid in cash by Borrower and its Restricted Subsidiaries pursuant to binding contracts (the “Contract Consideration”)
entered into prior to or during such period relating to Investments permitted under this Agreement or Capital Expenditures in each
case to the extent expected to be consummated or made during the period of four consecutive fiscal quarters of Borrower following
the end of such period (except, in each case, to the extent financed (or anticipated to be financed) with proceeds of an Equity
Issuance, Indebtedness (other than revolving Indebtedness), Asset Sales or Casualty Events (to the extent such proceeds do not
(or are not anticipated to) increase Consolidated Net Income)); provided that to the extent the aggregate amount actually
utilized in cash to finance such Investments or Capital Expenditures during such period of four consecutive fiscal quarters is
less than the Contract Consideration, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the
end of such period of four consecutive fiscal quarters; minus

 

(s)    
any other cash expenditure made during such period that does not reduce Consolidated Net Income.

 

“Excess Cash
Flow Period” shall mean each fiscal year of Borrower, commencing with the fiscal year of the Borrower ending on December
31, 2020.

 

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

 

“Excluded
Contribution” shall mean net cash proceeds received by Borrower from the sale (other than (i) to a Subsidiary of Borrower
or (ii) to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of Borrower)
of Equity Interests (other than Disqualified Capital Stock or any Permitted Equity Issuances pursuant to Section 11.03) of Borrower
in each case (x) not including any amounts included in the Available Amount and (y) to the extent designated as Excluded Contributions
by Borrower, pursuant to an officer’s certificate delivered to Administrative Agent, within one hundred and eighty (180)
days of the date such capital contributions are made, such dividends, distributions, fees or other payments are paid, or the date
such Equity Interests are sold, as the case may be.

 

“Excluded
Information” shall have the meaning provided in Section 12.07(b).

 

    	 	-32-	 

     

    

 

“Excluded
Subsidiary” shall mean (a) any Unrestricted Subsidiary, (b) any Immaterial Subsidiary, (c) any Subsidiary that is a (i)
Foreign Subsidiary, (ii) CFC Holdco, (iii) Subsidiary of a Foreign Subsidiary of the Borrower if such Foreign Subsidiary is a CFC
or (iv) Subsidiary of a CFC Holdco, (d) any Subsidiary that is not a Wholly Owned Subsidiary, (e) any Subsidiary that is prohibited
by applicable law, rule or regulation (including, without limitation, any Gaming/Racing Laws) or by any agreement, instrument or
other undertaking to which such Subsidiary is a party or by which it or any of its property or assets is bound from guaranteeing
the Obligations, and in each case, only for so long as such prohibition exists; provided that any such agreement, instrument
or other undertaking (i) is in existence on the Closing Date and listed on Schedule 1.01(A) (or, with respect to a Subsidiary
acquired after the Closing Date, as of the date of such acquisition) and (ii) was not entered into in connection with or anticipation
of this provision, (f) any Subsidiary for which guaranteeing the Obligations would require consent, approval, license or authorization
from any Governmental Authority (including, without limitation, any Gaming/Racing Authority), unless such consent, approval, license
or authorization has been received and is in effect, (g) any Subsidiary that is a special purpose entity, (h) any not-for-profit
Subsidiaries, (i) any captive insurance Subsidiaries and (j) any other Subsidiary with respect to which, in the reasonable judgment
of Administrative Agent and Borrower, the cost or other consequences (including any material (as determined by Borrower in its
reasonable discretion) adverse tax consequences) of providing a guarantee shall be excessive in view of the benefits to be obtained
by the Lenders therefrom.

 

“Excluded
Swap Obligation” shall mean, with respect to any Guarantor, (x) as it relates to all or a portion of the Guarantee of
such Guarantor, any Swap Obligation if, and to the extent that, such Swap Obligation (or any Guarantee thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of
such Guarantor becomes effective with respect to such Swap Obligation or (y) as it relates to all or a portion of the grant by
such Guarantor of a security interest, any Swap Obligation if, and to the extent that, such Swap Obligation (or such security interest
in respect thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for
any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the security interest of such Guarantor becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

“Excluded
Taxes” shall mean all of the following Taxes imposed on or with respect to any Agent, any Lender, or any other recipient
of any payment to be made by or on account of any obligation of any Credit Party or required to be deducted from a payment to such
recipient, in each case, under any Credit Document, (a) Taxes imposed on or measured by such recipient’s net income or net
profits (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by a jurisdiction 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 such jurisdiction or (ii) that are Other Connection Taxes, (b) in the case of any Lender, any U.S.
federal withholding tax that is imposed on amounts payable to or for the account of such Lender with respect to an applicable interest
in a Loan or Commitment pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in the applicable
Commitment (or, to the extent a Lender acquires an interest in a Loan not funded pursuant to a prior Commitment, acquires such
interest in such Loan) (in each case, other than pursuant to an assignment requested by the Borrower under Section 2.11(a)) or
(ii) such Lender designates a new applicable lending office, except in each case to the extent that additional amounts with respect
to such withholding Tax were payable pursuant to Section 5.06(a) either to such Lender’s assignor immediately before such
Lender acquired the applicable interest in the applicable Loan or Commitment or to such Lender immediately before it designated
the new applicable lending office, (c) Taxes attributable to such recipient’s failure to comply with Section 5.06(c), and
(d) any withholding Tax imposed under FATCA. For purposes of subclause (b) of this definition, a Lender that acquires a participation
pursuant to Section 4.07(b) shall be treated as having acquired such participation on the earlier date(s) on which such Lender
acquired the applicable interest(s) in the Commitment(s) and/or Loan(s) to which such participation relates.

 

    	 	-33-	 

     

    

 

“Existing
Credit Agreement” shall mean the Credit Agreement, dated as of July 10, 2014 (as amended and otherwise modified prior
to the date hereof), among Borrower, as holdings, TRMG, as borrower, Deutsche Bank AG New York Branch, as administrative agent
and collateral agent, the lenders party thereto and the other agents party thereto.

 

“Existing
Revolving Loans” shall have the meaning provided in Section 2.13(b).

 

“Existing
Revolving Tranche” shall have the meaning provided in Section 2.13(b).

 

“Existing
Term Loan Tranche” shall have the meaning provided in Section 2.13(a).

 

“Existing
Tranche” shall mean any Existing Term Loan Tranche or Existing Revolving Tranche.

 

“Expansion
Capital Expenditures” shall mean any capital expenditure by Borrower or any of its Restricted Subsidiaries in respect
of the purchase, construction or other acquisition of any fixed or capital assets or the refurbishment of existing assets or properties
that, in Borrower’s reasonable determination, adds to or significantly improves (or is reasonably expected to add to or significantly
improve) the property of Borrower and its Restricted Subsidiaries, excluding any such capital expenditures financed with Net Available
Proceeds of an Asset Sale or Casualty Event and excluding capital expenditures made in the ordinary course made to maintain, repair,
restore or refurbish the property of Borrower and its Restricted Subsidiaries in its then existing state or to support the continuation
of such Person’s day to day operations as then conducted.

 

“Extended
Revolving Commitments” shall have the meaning provided in Section 2.13(b).

 

“Extended
Revolving Loans” shall have the meaning provided in Section 2.13(b).

 

“Extended
Term Loans” shall have the meaning provided in Section 2.13(a).

 

“Extending
Lender” shall have the meaning provided in Section 2.13(c).

 

“Extension
Amendment” shall have the meaning provided in Section 2.13(d).

 

“Extension
Date” shall mean any date on which any Existing Term Loan Tranche or Existing Revolving Tranche is modified to extend
the related scheduled maturity date(s) in accordance with Section 2.13 (with respect to the Lenders under such Existing Term Loan
Tranche or Existing Revolving Tranche which agree to such modification).

 

“Extension
Election” shall have the meaning provided in Section 2.13(c).

 

    	 	-34-	 

     

    

 

“Extension
Request” shall mean any Term Loan Extension Request or Revolving Extension Request.

 

“Extension
Tranche” shall mean all Extended Term Loans of the same tranche or Extended Revolving Commitments of the same tranche
that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension
Amendment expressly provides that the Extended Term Loans or Extended Revolving Commitments, as applicable, provided for therein
are intended to be a part of any previously established Extension Tranche).

 

“fair market
value” shall mean, with respect to any Property, a price (after taking into account any liabilities relating to such
Property), as determined in good faith by Borrower, that could be negotiated in an arm’s-length free market transaction,
for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction.

 

“Fair Share”
has the meaning set forth in Section 6.10.

 

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

 

“Federal Funds
Effective Rate” shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time,
and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided, further,
that if the aforesaid rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Final Maturity
Date” shall mean the latest of the latest R/C Maturity Date, the Term B Facility
Maturity Date, the Term B-1 Facility Maturity Date, the latest New Term Loan Maturity Date, the latest final maturity
date applicable to any Extended Term Loans, the latest final maturity date applicable to any Extended Revolving Commitments, the
latest final maturity date applicable to any Other Term Loans and the latest final maturity date applicable to any Other Revolving
Loans.

 

“Financial
Covenant Event of Default” has the meaning provided in Section 11.01(d).

 

“Financial
Maintenance Covenant” shall mean the covenant set forth in Section 10.08.

 

“FIRREA”
shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

 

“Fixed Amounts”
has the meaning set forth in Section 1.08(a).

 

“Fixed Charge
Coverage Ratio” shall mean, on any date, with respect to any specified Person for any period, the ratio of the Consolidated
EBITDA of such Person for the Test Period most recently ended as of such date to the Fixed Charges of such Person for the Test
Period most recently ended as of such date.

 

    	 	-35-	 

     

    

 

“Fixed Charges”
shall mean, on any date, with respect to any specified Person for any Test Period, the sum, without duplication, of:

 

(a)       the
consolidated interest expense of such Person and its Restricted Subsidiaries for such Test Period, whether paid or accrued, including,
without limitation, amortization of original issue discount or premium, non-cash interest payments (but excluding any non-cash
interest expense attributable to the movement in the mark-to-market valuation of obligations under Swap Contracts or other derivative
instruments pursuant to Accounting Standards Codification Nos. 815 and 820), the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable
Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings,
and net of the effect of all payments made or received pursuant to Swap Contracts in respect of interest rates but excluding any
amortization or write-off of deferred financing costs or debt issuance costs and excluding commitment fees, underwriting fees,
assignment fees, debt issuance costs or fees, redemption or prepayment premiums, and other transaction expenses or costs or fees
consisting of Transaction Activities associated with undertaking, or proposing to undertake, any Transaction Activity; plus

 

(b)       the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such Test Period; plus

 

(c)       any
interest expense on Indebtedness of another Person during such Test Period that is guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus

 

(d)       the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person
or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of Borrower
(other than Disqualified Capital Stock) or to Borrower or a Restricted Subsidiary of Borrower, times (b) a fraction, the numerator
of which is one and the denominator of which is one minus the then current combined, federal, state and local statutory tax rate
of such Person, expressed as a decimal, in each case for such Test Period and determined on a consolidated basis in accordance
with GAAP.

 

“Flood Insurance
Laws” shall mean, collectively, (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor
statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (c)
the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance
Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (e) the Biggert-Waters Flood Insurance Reform
Act of 2012 as now or hereafter in effect or any successor statute thereto.

 

“Foreign Plan”
shall mean any employee benefit plan, program, policy, arrangement or agreement (excluding employment agreements and any statutory
plans) maintained or contributed to by, or entered into with, Borrower or any Restricted Subsidiary with respect to employees employed
outside the United States.

 

“Foreign Subsidiary”
shall mean each Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof,
or the District of Columbia.

 

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

 

    	 	-36-	 

     

    

 

“Funding Credit
Party” has the meaning set forth in Section 6.10.

 

“Funding Date”
shall mean the date of the making of any extension of credit (whether the making of a Loan or the issuance of a Letter of Credit)
hereunder (including the Closing Date).

 

“GAAP”
shall mean generally accepted accounting principles set forth as of the relevant date in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting
profession), including, without limitation, any Accounting Standards Codifications, which are applicable to the circumstances as
of the date of determination.

 

“Gaming/Racing
Authority” shall mean the applicable gaming and/or racing board, commission or other Governmental Authority responsible
for the administration, execution and administrative enforcement of, or otherwise having licensing or regulatory authority with
respect to, the Gaming/Racing Laws applicable to Borrower or any of its Restricted Subsidiaries, including, without limitation,
the DBR, the Division, the Mississippi Gaming Commission, the Delaware Gaming Authorities and the Delaware Harness Racing Commission.

 

“Gaming/Racing
Facility” shall mean, collectively, (i) each Core Property and (ii) any other casino or other gaming, wagering or racing
establishment or operation owned, managed, leased or operated by Borrower or any of its Restricted Subsidiaries from time to time.

 

“Gaming/Racing
Laws” shall mean, as clarified and supplemented by the Comfort Letters, as applicable, in respect of any Rhode Island
Gaming/Racing Laws, all laws, rules, regulations, ordinances, orders, decrees and other enactments applicable to Casino Gaming
(as defined in R.I. Gen. Laws § 42-61.2-1(8)), casinos, dog racing, horse racing, simulcasting, video lottery terminal
and/or any other gaming, gambling or wagering operations or activities with respect to Borrower or any of its Restricted Subsidiaries,
as applicable, as in effect from time to time, including the policies, interpretations, orders, decisions, judgments, awards, decrees
and administration thereof by any Gaming/Racing Authority, including, without limitation, R.I. Gen. Laws §§ 41-1-1, et
seq., 41-2-1, et seq., 41-3-1, et seq., 41-3.1-1, et seq., 41-4-1, et seq., 41-7-1, et seq., 41-11-1, et seq., 42-14-17, 42-35-1,
et seq., 42-61-1, et seq., 42-61.1-1, et seq., 42-61.2-1, et seq. and 42-61.3-1. et seq., as amended, the DBR’s rules and
regulations and the Division’s rules and regulations promulgated by the respective directors of each pursuant to applicable
Rhode Island laws, and the provisions of the Mississippi Gaming Control Act, as codified in Chapter 76 of Title 75 of the Mississippi
Code of 1972, as amended, and the rules and regulations promulgated by the Mississippi Gaming Commission, as amended, and any consents,
rulings, orders, directives or similar issuances of the Mississippi Gaming Commission pursuant thereto, and Title 29, Chapter 48
of the Delaware Code, as amended, and the regulations promulgated pursuant thereto, and all amendments thereto, and any consents,
rulings, orders, directives or similar issuances of the Delaware Gaming Authorities pursuant thereto and Title 3, Chapter 100 of
the Delaware Code, as amended, and the regulations promulgated pursuant thereto, and all amendments thereto, and any consents,
rulings, orders, directives or similar issuances of the Delaware Harness Racing Commission pursuant thereto and the regulations
promulgated pursuant thereto, and all amendments thereto.

 

“Gaming/Racing
License” shall mean any licenses, permits, franchises, approvals, findings of suitability or other authorizations from
any Gaming/Racing Authority or any other Governmental Authority required to own, develop, lease, manage, operate or host (directly
or indirectly) any lottery, gambling, betting, wagering, racing, gaming or simulcasting operations conducted or hosted or proposed
to be conducted or hosted by Borrower or any of its Restricted Subsidiaries or required by Gaming/Racing Laws (in the case of any
Rhode Island Gaming/Racing License, as clarified and supplemented by the Comfort Letters to the extent applicable).

 

    	 	-37-	 

     

    

 

“Governmental
Authority” shall mean any government or political subdivision of the United States or any other country, whether federal,
state, provincial or local, or any agency, authority, board, bureau, central bank, commission, office, division, department or
instrumentality thereof or therein, including, without limitation, any court, tribunal, grand jury or arbitrator, in each case
whether foreign or domestic, or any entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to such government or political subdivision including, without limitation, any Gaming/Racing Authority.

 

“Governmental
Real Property Disclosure Requirements” shall mean any Requirement of Law requiring notification of the buyer, mortgagee
or assignee of real property, or notification, registration or filing to or with any Governmental Authority, in connection with
the sale, lease, mortgage, assignment or other transfer (including, without limitation, any transfer of control) of any real property,
establishment or business, of the actual or threatened presence or Release in or into the Environment, or the use, disposal or
handling of Hazardous Material on, at, under or near the real property, facility or business to be sold, mortgaged, assigned or
transferred.

 

“Guarantee”
shall mean the guarantee of each Guarantor pursuant to Article VI.

 

“Guaranteed
Obligations” has the meaning set forth in Section 6.01.

 

“Guarantors”
shall mean each of the Persons listed on Schedule 1.01(B) attached hereto as of the Closing Date and each Restricted Subsidiary
that may hereafter execute a Joinder Agreement pursuant to Section 9.11, together with their successors and permitted assigns,
and “Guarantor” shall mean any one of them; provided, however, that notwithstanding the foregoing,
Guarantors shall not include any Excluded Subsidiary or any Person that has been released as a Guarantor in accordance with the
terms of the Credit Documents.

 

“Hard Rock
Collateral Assignment Consent” shall mean that certain Consent to Collateral Assignment of Hard Rock License Agreements,
dated as of the Closing Date, executed by Hard Rock Hotel Licensing, Inc. and Hard Rock Café International (STP), Inc. in
favor of the Collateral Agent, substantially in the form of Exhibit V hereto.

 

“Hard Rock
Documents” shall mean, collectively, (i) the Hard Rock License Agreement, (ii) the Hard Rock Restaurant Lease, (iii)
the Hard Rock Memorabilia Lease and (iv) the Hard Rock Retail Store Lease.

 

“Hard Rock
Hotel and Casino Biloxi” shall mean the Hard Rock Hotel and Casino Biloxi, located in Biloxi, Mississippi.

 

“Hard Rock
License Agreement” shall mean that certain License Agreement, dated May 15, 2003, by and between Premier Entertainment
and Hard Rock Hotel Licensing, Inc., a Florida Corporation, as amended through the Closing Date, and as further amended, modified
or supplemented from time to time as permitted under this Agreement.

 

    	 	-38-	 

     

    

 

“Hard Rock
Memorabilia Lease” shall mean that certain Memorabilia Lease, dated as of July 2, 2007, by and between Hard Rock Cafe
and Premier Entertainment, as amended, modified or supplemented from time to time as permitted under this Agreement.

 

“Hard Rock
Restaurant Lease” shall mean that certain Lease Agreement (Café), dated as of December 30, 2003 by and between
Premier Entertainment and Hard Rock Café International (STP), Inc., a New York Corporation, as amended, modified or supplemented
from time to time as permitted under this Agreement.

 

“Hard Rock
Retail Store Lease” shall mean that certain Lease Agreement (Retail Store), dated as of December 30, 2003 by and between
Premier Entertainment and Hard Rock Café International (STP), Inc., a New York Corporation, as amended, modified or supplemented
from time to time as permitted under this Agreement.

 

“Hard Rock
SNDA (Restaurant Lease)” shall mean that certain Subordination, Non-Disturbance and Attornment Agreement, to be executed
by Hard Rock Café International (STP), Inc. in favor of the Collateral Agent, substantially in the form of Exhibit W hereto.

 

“Hard Rock
SNDA (Retail Store Lease)” shall mean that certain Subordination, Non-Disturbance and Attornment Agreement, to be executed
by Hard Rock Café International (STP), Inc. in favor of the Collateral Agent, substantially in the form of Exhibit X hereto.

 

“Hazardous
Material” shall mean any material, substance, waste, constituent, compound, pollutant or contaminant including, without
limitation, petroleum (including, without limitation, crude oil or any fraction thereof or any petroleum by-product or waste),
asbestos or asbestos-containing material, urea formaldehyde insulation, toxic mold, polychlorinated biphenyls, flammable or explosive
substances, or pesticides) subject to regulation under Environmental Law or which could reasonably be expected to give rise to
liability under Environmental Law.

 

“Immaterial
Subsidiary” shall mean (a) as of the Closing Date, those Subsidiaries of Borrower which are designated as such on
Schedule 8.12(b), and (b) each additional Subsidiary of Borrower which is hereafter designated as such from time to time
by written notice to Administrative Agent in a manner consistent with the provisions of Section 9.13; provided that
no Person shall be so designated (or in the cases of clauses (i), (ii), (iii) and (iv) below, if already designated, remain), if,
as of the date of its designation (or if already designated, as of any date following such designation) (i) (x) such Person’s
(1) Consolidated EBITDA for the then most recently ended Test Period is in excess of 2.5% of the Consolidated EBITDA of Borrower
and its Restricted Subsidiaries or (2) Consolidated Total Assets as of the last day of the then most recently ended Test Period
is in excess of 2.5% of the Consolidated Total Assets of Borrower and its Restricted Subsidiaries on a consolidated basis and (y)
when such Person is taken together with all other Immaterial Subsidiaries as of such date, all such Immaterial Subsidiaries’
(1) Consolidated EBITDA for the then most recently ended Test Period is in excess of 10.0% of the Consolidated EBITDA of Borrower
and its Restricted Subsidiaries or (2) Consolidated Total Assets as of the last day of the then most recently ended Test Period
is in excess of 10.0% of the Consolidated Total Assets of Borrower and its Restricted Subsidiaries on a consolidated basis, (ii)
it owns, leases or operates any portion (other than de minimis assets) of any Core Property or owns any Equity Interests
in any Guarantor, (iii) it owns any material assets which are used in connection with any Gaming/Racing Facility (other than a
Gaming/Racing Facility with 200 gaming machines or less), (iv) it owns any Real Property which would be required to be a Mortgaged
Real Property hereunder if such Subsidiary were not an Immaterial Subsidiary or (v) any Event of Default has occurred and remains
continuing.

 

    	 	-39-	 

     

    

 

“Impacted
Loans” has the meaning set forth in Section 5.02.

 

“Inaccuracy
Determination” has the meaning set forth in the definition of “Applicable Fee Percentage.”

 

“Inaccurate
Applicable Fee Percentage Period” has the meaning set forth in the definition of “Applicable Fee Percentage.”

 

“Inaccurate Applicable Margin
Period” has the meaning set forth in the definition of “Applicable Margin.” 

 

“Increased
Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual
of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Indebtedness or in the form of common stock of Borrower, the accretion of original issue discount or liquidation
preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies.

 

“Incremental
Commitments” shall mean the Incremental Revolving Commitments and the Incremental Term Loan Commitments.

 

“Incremental
Effective Date” has the meaning set forth in Section 2.12(b).

 

“Incremental
Existing Tranche Revolving Commitments” shall have the meaning set forth in Section 2.12(a).

 

“Incremental Incurrence-Based Amount” has the meaning set forth in the definition of “Incremental
Loan Amount”.

 

“Incremental Joinder Agreement” has the meaning set forth in Section 2.12(b).

 

“Incremental
Loan Amount” shall mean, as of any date of determination:

 

(a)   
the Shared Fixed Incremental Amount; plus

 

(b)   
(x) in the case of an Incremental Commitment or Ratio Debt that serves to effectively extend the maturity of the Term Loans,
the Revolving Commitments, Permitted First Priority Refinancing Debt and/or any Ratio Debt that is secured on a pari passu
basis with the Obligations, an amount equal to the reductions in the Term Loans, Revolving Commitments, Permitted First Priority
Refinancing Debt and/or such pari passu Ratio Debt to be replaced with such Incremental Commitment or Ratio Debt and (y)
in the case of any Incremental Commitment or Ratio Debt that effectively replaces any commitment under the Revolving Facility terminated,
or any Term Loan repaid, under Section 2.11, 13.04(b), 13.04(h) or 13.05(k), an amount equal to the portion of the relevant terminated
commitments under the Revolving Facility or repaid Term Loans; plus

 

(c)   
the aggregate amount of (i) any voluntary prepayment or repurchase of Term Loans, Permitted First Priority Refinancing Debt
or Ratio Debt that is secured on a pari passu basis with the Obligations and (ii) any permanent reduction of Revolving Commitments,
revolving commitments constituting Permitted First Priority Refinancing Debt and revolving commitments constituting Ratio Debt
that are secured on a pari passu basis with the Obligations, in each case to the extent the relevant prepayment or reduction
(x) is not funded or effected with any long term Indebtedness and (y) does not include any prepayment of an Incremental Commitment
or Ratio Debt originally incurred in reliance on clause (d) (or on clause (d) of the Ratio Debt Amount) (the amounts under clauses
(b) and (c) together, the “Incremental Prepayment Amount”); minus the aggregate principal amount of all Indebtedness
incurred or issued in reliance on the Ratio Prepayment Amount; plus

 

    	 	-40-	 

     

    

 

(d)   
an unlimited amount so long as, in the case of this clause (d), the Consolidated Total Secured Net Leverage Ratio would
not exceed 4.00:1.00, calculated on a Pro Forma Basis after giving effect thereto, including the application of proceeds thereof,
as of the last day of the most recently ended Test Period; provided that, for such purpose, (1) in the case of any Incremental
Revolving Commitment, such calculation shall be made assuming a full drawing of such Incremental Revolving Commitment and (2) such
calculation shall be made without netting the cash proceeds of any Borrowing under such Incremental Commitment (this clause (d),
the “Incremental Incurrence-Based Amount”).

 

It is understood and
agreed that (I) Borrower may elect to use the Incremental Incurrence-Based Amount prior to the Shared Fixed Incremental Amount
or the Incremental Prepayment Amount and regardless of whether there is capacity under the Shared Fixed Incremental Amount or the
Incremental Prepayment Amount, and if the Shared Fixed Incremental Amount, the Incremental Prepayment Amount and the Incremental
Incurrence-Based Amount are each available and Borrower does not make an election, Borrower will be deemed to have elected to use
the Incremental Incurrence-Based Amount; and (II) any portion of any Incremental Term Loan, Incremental Term Loan Commitment, Incremental
Revolving Commitment or Ratio Debt incurred in reliance on the Shared Fixed Incremental Amount or the Incremental Prepayment Amount
shall be reclassified as incurred under the Incremental Incurrence-Based Amount as Borrower may elect from time to time if Borrower
meets the applicable Consolidated Total Secured Net Leverage Ratio under the Incremental Incurrence-Based Amount at such time on
a Pro Forma Basis.

 

“Incremental
Prepayment Amount” has the meaning set forth in the definition of “Incremental Loan Amount”.

 

“Incremental
Revolving Commitments” shall mean Incremental Existing Tranche Revolving Commitments and New Revolving Commitments.

 

“Incremental
Revolving Loans” shall mean any Revolving Loans made pursuant to Incremental Revolving Commitments.

 

“Incremental
Term B Loan Commitments” shall have the meaning provided in Section 2.12(a).

 

“Incremental
Term B Loans” shall have the meaning provided in Section 2.12(a).

 

“Incremental
Term Loan Commitments” shall mean the Incremental Term B Loan Commitments and the New Term Loan Commitments.

 

“Incremental
Term Loans” shall mean the Incremental Term B Loans and any New Term Loans.

 

“incur”
shall mean, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by conversion,
exchange or otherwise), permit to exist, assume, guarantee or otherwise become liable in respect of such Indebtedness or other
obligation (and “incurrence,” “incurred” and “incurring” shall have meanings
correlative to the foregoing).

 

    	 	-41-	 

     

    

 

“Incurrence-Based
Amounts” has the meaning set forth in Section 1.08(a).

 

“Indebtedness”
of any Person shall mean, without duplication, (a) all obligations of such Person for borrowed money; (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person under conditional sale
or other title retention agreements relating to property purchased by such Person; (d) all obligations of such Person issued or
assumed as the deferred purchase price of property or services (excluding (i) trade accounts payable and accrued obligations incurred
in the ordinary course of business, (ii) the financing of insurance premiums, (iii) any such obligations payable solely through
the issuance of Equity Interests and (iv) any earn-out obligation until such obligation appears in the liabilities section of the
balance sheet of such Person in accordance with GAAP (excluding disclosure on the notes and footnotes thereto); provided
that any earn-out obligation that appears in the liabilities section of the balance sheet of such Person shall be excluded, to
the extent (x) such Person is indemnified for the payment thereof and such indemnification is not disputed or (y) amounts to be
applied to the payment therefor are in escrow); (e) all Indebtedness (excluding prepaid interest thereon) of others secured by
any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed; provided,
however, that if such obligations have not been assumed, the amount of such Indebtedness included for the purposes of this
definition will be the amount equal to the lesser of the fair market value of such property and the amount of the Indebtedness
secured; (f) with respect to any Capital Lease Obligations of such Person, the capitalized amount thereof that would appear on
a balance sheet of such Person prepared as of such date in accordance with GAAP; (g) all net obligations of such Person in respect
of Swap Contracts; (h) all obligations of such Person as an account party in respect of letters of credit and bankers’ acceptances,
except obligations in respect of letters of credit issued in support of obligations not otherwise constituting Indebtedness shall
not constitute Indebtedness except to the extent such letter of credit is drawn and not reimbursed within three (3) Business Days
of such drawing; (i) all obligations of such Person in respect of Disqualified Capital Stock; and (j) all Contingent Obligations
of such Person in respect of Indebtedness of others of the kinds referred to in clauses (a) through (i) above. The Indebtedness
of any Person shall include the Indebtedness of any partnership in which such Person is a general partner unless recourse is limited,
in which case the amount of such Indebtedness shall be the amount such Person is liable therefor (except to the extent the terms
of such Indebtedness expressly provide that such Person is not liable therefor). The amount of Indebtedness of the type described
in clause (d) shall be calculated based on the net present value thereof. The amount of Indebtedness of the type referred to in
clause (g) above of any Person shall be zero unless and until such Indebtedness shall be terminated, in which case the amount of
such Indebtedness shall be the then termination payment due thereunder by such Person. For the avoidance of doubt, it is understood
and agreed that (x) casino “chips” and gaming winnings of customers, (y) any obligations of such Person in respect
of Cash Management Agreements and (z) any obligations of such Person in respect of employee deferred compensation and benefit plans
shall not constitute Indebtedness. Operating leases shall not constitute Indebtedness hereunder regardless of whether required
to be recharacterized as Capitalized Leases pursuant to GAAP.

 

“Indemnitee”
has the meaning set forth in Section 13.03(b).

 

“Initial Financial
Statement Delivery Date” shall mean the date on which Section 9.04 Financials are delivered to Administrative Agent under
Section 9.04(a) or (b), as applicable, for the first full fiscal quarter ending after the Closing Date.

 

“Initial Perfection
Certificate” has the meaning set forth in the definition of “Perfection Certificate.”

 

    	 	-42-	 

     

    

 

“Initial Restricted
Payment Base Amount” shall mean, as of any date of determination, an amount equal to the greater of $50.0 million and
25% of Consolidated EBITDA calculated at the time of determination on a Pro Forma Basis as of the most recently ended Test Period
minus (x) the amount of Investments made under Section 10.04(k)(ii) on or prior to such date, (y) the amount of Restricted
Payments made under Section 10.06(i) on or prior to such date and (z) the amount of Junior Prepayments made under Section 10.09(a)(i)
on or prior to such date.

 

“Intellectual
Property” has the meaning set forth in Section 8.19.

 

“Interest
Period” shall mean, as to each LIBOR Loan, the period commencing on the date such LIBOR Loan is disbursed or converted
to or continued as a LIBOR Loan and ending on the date one, two, three or six months thereafter, as selected by Borrower in its
Notice of Borrowing or Notice of Continuation/Conversion, as applicable, or such other period that is twelve months or less requested
by Borrower and available to and consented to by all the applicable Lenders (and if less than one month, the consent of Administrative
Agent shall also be required); provided that:

 

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

 

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

 

(iii)       no
Interest Period for a Class shall extend beyond the maturity date for such Class.

 

“Interest
Rate Protection Agreement” shall mean, for any Person, an interest rate swap, cap or collar agreement or similar arrangement
between such Person and one or more financial institutions providing for the transfer or mitigation of interest risks either generally
or under specific contingencies.

 

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

 

“Investments”
of any Person shall mean (a) any loan or advance of funds or credit by such Person to any other Person, (b) any Contingent Obligation
by such Person in respect of the Indebtedness or other obligation of any other Person (provided that upon termination of
any such Contingent Obligation, no Investment in respect thereof shall be deemed outstanding, except as contemplated in clause
(e) below), (c) any purchase or other acquisition of any Equity Interests or indebtedness or other securities of any other Person,
(d) any capital contribution by such Person to any other Person, (e) without duplication of any amounts included under clause (b)
above, any payment under any Contingent Obligation by such Person in respect of the Indebtedness or other obligation of any other
Person or (f) the purchase or other acquisition (in one transaction or a series of transaction) of all or substantially all
of the property and assets or business of another Person or assets constituting a business unit, line of business or division of
such Person. For purposes of the definition of “Unrestricted Subsidiary” and Section 10.04, “Investment”
shall include the portion (proportionate to Borrower’s Equity Interest in such Subsidiary) of the fair market value of the
assets of any Subsidiary of Borrower (net of any liabilities of such Subsidiary that will not constitute liabilities of any Credit
Party or Restricted Subsidiary after such Designation) at the time of Designation of such Subsidiary as an Unrestricted Subsidiary
pursuant to Section 9.12 (excluding any Subsidiaries designated as Unrestricted Subsidiaries on the Closing Date and set forth
on Schedule 9.12); provided, however, that upon the Revocation of a Subsidiary that was Designated as an Unrestricted
Subsidiary after the Closing Date, the amount of outstanding Investments in Unrestricted Subsidiaries shall be deemed to be reduced
by the lesser of (x) the fair market value of such Subsidiary at the time of such Revocation and (y) the amount of Investments
in such Subsidiary deemed to have been made (directly or indirectly) at the time of, and made (directly or indirectly) since, the
Designation of such Subsidiary as an Unrestricted Subsidiary, to the extent that such amount constitutes an outstanding Investment
under clauses (i), (k), (l), (m), (s), (t) or (x) of Section 10.04 at the time of such Revocation.

 

    	 	-43-	 

     

    

 

“IRS”
shall mean the United States Internal Revenue Service.

 

“ISP”
shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute
of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Joinder Agreements”
shall mean each Joinder Agreement substantially in the form of Exhibit M hereto or such other form as is reasonably acceptable
to Administrative Agent and each Joinder Agreement to be entered into pursuant to the Security Agreement.

 

“Joint Venture”
shall mean any Person, other than an individual or a Wholly Owned Subsidiary of Borrower, in which Borrower or a Restricted Subsidiary
of Borrower (directly or indirectly) holds or acquires an ownership interest (whether by way of capital stock, partnership or limited
liability company interest, or other evidence of ownership).

 

“Junior Financing”
shall mean unsecured Indebtedness (including unsecured Indebtedness convertible into or exchangeable or exercisable for any Equity
Interests) of Borrower or all or any Restricted Subsidiaries (a) (i) that is subordinated in right of payment to the
Loans and contains subordination provisions that are customary in the good faith determination of Borrower for senior subordinated
notes or subordinated notes issued under Rule 144A of the Securities Act (or other corporate issuers in private placements or public
offerings of securities) or (ii) that contains subordination provisions reasonably satisfactory to Administrative Agent, (b) that
shall not have a scheduled maturity date or any scheduled principal payments or be subject to any mandatory redemption, prepayment,
or sinking fund (except for customary change of control provisions and, in the case of bridge facilities, customary mandatory redemptions
or prepayments with proceeds of Permitted Refinancings thereof (which Permitted Refinancings would constitute Junior Financing)
or Equity Issuances, and customary asset sale provisions that permit application of the applicable proceeds to the payment of the
Obligations prior to application to such Junior Financing) due prior to the date that is 91 days after the Final Maturity Date
then in effect at the time of issuance (excluding customary “bridge” facilities so long as the long term debt into
which any such customary “bridge” facility is to be automatically converted satisfies the foregoing requirements) and
(c) the terms (excluding pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) of which
are (as determined by Borrower in good faith), taken as a whole, no more restrictive in any material respect to Borrower and its
Restricted Subsidiaries than the terms set forth in this Agreement (other than, in the case of any customary “bridge”
facility, covenants, defaults and remedy provisions customary for bridge financings).

 

    	 	-44-	 

     

    

 

“Junior Prepayments”
shall have the meaning provided in Section 10.09.

 

“L/C Commitments”
shall mean, with respect to each L/C Lender, the commitment of such L/C Lender to issue Letters of Credit pursuant to Section 2.03.
The amount of each L/C Lender’s L/C Commitment as of the Closing Date is set forth on Annex A-1 under the caption “L/C
Commitment.” The L/C Commitments are part of, and not in addition to, the Revolving Commitments.

 

“L/C Disbursements”
shall mean a payment or disbursement made by any L/C Lender pursuant to a Letter of Credit.

 

“L/C Documents”
shall mean, with respect to any Letter of Credit, collectively, any other agreements, instruments, guarantees or other documents
(whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations
of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations,
each as the same may be amended or modified and in effect from time to time.

 

“L/C Interest”
shall mean, for each Revolving Lender, such Lender’s participation interest (or, in the case of each L/C Lender, such L/C
Lender’s retained interest) in each L/C Lender’s liability under Letters of Credit and such Lender’s rights and
interests in Reimbursement Obligations and fees, interest and other amounts payable in connection with Letters of Credit and Reimbursement
Obligations.

 

“L/C Lender”
shall mean, as the context may require, with respect to Letters of Credit, (i) Citizens or any of its Affiliates, in its capacity
as issuer of Letters of Credit issued by it hereunder, together with its successors and assigns in such capacity; and/or (ii) any
other Revolving Lender or Revolving Lenders selected by Borrower and reasonably acceptable to Administrative Agent (such approval
not to be unreasonably withheld or delayed) that agrees to become an L/C Lender, in each case under this clause (ii) in its capacity
as issuer of Letters of Credit issued by such Lender hereunder, together with its successors and assigns in such capacity.

 

“L/C Liability”
shall mean, at any time, without duplication, the sum of (a) the Stated Amount of all outstanding Letters of Credit at such time
plus (b) the aggregate amount of all L/C Disbursements that have not yet been reimbursed at such time in respect of all Letters
of Credit. The L/C Liability of any Revolving Lender at any time shall mean such Revolving Lender’s participations and obligations
in respect of outstanding Letters of Credit at such time.

 

“L/C Payment
Notice” has the meaning provided in Section 2.03(d).

 

“L/C Sublimit”
shall mean an amount equal to the lesser of (a) $20.0 million and (b) the Total Revolving Commitments then in effect. The
L/C Sublimit is part of, and not in addition to, the Total Revolving Commitments.

 

“Laws”
shall mean, collectively, all common law and all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents, including without limitation the interpretation thereof
by any Governmental Authority charged with the enforcement thereof.

 

    	 	-45-	 

     

    

 

“LCT Election”
shall have the meaning provided in Section 1.07.

 

“LCT Test
Date” shall have the meaning provided in Section 1.07.

 

“Lead Arrangers”
shall mean (a) Citizens, Credit Suisse Loan Funding LLC,
Deutsche Bank Securities Inc., Fifth Third Bank, National Association,
Goldman Sachs Bank USA, Merrill Lynch, Pierce Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned
by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’
investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement)
and SunTrust Robinson Humphrey, Inc., in their capacities as joint lead arrangers and joint bookrunners hereunder.for
the Closing Date Revolving Facility and the Term B Facility hereunder and (b) Citizens, Fifth Third Bank, National Association
and SunTrust Robinson Humphrey, Inc., in their capacities as joint lead arrangers and joint bookrunners for the Term B-1 Facility.

 

“Lease”
shall mean any lease, sublease, franchise agreement, license, occupancy or concession agreement.

 

“Lender Insolvency
Event” shall mean that (i) a Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they
become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit
of its creditors, or (ii) such Lender or its Parent Company is the subject of a proceeding under any Debtor Relief Law, or a receiver,
trustee, conservator, intervenor, administrator, sequestrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets (including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority) has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company
has taken any action authorizing or indicating its consent to or acquiescence in any such proceeding or appointment; provided,
however, that a Lender Insolvency Event shall not be deemed to exist solely as the result of the acquisition or maintenance
of an ownership interest in such Lender or its Parent Company by a Governmental Authority or an instrumentality thereof so long
as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority)
to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 

“Lenders”
shall mean (a) each Person listed on Annexes A-1 or A-2, (b) any Lender providing an Incremental Commitment pursuant
to Section 2.12 and any Person that becomes a Lender from time to time party hereto pursuant to Section 2.15 and (c) any Person
that becomes a “Lender” hereunder pursuant to an Assignment Agreement, in each case, other than any such Person that
ceases to be a Lender pursuant to an Assignment Agreement or a Borrower Assignment Agreement. Unless the context requires otherwise,
the term “Lenders” shall include the Swingline Lender and the L/C Lender.

 

“Letter of
Credit Request” has the meaning provided in Section 2.03(b).

 

“Letters of
Credit” shall have the meaning provided in Section 2.03(a).

 

“LIBO Base
Rate” shall mean, with respect to any LIBOR Loan for any Interest Period therefor, the London interbank offered rate
(“LIBOR”) as administered by ICE Benchmark Administration Limited (or any other Person that takes over the administration
of such rate for Dollars for a period equal in length to such Interest Period) as displayed on pages LIBOR01 or LIBOR02 of the
Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor
or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate from time to time as selected by Administrative Agent in its reasonable discretion) (in each case the “LIBO
Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period (for delivery on the first day of such Interest Period); provided that, if the LIBO Screen Rate shall be less than
zero, such rate shall be deemed to be zero for the purposes of this Agreement and provided, further, if the LIBO
Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then
the LIBO Base Rate shall be the Interpolated Rate, provided, that, if any Interpolated Rate shall be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement; provided that to the extent a comparable or successor rate
is approved by Administrative Agent in connection herewith, the approved rate shall be consistent with market practice for LIBOR-based
loans (and the application of such rate shall also be in accordance with market practice); provided, further that
to the extent such market practice is not administratively feasible for Administrative Agent, such approved rate shall be applied
in a manner as otherwise reasonably determined by Administrative Agent. Notwithstanding the foregoing, the LIBO Base Rate shall
not be less than 0.00%(i)
with respect to the Term B Facility Loans, 0.00%, (ii) with respect to the Revolving Loans, 0.75% and (iii) with respect to the
Term B-1 Facility Loans, 1.00%.

  

    	 	-46-	 

     

    

 

“LIBO Rate”
shall mean, for any LIBOR Loan for any Interest Period therefor, a rate per annum (rounded upwards, if necessary, to the
nearest 1/100th of 1%) equal to the LIBO Base Rate for such Loan for such Interest Period multiplied by the Statutory
Reserve Rate for such Loan for such Interest Period. Notwithstanding the foregoing, (a) for purposes of clause (c) of the definition
of Alternate Base Rate, the rates referred to above shall be the rates as of 11:00 a.m., London, England time, on the date of determination
(rather than the second Business Day preceding the date of determination), (b) the LIBO Rate for Term B Facility Loans shall not
be less than 0.0% and,
(c) the LIBO Rate for Revolving Loans shall not be less than 0.000.75%
and (d) the LIBO Rate for Term B-1 Facility Loans shall not be less than 1.00%.

  

“LIBOR Loans”
shall mean Loans that bear interest at rates based on rates referred to in the definition of “LIBO Rate.”

 

“LIBOR Successor
Rate” shall have the meaning assigned to such term in Section 5.02(b).

 

“LIBOR Successor
Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition
of Alternate Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative
matters as may be appropriate, in the reasonable discretion of Administrative Agent and Borrower, to reflect the adoption of such
LIBOR Successor Rate and to permit the administration thereof by Administrative Agent in a manner substantially consistent with
market practice (or, if Administrative Agent determines in good faith that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other
manner of administration as Administrative Agent determines in consultation with Borrower).

 

“License Revocation”
shall mean (a) the revocation, failure to renew or suspension of any Gaming/Racing License held by Borrower or any Restricted Subsidiary
thereof, or (b) the appointment of a receiver, supervisor or similar official with respect to any Gaming/Racing Facility owned,
leased, operated, managed or used by Borrower or any of its Restricted Subsidiaries.

 

“Lien”
shall mean, with respect to any Property, any mortgage, deed of trust, lien, pledge, security interest, or assignment, hypothecation
or encumbrance for security of any kind, or any filing of any financing statement under the UCC or any other similar notice of
lien under any similar notice or recording statute of any Governmental Authority (other than such financing statement or similar
notices filed for informational or precautionary purposes only), or any conditional sale or other title retention agreement or
any lease in the nature thereof.

 

    	 	-47-	 

     

    

 

“Limited Condition
Transaction” shall have the meaning provided in Section 1.07.

 

“Liquidated
Subsidiary” has the meaning set forth in Section 6.08.

 

“Liquor Authority”
shall mean, in any jurisdiction in which Borrower or any Restricted Subsidiary thereof sells and distributes liquor, the applicable
alcoholic beverage board or commission or other Governmental Authority responsible for interpreting, administering and enforcing
the Liquor Laws.

 

“Liquor Laws”
shall mean the laws, rules, regulations and orders applicable to or involving the sale and distribution of liquor by Borrower or
any Restricted Subsidiary thereof in any jurisdiction, as in effect from time to time, including the policies, interpretations
and administration thereof by the applicable Liquor Authority.

 

“Loans”
shall mean the Revolving Loans, the Swingline Loans and the Term Loans.

 

“Losses”
of any Person shall mean the losses, liabilities, claims (including those based upon negligence, strict or absolute liability and
liability in tort), damages, reasonable expenses, obligations, penalties, actions, judgments, penalties, fines, suits, reasonable
and documented out-of-pocket costs or disbursements (including reasonable and documented fees and expenses of one primary counsel
for the Secured Parties collectively, and any special gaming and local counsel reasonably required in any applicable material jurisdiction
(and solely in the case of an actual or perceived conflict of interest, where the Persons affected by such conflict inform Borrower
in writing of the existence of an actual or perceived conflict of interest prior to retaining additional counsel, one additional
of each such counsel for each group of similarly situated Secured Parties), in connection with any Proceeding commenced or threatened
in writing, whether or not such Person shall be designated a party thereto) at any time (including following the payment of the
Obligations) incurred by, imposed on or asserted against such Person.

 

“Make
Whole Amount” shall mean, with respect to a Term B-1 Facility Loan at any applicable repayment, prepayment or amendment
date as set forth in Section 2.05(f), an amount not less than zero (calculated by the Administrative Agent, which calculation shall
be conclusive absent manifest error) equal to, the excess of (a) the present value at such applicable prepayment, repayment or
amendment date of (i) 100% of the principal amount of such Term B-1 Facility Loan being repaid, prepaid or held by the applicable
replaced or amended lender on such date (calculated as if such principal amount were due on the “18 Month Date” (as
defined below)) (but excluding for such purpose any premium that would be payable thereon at such date) plus (ii) all required
remaining scheduled interest payments at the applicable interest rate provided in this Agreement (including the LIBO Rate or Alternate
Base Rate component thereof) due on the principal amount of such Term B-1 Facility Loan being repaid, prepaid or held by the applicable
amended or replaced lender on such date through and including the “18 Month Date” (being the date that is 18 months
following the 2020 Incremental Joinder Agreement Date) (excluding
accrued but unpaid interest to the date on which the Make Whole Amount becomes owing), assuming that the rate of interest will
be equal to the rate of interest in effect on the date of prepayment, repayment or amendment (and in the case of the LIBO Rate,
assuming an Interest Period of 3 months), computed using a discount rate equal to the Treasury Rate plus 50 basis points per annum
discounted on a quarterly basis, over (b) the principal amount of such Term B-1 Facility Loan being repaid, prepaid or held by
a replaced or amended lender on such date.

  

    	 	-48-	 

     

    

 

“Margin Stock”
shall mean margin stock within the meaning of Regulation T, Regulation U and Regulation X.

 

“Material
Adverse Effect” shall mean (a) a material adverse effect on the business, assets, financial condition or results of operations
of Borrower and its Restricted Subsidiaries, taken as a whole and after giving effect to the Transactions, (b) a material adverse
effect on the ability of the Credit Parties to satisfy their material payment Obligations under the Credit Documents or (c) a material
adverse effect on the legality, binding effect or enforceability against any material Credit Party of any Credit Document to which
it is a party or any of the material rights and remedies of any Secured Party thereunder or the legality, priority or enforceability
of the Liens on a material portion of the Collateral.

 

“Material
Consents” shall mean (i) the 2019 Comfort Letter, (ii) the Hard Rock Collateral Assignment Consent and (iii) approval
by the Mississippi Gaming Commission of (1) the negative pledges and restrictions on transfer of the Equity Interests in Premier
Entertainment under the Credit Documents and (2) the pledge of the Equity Interests in Premier Entertainment under the Credit Documents.

 

“Material
Gaming/Racing Agreements” shall mean (i) the VLT Contract, (ii) the Tiverton VLT Contract, (iii) the Regulatory Agreement,
(iv) the Hard Rock Documents, (v) the Biloxi Lease, (vi) the Tidelands Lease and (vii) the Agreement dated as of October 4, 2017,
by and between Dover Downs, Inc. and Delaware Standardbred Owners Association, Inc., in each case, as amended, amended and restated,
supplemented or otherwise modified or replaced from time to time as permitted by this Agreement and, in the case of the agreements
identified in clauses (i), (ii) and (iii) of this definition, as such are clarified and supplemented by the Comfort Letters.

 

“Material
Indebtedness” shall mean any Indebtedness the outstanding principal amount of which is in excess of $25.0 million.

 

“Material
Real Property” shall mean any Real Property located in the United States with a fair market value in excess of $5.0 million
at the Closing Date or, with respect to Real Property acquired after the Closing Date, at the time of acquisition, in each case,
as reasonably estimated by Borrower in good faith. For the avoidance of doubt, “Material Real Property” shall include
each Real Property described on Schedule 1.01(C).

 

“Maximum Rate”
has the meaning set forth in Section 13.19.

 

“Minimum Collateral
Amount” shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances
provided to reduce or eliminate un-reallocated portions of L/C Liabilities during the existence of a Defaulting Lender, an amount
equal to 103% of the un-reallocated L/C Liabilities at such time, (ii) with respect to Cash Collateral consisting of cash
or deposit account balances provided in accordance with the provisions of Sections 2.01(e), 2.03, 2.10(b)(ii), 2.10(c), 2.10(e),
2.16(a)(i), 2.16(a)(ii) or 11.01 or 11.02, an amount equal to 103% of the aggregate L/C Liability, and (iii) otherwise, an
amount determined by Administrative Agent and the L/C Lenders in their reasonable discretion.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc., or any successor entity thereto.

 

“Mortgage”
shall mean an agreement, including, but not limited to, a mortgage, deed of trust or any other document, creating and evidencing
a first Lien (subject only to the Permitted Liens) in favor of Collateral Agent on behalf of the Secured Parties on each Mortgaged
Real Property, which shall be in substantially the form of Exhibit I hereto or such other form as is reasonably acceptable
to Administrative Agent, with such schedules and including such provisions as shall be necessary to conform such document to applicable
or local law or as shall be customary under local law, as the same may at any time be amended in accordance with the terms thereof
and hereof and such changes thereto as shall be reasonably acceptable to Administrative Agent.

 

    	 	-49-	 

     

    

 

“Mortgaged
Real Property” shall mean (a) each Real Property listed on Schedule 1.01(C) as of the Closing Date and (b) each
Real Property, if any, which shall be subject to a Mortgage delivered on or after the Closing Date pursuant to Section 9.08, 9.11
or 9.15 (in each case, unless and until such Real Property is no longer subject to a Mortgage).

 

“Mortgaged
Vessel” shall mean each Vessel or Replacement Vessel, if any, which shall be subject to a Ship Mortgage after the Closing
Date pursuant to Section 9.08 or 9.11 (in each case, unless and until such Vessel or Replacement Vessel is no longer subject to
a Ship Mortgage).

 

“Multiemployer
Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA (a) to which any ERISA Entity
is then making, required to make or accruing an obligation to make contributions, (b) to which any ERISA Entity has within the
preceding five plan years made or been required to make contributions, including any Person which ceased to be an ERISA Entity
during such five year period or (c) with respect to which any Company is reasonably likely to incur liability under Title IV of
ERISA.

 

“NAIC”
shall mean the National Association of Insurance Commissioners.

 

“Net Available
Proceeds” shall mean:

 

(i)       in
the case of any Asset Sale pursuant to Sections 10.05(c) or 10.05(s), the aggregate amount of all cash payments (including any
cash payments received by way of deferred payment of principal pursuant to a note or otherwise, but only as and when received)
received by Borrower or any Restricted Subsidiary directly or indirectly in connection with such Asset Sale, net (without duplication)
of (A) the amount of all reasonable fees and expenses and transaction costs paid by or on behalf of Borrower or any Restricted
Subsidiary in connection with such Asset Sale (including, without limitation, any underwriting, brokerage or other customary selling
commissions and legal, advisory and other fees and expenses, including survey, title and recording expenses, transfer taxes and
expenses incurred for preparing such assets for sale, associated therewith); (B) any Taxes paid or estimated in good faith to be
payable by or on behalf of any Company as a result of such Asset Sale (after application of all credits and other offsets that
arise from such Asset Sale); (C) any repayments by or on behalf of any Company of Indebtedness (other than Indebtedness hereunder)
to the extent such Indebtedness is secured by a Lien on such Property that is permitted by the Credit Documents and that is not
junior to the Lien thereon securing the Obligations and such Indebtedness is required to be repaid as a condition to the purchase
or sale of such Property; (D) amounts required to be paid to any Person (other than any Company) owning a beneficial interest in
the subject Property; and (E) amounts reserved, in accordance with GAAP, against any liabilities associated with such Asset Sale
and retained by Borrower or any of its Subsidiaries after such Asset Sale and related thereto, including pension and other post-employment
benefit liabilities, purchase price adjustments, liabilities related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale, all as reflected in an Officer’s Certificate delivered to Administrative Agent;
provided, that no such amounts shall constitute Net Available Proceeds under this clause (i) unless (x) the aggregate value
of the Property sold in any single Asset Sale or related series of Asset Sales is greater than or equal to $10.0 million (and only
net cash proceeds in excess of such amount shall constitute Net Available Proceeds under this clause (i)) or (y) the aggregate
value of all Property sold in Asset Sales in any fiscal year exceeds $20.0 million (and thereafter only net cash proceeds in excess
of such amount shall constitute Net Available Proceeds under this clause (i)); provided, further, that Net Available
Proceeds shall include any cash payments received upon the reversal (without the satisfaction of any applicable liabilities in
cash in a corresponding amount) of any reserve described in clause (E) of this clause (i) or, if such liabilities have not been
satisfied in cash and such reserve is not reversed within eighteen (18) months after such Asset Sale, the amount of such reserve;

 

    	 	-50-	 

     

    

 

(ii)       in
the case of any Casualty Event, the aggregate amount of cash proceeds of insurance, condemnation awards and other compensation
(excluding proceeds constituting business interruption insurance or other similar compensation for loss of revenue, but including
the proceeds of any disposition of Property pursuant to Section 10.05(l)) received by the Person whose Property was subject to
such Casualty Event in respect of such Casualty Event net of (A) fees and expenses incurred by or on behalf of Borrower or
any Restricted Subsidiary in connection with recovery thereof, (B) any repayments by or on behalf of any Company of Indebtedness
(other than Indebtedness hereunder) to the extent such Indebtedness is secured by a Lien on such Property that is permitted by
the Credit Documents and that is not junior to the Lien thereon securing the Obligations and such Indebtedness is required to be
repaid as a result of such Casualty Event, and (C) any Taxes paid or payable by or on behalf of Borrower or any Restricted
Subsidiary in respect of the amount so recovered (after application of all credits and other offsets arising from such Casualty
Event) and amounts required to be paid to any Person (other than any Company) owning a beneficial interest in the subject Property;
provided, that no such amounts shall constitute Net Available Proceeds under this clause (ii) unless (x) the aggregate proceeds
or other compensation in respect of any single Casualty Event is greater than or equal to $10.0 million (and only net cash proceeds
in excess of such amount shall constitute Net Available Proceeds under this clause (ii)) or (y) the aggregate proceeds or
other compensation in respect of all Casualty Events in any fiscal year exceeds $20.0 million (and thereafter only net cash proceeds
in excess of such amount shall constitute Net Available Proceeds under this clause (ii)); provided that, in the case
of a Casualty Event with respect to property that is subject to a lease entered into for the purpose of, or with respect to, operating
or managing gaming facilities and related assets, such cash proceeds shall not constitute Net Available Proceeds to the extent,
and for so long as, such cash proceeds are required, by the terms of such lease, (x) to be paid to the holder of any mortgage,
deed of trust or other security agreement securing indebtedness of the lessor or (y) to be paid to, or for the account of, the
lessor or deposited in an escrow account to fund rent and other amounts due with respect to such property and costs to preserve,
stabilize, repair, replace or restore such property (in accordance with the provisions of the applicable lease); and

 

(iii)       in
the case of any Debt Issuance (including, for purposes of Section 2.10(a)(ii), Credit Agreement Refinancing Indebtedness)
or Equity Issuance, the aggregate amount of all cash received in respect thereof by the Person consummating such Debt Issuance
or Equity Issuance in respect thereof net of all investment banking fees, discounts and commissions, legal fees, consulting fees,
accountants’ fees, underwriting discounts and commissions and other fees and expenses, actually incurred in connection therewith.

 

“New Revolving
Commitments” shall have the meaning set forth in Section 2.12(a).

 

“New Revolving
Loans” shall have the meaning set forth in Section 2.12(a).

 

    	 	-51-	 

     

    

 

“New Term
Loan Commitments” has the meaning set forth in Section 2.12(a).

 

“New Term
Loan Facility” shall mean each credit facility comprising New Term Loan Commitments and New Term Loans of a particular
Tranche, if any.

 

“New Term
Loan Maturity Date” shall mean, with respect to any New Term Loans to be made pursuant to the related Incremental Joinder
Agreement, the maturity date thereof as determined in accordance with Section 2.12(b).

 

“New Term
Loan Notes” shall mean the promissory notes executed and delivered in connection with any New Term Loan Commitments and
the related New Term Loans.

 

“New Term
Loans” has the meaning set forth in Section 2.12(a).

 

“Non-Defaulting
Lender” shall mean each Lender other than a Defaulting Lender.

 

“Non-Extension
Notice Date” shall have the meaning provided by Section 2.03(b).

 

“Non-Credit
Party” and “Non-Credit Parties” shall mean any Subsidiary or Subsidiaries of Borrower that is not
a Credit Party or are not Credit Parties.

 

“Non-Credit
Party Cap” shall mean, at any time, an amount equal to (i) the greater of $40.0 million and 20% of Consolidated EBITDA
calculated at the time of determination on a Pro Forma Basis as of the most recently ended Test Period, in the aggregate minus
(ii) the then outstanding aggregate principal amount of Indebtedness incurred (or being incurred concurrent with any determination
of the Non-Credit Party Cap) by Non-Credit Parties pursuant to Sections 10.01(q), 10.01(t) and 10.01(v).

 

“Non-U.S.
Lender” has the meaning set forth in Section 5.06(b)(ii).

 

“Notes”
shall mean the Revolving Notes, the Swingline Note and the Term Loan Notes.

 

“Notice of
Borrowing” shall mean a notice of borrowing substantially in the form of Exhibit B hereto or such other form as
is reasonably acceptable to Administrative Agent.

 

“Notice of
Continuation/Conversion” shall mean a notice of continuation/conversion substantially in the form of Exhibit C
hereto or such other form as is reasonably acceptable to Administrative Agent.

 

“NYFRB”
shall mean the Federal Reserve Bank of New York.

 

“NYFRB Rate”
shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” shall mean the rate
for a federal funds transaction quoted at 11:00 a.m. on such day received by Administrative Agent from a Federal funds broker of
recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement.

 

“Obligations”
shall mean all amounts, liabilities and obligations, direct or indirect, contingent or absolute, of every type or description,
and at any time existing, owing by any Credit Party to any Secured Party or any of its Agent Related Parties or their respective
successors, transferees or assignees pursuant to the terms of any Credit Document, any Credit Swap Contract or any Secured Cash
Management Agreement (including in each case interest, fees and expenses accruing or obligations incurred during the pendency of
any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
whether or not the right of such Person to payment in respect of such obligations and liabilities is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured and whether or
not such claim is discharged, stayed or otherwise affected by any bankruptcy case or insolvency or liquidation proceeding.

 

    	 	-52-	 

     

    

 

“Officer’s
Certificate” shall mean, as applied to any entity, a certificate executed on behalf of such entity (or such entity’s
manager or member or general partner, as applicable) by its chairman of the board of directors (or functional equivalent) (if an
officer), its chief executive officer, its president, any of its vice presidents, its chief financial officer, its chief accounting
officer, its treasurer or controller or its secretary or assistant secretary (in each case, or an equivalent officer) or any other
officer reasonably acceptable to the Administrative Agent, in each case in their official (and not individual) capacities.

 

“Open Market
Assignment and Assumption Agreement” shall mean an Open Market Assignment and Assumption Agreement substantially in the
form attached as Exhibit P hereto or such other form as is reasonably acceptable to Administrative Agent.

 

“Organizational
Document” shall mean, relative to any Person, its certificate of incorporation, its certificate of formation, its certificate
of partnership, its by-laws, its partnership agreement, its limited liability company agreement, its memorandum or articles of
association, share designations or similar organization documents and all shareholder agreements, voting trusts and similar arrangements
applicable to any of its authorized Equity Interests.

 

“Other Applicable
Indebtedness” shall mean Indebtedness incurred pursuant to Section 10.01(b), 10.01(c), (h), (k), (n), (q), (u), (v) and
(w).

 

“Other Commitments”
shall mean the Other Term Loan Commitments and Other Revolving Commitments.

 

“Other Connection
Taxes” shall mean, with respect to any Agent, any Lender or any other recipient of any payment to be made by or on account
of any obligation of any Credit Party under any Credit Document, 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 Credit Document, or sold or assigned an interest in any Loan or Credit Document).

 

“Other Debt”
has the meaning set forth in the definition of “Repricing Transaction.”

 

“Other First
Lien Indebtedness” shall mean outstanding Indebtedness that is not incurred under this Agreement and that (a) is secured
by the Collateral on a pari passu basis with the Obligations and (b) is Permitted First Priority Refinancing Debt or Ratio
Debt (or any Permitted Refinancing thereof).

 

“Other Junior
Indebtedness” shall mean the Senior Unsecured Notes (and any Permitted Refinancing thereof), Permitted Unsecured Refinancing
Debt, Permitted Second Priority Refinancing Debt, Indebtedness incurred pursuant to Section 10.01(q) or Ratio Debt that is secured
by a Lien on Collateral junior to the Liens securing the Obligations or that is unsecured.

 

    	 	-53-	 

     

    

 

“Other Junior
Indebtedness Documentation” shall mean the documentation governing any Other Junior Indebtedness.

 

“Other Revolving
Commitments” shall mean one or more Tranches of revolving credit commitments hereunder that result from a Refinancing
Amendment.

 

“Other Revolving
Loans” shall mean one or more Tranches of Revolving Loans that result from a Refinancing Amendment.

 

 

 

“Other Taxes”
has the meaning set forth in Section 5.06(b).

 

“Other Term
Loan Commitments” shall mean one or more Tranches of term loan commitments hereunder that result from a Refinancing Amendment.

 

“Other Term
Loan Notes” shall mean the promissory notes (if any) executed and delivered in connection with any Other Term Loan Commitments
and the related Other Term Loans.

 

“Other Term
Loans” shall mean one or more Tranches of Term Loans that result from a Refinancing Amendment.

 

“Overnight
Bank Funding Rate” shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB
as set forth on its public website from time to time), and published on the next succeeding Business Day by the NYFRB as an overnight
bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

“Paid in Full”
or “Payment in Full” and any other similar terms, expressions or phrases shall mean, at any time, (a) with respect
to obligations other than the Obligations or the Secured Obligations (as defined in the Security Agreement), the payment in full
of all of such obligations and (b) with respect to the Obligations or the Secured Obligations (as defined in the Security Agreement),
the irrevocable termination of all Commitments, the payment in full in cash of all Obligations (except undrawn Letters of Credit
and Unasserted Obligations), including principal, interest, fees, expenses, costs (including post-petition interest, fees, expenses,
and costs even if such interest, fees, expenses and costs are not an allowed claim enforceable against any Credit Party in a bankruptcy
case under applicable law) and premium (if any), and the discharge or Cash Collateralization of all Letters of Credit outstanding
in an amount equal to 103% of the greatest amount for which such Letters of Credit may be drawn (or receipt of backstop letters
of credit reasonably satisfactory to the applicable L/C Lender and Administrative Agent). For purposes of this definition, “Unasserted
Obligations” shall mean, at any time, contingent indemnity obligations in respect of which no claim or demand for payment
has been made at such time.

 

“Parent Company”
shall mean, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such
Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

 

    	 	-54-	 

     

    

 

“Pari Passu
Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit S hereto or
such other form as is reasonably acceptable to Administrative Agent.

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA, or any successor thereto.

 

“PE II”
shall mean Premier Entertainment II, LLC, a Delaware limited liability company.

 

“Pension Plan”
shall mean an employee pension benefit plan (other than a Multiemployer Plan) that is covered by Title IV of ERISA or subject to
the minimum funding standards under Section 412 of the Code or Section 302 of ERISA and is maintained or contributed to, or is
required to be contributed to, by any ERISA Entity or with respect to which any Company is reasonably likely to incur liability
under Title IV of ERISA.

 

“Perfection
Certificate” shall mean that certain Perfection Certificate, dated as of the Closing Date (the “Initial Perfection
Certificate”), executed and delivered by Borrower on behalf of Borrower and each of the Guarantors existing on the initial
Funding Date, and each other Perfection Certificate (which shall be substantially in the form of Exhibit N hereto or such
other form as is reasonably acceptable to Administrative Agent) executed and delivered by the applicable Credit Party from time
to time, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in
accordance with Section 9.04(h)(ii).

 

“Permits”
has the meaning set forth in Section 8.15.

 

“Permitted
Acquisition” shall mean any acquisition, whether by purchase, merger, consolidation or otherwise, by Borrower or any
of its Restricted Subsidiaries of all or substantially all of the business, property or assets of, or of more than 50% of the Equity
Interests in, a Person or any division or line of business of a Person so long as (a) immediately after giving pro forma effect
to such acquisition and related transactions, no Event of Default has occurred and is continuing or would result therefrom, (b)
immediately after giving effect thereto, Borrower shall be in compliance with Section 10.11, (c) in the case of a Permitted Acquisition
consisting of a purchase or acquisition of the Equity Interests in any Person that does not become a Guarantor hereunder (except
to the extent becoming a Guarantor is prohibited by applicable Gaming/Racing Laws) or of an acquisition by a Person that is not
Borrower or a Guarantor (and does not become a Guarantor) hereunder, the consideration (excluding Equity Interests in Borrower)
paid in all such Permitted Acquisitions shall not exceed an aggregate amount equal to the sum of (i) $40.0 million during the term
of this Agreement plus (ii) the amounts available for Investments set forth in Section 10.04(k) and (d) with respect to a Permitted
Acquisition in excess of $50.0 million, Borrower has delivered to Administrative Agent an Officer's Certificate to the effect set
forth in clauses (a), (b) and (c) above, together with all relevant financial information in Borrower’s possession or available
to Borrower for the Person or assets to be acquired.

 

“Permitted
Business” shall mean any business of the type in which Borrower and its Restricted Subsidiaries are engaged or proposed
to be engaged on the date of this Agreement, or any business reasonably related, incidental or ancillary thereto (including assets
or businesses complementary thereto) and reasonable expansions and developments thereof.

 

“Permitted
Business Assets” shall mean (a) one or more Permitted Businesses, (b) a controlling equity interest in any Person whose
assets consist primarily of one or more Permitted Businesses, (c) assets that are used or useful in a Permitted Business or (d)
any combination of the preceding clauses (a), (b) and (c), in each case, as determined by Borrower’s Board of Directors or
a Responsible Officer or other management of Borrower or the Restricted Subsidiary acquiring such assets, in each case, in its
good faith judgment.

 

    	 	-55-	 

     

    

 

“Permitted
Equity Issuance” shall mean any issuance of Equity Interests (other than Disqualified Capital Stock) by Borrower.

 

“Permitted
First Priority Refinancing Debt” shall mean any secured Indebtedness incurred by Borrower (and Contingent Obligations
of the Guarantors in respect thereof) in the form of one or more series of senior secured notes or loans; provided that
(a) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies)
with the Obligations and is not secured by any property or assets of Borrower or any Restricted Subsidiary other than the Collateral,
(b) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (c) such Indebtedness is not at any time guaranteed
by any Subsidiaries other than Subsidiaries that are Guarantors, and (d) the holders of such Indebtedness (or their representative)
and Administrative Agent shall be party to the Pari Passu Intercreditor Agreement.

 

“Permitted
Holder” shall mean (a) (i) Standard General, L.P., (ii) its Affiliates and (iii) any funds or accounts managed or
controlled by it or its Affiliates (clauses (i) through (iii), collectively, “Standard General Investors”) and
(b) any Person with whom one or more of the Standard General Investors forms a “group” (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) so long as, in the case of this clause (b), the relevant
Standard General Investors (taken as a whole) directly or indirectly beneficially own more than 50% of the relevant voting power
of the issued and outstanding voting stock of Borrower owned by such “group”.

 

“Permitted
Junior Debt Conditions” shall mean that such applicable debt (i) does not have a scheduled maturity date prior to the
date that is 91 days after the Final Maturity Date then in effect at the time of issuance (excluding customary “bridge”
facilities so long as the long term debt into which any such customary “bridge” facility is to be automatically converted
satisfies the foregoing requirements), (ii) does not have a Weighted Average Life to Maturity (excluding the effects of any prepayments
of Term Loans reducing amortization) that is shorter than that of any outstanding Term Loans (excluding customary “bridge”
facilities so long as the long term debt into which any such customary “bridge” facility is to be automatically converted
satisfies the foregoing requirements), (iii) shall not have any scheduled principal payments or be subject to any mandatory redemption,
prepayment, or sinking fund (except for customary change of control (and, in the case of convertible or exchangeable debt instruments,
delisting) provisions (and, in the case of bridge facilities, customary mandatory redemptions or prepayments with proceeds of Permitted
Refinancings thereof (which Permitted Refinancings would satisfy the Permitted Junior Debt Conditions) or Equity Issuances), and
customary asset sale provisions and excess cash flow prepayment provisions that permit application of the applicable proceeds to
the payment of the Obligations prior to application to such Junior Financing) due prior to the date that is ninety-one (91) days
after the Final Maturity Date then in effect at the time of issuance (excluding customary “bridge” facilities so long
as the long term debt into which any such customary “bridge” facility is to be automatically converted satisfies the
foregoing requirements), (iv) is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and
(v) has terms (excluding maturity, amortization, pricing, fees, rate floors, premiums, optional prepayment or optional redemption
provisions) that are (as determined by Borrower in good faith) substantially identical to the terms of the Revolving Commitments
or the Term B Facility Loans and Term B-1 Facility Loans,
as applicable, as existing on the date of incurrence of such Indebtedness except, to the extent such terms (x) at the option of
Borrower (1) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by Borrower
in good faith); provided that, if any financial maintenance covenant is added for the benefit of any such Indebtedness,
such financial maintenance covenant (together with any “equity cure” provisions) shall also be applicable to each corresponding
Class (except to the extent such financial maintenance covenant applies only to periods after the maturity date applicable to such
Class), (2) with respect to any such Indebtedness that is unsecured, are customary for issuances of “high yield” securities;
provided that, if any financial maintenance covenant is added for the benefit of any such Indebtedness, such financial maintenance
covenant (together with any “equity cure” provisions) shall also be applicable to each corresponding Class (except
to the extent such financial maintenance covenant applies only to periods after the maturity date applicable to such Class), or
(3) are not materially more restrictive to Borrower (as determined by Borrower in good faith), when taken as a whole, than the
terms of the Term B Facility Loans and the Term B-1 Facility Loans
or the Revolving Facility, as the case may be (except for covenants or other provisions applicable only to periods after the Final
Maturity Date (in the case of term Indebtedness) or the latest R/C Maturity Date (in the case of revolving Indebtedness) (it being
understood that any such Indebtedness may provide for the ability to participate (i) with respect to any borrowings, voluntary
prepayments or voluntary commitment reductions, on a pro rata basis, greater than pro rata basis or less than pro rata basis with
the applicable Loans or facility and (ii) with respect to any mandatory prepayments on a less than pro rata basis with the applicable
Loans (and on a greater than pro rata basis with respect to prepayments of any such Indebtedness with the proceeds of permitted
refinancing Indebtedness), or (y) are (1) added to the Term B Facility
Loans and the Term B-1 Facility Loans or Revolving Facility or (2) applicable only after the Final Maturity Date (in
the case of term Indebtedness) or the latest R/C Maturity Date (in the case of revolving Indebtedness) (it being understood that
to the extent any financial maintenance covenant (together with any related “equity cure” provision) is added for the
benefit of any such Indebtedness, no consent shall be required from Administrative Agent or any of the Lenders to the extent that
such financial maintenance covenant (together with any related “equity cure” provisions) is also added for the benefit
of any corresponding existing facility). For the avoidance of doubt, the usual and customary terms of convertible or exchangeable
debt instruments issued in a registered offering or under Rule 144A of the Securities Act shall be deemed to be no more restrictive
in any material respect to Borrower and its Restricted Subsidiaries than the terms set forth in this Agreement, so long as the
terms of such instruments do not include any financial maintenance covenant.

 

    	 	-56-	 

     

    

 

“Permitted
Liens” has the meaning set forth in Section 10.02.

 

“Permitted
Refinancing” shall mean, with respect to any Indebtedness, any refinancing thereof; provided that: (a) no Default
or Event of Default shall have occurred and be continuing or would arise therefrom; (b) any such refinancing Indebtedness shall
(i) not have a stated maturity or, other than in the case of a revolving credit facility, a Weighted Average Life to Maturity that
is shorter than that of the Indebtedness being refinanced (determined without giving effect to the impact of prepayments on amortization
of term Indebtedness being refinanced), (ii) if the Indebtedness being refinanced is subordinated to the Obligations by its terms
or by the terms of any agreement or instrument relating to such Indebtedness, be at least as subordinate to the Obligations as
the Indebtedness being refinanced (and unsecured if the refinanced Indebtedness is unsecured) and (iii) be in a principal amount
that does not exceed the principal amount so refinanced, plus, accrued interest, plus, any premium or other payment
required to be paid in connection with such refinancing, plus, the amount of fees and expenses of Borrower or any of its
Restricted Subsidiaries incurred in connection with such refinancing, plus, any unutilized commitments thereunder; and (c)
the obligors on such refinancing Indebtedness shall be the obligors on such Indebtedness being refinanced; provided, however,
that (i) the borrower of the refinancing indebtedness shall be Borrower or the borrower of the indebtedness being refinanced and
(ii) any Credit Party shall be permitted to guarantee any such refinancing Indebtedness of any other Credit Party.

 

    	 	-57-	 

     

    

 

“Permitted
Second Priority Refinancing Debt” shall mean secured Indebtedness incurred by Borrower (and Contingent Obligations of
the Guarantors in respect thereof) in the form of one or more series of second lien (or other junior lien) secured notes or second
lien (or other junior lien) secured loans; provided that (a) such Indebtedness is secured by the Collateral on a second
priority (or other junior priority) basis to the liens securing the Obligations and the obligations in respect of any Permitted
First Priority Refinancing Debt and is not secured by any property or assets of Borrower or any Restricted Subsidiary other than
the Collateral, (b) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness (provided, that such Indebtedness
may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and the obligations in respect
of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of
 “Credit Agreement Refinancing Indebtedness”), (c) the holders of such Indebtedness (or their representative) shall
be party to a Second Lien Intercreditor Agreement (as “Second Priority Debt Parties”) and (d) such Indebtedness
meets the Permitted Junior Debt Conditions.

 

“Permitted
Unsecured Refinancing Debt” shall mean unsecured Indebtedness incurred by Borrower (and Contingent Obligations of the
Guarantors in respect thereof) in the form of one or more series of senior unsecured notes or loans; provided that such
Indebtedness (a) constitutes Credit Agreement Refinancing Indebtedness and (b) meets the Permitted Junior Debt Conditions.

 

“Permitted
Vessel Liens” shall mean maritime Liens on ships, barges or other vessels for damages arising out of a maritime tort,
wages of a stevedore, when employed directly by a Person listed in 46 U.S.C. § 31341, crew’s wages, salvage and
general average, whether now existing or hereafter arising and other maritime Liens which arise by operation of law during normal
operations of such ships, barges or other vessels.

 

“Person”
shall mean any individual, corporation, company, association, partnership, limited liability company, joint venture, trust, unincorporated
organization or Governmental Authority or any other entity.

 

“Pledged Collateral”
shall mean the “Pledged Collateral” as defined in the Security Agreement.

 

“Post-Increase
Revolving Lenders” has the meaning set forth in Section 2.12(d).

 

“Post-Refinancing
Revolving Lenders” has the meaning set forth in Section 2.15(f).

 

“Pre-Increase
Revolving Lenders” has the meaning set forth in Section 2.12(d).

 

“Pre-Opening
Expenses” shall mean, with respect to any fiscal period, the amount of expenses (including Consolidated Interest Expense)
incurred with respect to capital projects which are appropriately classified as “pre-opening expenses” on the applicable
financial statements of Borrower and its Subsidiaries for such period.

 

“Pre-Refinancing
Revolving Lenders” has the meaning set forth in Section 2.15(f).

 

“Premier Entertainment”
shall mean Premier Entertainment Biloxi LLC, a Delaware limited liability company.

 

“Prime Rate”
shall mean the rate of interest per annum publicly announced from time to time by Citizens as its prime rate in effect at its Principal
Office; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being
effective. The parties hereto acknowledge that the rate announced publicly by Citizens as its prime rate is an index or base rate
and shall not necessarily be its lowest or best rate charged to its customers or other banks.

 

    	 	-58-	 

     

    

 

“Principal
Office” shall mean the principal office of Administrative Agent, located on the Closing Date at 28 State Street, Boston,
Massachusetts 02109, or such other office as may be designated in writing by Administrative Agent.

 

“Prior Mortgage
Liens” shall mean, with respect to each Mortgaged Real Property, the Liens identified in Schedule B annexed to the applicable
Mortgage as such Schedule B may be amended from time to time to the reasonable satisfaction of Administrative Agent.

 

“Pro Forma
Basis” shall mean, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination
or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with Section
1.05.

 

“Proceeding”
shall mean any claim, counterclaim, action, judgment, suit, hearing, governmental investigation, arbitration or proceeding, including
by or before any Governmental Authority and whether judicial or administrative.

 

“Property”
shall mean any right, title or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible and including all contract rights, income or revenue rights, real property interests, trademarks,
trade names, equipment and proceeds of the foregoing and, with respect to any Person, Equity Interests or other ownership interests
of any other Person.

 

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

 

“Public Lender”
has the meaning set forth in Section 9.04.

 

“Purchase
Money Obligation” shall mean, for any Person, the obligations of such Person in respect of Indebtedness incurred for
the purpose of financing all or any part of the purchase price of any Property (including Equity Interests of any Person) or the
cost of installation, construction or improvement of any property or assets and any refinancing thereof; provided, however,
that such Indebtedness is incurred (except in the case of a refinancing) within 270 days after such acquisition of such Property
or the incurrence of such costs by such Person.

 

“Qualified
Capital Stock” shall mean, with respect to any Person, any Equity Interests of such Person which is not Disqualified
Capital Stock.

 

“Qualified
Contingent Obligation” shall mean Contingent Obligations permitted by Section 10.04 in respect of (a) Indebtedness of
any Joint Venture in which Borrower or any of its Restricted Subsidiaries owns (directly or indirectly) at least 25% of the Equity
Interest of such Joint Venture or (b) Indebtedness of casinos, “racinos”, full-service casino resorts or non-gaming
resorts (and properties ancillary or related thereto (or owners of casinos, “racinos”, full-service casino resorts
or non-gaming resorts)) with respect to which Borrower or any of its Restricted Subsidiaries has (directly or indirectly through
Subsidiaries) entered into a management, development or similar contract and such contract remains in full force and effect at
the time such Contingent Obligations are incurred.

 

    	 	-59-	 

     

    

 

“Qualified
ECP Guarantor” shall mean, in respect of any Swap Obligations, each Guarantor that has total assets exceeding $10,000,000
at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Quarter”
shall mean each three month period ending on March 31, June 30, September 30 and December 31.

 

“Quarterly
Dates” shall mean the last Business Day of each Quarter in each year, commencing with the last Business Day of the first
full Quarter after the Closing Date.

 

“R/C Maturity
Date” shall mean, (a) with respect to the Closing Date Revolving Commitments and any Incremental Existing Tranche Revolving
Commitments of the same Tranche and any Revolving Loans thereunder, the date that is the fifth anniversary of the Closing Date
and (b) with respect to any other Tranche of Revolving Commitments and Revolving Loans, the maturity date set forth therefor in
the applicable Extension Amendment or Refinancing Amendment.

 

“R/C Percentage”
of any Revolving Lender at any time shall mean a fraction (expressed as a percentage) the numerator of which is the Revolving Commitment
of such Revolving Lender at such time and the denominator of which is the Total Revolving Commitments at such time; provided,
however, that if the R/C Percentage of any Revolving Lender is to be determined after the Total Revolving Commitments have
been terminated, then the R/C Percentage of such Revolving Lender shall be determined immediately prior (and without giving effect)
to such termination but after giving effect to any assignments after termination of the Revolving Commitments.

 

“Ratio Debt”
has the meaning set forth in Section 10.01(t).

 

“Ratio Debt
Amount” shall mean, as of any date of determination:

 

(a)   
the Shared Fixed Incremental Amount; plus

 

(b)   
(x) in the case of Indebtedness incurred under Section 10.01(t) or an Incremental Commitment that serves to effectively
extend the maturity of the Term Loans, the Revolving Commitments, Permitted First Priority Refinancing Debt and/or any Ratio Debt
that is secured on a pari passu basis with the Obligations, an amount equal to the reductions in the Term Loans, Revolving
Commitments, Permitted First Priority Refinancing Debt and/or such pari passu Ratio Debt to be replaced with such Indebtedness
and (y) in the case of any Indebtedness incurred under Section 10.01(t) or an Incremental Commitment that effectively replaces
any commitment under the Revolving Facility terminated, or any Term Loan repaid, under Section 2.11, 13.04(b), 13.04(h) or 13.05(k),
an amount equal to the portion of the relevant terminated commitments under the Revolving Facility or repaid Term Loans; plus

 

(c)   
the aggregate amount of (i) any voluntary prepayment or repurchase of Term Loans, Permitted First Priority Refinancing Debt
or Ratio Debt that is secured on a pari passu basis with the Obligations and (ii) any permanent reduction of Revolving Commitments,
revolving commitments constituting Permitted First Priority Refinancing Debt and revolving commitments constituting Ratio Debt
that are secured on a pari passu basis with the Obligations, in each case to the extent the relevant prepayment or reduction
(x) is not funded or effected with any long term Indebtedness and (y) does not include any prepayment of any Indebtedness originally
incurred in reliance on clause (d) (or on clause (d) of the Incremental Loan Amount) (the amounts under clauses (b) and (c) together,
the “Ratio Prepayment Amount”); minus the aggregate principal amount of all Incremental Commitments incurred
or issued in reliance on the Incremental Prepayment Amount; plus

 

    	 	-60-	 

     

    

 

(d)   
an unlimited amount so long as, in the case of this clause (d), (A) (i) if such Indebtedness is secured, the Consolidated
Total Secured Net Leverage Ratio would not exceed 4.00:1.00, and (ii) if such Indebtedness is unsecured, the Fixed Charge Coverage
Ratio shall not be less than 2.00:1.00, in each case, calculated on a Pro Forma Basis after giving effect thereto, including the
application of proceeds thereof, as of the last day of the most recently ended Test Period and (B) Borrower would be in compliance
on a Pro Forma Basis with the Financial Maintenance Covenant as of the last day of the most recently ended Test Period; provided
that, for purposes of this clause (d), (1) in the case of any revolving Indebtedness incurred in reliance on this clause (d), such
calculation shall be made assuming a full drawing of such revolving Indebtedness and (2) such calculation shall be made without
netting the cash proceeds of any such Indebtedness (this clause (d), the “Ratio Incurrence-Based Amount”).

 

It is understood
and agreed that (I) Borrower may elect to use the Ratio Incurrence-Based Amount prior to the Shared Fixed Incremental Amount or
the Ratio Prepayment Amount and regardless of whether there is capacity under the Shared Fixed Incremental Amount or the Ratio
Prepayment Amount, and if the Shared Fixed Incremental Amount, the Ratio Prepayment Amount and the Ratio Incurrence-Based Amount
are each available and Borrower does not make an election, Borrower will be deemed to have elected to use the Ratio Incurrence-Based
Amount; and (II) any portion of any Indebtedness incurred in reliance on the Shared Fixed Incremental Amount or the Ratio Prepayment
Amount shall be reclassified as incurred under the Ratio Incurrence-Based Amount as Borrower may elect from time to time if Borrower
meets the applicable Consolidated Total Secured Net Leverage Ratio or Fixed Charge Coverage Ratio, as applicable, under the Ratio
Incurrence-Based Amount at such time on a pro forma basis.

 

“Ratio Incurrence-Based
Amount” has the meaning set forth in the definition of “Ratio Debt Amount”.

 

“Ratio Prepayment
Amount” has the meaning set forth in the definition of “Ratio Debt Amount”.

 

“Real Property”
shall mean, as to any Person, all the right, title and interest of such Person in and to land, improvements and appurtenant fixtures,
including leaseholds (it being understood that for purposes of Schedule 8.23(a), Borrower shall not be required to
describe such improvements and appurtenant fixtures in such Schedule).

 

“redeem”
shall mean redeem, repurchase, repay, defease (covenant or legal), Discharge or otherwise acquire or retire for value; and “redemption”
and “redeemed” have correlative meanings.

 

“refinance”
shall mean refinance, renew, extend, exchange, replace, defease (covenant or legal) (with proceeds of Indebtedness), Discharge
(with proceeds of Indebtedness) or refund (with proceeds of Indebtedness), in whole or in part, including successively; and “refinancing”
and “refinanced” have correlative meanings.

 

“Refinanced
Debt” shall have the meaning set forth in the definition of “Credit Agreement Refinancing Indebtedness.”

 

    	 	-61-	 

     

    

 

“Refinancing
Amendment” shall mean an amendment to this Agreement in form and substance reasonably satisfactory to Administrative
Agent and Borrower executed by each of (a) Borrower, (b) Administrative Agent, (c) each additional Lender and each existing Lender
that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness being incurred pursuant thereto, in accordance
with Section 2.15.

 

“Register”
has the meaning set forth in Section 2.08(c).

 

“Regulation
D” shall mean Regulation D (12 C.F.R. Part 204) of the Board of Governors of the Federal Reserve System of the United
States (or any successor), as the same may be amended, modified or supplemented and in effect from time to time and all official
rulings and interpretations thereunder or thereof.

 

“Regulation
T” shall mean Regulation T (12 C.F.R. Part 220) of the Board of Governors of the Federal Reserve System of the United
States (or any successor), as the same may be amended, modified or supplemented and in effect from time to time and all official
rulings and interpretations thereunder or thereof.

 

“Regulation
U” shall mean Regulation U (12 C.F.R. Part 221) of the Board of Governors of the Federal Reserve System of the United
States (or any successor), as the same may be amended, modified or supplemented and in effect from time to time and all official
rulings and interpretations thereunder or thereof.

 

“Regulation
X” shall mean Regulation X (12 C.F.R. Part 224) of the Board of Governors of the Federal Reserve System of the United
States (or any successor), as the same may be amended, modified or supplemented and in effect from time to time and all official
rulings and interpretations thereunder or thereof.

 

“Regulatory
Agreement” shall mean that certain Regulatory Agreement effective as of July 1, 2016, among DBR, the Division, TRMG,
the Borrower, UTGR and PE II, as supplemented and clarified by that certain letter agreement effective July 1, 2016 by and among
DBR, the Division, TRMG, the Borrower, UTGR and PE II, as amended by that certain Amendment No. 1 to Regulatory Agreement dated
as of September 13, 2017 and by that certain Assignment, Assumption and Amendment of Regulatory Agreement dated as of October 31,
2018, and as may be further amended, amended and restated, replaced, modified or supplemented, as permitted by this Agreement.

 

“Reimbursement
Obligations” shall mean the obligations of Borrower to reimburse L/C Disbursements in respect of any Letter of Credit.

 

“Related Indemnified
Person” has the meaning set forth in Section 13.03(b).

 

“Related Parties”
shall mean, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Release”
shall mean any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment.

 

    	 	-62-	 

     

    

 

“Removal Effective
Date” has the meaning set forth in Section 12.06(b).

 

“Replaced
Lender” has the meaning set forth in Section 2.11(a).

 

“Replacement
Lender” has the meaning set forth in Section 2.11(a).

 

“Replacement
Vessel” shall mean the replacement of any existing Mortgaged Vessel with a vessel, ship, riverboat, barge or improvement
on real property, whether such vessel, riverboat, barge or improvement is acquired or constructed and whether or not such vessel,
ship, riverboat, barge or improvement is temporarily or permanently moored or affixed to any real property.

 

“Repricing
Transaction” shall mean (i) the incurrence by Borrower of a new tranche of replacement term loans under this Agreement
(including by way of conversion of Term B Facility Loans into any such new tranche of replacement term loans) (x) having an All-In
Yield for the respective Type of such replacement term loan that is less than the All-In Yield for Term B Facility Loans of the
respective Type (excluding any such loans incurred in connection with a Change of Control or a Significant Acquisition and any
such loan that is not made for the primary purposes of reducing overall yield) and (y) the proceeds of which are used to repay,
in whole or in part, principal of outstanding Term B Facility Loans (it being understood that a conversion of Term B Facility Loans
into any such new tranche of replacement term loans shall constitute a repayment of principal of outstanding Term B Facility Loans),
(ii) any amendment, waiver or other modification to this Agreement the primary purpose of which would have the effect of reducing
the All-In Yield for Term B Facility Loans, excluding any such amendment, waiver or modification entered into in connection with
a Change of Control or a Significant Acquisition and/or (iii) the incurrence by Borrower or any of its Subsidiaries of (x) any
Incremental Term Loans, (y) any other term loans (which, for the avoidance of doubt, does not include bonds) other than under this
Agreement or (z) any other bank debt other than under this Agreement (such other term loans referred to in clause (y) above in
this clause (iii) and such other bank debt referred to in clause (z) above in this clause (iii) are individually referred to as
 “Other Debt”), the proceeds of which are used in whole or in part to prepay outstanding Term B Facility Loans
(except to the extent any such Incremental Term Loans or Other Debt is incurred in connection with a Change of Control or a Significant
Acquisition or such Incremental Term Loans or Other Debt are not incurred for the primary purposes of reducing overall yield) if
such Incremental Term Loans or Other Debt has an All-In Yield for the respective Type of such replacement term loan that is less
than the All-In Yield for Term B Facility Loans at the time of the prepayment thereof. Any such determination by Administrative
Agent as contemplated by preceding clauses (i)(x), (ii) and (iii) shall be conclusive and binding on all Lenders holding or Term
B Facility Loans.

 

“Required
Lenders” shall mean, as of any date of determination, Non-Defaulting Lenders the sum of whose outstanding Term Loans,
unutilized Term Loan Commitments, Revolving Loans, Unutilized R/C Commitments, Swingline Exposure and L/C Liabilities then outstanding
represents more than 50% of the aggregate sum (without duplication) of (i) all outstanding Term Loans of all Non-Defaulting
Lenders and all unutilized Term Loan Commitments of all Non-Defaulting Lenders, (ii) all outstanding Revolving Loans of all Non-Defaulting
Lenders, (iii) the aggregate Unutilized R/C Commitments of all Non-Defaulting Lenders, (iv) the Swingline Exposure of
all Non-Defaulting Lenders and (v) the L/C Liabilities of all Non-Defaulting Lenders.

 

“Required
Revolving Lenders” shall mean, as of any date of determination, Non-Defaulting Lenders holding more than 50% of the aggregate
sum of (without duplication) (i) the aggregate principal amount of outstanding Revolving Loans of all Non-Defaulting Lenders, (ii)
the aggregate Unutilized R/C Commitments of all Non-Defaulting Lenders, (iii) the Swingline Exposure of all Non-Defaulting
Lenders, and (iv) the L/C Liabilities of all Non-Defaulting Lenders.

 

    	 	-63-	 

     

    

 

“Required
Tranche Lenders” shall mean: (a) with respect to Lenders having Revolving Commitments or Revolving Loans of any particular
Tranche, Non-Defaulting Lenders having more than 50% of the aggregate sum of the Unutilized R/C Commitments, Revolving Loans, Swingline
Exposure and L/C Liabilities, in each case, of Non-Defaulting Lenders in respect of such Tranche and then outstanding; (b) with
respect to Lenders having Term B Facility Loans, Term B Facility Commitments or Incremental Term B Loan Commitments, Non-Defaulting
Lenders having more than 50% of the aggregate sum of the Term B Facility Loans, unutilized Term B Facility Commitments and unutilized
Incremental Term B Loan Commitments of Non-Defaulting Lenders then outstanding; (c) with
respect to Lenders having Term B-1 Facility Loans or Term B-1 Facility Commitments, Non-Defaulting Lenders having more than 50%
of the aggregate sum of the Term B-1 Facility Loans and unutilized Term B-1 Facility Commitments then outstanding; (d)
for each New Term Loan Facility, if applicable, with respect to Lenders having New Term Loans or New Term Loan Commitments, in
each case, in respect of such New Term Loan Facility, Non-Defaulting Lenders having more than 50% of the aggregate sum of such
New Term Loans and unutilized New Term Loan Commitments of Non-Defaulting Lenders then outstanding; (de)
for each Extension Tranche, if applicable, with respect to Lenders having Extended Revolving Loans or Extended Revolving Commitments
or Extended Term Loans or commitments in respect of Extended Term Loans, in each case, in respect of such Extension Tranche, Non-Defaulting
Lenders having more than 50% of the aggregate sum of such Extended Revolving Loans and Extended Revolving Commitments or Extended
Term Loans and commitments in respect thereof, as applicable, of Non-Defaulting Lenders then outstanding; and (ef)
for each Tranche of Other Term Loans, Non-Defaulting Lenders having more than 50% of the aggregate sum of such Other Term Loans
and unutilized Other Term Loan Commitments of Non-Defaulting Lenders then outstanding.

 

“Requirement
of Law” shall mean, as to any Person, any Law or determination of an arbitrator or any Governmental Authority, in each
case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject.

 

“Resignation
Effective Date” has the meaning set forth in Section 12.06(a).

 

“Response
Action” shall mean (a) “response” as such term is defined in CERCLA, 42 U.S.C. § 9601(24), and
(b) all other actions required by any Governmental Authority or voluntarily undertaken to: (i) clean up, remove, treat, abate or
in any other way address or remediate any Hazardous Material in the Environment, (ii) prevent the Release or threatened Release,
or minimize the further Release, of any Hazardous Material or (iii) perform studies, investigations, and monitoring in connection
with, or as a precondition to, clause (i) or (ii) above.

 

“Responsible
Officer” shall mean (i) the chief executive officer of Borrower, the president of Borrower (if not the chief executive
officer), any senior or executive vice president of Borrower, the chief financial officer, the chief accounting officer or treasurer
of Borrower, the secretary or assistant secretary of Borrower or, with respect to financial matters, the chief financial officer,
the chief accounting officer, senior financial officer or treasurer of Borrower and (ii) as to any document delivered by a Subsidiary,
any Person authorized by all necessary corporate, limited liability company and/or other action of such Subsidiary to act on behalf
of such Subsidiary.

 

“Restricted
Amount” has the meaning set forth in Section 2.10(a).

 

    	 	-64-	 

     

    

 

“Restricted
Payment” shall mean dividends (in cash, Property or obligations) on, or other payments or distributions (including return
of capital) on account of, or the setting apart of money for a sinking or other analogous fund for, or the purchase, redemption,
retirement, defeasance, termination, repurchase or other acquisition of, any Equity Interests or Equity Rights (other than any
payment made relating to any Transfer Agreement) in Borrower or any of its Restricted Subsidiaries, but excluding dividends, payments
or distributions paid through the issuance of additional shares of Qualified Capital Stock and any redemption, retirement or exchange
of any Qualified Capital Stock in Borrower or such Restricted Subsidiary through, or with the proceeds of, the issuance of Qualified
Capital Stock in Borrower or any of its Restricted Subsidiaries; provided that any Qualified Capital Stock so issued is
pledged to Collateral Agent to secure the Obligations in accordance with the Collateral Documents.

 

“Restricted
Subsidiaries” shall mean all existing and future Subsidiaries of Borrower other than the Unrestricted Subsidiaries.

 

“Retained
Percentage” shall mean, with respect to an Excess Cash Flow Period, (a) 100% minus (b) the Applicable ECF Percentage
with respect to such Excess Cash Flow Period.

 

“Reverse Trigger
Event” shall mean the transfer of Equity Interests of any Restricted Subsidiary or any Gaming/Racing Facility from trust
or other similar arrangement to Borrower or any of its Restricted Subsidiaries from time to time.

 

“Revocation”
has the meaning set forth in Section 9.12(b).

 

“Revolving
Availability Period” shall mean, (i) with respect to the Revolving Commitments under the Closing Date Revolving Facility,
the period from and including the Closing Date to but excluding the earlier of the applicable R/C Maturity Date and the date of
termination of such Revolving Commitments, and (ii) with respect to any other Tranche of Revolving Commitments, the period from
and including the date such Tranche of Revolving Commitments is established to but excluding the earlier of the applicable R/C
Maturity Date and the date of termination of such Tranche of Revolving Commitments. Unless the context otherwise requires, references
in this Agreement to the Revolving Availability Period shall mean with respect to each Tranche of Revolving Commitments, the Revolving
Availability Period applicable to such Tranche.

 

“Revolving
Borrowing” shall mean a Borrowing comprised of Revolving Loans.

 

“Revolving
Commitment” shall mean, for each Revolving Lender, the obligation of such Lender to make Revolving Loans in an aggregate
principal amount at any one time outstanding up to but not exceeding the amount set forth opposite the name of such Lender on Annex
A-1 under the caption “Revolving Commitment,” or in the Assignment Agreement pursuant to which such Lender assumed
its Revolving Commitment or in any Incremental Joinder Agreement or Refinancing Amendment, as applicable, as the same may be (a)
changed pursuant to Section 13.05(b), (b) reduced or terminated from time to time pursuant to Sections 2.04 and/or 11.01, as applicable,
or (c) increased or otherwise adjusted from time to time in accordance with this Agreement, including pursuant to Section 2.12
and Section 2.15; it being understood that a Revolving Lender’s Revolving Commitment shall include any Incremental Revolving
Commitments, Extended Revolving Commitments and Other Revolving Commitments of such Revolving Lender.

 

“Revolving
Exposure” shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding
Revolving Loans of such Lender, plus the aggregate amount at such time of such Lender’s L/C Liability, plus
the aggregate amount at such time of such Lender’s Swingline Exposure.

 

    	 	-65-	 

     

    

 

“Revolving
Extension Request” shall have the meaning provided in Section 2.13(b).

 

“Revolving
Facility” shall mean each credit facility comprising Revolving Commitments of a particular Tranche.

 

“Revolving
Lenders” shall mean (a) on the Closing Date, the Lenders having a Revolving Commitment on Annex A-1 hereof and
(b) thereafter, the Lenders from time to time holding Revolving Loans and/or a Revolving Commitment as in effect from time to time.

 

“Revolving
Loans” has the meaning set forth in Section 2.01(a).

 

“Revolving
Notes” shall mean the promissory notes substantially in the form of Exhibit A-1 hereto.

 

“Revolving
Tranche Exposure” shall mean with respect to any Lender and Tranche of Revolving Commitments at any time, the aggregate
principal amount at such time of all outstanding Revolving Loans of such Tranche of such Lender, plus the aggregate amount
at such time of such Lender’s L/C Liability under its Revolving Commitment of such Tranche, plus the aggregate amount
at such time of such Lender’s Swingline Exposure under its Revolving Commitment of such Tranche.

 

“S&P”
shall mean Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, or any successor thereto.

 

“Sanction(s)”
shall mean all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the
U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State, (b) the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the
United Kingdom or (c) other relevant sanctions authority.

 

“Sanctioned
Country” shall mean, at any time, a country, region or territory which is itself the subject or target of any comprehensive
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations
Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom, (b) any Person located, organized
or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in
the foregoing clauses (a) or (b).

 

“Scheduled
Unavailability Date” shall have the meaning assigned to such term in Section 5.02(b).

 

“SEC”
shall mean the Securities and Exchange Commission of the United States or any successor thereto.

 

“Second Lien
Intercreditor Agreement” shall mean an intercreditor agreement substantially in the form of Exhibit T hereto or
such other form as is reasonably acceptable to Administrative Agent.

 

    	 	-66-	 

     

    

 

“Section 9.04
Financials” shall mean the financial statements delivered, or required to be delivered, pursuant to Section 9.04(a) or
(b), together with the accompanying certificate of a Responsible Officer of Borrower delivered, or required to be delivered, pursuant
to Section 9.04(c).

 

“Secured Cash
Management Agreement” shall mean any Cash Management Agreement that is entered into by and between Borrower and/or any
or all of the other Credit Parties and any Cash Management Bank.

 

“Secured Parties”
shall mean the Agents, the Lenders, any Swap Provider that is party to a Credit Swap Contract and any Cash Management Bank that
is a party to a Secured Cash Management Agreement.

 

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

 

“Security
Agreement” shall mean a security agreement substantially in the form of Exhibit H hereto among the Credit Parties
and Collateral Agent, as the same may be amended in accordance with the terms thereof and hereof.

 

“Security
Documents” shall mean the Security Agreement, the Hard Rock SNDA (Restaurant Lease), the Hard Rock SNDA (Retail Store
Lease), the Hard Rock Collateral Assignment Consent, the Mortgages, the Ship Mortgages and each other security document or pledge
agreement, instrument or other document executed and delivered by a Credit Party to grant, pledge or perfect a security interest
in any Property acquired or developed that is of the kind and nature that would be required to constitute Collateral as security
for the Obligations.

 

“Senior Unsecured
Notes” shall mean Borrower’s 6.75% senior unsecured notes due 2027 in an aggregate principal amount of $400.0 million.

 

“Shared Fixed
Incremental Amount” shall mean, as of any date of determination, (a) the greater of (i) $195,000,000 and (ii) 100% of
Consolidated EBITDA calculated at the time of determination on a Pro Forma Basis as of the most recently ended Test Period minus
(b)(i) the aggregate principal amount of all Incremental Commitments incurred or issued in reliance on the Shared Fixed Incremental
Amount and (ii) the aggregate principal amount of all Indebtedness incurred or issued in reliance on Section 10.01(t) in reliance
on the Shared Fixed Incremental Amount.

 

“Ship Mortgage”
shall mean a Ship Mortgage in form reasonably acceptable to Administrative Agent and Borrower made by the applicable Credit Parties
in favor of Collateral Agent for the benefit of the Secured Parties, as the same may be amended in accordance with the terms thereof
and hereof, or such other agreements reasonably acceptable to Collateral Agent as shall be necessary to comply with applicable
Requirements of Law and effective to grant in favor of Collateral Agent for the benefit of the Secured Parties a first preferred
mortgage on the Mortgaged Vessel(s) covered thereby, subject only to Permitted Liens.

 

“Significant
Acquisitions” shall mean acquisitions that, individually or in the aggregate, (a) are not permitted by the Credit Documents
immediately prior to the consummation of such acquisitions, or (b) would result in Consolidated EBITDA, determined on a Pro Forma
Basis after giving effect to such acquisitions, being equal to or greater than 135% of Consolidated EBITDA immediately prior to
the consummation of such acquisitions.

 

    	 	-67-	 

     

    

 

“Solvent”
and “Solvency” shall mean, for any Person on a particular date, that on such date (a) the fair value of the
Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities,
of such Person, (b) the present fair salable value of the Property of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend
to, and does not believe that it will, incur debts and liabilities beyond such Person’s ability to pay as such debts and
liabilities mature, (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or
a transaction, for which such Person’s Property would constitute an unreasonably small capital and (e) such Person is able
to pay its debts as they become due and payable. For purposes of this definition, the amount of contingent liabilities at any time
shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability, without duplication.

 

“Specified
Acquisition” shall mean the Acquisition by TRMG of all of the Equity Interests of Black Hawk, LLC, a Colorado limited
liability company.

 

“Specified
10.04(k) Investment Returns” shall mean the amounts received by Borrower and its Restricted Subsidiaries with respect
to Investments made pursuant to Section 10.04(k) (including with respect to contracts related to such Investments and including
principal, dividends, interest, distributions, sale proceeds, payments under contracts relating to such Investments, repayments
or other amounts) that are designated by Borrower as Specified 10.04(k) Investment Returns in the Compliance Certificate delivered
to Administrative Agent in respect of the fiscal quarter (or fiscal year) in which such amounts were received.

 

“Specified
Representations” mean the representations and warranties of the Credit Parties set forth in Sections 8.01(a)(i) (but
only with respect to Credit Parties), 8.04(a)(i)(x), 8.05 (but only as it relates to the Credit Documents), 8.09, 8.11(b), 8.14
(but only as it relates to security interests that may be perfected through the filing of UCC financing statements, filing of intellectual
property security agreements with the United States Patent and Trademark Office or United States Copyright Office or delivery of
stock or equivalent certificates representing Equity Interests in material Subsidiaries that are not Foreign Subsidiaries (other
than Equity Interests in any such Subsidiaries for which prior approval of Liens is required under applicable Gaming/Racing Laws
but has not been obtained))), 8.17 and 8.27 (as it relates to the use of proceeds of the Loans on the Closing Date).

 

“Specified
Restricted Payment End Date” shall mean, if Borrower elects in its sole discretion to designate such a date, the date
determined by Borrower and set forth in a written notice delivered by Borrower to Administrative Agent after which Borrower shall
no longer be permitted to make Restricted Payments pursuant to Section 10.06(o).

 

“Specified
Restricted Payments” shall have the meaning given thereto in Section 10.06(o).

 

“Specified
Transaction” shall mean (a) any incurrence or repayment of Indebtedness (other than for working capital purposes or under
a revolving facility), (b) any Investment that results in a Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary,
(c) any Permitted Acquisition or other Acquisition, (d) any Asset Sale or designation of a Restricted Subsidiary that results in
a Restricted Subsidiary ceasing to be a Restricted Subsidiary of Borrower or redesignation of an Unrestricted Subsidiary that results
in an Unrestricted Subsidiary becoming a Restricted Subsidiary and (e) any Acquisition or Investment constituting an acquisition
of assets constituting a business unit, line of business or division of another Person.

 

    	 	-68-	 

     

    

 

“Stated Amount”
of each Letter of Credit shall mean, at any time, the maximum amount available to be drawn thereunder (in each case determined
without regard to whether any conditions to drawing could then be met).

 

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

 

“Subject Subsidiary”
shall mean, at any time of determination, a Subsidiary that (i) is an Immaterial Subsidiary, (ii) its Consolidated EBITDA
for the then most recently ended Test Period is not in excess of 2.5% of the Consolidated EBITDA of Borrower and its Restricted
Subsidiaries or (iii) its Consolidated Total Assets as of the last day of the then most recently ended Test Period is not in excess
of 2.5% of the Consolidated Total Assets of Borrower and its Restricted Subsidiaries on a consolidated basis.

 

“Subsidiary”
shall mean, as to any Person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting 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 and/or one or more Subsidiaries of such Person and (ii) any partnership, limited liability
company, association, joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more
than a 50% equity interest at the time. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries”
in this Agreement shall refer to a Subsidiary or Subsidiaries of Borrower.

 

“Swap Contract”
shall mean any agreement (including any master agreement and any schedule or agreement, whether or not in writing, relating to
any single transaction) that is an interest rate swap agreement, basis swap, forward rate agreement, commodity swap, commodity
option, equity or equity index swap or option, bond option, interest rate option, foreign exchange agreement, rate cap, collar
or floor agreement, currency swap agreement, cross-currency rate swap agreement, swap option, currency option or any other similar
agreement (including any option to enter into any of the foregoing) and is designed to protect any Company against fluctuations
in interest rates, currency exchange rates, commodity prices, or similar risks (including any Interest Rate Protection Agreement).
For the avoidance of doubt, the term “Swap Contract” includes, without limitation, any call options, warrants and capped
calls entered into as part of, or in connection with, an issuance of convertible or exchangeable debt by Borrower or its Restricted
Subsidiaries.

 

“Swap Obligation”
shall mean, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swap Provider”
shall mean any Person that is a party to a Swap Contract with Borrower and/or any of its Restricted Subsidiaries if such Person
was, at the date of entering into such Swap Contract, a Lender or Agent or Affiliate of a Lender or Agent, and such Person executes
and delivers to Administrative Agent a letter agreement in form and substance reasonably acceptable to Administrative Agent pursuant
to which such Person (a) appoints Collateral Agent as its agent under the applicable Credit Documents and (b) agrees to be bound
by the provisions of Section 12.03.

 

    	 	-69-	 

     

    

 

“Swingline
Commitment” shall mean the commitment of the Swingline Lender to make loans pursuant to Section 2.01(e). The Swingline
Commitment is part of, and not in addition to, the Revolving Commitments.

 

“Swingline
Exposure” shall mean at any time the aggregate principal amount at such time of all outstanding Swingline Loans. The
Swingline Exposure of any Revolving Lender at any time shall equal its R/C Percentage of the aggregate Swingline Exposure at such
time.

 

“Swingline
Lender” shall have the meaning assigned to such term in the preamble hereto.

 

“Swingline
Loan” shall mean any loan made by the Swingline Lender pursuant to Section 2.01(e).

 

“Swingline
Note” shall mean the promissory note substantially in the form of Exhibit A-3 hereto.

 

“Swingline
Sublimit” shall mean the lesser of (a) $10.0 million and (b) the Total Revolving Commitments then in effect. The
Swingline Sublimit is part of, not in addition to, the Total Revolving Commitments.

 

“Syndication
Agent” shall mean Credit Suisse Loan Funding LLC, in its capacity as syndication agent hereunder.

 

“Taking”
shall mean a taking or voluntary conveyance during the term of this Agreement of all or part of any Mortgaged Real Property or
Mortgaged Vessel, or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of, any
condemnation or other eminent domain proceeding by any Governmental Authority affecting any Mortgaged Real Property or Mortgaged
Vessel or any portion thereof, whether or not the same shall have actually been commenced.

 

“Tax Reduction
Event” shall mean Borrower or its applicable Restricted Subsidiaries have achieved the requirements as outlined in Section
4815(b)(3)a.1., Title 29 of the Delaware Code to qualify for the reduction in video lottery proceeds required to be returned to
the State of Delaware as described in such Section of the Delaware Code and such reduction has become effective.

 

“Tax Returns”
has the meaning set forth in Section 8.08.

 

“Tax Sharing
Agreement” shall mean that certain Amended and Restated Tax Sharing Agreement, dated as of May 10, 2019, by and among
Borrower and its Subsidiaries, as amended.

 

“Taxes”
shall mean 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 B Facility”
shall mean the credit facility comprising the Term B Facility Commitments, any Incremental Term B Loan Commitments and the Term
B Facility Loans.

 

    	 	-70-	 

     

    

 

“Term B Facility
Commitment” shall mean, for each Term B Facility Lender, the obligation of such Lender, if any, to make a Term B Facility
Loan to Borrower on the Closing Date in a principal amount not to exceed the amount set forth opposite such Lender’s name
under the heading “Term B Facility Commitment” on Annex A-2, or in the Assignment Agreement pursuant to
which such Lender assumed its Term B Facility Commitment, as applicable, as the same may be (i) changed pursuant to Section 13.05(b)
or (ii) reduced or terminated from time to time pursuant to Section 2.04 or Section 11.01. The aggregate principal amount of the
Term B Facility Commitments of all Term B Facility Lenders on the Closing Date is $300.0 million.

 

“Term B Facility
Lender” shall mean (a) on the Closing Date, the Lenders having Term B Facility Commitments on Annex A-2 hereof
and (b) thereafter, the Lenders from time to time holding any Incremental Term B Loan Commitments and/or Term B Facility Loans,
as the case may be, after giving effect to any assignments thereof permitted by Section 13.05(b).

 

“Term B Facility
Loans” shall mean (a) the term loans made pursuant to Section 2.01(c) and (b) term loans made pursuant
to any Incremental Term B Loan Commitments.

 

“Term B Facility
Maturity Date” shall mean the date that is the seventh anniversary of the Closing Date.

 

“Term B Facility
Notes” shall mean the promissory notes substantially in the form of Exhibit A-2 hereto.

 

“Term
B-1 Facility” shall mean the credit facility comprising the Term B-1 Facility Commitments and the Term B-1 Facility Loans.

 

“Term
B-1 Facility Commitment” shall mean, for each Term B-1 Facility Lender, the obligation of such Lender, if any, to make
a Term B-1 Facility Loan to Borrower on the 2020 Incremental Joinder Agreement Effective Date in a principal amount not to exceed
the amount set forth opposite such Lender’s name under the heading “Term B-1 Facility Commitment” on Annex
A-3, or in the Assignment Agreement pursuant to which such Lender assumed its Term B-1 Facility Commitment, as applicable, as the
same may be (i) changed pursuant to Section 13.05(b) or (ii) reduced or terminated from time to time pursuant to Section 2.04 or
Section 11.01. The aggregate principal amount of the Term B-1 Facility Commitments of all Term B-1 Facility Lenders on the 2020
Incremental Joinder Agreement Effective Date is $275,000,000. For the avoidance of doubt, the “2020 Incremental Term B Loan
Commitments” under the 2020 Incremental Joinder Agreement shall constitute the “Term B-1 Facility Commitments”
hereunder.

 

“Term
B-1 Facility Lenders” shall mean (a) on the 2020 Incremental Joinder Agreement Effective Date, the Lenders having
Term B-1 Facility Commitments on Annex A-3 hereof and (b) thereafter, the Lenders from time to time holding any Term B-1 Facility
Loans, as the case may be, after giving effect to any assignments thereof permitted by Section 13.05(b).

 

“Term
B-1 Facility Loans” shall mean the term loans made pursuant to Section 2.1 of the 2020 Incremental Joinder Agreement
and Section 2.01(b) hereof.

 

“Term
B-1 Facility Maturity Date” shall mean the date that is the seventh anniversary of the Closing Date. For the avoidance
of doubt, the Term B-1 Facility Maturity Date shall be the same date as the Term B Facility Maturity Date.

 

    	 	-71-	 

     

    

 

“Term
B-1 Facility Notes” shall mean the promissory notes substantially in the form of Exhibit A-4.

 

“Term
B-1 Facility Repricing Transaction” shall mean (i) the incurrence by Borrower of a new tranche of replacement term loans
under this Agreement (including by way of conversion of Term B-1 Facility Loans into any such new tranche of replacement term loans)
(x) having an All-In Yield for the respective Type of such replacement term loan that is less than the All-In Yield for Term B-1
Facility Loans of the respective Type and (y) the proceeds of which are used to repay, in whole or in part, principal of outstanding
Term B-1 Facility Loans (it being understood that a conversion of Term B-1 Facility Loans into any such new tranche of replacement
term loans shall constitute a repayment of principal of outstanding Term B-1 Facility Loans), (ii) any amendment, waiver or other
modification to this Agreement the primary purpose of which would have the effect of reducing the All-In Yield for Term B-1 Facility
Loans and/or (iii) the incurrence by Borrower or any of its Subsidiaries of (x) any Incremental Term Loans, (y) any other term
loans (which, for the avoidance of doubt, does not include bonds) other than under this Agreement or (z) any other bank debt other
than under this Agreement (such other term loans referred to in clause (y) above in this clause (iii) and such other bank debt
referred to in clause (z) above in this clause (iii) are individually referred to as “Other Debt”), the proceeds
of which are used in whole or in part to prepay outstanding Term B-1 Facility Loans (except to the extent such Incremental Term
Loans or Other Debt are not incurred for the primary purposes of reducing overall yield) if such Incremental Term Loans or Other
Debt has an All-In Yield for the respective Type of such replacement term loan that is less than the All-In Yield for Term B-1
Facility Loans at the time of the prepayment thereof. Any such determination by Administrative Agent as contemplated by preceding
clauses (i)(x), (ii) and (iii) shall be conclusive and binding on all Lenders holding Term B-1 Facility Loans.

 

“Term Facilities”
shall mean, collectively, the credit facilities comprising the Term B Facility,
the Term B-1 Facility, any New Term Loan Facilities, the credit facilities comprising the Extended Term Loans, if any,
and the credit facilities comprising Other Term Loans, if any.

 

“Term Loan
Commitments” shall mean, collectively, (a) the Term B Facility Commitments, (b) the
Term B-1 Facility Commitments, (c) any Incremental Term Loan Commitments and (cd)
any Other Term Loan Commitments.

 

“Term Loan
Extension Request” shall have the meaning provided in Section 2.13(a).

 

“Term Loan
Notes” shall mean, collectively, the Term B Facility Notes, the
Term B-1 Facility Notes, any Other Term Loan Notes and any New Term Loan Notes.

 

“Term Loans”
shall mean, collectively, the Term B Facility Loans, the Term B-1
Facility Loans, any Extended Term Loans, any Other Term Loans and any New Term Loans.

 

“Test Period”
shall mean, for any date of determination, the period of the four most recently ended consecutive fiscal quarters of Borrower and
its Restricted Subsidiaries for which quarterly or annual financial statements have been delivered or are required to have been
delivered to Administrative Agent or have been filed with the SEC.

 

“Tidelands
Lease” shall mean that certain Public Trust Tidelands Lease, dated as of October 27, 2003, by and between the State of
Mississippi, as lessor, and Premier Entertainment (as successor in interest by merger with Premier Entertainment LLC), as lessee,
as amended by that certain Amendment to Public Trust Tidelands Lease, dated as of February 5, 2009, and recorded as Instrument
#2009-2344D-J2 (together with any and all modifications, renewals, extensions, and substitutions of the foregoing), and recorded
in Book 410, Page 107 with the Chancery Clerk of the Second Judicial District of Harrison County, Mississippi.

 

    	 	-72-	 

     

    

 

“Tiverton”
shall mean Twin River-Tiverton LLC, a Delaware limited liability company.

 

“Tiverton
Casino Hotel” shall mean the Tiverton Casino Hotel, located in Tiverton, Rhode Island

 

“Tiverton
VLT Contract” means that certain Master Video Lottery Terminal Contract by and between the Division and Newport Grand,
LLC (f/k/a Newport Grand Jai Alai, LLC), dated November 23, 2005, as amended through the Closing Date, and as assigned to
Tiverton, and as may be further amended from time to time as permitted by this Agreement.

 

“Total Revolving
Commitments” shall mean, at any time, the Revolving Commitments of all the Revolving Lenders at such time. The Total
Revolving Commitments on the Closing Date are $250.0 million.

 

“Trade Date”
shall have the meaning provided in Section 13.05(k)(i).

 

“Tranche”
shall mean (i) when used with respect to the Lenders, each of the following classes of Lenders: (a) Lenders having Revolving Loans
incurred pursuant to the Closing Date Revolving Commitment or any Incremental Existing Tranche Revolving Commitments of the same
Tranche or Closing Date Revolving Commitments and any Incremental Existing Tranche Revolving Commitments of the same Tranche, (b)
Lenders having such other Tranche of Revolving Loans or Revolving Commitments created pursuant to an Extension Amendment, Incremental
Joinder Agreement or Refinancing Amendment, (c) Lenders having Term B Facility Loans or Term B Facility Commitments and Incremental
Term B Loan Commitments and,
(d) Lenders having Term B-1 Facility Loans or Term B-1 Facility Commitments
and (e) Lenders having such other Tranche of Term Loans or Term Loan Commitments created pursuant to an Extension Amendment,
Incremental Joinder Agreement or Refinancing Amendment, and (ii) when used with respect to Loans or Commitments, each of the following
classes of Loans or Commitments: (a) Revolving Loans incurred pursuant to the Closing Date Revolving Commitment or any Incremental
Existing Tranche Revolving Commitments of the same Tranche or Closing Date Revolving Commitments and any Incremental Existing Tranche
Revolving Commitments of the same Tranche, (b) such other Tranche of Revolving Loans or Revolving Commitments created pursuant
to an Extension Amendment, Incremental Joinder Agreement or Refinancing Amendment, (c) Term B Facility Loans or Term B Facility
Commitments and Incremental Term B Loan Commitments and,
(d) Term B-1 Facility Loans or Term B-1 Facility Commitments and (e)
such other Tranche of Term Loans or Term Loan Commitments created pursuant to an Extension Amendment, Incremental Joinder Agreement
or Refinancing Amendment.

 

“Transaction
Activity” shall mean any of the following (and, in each case, whether or not successful): (a) the actual or attempted
incurrence of any Indebtedness or the issuance of any Equity Interests by Borrower or any Restricted Subsidiary, activities related
to any such actual or attempted incurrence or issuance, or the issuance of commitments in respect thereof, (b) amending or modifying,
or redeeming, refinancing, tendering for, refunding, defeasing (whether by covenant or legal defeasance), discharging, repaying,
retiring or otherwise acquiring for value, any Indebtedness prior to the stated maturity thereof or any Equity Interests (including
any premium, penalty, commissions or fees), (c) the termination of any Swap Contracts or other derivative instruments or any fees
paid to enter into any Swap Contracts or other derivative instruments or (d) any acquisition or disposition of any Person, property
or assets permitted pursuant to the terms of this Agreement.

 

    	 	-73-	 

     

    

 

“Transactions”
shall mean, collectively, (a) the Closing Date Refinancing, (b) the Specified Restricted Payments, (c) the entering into of this
Agreement and the other Credit Documents and the borrowings hereunder on the Closing Date, (d) the issuance of the Senior Unsecured
Notes and (e) the payment of fees and expenses in connection with the foregoing.

 

“Transfer
Agreement” shall mean any trust or similar arrangement required by any Gaming/Racing Authority from time to time with
respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming/Racing
Facility.

 

“Treasury
Rate” shall mean, as of any prepayment, repayment or amendment date as set forth in Section 2.05(f), the yield to maturity
as of such 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 applicable
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 such date to the date that is 18 months after the 2020 Incremental Joinder Agreement Effective Date. 

 

“Trigger Event”
shall mean the transfer of shares of Equity Interests of any Restricted Subsidiary or any Gaming Facility into trust or other similar
arrangement required by any Gaming/Racing Authority from time to time.

 

“TRMG”
shall mean Twin River Management Group, Inc., a Delaware corporation.

 

“Twin River
Casino” shall mean the Twin River Casino, located in Lincoln, Rhode Island.

 

“Twin River
Permitted Assignees” shall mean any Affiliate of any Credit Party (other than Borrower and its Subsidiaries).

 

“Type”
has the meaning set forth in Section 1.03.

 

“U.S. Person”
shall mean a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“UCC”
shall mean the Uniform Commercial Code as from time to time in effect in the applicable state or other jurisdiction.

 

“un-reallocated
portion” has the meaning set forth in Section 2.14(a).

 

“United States”
shall mean the United States of America.

 

“Unreimbursed
Amount” has the meaning set forth in Section 2.03(e).

 

“Unrestricted
Cash” shall mean, as of any date of determination, the excess of (i) the sum of (x) unrestricted cash and Cash Equivalents
of Borrower and its Restricted Subsidiaries (regardless of whether held in a Collateral Account) plus (y) cash and Cash
Equivalents of Borrower and its Restricted Subsidiaries that are restricted in favor of the Obligations (which may include cash
and Cash Equivalents securing other Indebtedness secured by a Lien on the Collateral) over (ii) the sum of (a) $50 million
and (b) if such date of determination is on or prior to the Specified Restricted Payment End Date, the Available Specified RP Cash;
provided, however, that in no event shall “Unrestricted Cash” be less than zero.

 

    	 	-74-	 

     

    

 

“Unrestricted
Subsidiaries” shall mean (a) as of the Closing Date, the Subsidiaries listed on Schedule 8.12(c), (b) any
Subsidiary of Borrower designated as an “Unrestricted Subsidiary” pursuant to and in compliance with Section 9.12
and (c) any Subsidiary of an Unrestricted Subsidiary (in each case, unless such Subsidiary is no longer a Subsidiary of Borrower
or is subsequently designated as a Restricted Subsidiary pursuant to this Agreement); provided that, each Unrestricted Subsidiary
under this Agreement shall also have been designated as an Unrestricted Subsidiary under the Senior Unsecured Notes.

 

“Unutilized
R/C Commitment” shall mean, for any Revolving Lender, at any time, the excess of such Revolving Lender’s Revolving
Commitment at such time over the sum of (i) the aggregate outstanding principal amount of all Revolving Loans made by such
Revolving Lender, (ii) such Revolving Lender’s L/C Liability at such time and (iii) such Revolving Lender’s Swingline
Exposure at such time.

 

“U.S. Tax
Compliance Certificate” has the meaning set forth in Section 5.06(c)(ii).

 

“UTGR”
shall mean UTGR, Inc., a Delaware corporation.

 

“Venue Documents”
has the meaning set forth in Section 10.05(o).

 

“Venue Easements”
has the meaning set forth in Section 10.05(o).

 

“Vessel”
shall mean a gaming vessel, barge or riverboat and the fixtures and equipment located thereon.

 

“VLT Contract”
shall mean that certain Master Video Lottery Terminal Contract, dated as of July 18, 2005, by and between the Division and UTGR,
as amended through the Closing Date, and as may be further amended from time to time as permitted by this Agreement.

 

“Voting Stock”
shall mean, with respect to any Person, the Equity Interests, participations, rights in, or other equivalents of, such Equity Interests,
and any and all rights, warrants or options exchangeable for or convertible into such Equity Interests of such Person, in each
case, that ordinarily has voting power for the election of directors (or Persons performing similar functions) of such Person,
whether at all times or only as long as no senior class of Equity Interests has such voting power by reason of any contingency.

 

“Weighted
Average Life to Maturity” shall mean, on any date and with respect to the aggregate amount of any Indebtedness (or any
applicable portion thereof), an amount equal to (a) the scheduled repayments of such Indebtedness to be made after such date, multiplied
by the number of days from such date to the date of such scheduled repayments divided by (b) the aggregate principal amount of
such Indebtedness.

 

“Wholly Owned
Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company or other
entity of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares or nominee
shares required under applicable law) are directly or indirectly owned or controlled by such Person and/or one or more Wholly Owned
Subsidiaries of such Person. Unless the context clearly requires otherwise, all references to any Wholly Owned Subsidiary shall
mean a Wholly Owned Subsidiary of Borrower.

 

“Withdrawal
Liability” shall mean liability by an ERISA Entity to a Multiemployer Plan as a result of a complete or partial withdrawal
from such Multiemployer Plan, as such terms are defined in Part 1 of Subtitle E of Title IV of ERISA.

 

    	 	-75-	 

     

    

 

“Working Capital”
shall mean, for any Person at any date, the amount (which may be a negative number) of the Consolidated Current Assets of such
Person minus the Consolidated Current Liabilities of such Person at such date; provided that, for purposes of calculating
Working Capital, increases or decreases in Working Capital shall be calculated without regard to any changes in Consolidated Current
Assets or Consolidated Current Liabilities as a result of (a) any reclassification in accordance with GAAP of assets or liabilities,
as applicable, between current and noncurrent, (b) the effects of purchase accounting or (c) the impact of non-cash items on Consolidated
Current Assets and Consolidated Current Liabilities. For purposes of calculating Working Capital (i) for any period in which a
Permitted Acquisition or other Acquisition, or the opening of a Development Project or Expansion Capital Expenditure, occurs (other
than with respect to any Unrestricted Subsidiary) or the designation of any Unrestricted Subsidiary as such is revoked and such
Unrestricted Subsidiary is converted into a Restricted Subsidiary, the “consolidated current assets” and “consolidated
current liabilities” of any Person, property, business or asset so acquired, of any Person that owns or leases such Development
Project or Expansion Capital Expenditure (to the extent related to such Development Project or Expansion Capital Expenditure),
or of any Unrestricted Subsidiary so revoked, as the case may be (determined on a basis consistent with the corresponding definitions
herein, with appropriate reference changes) shall be excluded and (ii) for any period in which any Person, property, business or
asset (other than an Unrestricted Subsidiary) is sold, transferred or otherwise disposed of, closed or classified as discontinued
operations by Borrower or any Restricted Subsidiary or any Restricted Subsidiary is designated as an Unrestricted Subsidiary, the
 “consolidated current assets” and “consolidated current liabilities” of any Person, property, business
or asset so sold, transferred or otherwise disposed of, closed or classified as discontinued operations or Restricted Subsidiary
so designated, as the case may be (determined on a basis consistent with the corresponding definitions herein, with appropriate
reference changes) shall be excluded.

 

“Write-Down
and Conversion Powers” shall mean, 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.     
Accounting Terms and Determinations. Except as otherwise provided in this Agreement, all
computations and determinations as to accounting or financial matters (including financial covenants) shall be made in accordance
with GAAP as in effect on the Closing Date consistently applied for all applicable periods, and all accounting or financial terms
shall have the meanings ascribed to such terms by GAAP. If at any time any change in GAAP would affect the computation of any financial
ratio or requirement set forth in any Credit Document, and Borrower notifies Administrative Agent that Borrower requests an amendment
to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof
on the operation of such provision (or if Administrative Agent notifies Borrower that the Required Lenders request an amendment
to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or
in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
herewith. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any
Credit Document, and Borrower, Administrative Agent or the Required Lenders shall so request, Administrative Agent, the Lenders
and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders, not to be unreasonably withheld).

 

    	 	-76-	 

     

    

 

SECTION 1.03.     Classes
and Types of Loans. Loans hereunder are distinguished by “Class” and by “Type.”
The “Class” of a Loan (or of a Commitment to make a Loan) refers to whether such Loan is a Revolving Loan of any particular
Tranche, a Term B Facility Loan, a Term B-1 Facility Loan,
a New Term Loan of any particular Tranche, or a Term Loan of any particular Tranche of Term Loans created pursuant to an Extension
Amendment or a Refinancing Amendment or a Swingline Loan, each of which constitutes a Class. The “Type” of a Loan refers
to whether such Loan is an ABR Loan or a LIBOR Loan, each of which constitutes a Type. Loans may be identified by both Class and
Type.

 

SECTION 1.04.     
Rules of Construction.

 

(a)               
In each Credit Document, unless the context clearly requires otherwise (or such other Credit Document clearly provides otherwise),
references to (i) the plural include the singular, the singular include the plural and the part include the whole; (ii) Persons
include their respective permitted successors and assigns or, in the case of governmental Persons, Persons succeeding to the relevant
functions of such Persons; (iii) statutes and regulations include any amendments, supplements or modifications of the same
from time to time and any successor statutes and regulations; (iv) unless otherwise expressly provided, any reference to any
action of any Secured Party by way of consent, approval or waiver shall be deemed modified by the phrase “in its/their reasonable
discretion”; (v) time shall be a reference to time of day in New York, New York; (vi) Obligations (other than L/C
Liabilities) shall not be deemed “outstanding” if such Obligations have been Paid in Full; and (vii) except as
expressly provided in any Credit Document any item required to be delivered or performed on a day that is not a Business Day shall
not be required until the next succeeding Business Day.

 

(b)               
In each Credit Document, unless the context clearly requires otherwise (or such other Credit Document clearly provides otherwise),
(i) “amend” shall mean “amend, restate, amend and restate, supplement or modify”; and “amended,”
 “amending” and “amendment” shall have meanings correlative to the foregoing; (ii) in
the computation of periods of time from a specified date to a later specified date, “from” shall mean “from
and including”; “to” and “until” shall mean “to but excluding”; and “through”
shall mean “to and including”; (iii) “hereof,” “herein” and “hereunder”
(and similar terms) in any Credit Document refer to such Credit Document as a whole and not to any particular provision of such
Credit Document; (iv) “including” (and similar terms) shall mean “including without limitation”
(and similarly for similar terms); (v) “or” has the inclusive meaning represented by the phrase “and/or”;
(vi) references to “the date hereof” shall mean the date first set forth above; (vii) “asset”
and “property” shall have the same meaning and effect and refer to all Property; and (viii) a “fiscal
year” or a “fiscal quarter” is a reference to a fiscal year or fiscal quarter of Borrower.

 

(c)               
In this Agreement unless the context clearly requires otherwise, any reference to (i) an Annex, Exhibit or Schedule
is to an Annex, Exhibit or Schedule, as the case may be, attached to this Agreement and constituting a part hereof, and (ii) a
Section or other subdivision is to a Section or such other subdivision of this Agreement.

 

(d)               
Unless otherwise expressly provided herein, (i) references to Organizational Documents, agreements (including the Credit
Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, amendments and
restatements, extensions, supplements, reaffirmations and other modifications thereto, but only to the extent that such amendments,
restatements, amendments and restatements, extensions, supplements, reaffirmations and other modifications are permitted by the
Credit Documents; (ii) references to any Requirement of Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Requirement of Law, and (iii) for the avoidance of doubt, any reference
herein to “the date hereof” or words of similar import shall refer to the date that the Credit Agreement was initially
entered into (May 10, 2019).

 

    	 	-77-	 

     

    

 

(e)               
This Agreement and the other Credit Documents are the result of negotiations among and have been reviewed by counsel to
Agents, Borrower and the other parties, and are the products of all parties. Accordingly, they shall not be construed against the
Lenders or Agents merely because of Agents’ or the Lenders’ involvement in their preparation.

 

(f)                
Any reference herein 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, disposition 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 hereunder (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).

 

SECTION 1.05.     
Pro Forma Calculations. 

 

(a)               
Notwithstanding anything to the contrary herein, the Consolidated Total Net Leverage Ratio, the Consolidated Total Secured
Net Leverage Ratio and the Fixed Charge Coverage Ratio shall be calculated in the manner prescribed by this Section 1.05; provided
that notwithstanding anything to the contrary in clauses (b), (c) or (d) of this Section 1.05, when calculating the Consolidated
Total Net Leverage Ratio, for purposes of determining actual compliance (and not compliance on a Pro Forma Basis) with any covenant
pursuant to Section 10.08, the events described in this Section 1.05 that occurred subsequent to the end of the applicable Test
Period shall not be given pro forma effect.

 

(b)               
For purposes of calculating the Consolidated Total Net Leverage Ratio, the Consolidated Total Secured Net Leverage Ratio
and the Fixed Charge Coverage Ratio, Specified Transactions (and the incurrence or repayment of any Indebtedness in connection
therewith) that have been made (i) during the applicable Test Period and (ii) subsequent to such Test Period and prior to or simultaneously
with the event for which the calculation of any such ratio is made shall be calculated on a pro forma basis assuming that
all such Specified Transactions (and any increase or decrease in Consolidated EBITDA and the component financial definitions used
therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If, since the beginning
of any applicable Test Period, any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated
with or into Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified
Transaction that would have required adjustment pursuant to this Section 1.05, then the Consolidated Total Net Leverage Ratio,
the Consolidated Total Secured Net Leverage Ratio and the Fixed Charge Coverage Ratio shall be calculated to give pro forma
effect thereto in accordance with this Section 1.05.

 

(c)               
Whenever pro forma effect is to be given to a Specified Transaction, the pro forma calculations shall be made in
good faith by a Responsible Officer of Borrower and include, for the avoidance of doubt, the amount of cost savings, operating
expense reductions, other operating improvements and synergies projected by Borrower in good faith to be realized as a result of
specified actions taken or with respect to which steps have been initiated, or are reasonably expected to be initiated, within
eighteen (18) months of the closing date of such Specified Transaction (in the good faith determination of Borrower) (calculated
on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and synergies
had been realized during the entirety of the applicable period), net of the amount of actual benefits realized during such period
from such actions; provided that, with respect to any such cost savings, operating expense reductions, other operating improvements
and synergies, the limitations and requirements set forth in clause (c) of the definition of Consolidated EBITDA (other than the
requirement set forth in clause (c) of Consolidated EBITDA that steps have been initiated or taken) shall apply; provided, further,
that the aggregate amount of additions made to Consolidated EBITDA for any Test Period pursuant to this clause (c) and clause (c)
of the definition of “Consolidated EBITDA” shall not (i) exceed 25.0% of Consolidated EBITDA for such Test Period (before
giving effect to this clause (c) and clause (c) of the definition of “Consolidated EBITDA”) or (ii) be duplicative
of one another.

 

    	 	-78-	 

     

    

 

(d)               
In the event that Borrower or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including
by redemption, repayment, prepayment, retirement, exchange or extinguishment) any Indebtedness included in the calculations of
the Consolidated Total Net Leverage Ratio, the Consolidated Total Secured Net Leverage Ratio or the Fixed Charge Coverage Ratio,
as the case may be (in each case, other than Indebtedness incurred or repaid under any revolving credit facility without a corresponding
permanent reduction in the commitments with respect thereto), (i) during the applicable Test Period and/or (ii) subsequent to the
end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is
made, then the Consolidated Total Net Leverage Ratio, the Consolidated Total Secured Net Leverage Ratio and the Fixed Charge Coverage
Ratio shall be calculated giving pro forma effect to such incurrence or repayment of Indebtedness, to the extent required,
as if the same had occurred on (A) the last day of the applicable Test Period in the case of the Consolidated Total Net Leverage
Ratio and the Consolidated Total Secured Net Leverage Ratio and (B) on the first day of the applicable Test Period in the case
of the Fixed Charge Coverage Ratio. Interest on a Capital Lease shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of Borrower to be the rate of interest implicit in such Capital Lease in accordance
with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar
rate, a London interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or
if none, then based upon such optional rate chosen as Borrower may designate.

 

SECTION 1.06.     
Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of
Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated
amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect
at such time.

 

SECTION 1.07.     
Limited Condition Transactions. For purposes of (i) determining compliance with any provision
of this Agreement or any other Credit Document which requires the calculation of the Consolidated Total Net Leverage Ratio, the
Consolidated Total Secured Net Leverage Ratio or the Fixed Charge Coverage Ratio, (ii) determining compliance with representations,
warranties, Defaults or Events of Default or (iii) testing availability under baskets set forth in this Agreement or any other
Credit Document (including baskets measured as a percentage of Consolidated EBITDA or of Consolidated Total Assets), in each case,
in connection with a Limited Condition Transaction (a “Limited Condition Transaction” shall be defined as any
Permitted Acquisition or other acquisition not prohibited hereunder (including repayment of Indebtedness of the Person acquired,
or that is secured by the assets acquired, in such Permitted Acquisition or other acquisition), permitted Investment or unconditional
repayment or redemption of, or offer to purchase, any Indebtedness, and, in each case, the incurrence of Indebtedness and Liens
in connection therewith), at the option of Borrower (Borrower’s election to exercise such option in connection with any Limited
Condition Transaction, an “LCT Election”), the date of determination of whether any such action is permitted
under this Agreement and the other Credit Documents shall be deemed to be the date the definitive agreements for such Limited Condition
Transaction are entered into (or, with respect to the incurrence of Indebtedness and Liens, the Limited Condition Transaction for
which the proceeds will be used) (the “LCT Test Date”), and if, after giving effect on a Pro Forma Basis to
the Limited Condition Transaction and the other transactions to be entered into in connection therewith as if they had occurred
at the beginning of the most recent Test Period ending prior to the LCT Test Date, Borrower could have taken such action on the
relevant LCT Test Date in compliance with such representation, warranty, absence of default or event of default, ratio or basket,
such representation, warranty, absence of Default or Event of Default, ratio or basket shall be deemed to have been complied with.
For the avoidance of doubt, if Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined
or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket (including due to fluctuations
in Consolidated EBITDA or Consolidated Total Assets of Borrower or the Person subject to such Limited Condition Transaction) at
or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded
as a result of such fluctuations. If Borrower has made an LCT Election for any Limited Condition Transaction, then in connection
with any subsequent calculation of ratios or baskets on or following the relevant LCT Test Date and prior to the earlier of (i)
the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited
Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket
shall be calculated (a) on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith
(including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated and (b) in the case of any such
ratio or basket related to Restricted Payments or prepayments of Other Junior Indebtedness, without giving effect to such Limited
Condition Transaction and other transactions in connection therewith. Notwithstanding the foregoing, the amount of (i) any Incremental
Commitments that may be incurred under the Incremental Incurrence-Based Amount and (ii) any Indebtedness that may be incurred under
the Ratio Incurrence-Based Amount, in each case, determined at the time of signing of definitive documentation with respect to,
or giving of notice with respect to, a Limited Condition Transaction may be recalculated, at the option of Borrower, at the time
of funding.

 

    	 	-79-	 

     

    

 

SECTION 1.08.     
Ratio Calculations; Negative Covenant Reclassification. 

 

(a)               
With respect to any amounts incurred or transactions entered into (or consummated) in reliance on a provision of any Credit
Document that does not require compliance with a financial ratio or test (including the Consolidated Total Net Leverage Ratio,
the Consolidated Total Secured Net Leverage Ratio and/or the Fixed Charge Coverage Ratio, whether or not specifically required
to be determined on a Pro Forma Basis) (any such amounts (which will include any related “grower” component), the “Fixed
Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance
on a provision of such Credit Document that requires compliance with a financial ratio or test (including the Consolidated Total
Net Leverage Ratio, the Consolidated Total Secured Net Leverage Ratio and/or the Fixed Charge Coverage Ratio, whether or not specifically
required to be determined on a Pro Forma Basis) which may include any “builder” or “grower” amount (any
such amounts, the “Incurrence-Based Amounts”), it is understood and agreed that the Fixed Amounts shall be disregarded
in the calculation of the financial ratio or test applicable to such Incurrence-Based Amounts. For the avoidance of doubt, all
Indebtedness substantially contemporaneously incurred will be included for purposes of determining compliance with incurrence-based
ratio tests outside of the debt and liens covenants. For example, if Borrower incurs Indebtedness under clause (a), (b) or (c)
of the definition of “Incremental Loan Amount” on the same date that it incurs Indebtedness under clause (d) of the
definition of “Incremental Loan Amount”, then the Consolidated Total Secured Net Leverage Ratio and any other applicable
ratio will be calculated with respect to such incurrence under clause (d) of the definition of “Incremental Loan Amount”
without regard to any incurrence of Indebtedness under clause (a), (b) or (c) of the definition of “Incremental Loan Amount”.
If Borrower or its Restricted Subsidiaries enters into any revolving, delayed draw or other committed debt facility, Borrower may
elect to determine compliance of such debt facility (including the incurrence of Indebtedness and Liens from time to time in connection
therewith) with this Agreement and each other Credit Document on the date definitive loan documents with respect thereto are executed
by all parties thereto, assuming the full amount of such facility is incurred (and any applicable Liens are granted) on such date,
in lieu of determining such compliance on any subsequent date (including any date on which Indebtedness is incurred pursuant to
such facility).

 

    	 	-80-	 

     

    

 

(b)               
Notwithstanding anything in this Agreement or any other Credit Document to the contrary, (i) unless specifically stated
otherwise herein, any carve-out, basket, exclusion or exception to any affirmative, negative or other covenant in this Agreement
or the other Credit Documents may be used together by any Credit Party and its Subsidiaries without limitation for any purpose
not prohibited hereby, and (ii) any action or event permitted by this Agreement or the other Credit Documents need not be permitted
solely by reference to one provision permitting such action or event but may be permitted in part by one such provision and in
part by one or more other provisions of this Agreement and the other Credit Documents. For purposes of determining compliance with
Article X, in the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or
a portion of the proceeds thereof), Asset Sale, disposition, fundamental change, Restricted Payment, Affiliate transaction, contractual
requirement or payment or prepayment of Indebtedness meets the criteria of one, or more than one, of the “baskets”
or categories of transactions then permitted pursuant to any clause or subsection of Article X, such transaction (or any portion
thereof) at any time shall be permitted under one or more of such “baskets” or categories at the time of such transaction
or any later time from time to time, in each case, as determined by Borrower in its sole discretion at such time and thereafter
may be reclassified or divided (as if incurred at such later time) by Borrower in any manner not expressly prohibited by this Agreement,
and such Lien, Investment, Indebtedness, Asset Sale, disposition, fundamental change, Restricted Payment, Affiliate transaction,
contractual requirement or payment or prepayment of Indebtedness (or any portion thereof) shall be treated as having been incurred
or existing pursuant to only such “basket” or category of transactions or “baskets” or categories of transactions
(or any portion thereof) without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens,
Investments, Indebtedness, Asset Sales, dispositions, fundamental changes, Restricted Payments, Affiliate transactions, contractual
requirements or payments or prepayments of Indebtedness, as applicable, that may be incurred pursuant to any other “basket”
or category of transactions.

  

ARTICLE II.

 

CREDITS

 

SECTION 2.01.     
Loans.

 

(a)               
Revolving Loans. Each Revolving Lender agrees, severally and not jointly, on the terms and conditions of this Agreement,
to make revolving loans (the “Revolving Loans”) to Borrower in Dollars from time to time, on any Business Day
during, with respect to any Revolving Commitment of such Revolving Lender, the Revolving Availability Period applicable to such
Revolving Commitment, in an aggregate principal amount at any one time outstanding not exceeding the amount of the Revolving Commitment
of such Revolving Lender as in effect from time to time; provided, however, that, after giving effect to any Borrowing
of Revolving Loans, (i) the sum of the aggregate principal amount of (without duplication) all Revolving Loans and Swingline
Loans then outstanding plus the aggregate amount of all L/C Liabilities shall not exceed the Total Revolving Commitments as in
effect at such time, (ii) the Revolving Exposure of such Revolving Lender shall not exceed such Revolving Lender’s Revolving
Commitments in effect at such time, (iii) the Revolving Tranche Exposure of such Revolving Lender in respect of each Tranche of
Revolving Commitments of such Lender shall not exceed such Revolving Lender’s Revolving Commitment of such Tranche in effect
at such time and (iv) the Revolving Tranche Exposure of all Revolving Lenders in respect of each Tranche of Revolving Commitments
shall not exceed the aggregate Revolving Commitments of such Tranche in effect at such time. Subject to the terms and conditions
of this Agreement, during the applicable Revolving Availability Period, Borrower may borrow, repay and re-borrow the amount of
the Revolving Commitments by means of ABR Loans and LIBOR Loans.

 

    	 	-81-	 

     

    

 

(b)       [Reserved].Term
B-1 Facility Loans. Each Lender with a Term B-1 Facility Commitment on the 2020 Incremental Joinder Agreement Effective
Date agrees, severally and not jointly, on the terms and conditions of, and pursuant to and in accordance with, the 2020 Incremental
Joinder Agreement to make a Term B-1 Facility Loan to Borrower in Dollars on the 2020 Incremental Joinder Agreement Effective
Date in an aggregate principal amount equal to the Term B-1 Facility Commitment of such Lender. Term B-1 Facility Loans that
are repaid or prepaid may not be reborrowed.

 

(c)               
Term B Facility Loans. Each Lender with a Term B Facility Commitment agrees, severally and not jointly, on the terms
and conditions of this Agreement, to make a Term B Facility Loan to Borrower in Dollars on the Closing Date in an aggregate
principal amount equal to the Term B Facility Commitment of such Lender. Term B Facility Loans that are repaid or prepaid
may not be reborrowed.

 

(d)               
Limit on LIBOR Loans. No more than eight (8) separate Interest Periods in respect of LIBOR Loans may be outstanding
at any one time in the aggregate under all of the facilities.

 

(e)               
Swingline Loans.

 

(i)              
Swingline Commitment. Subject to the terms and conditions set forth herein and in reliance upon the agreements of
the other Lenders set forth in this Section 2.01(e), the Swingline Lender at the request of Borrower may, in the Swingline Lender’s
sole discretion, make Swingline Loans to Borrower in Dollars from time to time during any Revolving Availability Period, in an
aggregate principal amount at any time outstanding that will not result in (x) the aggregate principal amount of outstanding Swingline
Loans exceeding the Swingline Sublimit or (y) (1) the sum of the total Revolving Exposures exceeding the Total Revolving Commitments
or (2) the Revolving Exposure of any Revolving Lender exceeding the Revolving Commitments of such Lender then in effect; provided,
however, that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline
Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, Borrower may borrow, repay and re-borrow
Swingline Loans. Notwithstanding anything to the contrary contained in this Section 2.01(e) or elsewhere in this Agreement, the
Swingline Lender shall not be obligated to make any Swingline Loan at a time when a Revolving Lender is a Defaulting Lender if
such Defaulting Lender’s participation in Swingline Loans cannot be reallocated to Non-Defaulting Lenders pursuant to Section
2.14(a) unless arrangements reasonably satisfactory to the Swingline Lender and Borrower have been made to eliminate the Swingline
Lender’s risk with respect to the Defaulting Lender’s or Defaulting Lenders’ participation in such Swingline
Loans, including by Cash Collateralizing in an amount equal to the Minimum Collateral Amount, or obtaining a backstop letter of
credit from an issuer reasonably satisfactory to the Swingline Lender to support, such Defaulting Lender’s or Defaulting
Lenders’ Commitment percentage of outstanding Swingline Loans.

 

    	 	-82-	 

     

    

 

(ii)              
Swingline Loans. To request a Swingline Loan, Borrower shall notify Administrative Agent of such request by telephone
(promptly confirmed in writing in the form of a Notice of Borrowing by facsimile or electronic mail), not later than 1:00 p.m.,
New York time, on the day of a proposed Swingline Loan (which day shall be a Business Day). Each such notice shall be irrevocable
and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. Administrative
Agent will promptly advise the Swingline Lender of any such notice received from Borrower. Unless the Swingline Lender has received
notice (by telephone or in writing) from Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the
date of the proposed Swingline Loan (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations
set forth in the first sentence of Section 2.01(e)(i) or (B) that one or more of the applicable conditions specified in Section
7.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender shall make each Swingline Loan
available to Borrower by depositing the same by wire transfer of immediately available funds in (or, in the case of an account
of Borrower maintained with the Swingline Lender, by crediting the same to) the account of Borrower as directed by Borrower in
the applicable Notice of Borrowing for such Swingline Loan by 4:00 p.m., New York time, on the requested date of such Swingline
Loan. Swingline Loans shall only be incurred and maintained as ABR Loans. Borrower shall not request a Swingline Loan if at the
time of or immediately after giving effect to such request a Default or an Event of Default has occurred and is continuing. Swingline
Loans shall be made in minimum amounts of $500,000 and integral multiples of $250,000 above such amount. Immediately upon the making
of a Swingline Loan, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from
the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Lender’s R/C Percentage
of such Swingline Loan.

 

(iii)              
Prepayment. Borrower shall have the right at any time and from time to time to repay any Swingline Loan, in whole
or in part, and without any penalty or premium, upon giving written or telecopy notice (or telephone notice promptly confirmed
by written, or telecopy notice) to the Swingline Lender and to Administrative Agent before 12:00 p.m. (Noon), New York time, on
the date of repayment at the Swingline Lender’s office as the Swingline Lender may from time to time specify to Borrower
and Administrative Agent.

 

(iv)              
Refinancing; Participations.

 

(A)             
The Swingline Lender at any time in its sole discretion may request, on behalf of Borrower (which hereby irrevocably authorizes
the Swingline Lender to so request on its behalf), that each Revolving Lender make a ABR Loan in an amount equal to such Lender’s
R/C Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing and in accordance with
the requirements of Section 2.02, without regard to the minimum and multiples specified in this Agreement for the principal
amount of ABR Loans, but subject to the unutilized portion of the Revolving Commitments and the conditions set forth in Section 7.02.
The Swingline Lender shall furnish Borrower with a copy of the applicable notice promptly after delivering such notice to Administrative
Agent. Each Revolving Lender shall make an amount equal to its R/C Percentage of the amount specified in such notice available
to Administrative Agent in immediately available funds (and Administrative Agent may apply Cash Collateral available with respect
to the applicable Swingline Loan) for the account of the Swingline Lender at Administrative Agent’s Office for Dollar-denominated
payments not later than 1:00 p.m. on the day specified in such notice, whereupon, subject to Section 2.01(e)(iv)(B), each
Revolving Lender that so makes funds available shall be deemed to have made a ABR Loan to Borrower in such amount. Administrative
Agent shall remit the funds so received to the Swingline Lender.

 

    	 	-83-	 

     

    

 

(B)             
If for any reason any Swingline Loan cannot be refinanced by such a Borrowing in accordance with Section 2.01(e)(iv)(A),
the request for ABR Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline
Lender that each of the Revolving Lenders fund its risk participation in the relevant Swingline Loan and each Revolving Lender’s
payment to Administrative Agent for the account of the Swingline Lender pursuant to Section 2.01(e)(iv)(A) shall be deemed
payment in respect of such participation.

 

(C)             
If any Revolving Lender fails to make available to Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Revolving Lender pursuant to Section 2.01(e)(iv)(A) or (B) by the time specified in such Section, the
Swingline Lender shall be entitled to recover from such Revolving Lender (acting through Administrative Agent), on demand, such
amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swingline Lender, at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined
by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing
or similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Revolving Lender pays such
amount (with interest and fees as aforesaid), the amount so paid (other than any such interest or fees) shall constitute such Lender’s
Revolving Loan included in the relevant Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A
certificate of the Swingline Lender submitted to any Revolving Lender (through Administrative Agent) with respect to any amounts
owing under this clause (C) shall be conclusive absent manifest error.

 

(D)             
Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline
Loans pursuant to this Section 2.01(e)(iv) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Lender may have against the
Swingline Lender, Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.01(e)(iv) is subject to the
conditions set forth in Section 7.02. No such funding of risk participations shall relieve or otherwise impair the obligation
of Borrower to repay Swingline Loans, together with interest as provided herein.

 

(E)              
The Swingline Lender shall be responsible for invoicing Borrower for interest on the Swingline Loans. Until each Revolving
Lender funds its Revolving Loan or risk participation pursuant to this Section 2.01(e) to refinance such Revolving Lender’s
R/C Percentage of any Swingline Loan, interest in respect of such R/C Percentage shall be solely for the account of the Swingline
Lender.

 

SECTION 2.02.     
Borrowings. Borrower shall give Administrative Agent notice of each borrowing hereunder
as provided in Section 4.05 in the form of a Notice of Borrowing. Unless otherwise agreed to by Administrative Agent in its sole
discretion, not later than 12:00 p.m. (Noon), New York time, on the date specified for each borrowing in Section 4.05, each Lender
shall make available the amount of the Loan or Loans to be made by it on such date to Administrative Agent, at an account specified
by Administrative Agent maintained at the Principal Office, in immediately available funds, for the account of Borrower. Each borrowing
of Revolving Loans shall be made by each Revolving Lender pro rata based on its R/C Percentage. The amounts so received
by Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to Borrower not later than
4:00 p.m., New York time, on the actual applicable Funding Date, by depositing the same by wire transfer of immediately available
funds in (or, in the case of an account of Borrower maintained with Administrative Agent at the Principal Office, by crediting
the same to) the account or accounts of Borrower or any other account or accounts in each case as directed by Borrower in the applicable
Notice of Borrowing.

 

    	 	-84-	 

     

    

 

SECTION 2.03.     
Letters of Credit.

 

(a)               
Subject to the terms and conditions hereof, the Revolving Commitments may be utilized, upon the request of Borrower, in
addition to the Revolving Loans provided for by Section 2.01(a), for standby letters of credit (herein collectively called “Letters
of Credit”) issued by the applicable L/C Lender (which L/C Lenders agree to the terms and provisions of this Section
2.03 in reliance upon the agreements of the other Lenders set forth herein) for the account of Borrower or its Subsidiaries; provided,
however, that in no event shall

 

(i)              
the aggregate amount of all L/C Liabilities, plus the aggregate principal amount of all the Revolving Loans and Swingline
Loans then outstanding, exceed at any time the Total Revolving Commitments as in effect at such time,

 

(ii)              
the sum of the aggregate principal amount of all Revolving Loans of any Revolving Lender then outstanding, plus such
Revolving Lender’s L/C Liability plus such Revolving Lender’s Swingline Exposure exceed at any time such Revolving
Lender’s Revolving Commitment as in effect at such time,

 

(iii)              
(x) the outstanding aggregate amount of all L/C Liabilities exceed the L/C Sublimit or (y) unless the applicable L/C Lender
consents, the Stated Amount of all Letters of Credit issued by such L/C Lender plus the aggregate amount of all L/C Disbursements
of such L/C Lender that have not yet been reimbursed in respect of all Letters of Credit issued by such L/C Lender exceed such
L/C Lender’s L/C Commitment,

 

(iv)              
the Stated Amount of any Letter of Credit be less than $100,000 or such lesser amount as is acceptable to the L/C Lender,

 

(v)              
the expiration date of any Letter of Credit extend beyond the earlier of (x) the fifth Business Day preceding the latest
R/C Maturity Date then in effect and (y) the date twelve (12) months following the date of such issuance, unless in the case of
this clause (y) the Required Revolving Lenders have approved such expiry date in writing (but never beyond the fifth Business Day
prior to the latest R/C Maturity Date then in effect), except for any Letter of Credit that Borrower has agreed to Cash Collateralize
in an amount equal to the Minimum Collateral Amount or otherwise backstop (with a letter of credit on customary terms) to the applicable
L/C Lender’s and Administrative Agent’s reasonable satisfaction, on or prior to the fifth Business Day preceding the
latest R/C Maturity Date then in effect, subject to the ability of Borrower to request Auto-Extension Letters of Credit in accordance
with Section 2.03(b); provided that in the case of any such Letter of Credit that is so Cash Collateralized, the obligations
of the Revolving Lenders to participate in such Letters of Credit pursuant to Section 2.03(f) shall terminate on the fifth Business
Day preceding the latest R/C Maturity Date then in effect,

 

    	 	-85-	 

     

    

 

(vi)              
any L/C Lender issue any Letter of Credit after it has received notice from Borrower or the Required Revolving Lenders stating
that a Default exists until such time as such L/C Lender shall have received written notice of (x) rescission of such notice from
the Required Revolving Lenders, (y) waiver or cure of such Default in accordance with this Agreement or (z) Administrative Agent’s
good faith determination that such Default has ceased to exist,

 

(vii)              
any Letter of Credit be issued in a currency other than Dollars nor at a tenor other than sight; or

 

(viii)              
the L/C Lender be obligated to issue any Letter of Credit, amend or modify any outstanding Letter of Credit or extend the
expiry date of any outstanding Letter of Credit at any time when a Revolving Lender is a Defaulting Lender if such Defaulting Lender’s
L/C Liability cannot be reallocated to Non-Defaulting Lenders pursuant to Section 2.14(a) unless arrangements reasonably satisfactory
to the L/C Lender and Borrower have been made to eliminate the L/C Lender’s risk with respect to the participation in Letters
of Credit by all such Defaulting Lenders, including by Cash Collateralizing in an amount equal to the Minimum Collateral Amount,
or obtaining a backstop letter of credit from an issuer reasonably satisfactory to the L/C Lender to support, each such Defaulting
Lender’s L/C Liability.

 

(b)               
Whenever Borrower requires the issuance of a Letter of Credit it shall give the applicable L/C Lender and Administrative
Agent at least three (3) Business Days written notice (or such shorter period of notice acceptable to the L/C Lender). Such Letter
of Credit application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the
system agreed to by the applicable L/C Lender, by personal delivery or by any other means acceptable to the applicable L/C Lender.
Each notice shall be in the form of Exhibit L hereto or such other form as is reasonably acceptable to the applicable L/C
Lender appropriately completed (each a “Letter of Credit Request”) and shall specify a date of issuance not
beyond the fifth Business Day prior to the latest R/C Maturity Date then in effect. Each Letter of Credit Request must be accompanied
by documentation describing in reasonable detail the proposed terms, conditions and format of the Letter of Credit to be issued.
If requested by the L/C Lender, the Borrower also shall submit a letter of credit application on the L/C Lender’s standard
form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions
of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the
Borrower to, or entered into by the Borrower with, the L/C Lender relating to any Letter of Credit, the terms and conditions of
this Agreement shall control. If Borrower so requests in any applicable Letter of Credit Request, the applicable L/C Lender may,
in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension
Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Lender to decline
any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by
giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each
such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Lender
at the time of the original issuance or automatic extension of a Letter of Credit, Borrower shall not be required to make a specific
request to the L/C Lender for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be
deemed to have authorized (but may not require) the L/C Lender to permit the extension of such Letter of Credit at any time to
an expiry date not later than the fifth Business Day preceding the latest R/C Maturity Date then in effect (provided, that
such five (5) Business Day limitation shall not apply to any Letter of Credit that Borrower has agreed to Cash Collateralize in
an amount equal to the Minimum Collateral Amount or otherwise backstop (with a letter of credit on customary terms) to the applicable
L/C Lender’s and Administrative Agent’s reasonable satisfaction) (provided that in the case of any such Letter
of Credit that is so Cash Collateralized, the obligations of the Revolving Lenders to participate in such Letters of Credit pursuant
to Section 2.03(f) shall terminate on the fifth Business Day preceding the latest R/C Maturity Date then in effect); provided,
however, that the L/C Lender shall not permit any such extension if (A) the L/C Lender has determined that it would not
be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under
the terms hereof (by reason of the provisions of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by
telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from Administrative
Agent that the Required Revolving Lenders have elected not to permit such extension or (2) from Administrative Agent, any Lender
or Borrower that one or more of the applicable conditions specified in Section 7.02 is not then satisfied, and in each such case
directing the L/C Lender not to permit such extension. If there is any conflict between the terms and conditions of this Agreement
and the terms and condition of any application, the terms and conditions of this Agreement shall govern. Each Lender hereby authorizes
each L/C Lender to issue and perform its obligations with respect to Letters of Credit and each Letter of Credit shall be issued
in accordance with the customary procedures of such L/C Lender. Borrower acknowledges and agrees that the failure of any L/C Lender
to require an application at any time and from time to time shall not restrict or impair such L/C Lender’s right to require
such an application or agreement as a condition to the issuance of any subsequent Letter of Credit.

 

    	 	-86-	 

     

    

 

(c)               
On each day during the period commencing with the issuance by the applicable L/C Lender of any Letter of Credit and until
such Letter of Credit shall have expired or been terminated, the Revolving Commitment of each Revolving Lender shall be deemed
to be utilized for all purposes hereof in an amount equal to such Lender’s R/C Percentage of the then Stated Amount of such
Letter of Credit plus the amount of any unreimbursed drawings thereunder. Each Revolving Lender (other than the applicable L/C
Lender) severally agrees that, upon the issuance of any Letter of Credit hereunder, it shall automatically acquire from the L/C
Lender that issued such Letter of Credit, without recourse, a participation in such L/C Lender’s obligation to fund drawings
and rights under such Letter of Credit in an amount equal to such Lender’s R/C Percentage of such obligation and rights,
and each Revolving Lender (other than such L/C Lender) thereby shall absolutely, unconditionally and irrevocably assume, as primary
obligor and not as surety, and shall be unconditionally obligated to such L/C Lender to pay and discharge when due, its R/C Percentage
of such L/C Lender’s obligation to fund drawings under such Letter of Credit. Such L/C Lender shall be deemed to hold an
L/C Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to such acquisition
by the Revolving Lenders other than such L/C Lender of their participation interests.

 

(d)               
In the event that any L/C Lender has determined to honor a drawing under a Letter of Credit, such L/C Lender shall promptly
notify (the “L/C Payment Notice”) Administrative Agent and Borrower of the amount paid by such L/C Lender and
the date on which payment is to be made to such beneficiary. Borrower hereby unconditionally agrees to pay and reimburse such L/C
Lender, through Administrative Agent, for the amount of payment under such Letter of Credit in Dollars, together with interest
thereon at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin applicable
to Revolving Loans that are maintained as ABR Loans as are in effect from time to time (determined based on a weighted average
if multiple Tranches of Revolving Commitments are then outstanding) from the date payment was made to such beneficiary to the date
on which payment is due, such payment to be made not later than the first Business Day after the date on which Borrower receives
the applicable L/C Payment Notice (or the second Business Day thereafter if such L/C Payment Notice is received on a date that
is not a Business Day or after 1:00 p.m., New York time, on a Business Day). Any such payment due from Borrower and not paid on
the required date shall thereafter bear interest at rates specified in Section 3.02(b) until paid. Promptly upon receipt of the
amount paid by Borrower pursuant to the immediately prior sentence, the applicable L/C Lender shall notify Administrative Agent
of such payment and whether or not such payment constitutes payment in full of the Reimbursement Obligation under the applicable
Letter of Credit.

 

    	 	-87-	 

     

    

 

(e)               
Promptly upon its receipt of a L/C Payment Notice referred to in Section 2.03(d), Borrower shall advise the applicable L/C
Lender and Administrative Agent whether or not Borrower intends to borrow hereunder to finance its obligation to reimburse such
L/C Lender for the amount of the related demand for payment under the applicable Letter of Credit and, if it does so intend, submit
a Notice of Borrowing for such borrowing to Administrative Agent as provided in Section 4.05. In the event that Borrower fails
to reimburse any L/C Lender, through Administrative Agent, for a demand for payment under a Letter of Credit by the first Business
Day after the date of the applicable L/C Payment Notice (or the second Business Day thereafter if such L/C Payment Notice is received
on a date that is not a Business Day or after 1:00 p.m., New York time on a Business Day), such L/C Lender shall promptly notify
Administrative Agent of such failure by Borrower to so reimburse and of the amount of the demand for payment. In the event that
Borrower fails to either submit a Notice of Borrowing to Administrative Agent as provided above or reimburse such L/C Lender, through
Administrative Agent, for a demand for payment under a Letter of Credit by the first Business Day after the date of the applicable
L/C Payment Notice (or the second Business Day thereafter if such L/C Payment Notice is received on a date that is not a Business
Day or after 1:00 p.m., New York time, on a Business Day), Administrative Agent shall give each Revolving Lender prompt notice
of the amount of the demand for payment including the interest therein owed by Borrower (the “Unreimbursed Amount”),
specifying such Lender’s R/C Percentage thereof and requesting payment of such amount.

 

(f)                
Each Revolving Lender (other than the applicable L/C Lender) shall pay to Administrative Agent for account of the applicable
L/C Lender at the Principal Office in Dollars and in immediately available funds, an amount equal to such Revolving Lender’s
R/C Percentage of the Unreimbursed Amount upon not less than one Business Day’s actual notice by Administrative Agent as
described in Section 2.03(e) to such Revolving Lender requesting such payment and specifying such amount. Administrative Agent
will promptly remit the funds so received to the applicable L/C Lender in Dollars. Each such Revolving Lender’s obligation
to make such payments to Administrative Agent for the account of L/C Lender under this Section 2.03(f), and the applicable L/C
Lender’s right to receive the same, shall be absolute and unconditional and shall not be affected by any circumstance whatsoever,
including (i) the failure of any other Revolving Lender to make its payment under this Section 2.03(f), (ii) the financial condition
of Borrower or the existence of any Default or (iii) the termination of the Commitments. Each such payment to any L/C Lender shall
be made without any offset, abatement, withholding or reduction whatsoever.

 

(g)               
Upon the making of each payment by a Revolving Lender, through Administrative Agent, to an L/C Lender pursuant to Section
2.03(f) in respect of any Letter of Credit, such Revolving Lender shall, automatically and without any further action on the part
of Administrative Agent, such L/C Lender or such Revolving Lender, acquire (i) a participation in an amount equal to such payment
in the Reimbursement Obligation owing to such L/C Lender by Borrower hereunder and under the L/C Documents relating to such Letter
of Credit and (ii) a participation equal to such Revolving Lender’s R/C Percentage in any interest or other amounts (other
than cost reimbursements) payable by Borrower hereunder and under such L/C Documents in respect of such Reimbursement Obligation.
If any L/C Lender receives directly from or for the account of Borrower any payment in respect of any Reimbursement Obligation
or any such interest or other amounts (including by way of setoff or application of proceeds of any collateral security), such
L/C Lender shall promptly pay to Administrative Agent for the account of each Revolving Lender which has satisfied its obligations
under Section 2.03(f), such Revolving Lender’s R/C Percentage of such payment, each such payment by such L/C Lender to be
made in Dollars. In the event any payment received by such L/C Lender and so paid to the Revolving Lenders hereunder is rescinded
or must otherwise be returned by such L/C Lender, each Revolving Lender shall, upon the request of such L/C Lender (through Administrative
Agent), repay to such L/C Lender (through Administrative Agent) the amount of such payment paid to such Revolving Lender, with
interest at the rate specified in Section 2.03(j).

 

    	 	-88-	 

     

    

 

(h)               
Borrower shall pay to Administrative Agent, for the account of each Revolving Lender, and with respect to each Tranche of
Revolving Commitments, in respect of each Letter of Credit and each Tranche of Revolving Commitments for which such Revolving Lender
has a L/C Liability, a letter of credit commission equal to (x) the rate per annum equal to the Applicable Margin for Revolving
Loans of such Tranche made by such Revolving Lender that are LIBOR Loans in effect from time to time, multiplied by (y) the daily
Stated Amount of such Letter of Credit allocable to such Revolving Lender’s Revolving Commitments of such Tranche for the
period from and including the date of issuance of such Letter of Credit (i) in the case of a Letter of Credit which expires in
accordance with its terms, to and including such expiration date and (ii) in the case of a Letter of Credit which is drawn in full
or is otherwise terminated other than on the stated expiration date of such Letter of Credit, to and excluding the date such Letter
of Credit is drawn in full or is terminated. Such commission will be non-refundable and is to be paid (1) quarterly in arrears
on each Quarterly Date and (2) on each R/C Maturity Date. In addition, Borrower shall pay to each L/C Lender, for such L/C Lender's
account a fronting fee with respect to each Letter of Credit, at the rate equal to 0.125% per annum, computed on the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on
each Quarterly Date in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment),
commencing with the first such date to occur after the issuance of such Letter of Credit, on the latest R/C Maturity Date and thereafter
on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. In addition Borrower agrees to pay to each L/C Lender all charges,
costs and expenses in the amounts customarily charged by such L/C Lender, from time to time in like circumstances, with respect
to the issuance, amendment, transfer, payment of drawings, and other transactions relating thereto.

 

(i)                
Upon the issuance of or amendment or modification to a Letter of Credit, the applicable L/C Lender shall promptly deliver
to Administrative Agent and Borrower a written notice of such issuance, amendment or modification and such notice shall be accompanied
by a copy of such Letter of Credit or the respective amendment or modification thereto, as the case may be. Promptly upon receipt
of such notice, Administrative Agent shall deliver to each Revolving Lender a written notice regarding such issuance, amendment
or modification, as the case may be, and, if so requested by a Revolving Lender, Administrative Agent shall deliver to such Revolving
Lender a copy of such Letter of Credit or amendment or modification, as the case may be.

 

(j)                
If and to the extent that any Revolving Lender fails to pay an amount required to be paid pursuant to Section 2.03(f) or
2.03(g) on the due date therefor, such Revolving Lender shall pay to the applicable L/C Lender (through Administrative Agent) interest
on such amount with respect to each Tranche of Revolving Commitments held by such Revolving Lender for each day from and including
such due date to but excluding the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate
(as in effect from time to time) for the first three days and at the interest rate (in effect from time to time) applicable to
Revolving Loans under such Tranche made by such Revolving Lender that are maintained as ABR Loans for each date thereafter. If
any Revolving Lender holds Revolving Commitments of more than one Tranche and such Revolving Lender makes a partial payment of
amounts due by it under Section 2.03(f) or 2.03(g), such partial payment shall be allocated pro rata to each Tranche based on the
amount of Revolving Commitments of each Tranche held by such Revolving Lender.

 

    	 	-89-	 

     

    

 

(k)               
The issuance by any L/C Lender of any amendment or modification to any Letter of Credit hereunder that would extend the
expiry date or increase the Stated Amount thereof shall be subject to the same conditions applicable under this Section 2.03 to
the issuance of new Letters of Credit, and no such amendment or modification shall be issued hereunder (i) unless either (x) the
respective Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder in
such amended or modified form or (y) the Required Revolving Lenders (or other specified Revolving Lenders to the extent required
by Section 13.04) shall have consented thereto or (ii) if the beneficiary of the Letter of Credit does not accept the proposed
terms of the Letter of Credit.

 

(l)                
Notwithstanding the foregoing, no L/C Lender shall be under any obligation to issue any Letter of Credit if at the time
of such issuance, (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin
or restrain such L/C Lender from issuing the Letter of Credit, or any Law applicable to such L/C Lender or any request or directive
(whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Lender shall prohibit,
or request that such L/C Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular
or shall impose upon such L/C Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for
which such L/C Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C
Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such L/C Lender in good faith
deems material to it or (ii) the issuance of the Letter of Credit would violate one or more policies of such L/C Lender applicable
to letters of credit generally.

 

(m)             
The obligations of Borrower under this Agreement and any L/C Document to reimburse any L/C Lender for a drawing under a
Letter of Credit, and to repay any drawing under a Letter of Credit converted into Revolving Loans or Swingline Loans, shall be
absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement and each such
other L/C Document under all circumstances, including the following:

 

(i)              
any lack of validity or enforceability of this Agreement, any Credit Document or any L/C Document;

 

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

 

(iii)              
any draft, demand, certificate or other document presented under any Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay
in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit; or any defense
based upon the failure of any drawing under a Letter of Credit to conform to the terms of the Letter of Credit or any non-application
or misapplication by the beneficiary of the proceeds of such drawing;

 

    	 	-90-	 

     

    

 

(iv)              
waiver by a L/C Lender of any requirement that exists for the L/C Lender’s protection and not the protection of Borrower
or any waiver by the L/C Lender which does not in fact materially prejudice Borrower;

 

(v)              
honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form
of a draft;

 

(vi)              
any payment made by a L/C Lender in respect of an otherwise complying item presented after the date specified as the expiration
date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized
by the UCC or the ISP, as applicable;

 

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

 

(viii)              
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance
that might otherwise constitute a defense available to, or a discharge of, Borrower or a Guarantor.

 

To the extent
that any provision of any L/C Document is inconsistent with the provisions of this Section 2.03, the provisions of this Section
2.03 shall control.

 

(n)               
On the last Business Day of each month, each L/C Lender shall provide to Administrative Agent such information regarding
the outstanding Letters of Credit as Administrative Agent shall reasonably request, in form and substance reasonably satisfactory
to Administrative Agent (and in such standard electronic format as Administrative Agent shall reasonably specify), for purposes
of Administrative Agent’s ongoing tracking and reporting of outstanding Letters of Credit. Administrative Agent shall maintain
a record of all outstanding Letters of Credit based upon information provided by the L/C Lenders pursuant to this Section 2.03(n),
and such record of Administrative Agent shall, absent manifest error, be deemed a correct and conclusive record of all Letters
of Credit outstanding from time to time hereunder. Notwithstanding the foregoing, if and to the extent Administrative Agent determines
that there are one or more discrepancies between information provided by any L/C Lender hereunder, Administrative Agent will notify
such L/C Lender thereof and such L/C Lender shall endeavor to reconcile any such discrepancy.

 

(o)               
Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Lender shall not have any responsibility
to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering
any such document. None of the L/C Lenders, Administrative Agent, any of their respective Affiliates, directors, officers, employees,
agents and advisors nor any correspondent, participant or assignee of any L/C Lender shall be liable to any Lender for (i) any
action taken or omitted in connection herewith at the request or with the approval of the Lenders, the Required Revolving Lenders
or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and non-appealable judgment; or (iii) the due execution, effectiveness,
validity or enforceability of any document or instrument related to any Letter of Credit. Borrower hereby assumes all risks of
the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however,
that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and remedies as it may have
against the beneficiary or transferee at law or under any other agreement. None of the L/C Lenders, Administrative Agent, any of
their respective Affiliates, directors, officers, employees, agents and advisors nor any correspondent, participant or assignee
of the L/C Lenders shall be liable or responsible for any of the matters described in clauses (i) through (viii) of Section 2.03(m);
provided, however, that anything in such clauses to the contrary notwithstanding, Borrower may have a claim against
a L/C Lender, and a L/C Lender may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to indirect,
special, punitive, consequential or exemplary, damages suffered by Borrower which Borrower proves were caused by such L/C Lender’s
willful misconduct, bad faith or gross negligence or material breach of any Credit Document or such L/C Lender’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly
complying with the terms and conditions of a Letter of Credit, in each case, as determined by a court of competent jurisdiction
by final and non-appealable judgment. In furtherance and not in limitation of the foregoing, the L/C Lenders may accept documents
that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information
to the contrary, and the L/C Lenders shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole
or in part, which may prove to be invalid or ineffective for any reason. The L/C Lenders may send a Letter of Credit or conduct
any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”)
message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

    	 	-91-	 

     

    

 

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

 

(q)               
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the
account of, a Subsidiary, Borrower shall be obligated to reimburse the applicable L/C Lender hereunder for any and all drawings
under such Letter of Credit. Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries
inures to the benefit of Borrower, and that Borrower’s business derives substantial benefits from the businesses of such
Subsidiaries.

 

(r)                
A Revolving Lender may become an additional L/C Lender hereunder with the approval of Administrative Agent (such approval
not to be unreasonably withheld or delayed), Borrower and such Revolving Lender, pursuant to an agreement with, and in form and
substance reasonably satisfactory to, Administrative Agent, Borrower and such Revolving Lender. Administrative Agent shall notify
the Revolving Lenders of any such additional L/C Lender.

 

    	 	-92-	 

     

    

 

SECTION 2.04.     
Termination and Reductions of Commitment.

 

(a)               
(1) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the
Term B Facility Commitments shall be automatically and permanently reduced to zero at 5:00 p.m., New York time, on the Closing
Date (after giving effect to the making of the Term B Facility Loans on such date).

 

(i)              
In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of any Incremental
Term Loan Commitments of any Tranche shall be automatically and permanently reduced by the amount of Incremental Term Loans of
such Tranche made in respect thereof from time to time.

 

(ii)              
The aggregate amount of the Revolving Commitments of any Tranche shall be automatically and permanently reduced to zero
on the R/C Maturity Date applicable to such Tranche, and the L/C Commitments and the Swingline Commitment shall be automatically
and permanently reduced to zero on the last R/C Maturity Date.

 

(iii)              In
addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Term B-1
Facility Commitments outstanding on the 2020 Incremental Joinder Agreement Effective Date shall automatically terminate on the
2020 Incremental Joinder Agreement Effective Date after giving effect to the making of the Term B-1 Facility Loans.

 

(b)               
Borrower shall have the right at any time or from time to time (without premium or penalty except breakage costs (if any)
pursuant to Section 5.05) (i) so long as no Revolving Loans, Swingline Loans or L/C Liabilities will be outstanding as of the date
specified for termination (after giving effect to all transactions occurring on such date), to terminate the Revolving Commitments
in their entirety and (ii) so long as the remaining Total Revolving Commitments will equal or exceed the aggregate amount of outstanding
Revolving Loans, Swingline Exposure and L/C Liabilities, to reduce the aggregate amount of the Revolving Commitments (which shall
be pro rata among the Revolving Lenders); provided, however, that (x) Borrower shall give notice of each such
termination or reduction as provided in Section 4.05, and (y) each partial reduction shall be in an aggregate amount at least equal
to $5.0 million (or any whole multiple of $1.0 million in excess thereof) or, if less, the remaining Unutilized R/C Commitments.

 

(c)               
Any Commitment once terminated or reduced may not be reinstated.

 

(d)               
Each reduction or termination of any of the Commitments applicable to any Tranche pursuant to this Section 2.04 shall
be applied ratably among the Lenders with such a Commitment, as the case may be, in accordance with their respective Commitment,
as applicable.

 

SECTION 2.05.     
Fees.

 

(a)               
Borrower shall pay to Administrative Agent for the account of each Revolving Lender (other than a Defaulting Lender), with
respect to such Revolving Lender’s Revolving Commitments of each Tranche, a commitment fee for the period from and including
the Closing Date (or, following the conversion of such Revolving Commitment into another Tranche, the applicable Extension Date)
to but not including the earlier of (i) the date such Revolving Commitment is terminated or expires (or is modified to constitute
another Tranche) and (ii) the R/C Maturity Date applicable to such Revolving Commitment, in each case, computed at a rate per
annum equal to the Applicable Fee Percentage in respect of such Tranche in effect from time to time during such period on the
actual daily amount of such Revolving Lender’s Unutilized R/C Commitment in respect of such Tranche. Notwithstanding anything
to the contrary in the definition of “Unutilized R/C Commitments,” for purposes of determining Unutilized R/C Commitments
in connection with computing commitment fees with respect to Revolving Commitments, a Revolving Commitment of a Revolving Lender
shall be deemed to be used to the extent of the outstanding Revolving Loans and L/C Liability of such Revolving Lender (and the
Swingline Exposure of such Revolving Lender shall be disregarded for such purpose). Any accrued commitment fee under this Section
2.05(a) in respect of any Revolving Commitment shall be payable in arrears on each Quarterly Date and on the earlier of (i) the
date such Revolving Commitment is terminated or expires (or is modified to constitute another Tranche) and (ii) the R/C Maturity
Date applicable to such Revolving Commitment.

 

    	 	-93-	 

     

    

 

(b)               
Borrower shall pay to Administrative Agent for its own account the administrative fee separately agreed to.

 

(c)               
At the time of the effectiveness of a Repricing Transaction prior to the date that is six (6) months after the Closing Date,
Borrower agrees to pay to Administrative Agent, for the ratable account of each Lender with outstanding Term B Facility Loans (including
each Lender that withholds its consent to such Repricing Transaction and is replaced or is removed as a Lender or is repaid under
Section 2.11 or 13.04(b), as the case may be), a fee in an amount equal to 1.00% of the aggregate principal amount of Term B Facility
Loans that are refinanced, converted, replaced, amended, modified or otherwise repriced in such Repricing Transaction. Such fee
shall be due and payable upon the date of the effectiveness of such Repricing Transaction.

 

(d)               
Borrower shall pay to Auction Manager for its own account, in connection with any Borrower Loan Purchase, such fees as may
be agreed between Borrower and Auction Manager.

 

(e)               
Borrower shall pay to each Term B Facility Lender, on the Closing Date, an upfront fee equal to 0.50% of such Term B Facility
Lender’s Term B Facility Loan funded on the Closing Date.

 

(f)                In
the event that (A) the Term B-1 Facility Loans are prepaid or repaid in whole or in part (whether pursuant to Section 2.09, Section
2.10, prepayments or assignments pursuant to Section 13.04(b) or in connection with an acceleration pursuant to Article XI, but
in all cases excluding any prepayment or repayment pursuant to Section 2.10(a)(iv) or Section 3.01(d)) prior to the Term B-1 Facility
Maturity Date or (B) Borrower effects any amendment to this Agreement resulting in a Term B-1 Facility Repricing Transaction of
the Term B-1 Facility Loans, Borrower shall pay to the applicable Term B-1 Facility Lenders (it being understood that such premium
shall apply to any non-consenting Term B-1 Facility Lender that is repaid or replaced under Section 13.04(b) in connection with
any Term B-1 Facility Repricing Transaction of the Term B-1 Facility Loans) as a fee a prepayment premium on (x) in the case of
clause (A) above, the principal amount of such Term B-1 Facility Loans prepaid, repaid or accelerated on the amount so prepaid,
repaid or accelerated and (y) in the case of clause (B) above, the principal amount of the applicable Term B-1 Facility Loans held
by the applicable lender outstanding immediately prior to such amendment, in the amount set forth in the table below opposite the
time period in which such prepayment, repayment, acceleration or amendment occurs (each such premium being a “Prepayment
Premium”):

 

    	 	-94-	 

     

    

 

	

Period	Prepayment Premium
	
        From
        the 2020 Incremental Joinder Agreement Effective Date through and including the eighteen month anniversary of the Closing Date

         
	
        4.50%
        of such Term B-1 Facility Loans

         

        plus

         

        the
        

        Make
        Whole Amount for such Term B-1 Facility Loans

         

	After the eighteen month anniversary of the 2020 Incremental Joinder Agreement Effective Date through and including the thirty month anniversary of the 2020 Incremental Joinder Agreement Effective Date	4.50% of such Term B-1 Facility Loans
	Thereafter	0%

 

Any
Prepayment Premium referred to in this Section 2.05(f) shall be paid to Administrative Agent for the account of the applicable
Term B-1 Facility Lenders upon any applicable repayment, prepayment, acceleration or amendment triggering such Prepayment Premium
(including via any distributions or any other transfers on account of all or any part of the principal balance of any Term B-1
Facility Loan for any reason or at any time (whether or not upon maturity, whether mandatory or optional, whether voluntary or
involuntary, including following any default or any acceleration (whether automatic or following notice), or following the filing
by or against any Credit Party of any petition under any Debtor Relief Law (whether or not such payment, distribution, or transfer
is under a plan of reorganization or liquidation or ordered by any court of competent jurisdiction) or otherwise)).

 

Any
prepayment, repayment or amendment premium payable in accordance with this Section 2.05(f) shall be presumed to be equal to the
liquidated damages sustained by the Term B-1 Facility Lenders as the result of the occurrence of the prepayment, repayment or amendment
event, and the Credit Parties agree that it is reasonable under the circumstances currently existing. Such prepayment, repayment
or amendment premium, if any, shall also be payable in the event the Term B-1 Facility Loans are satisfied or released by foreclosure
(whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE CREDIT PARTIES EXPRESSLY WAIVE
THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREPAYMENT,
REPAYMENT OR AMENDMENT PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Credit Parties expressly agree that (A) such prepayment,
repayment or amendment premium is reasonable and is the product of an arm’s length transaction between sophisticated business
people, ably represented by counsel, (B) such prepayment, repayment or amendment 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 Term B-1 Facility Lenders and
the Credit Parties giving specific consideration in this transaction for such agreement to pay such prepayment, repayment or amendment
premium, (D) the Credit Parties shall be estopped hereafter from claiming differently than as agreed to in this Section 2.5(g),
(E) their agreement to pay such prepayment, repayment or amendment premium is a material inducement to the Term B-1 Facility Lenders
to fund the Term B-1 Facility Loans, and (F) such prepayment, repayment or amendment premium represents a good faith, reasonable
estimate and calculation of the lost profits or damages of the Term B-1 Facility Lenders and that it would be impractical and extremely
difficult to ascertain the actual amount of damages to the Term B-1 Facility Lenders or profits lost by the Term B-1 Facility Lenders
as a result of such prepayment, repayment or amendment event.

 

    	 	-95-	 

     

    

 

SECTION 2.06.     
Lending Offices. The Loans of each Type made by each Lender shall be made and maintained
at such Lender’s Applicable Lending Office for Loans of such Type.

 

SECTION 2.07.     
Several Obligations of Lenders. The failure of any Lender to make any Loan to be made
by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Loan on such date, but neither
any Lender nor Administrative Agent shall be responsible for the failure of any other Lender to make a Loan to be made by such
other Lender, and no Lender shall have any obligation to Administrative Agent or any other Lender for the failure by such Lender
to make any Loan required to be made by such Lender. No Revolving Lender will be responsible for failure of any other Lender to
fund its participation in Letters of Credit.

 

SECTION 2.08.     
Notes; Register.

 

(a)               At
the request of any Lender, its Loans of a particular Class shall be evidenced by a promissory note, payable to such Lender (or
its nominee) and otherwise duly completed, substantially in the form of Exhibits A-1, A-2 and,
A-3 and A-4 hereto of such Lender’s Revolving Loans, Term
B Facility Loans and,
Swingline Loans and Term B-1 Facility Loans, respectively;
provided that any promissory notes issued in respect of New Term Loans, Other Term Loans, Extended Term Loans or New Revolving
Loans, Other Revolving Loans or Extended Revolving Loans shall be in such form as mutually agreed by Borrower and Administrative
Agent.

 

(b)               
The date, amount, Type, interest rate and duration of the Interest Period (if applicable) of each Loan of each Class made
by each Lender to Borrower and each payment made on account of the principal thereof, shall be recorded by such Lender (or its
nominee) on its books and, prior to any transfer of any Note evidencing the Loans of such Class held by it, endorsed by such Lender
(or its nominee) on the schedule attached to such Note or any continuation thereof; provided, however, that the failure
of such Lender (or its nominee) to make any such recordation or endorsement or any error in such recordation or endorsement shall
not affect the obligations of Borrower to make a payment when due of any amount owing hereunder or under such Note.

 

(c)               
Borrower hereby designates Administrative Agent to serve as its nonfiduciary agent, solely for purposes of this Section
2.08, to maintain a register (the “Register”) on which it will record the name and address of each Lender, the
Commitment from time to time of each of the Lenders, the principal amount of the Loans made by each of the Lenders (and the related
interest thereon) and each repayment in respect of the principal amount of the Loans of each Lender. Failure to make any such recordation
or any error in such recordation shall not affect Borrower’s obligations in respect of such Loans. The entries in the Register
shall be prima facie evidence of the information noted therein (absent manifest error), and the parties hereto shall treat each
Person whose name is recorded in the Register as the owner of a Loan or other obligation hereunder as the owner thereof for all
purposes of the Credit Documents, notwithstanding any notice to the contrary. The Register shall be available for inspection by
Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective
unless recorded in the Register; provided, however, that Administrative Agent agrees to record in the Register any assignment
entered into pursuant to the term hereof promptly after the effectiveness of such assignment.

 

SECTION 2.09.     
Optional Prepayments and Conversions or Continuations of Loans.

 

(a)                Subject
to Section 4.04, Borrower shall have the right to prepay Loans (without premium or penalty, except as provided in Section 2.09(c)
and Section 2.05(f)), or to convert Loans of one Type into
Loans of another Type or to continue Loans of one Type as Loans of the same Type, at any time or from time to time. Borrower shall
give Administrative Agent notice of each such prepayment, conversion or continuation as provided in Section 4.05 (and, upon the
date specified in any such notice of prepayment, the amount to be prepaid shall become due and payable hereunder; provided that
Borrower may make any such notice conditional upon the occurrence of a Person’s acquisition or sale or any incurrence of
indebtedness or issuance of Equity Interests). Each Notice of Continuation/Conversion shall be substantially in the form of Exhibit
C hereto. If LIBOR Loans are prepaid or converted other than on the last day of an Interest Period therefor, Borrower shall
at such time pay all expenses and costs required by Section 5.05. Notwithstanding the foregoing, and without limiting the rights
and remedies of the Lenders under Article XI, in the event that any Event of Default shall have occurred and be continuing, Administrative
Agent may (and, at the request of the Required Lenders, shall), upon written notice to Borrower, have the right to suspend the
right of Borrower to convert any Loan into a LIBOR Loan, or to continue any Loan as a LIBOR Loan, in which event all Loans shall
be converted (on the last day(s) of the respective Interest Periods therefor) or continued, as the case may be, as ABR Loans. Swingline
Loans may not be converted or continued.

 

    	 	-96-	 

     

    

 

(b)               
The amount of any optional prepayments described in Section 2.09(a) shall be applied to prepay Loans outstanding in order
of amortization, in amounts and to Tranches, all as determined by Borrower.

 

(c)               
Any prepayment of Term B Facility Loans pursuant to this Section 2.09 or Section 13.04(b) made prior to the date that is
six (6) months after the Closing Date in connection with any Repricing Transaction shall be subject to the fee described in Section
2.05(c).

 

(d)               Any
prepayment of Term B-1 Facility Loans pursuant to this Section 2.09 or Section 13.04(b) made on or prior to the date that is thirty
months after the 2020 Incremental Joinder Agreement Effective Date shall be subject to the fee described in Section 2.05(f).

 

SECTION 2.10.     
Mandatory Prepayments.

 

(a)               
Borrower shall prepay the Loans as follows (each such prepayment to be effected in each case in the manner, order and to
the extent specified in Section 2.10(b) below):

 

(i)              
Casualty Events. Within five (5) Business Days after Borrower or any Restricted Subsidiary receives any Net Available
Proceeds from any Casualty Event or any disposition pursuant to Section 10.05(l) (or notice of collection by Administrative Agent
of the same), in an aggregate principal amount equal to the Applicable Percentage of such Net Available Proceeds (it being understood
that applications pursuant to this Section 2.10(a)(i) shall not be duplicative of Section 2.10(a)(iii) below); provided,
however, that:

 

(x)       if
no Event of Default is then continuing or would arise therefrom, the Net Available Proceeds thereof shall not be required to be
so applied on such date to the extent that Borrower delivers an Officer’s Certificate to Administrative Agent stating that
an amount equal to such proceeds is intended to be used to fund the acquisition of Property used or usable in the business of (A)
if such Casualty Event relates to any Credit Party, any Credit Party or (B) if such Casualty Event relates to any other Company,
any Company, or repair, replace or restore the Property or other Property used or usable in the business of (A) if such Casualty
Event relates to any Credit Party, any Credit Party or (B) if such Casualty Event relates to any other Company, any Company (in
accordance with the provisions of the applicable Security Document in respect of which such Casualty Event has occurred, to the
extent applicable), in each case within (A) twelve (12) months following receipt of such Net Available Proceeds or (B) if Borrower
or the relevant Restricted Subsidiary enters into a legally binding commitment to reinvest such Net Available Proceeds within twelve
(12) months following receipt thereof, within the later of (1) one hundred and eighty (180) days following the date of such legally
binding commitment and (2) twelve (12) months following receipt of such Net Available Proceeds (provided that Borrower may
elect to deem expenditures that otherwise would be permissible reinvestments that occur prior to receipt of the proceeds of a Casualty
Event to have been reinvested in accordance with the provisions hereof, so long as such deemed expenditure shall have been made
no earlier than the applicable Casualty Event), and

 

    	 	-97-	 

     

    

 

(y)       if
all or any portion of such Net Available Proceeds not required to be applied to the prepayment of Loans pursuant to this Section
2.10(a)(i) is not so used within the period specified by clause (x) above, such remaining portion shall be applied on the last
day of such period as specified in Section 2.10(b).

 

(ii)              
Debt Issuance. Within five (5) Business Days after any Debt Issuance (including, for purposes of this Section 2.10(a)(ii),
Credit Agreement Refinancing Indebtedness) on or after the Closing Date, in an aggregate principal amount equal to 100% of the
Net Available Proceeds of such Debt Issuance; provided, that notwithstanding anything
to the contrary in Section 2.10(a) or (b) regarding the application of mandatory prepayments, the Net Available Proceeds of Credit
Agreement Refinancing Indebtedness shall be applied to the repayment of the applicable Refinanced Debt.

 

(iii)              
Asset Sales. Within five (5) Business Days after receipt by Borrower or any of its Restricted Subsidiaries of any
Net Available Proceeds from any Asset Sale pursuant to Section 10.05(c) or, to the extent required thereby, Section 10.05(s), in
an aggregate principal amount equal to the Applicable Percentage of the Net Available Proceeds from such Asset Sale or other disposition
(it being understood that applications pursuant to this Section 2.10(a)(iii) shall not be duplicative of Section 2.10(a)(i) above);
provided, however, that:

 

(x)       an
amount equal to the Net Available Proceeds from any Asset Sale pursuant to Section 10.05(c) shall not be required to be applied
as provided above on such date if (1) no Event of Default is then continuing; or would arise therefrom and (2) Borrower delivers
an Officer’s Certificate to Administrative Agent stating that an amount equal to such Net Available Proceeds is intended
to be reinvested, directly or indirectly, in assets (which may be pursuant to an acquisition of Equity Interests of a Person that
directly or indirectly owns such assets) otherwise permitted under this Agreement of (A) if such Asset Sale was effected by any
Credit Party, any Credit Party, and (B) if such Asset Sale was effected by any other Company, any Company, in each case within
(x) twelve (12) months following receipt of such Net Available Proceeds or (y) if Borrower or the relevant Restricted Subsidiary
enters into a legally binding commitment to reinvest such Net Available Proceeds within twelve (12) months following receipt thereof,
within the later of (A) one hundred and eighty (180) days following the date of such legally binding commitment and (B) twelve
(12) months following receipt of such Net Available Proceeds (which certificate shall set forth the estimates of the proceeds to
be so expended) (provided that Borrower may elect to deem expenditures that otherwise would be permissible reinvestments
that occur prior to receipt of the proceeds of an Asset Sale to have been reinvested in accordance with the provisions hereof,
so long as such deemed expenditure shall have been made no earlier than the earlier of execution of a definitive agreement for
such Asset Sale and the consummation of such Asset Sale); and

 

    	 	-98-	 

     

    

 

(y)       if
all or any portion of such Net Available Proceeds is not reinvested in assets in accordance with the Officer’s Certificate
referred to in clause (x) above within the period specified by clause (x) above, such remaining portion shall be applied on the
last day of such period as specified in Section 2.10(b).

 

(iv)              
Excess Cash Flow. For each fiscal year (commencing with the fiscal year ending December 31, 2020), not later than
five (5) Business Days after the date on which the financial statements of Borrower referred to in Section 9.04(b) for such fiscal
year are required to be delivered to Administrative Agent, Borrower shall prepay, in accordance with subsection (b) below, the
principal amount of the Loans in an amount equal to (x) the Applicable ECF Percentage of Excess Cash Flow for such fiscal year
to extent in excess of $5.0 million, minus (y) the principal amount of (i) Term Loans voluntarily prepaid pursuant to Section
2.09, 2.11, 13.04(b), 13.05(d) (limited to the amount of cash actually paid) and 13.05(k) during such fiscal year (or, at Borrower’s
election, after such fiscal year and prior to the date the applicable Excess Cash Flow prepayment is due (without duplication of
amounts deducted from Excess Cash Flow in any other period)) plus (ii) Revolving Loans voluntarily prepaid pursuant to Section
2.09, 2.11, 13.04(b), 13.04(h), 13.05(d) (limited to the amount of cash actually paid) and 13.05(k) to the extent accompanied by
an equivalent permanent reduction of the Total Revolving Commitments during such fiscal year (or, at Borrower’s election,
after such fiscal year and prior to the date the applicable Excess Cash Flow prepayment is due (without duplication of amounts
deducted from Excess Cash Flow in any other period)), plus (iii) Other First Lien Indebtedness voluntarily prepaid (and,
to the extent consisting of revolving loans, so long as accompanied by a permanent reduction of the underlying commitments) during
such fiscal year (or, at Borrower’s election, after such period and prior to the date the applicable Excess Cash Flow prepayment
is due (without duplication of amounts deducted from Excess Cash Flow in any other period)) to the extent the amount of such Other
First Lien Indebtedness so prepaid is not proportionally larger than the amount of Term Loans so prepaid according to the respective
principal amounts of Other First Lien Indebtedness and Term Loans as of the beginning of the applicable fiscal year plus the principal
amount of any additional Other First Lien Indebtedness or Term Loans incurred during the applicable fiscal year or other applicable
period, in each case, except to the extent financed with the proceeds of Indebtedness (other than revolving Indebtedness) of Borrower
or its Restricted Subsidiaries.

 

(v)              
[reserved].

 

(vi)              
Prepayments Not Required. Notwithstanding any other provisions of this Section 2.10(a), to the extent that any of
or all the Net Available Proceeds of any Asset Sale or Casualty Event with respect to any property or assets of Foreign Subsidiaries
or any Excess Cash Flow attributable to Foreign Subsidiaries, are prohibited or delayed by applicable local law from being repatriated
to the United States, an amount equal to the portion of such Net Available Proceeds or Excess Cash Flow so affected will not be
required to be applied to repay Loans at the times provided in this Section 2.10(a) so long as applicable local law does not permit
repatriation to the United States (Borrower hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all commercially
reasonable actions required by the applicable local law to permit such repatriation), and once such repatriation of any of such
affected Net Available Proceeds or Excess Cash Flow is permitted under the applicable local law, (x) an amount equal to such Net
Available Proceeds shall be reinvested pursuant to Section 2.10(a)(i) or (iii), as applicable, or applied pursuant to Section 2.10(b)
within five (5) Business Days of such repatriation, and (y) an amount equal to such Excess Cash Flow shall be applied pursuant
to Section 2.10(b) within five (5) Business Days of such repatriation. To the extent Borrower determines in good faith that repatriation
of any of or all the Net Available Proceeds of any Asset Sale or Casualty Event with respect to any property or assets of Foreign
Subsidiaries or any Excess Cash Flow attributable to Foreign Subsidiaries would result in a material (as determined by Borrower
in its reasonable discretion) adverse Tax liability to Borrower or any of its Subsidiaries (including any material (as determined
by Borrower in its reasonable discretion) adverse withholding Tax), the applicable mandatory prepayment shall be reduced by the
Net Available Proceeds or Excess Cash Flow so affected (the “Restricted Amount”) until such time as Borrower
determines in good faith that repatriation of the Restricted Amount may occur without incurring such material Tax liability, at
which time, (x) an amount equal to any such Net Available Proceeds shall be reinvested pursuant to Section 2.10(a)(i) or (iii),
as applicable, or applied pursuant to Section 2.10(b) within five (5) Business Days of such repatriation, and (y) an amount equal
to any such Excess Cash Flow shall be applied pursuant to Section 2.10(b) within five (5) Business Days of such repatriation.

 

    	 	-99-	 

     

    

 

(vii)              
Prepayments of Other First Lien Indebtedness. Notwithstanding the foregoing provisions of Section 2.10(a)(i), (ii),
(iii), (iv) or otherwise, any Net Available Proceeds from any such Casualty Event, Debt Issuance or Asset Sale and any such Excess
Cash Flow otherwise required to be applied to prepay the Loans may, at Borrower’s option, be applied to prepay the principal
amount of Other First Lien Indebtedness only to (and not in excess of) the extent to which a mandatory prepayment in respect of
such Casualty Event, Debt Issuance, Asset Sale or Excess Cash Flow is required under the terms of such Other First Lien Indebtedness
(with any remaining Net Available Proceeds or Excess Cash Flow, as applicable, applied to prepay outstanding Loans in accordance
with the terms hereof), unless such application would result in the holders of Other First Lien Indebtedness receiving in excess
of their pro rata share (determined on the basis of the aggregate outstanding principal amount of Term Loans and Other First
Lien Indebtedness at such time) of such Net Available Proceeds or Excess Cash Flow, as applicable, relative to Lenders, in which
case such Net Available Proceeds or Excess Cash Flow, as applicable, may only be applied to prepay the principal amount of Other
First Lien Indebtedness on a pro rata basis with outstanding Term Loans. To the extent the holders of Other First Lien Indebtedness
decline to have such indebtedness repurchased, repaid or prepaid with any such Net Available Proceeds or Excess Cash Flow, as applicable,
the declined amount of such Net Available Proceeds or Excess Cash Flow, as applicable, shall promptly (and, in any event, within
ten (10) Business Days after the date of such rejection) be applied to prepay Loans in accordance with the terms hereof (to the
extent such Net Available Proceeds or Excess Cash Flow, as applicable, would otherwise have been required to be applied if such
Other First Lien Indebtedness was not then outstanding). Any such application to Other First Lien Indebtedness shall reduce any
prepayments otherwise required hereunder by an equivalent amount.

 

(b)               
Application. The amount of any mandatory prepayments described in Section 2.10(a) shall be applied to prepay Loans
as follows:

 

(i)                First,
to the outstanding Term Loans in order of amortization, in amounts and to Tranches, all as directed by Borrower; provided
that mandatory prepayments may not be directed to a later maturing Class of Term Loans without at least pro rata repayment of any
related earlier maturing Class of Term Loans; provided,
further, that mandatory prepayments may not be allocated to the Term B-1 Facility Loans on a less than pro rata basis with
the Term B Facility Loans or to the Term B Facility Loans on a less than pro rata basis with the Term B-1 Facility Loans;

 

    	 	-100-	 

     

    

 

(ii)              
Second, after such time as no Term Loans or Permitted First Priority Refinancing Debt in respect of Term Loans remain
outstanding, (x) to repay all outstanding Swingline Loans, (y) after such time as no Swingline Loans are outstanding, to prepay
all outstanding Revolving Loans (in each case, with a corresponding permanent reduction in the Revolving Commitments) and (z) after
such time as no Revolving Loans are outstanding, to Cash Collateralize all outstanding Letters of Credit in an amount equal to
the Minimum Collateral Amount; and

 

(iii)              
Third, after application of prepayments in accordance with clauses (i) and (ii) above, Borrower shall be permitted
to retain any such remaining excess;

 

provided,
that the Net Available Proceeds of any Credit Agreement Refinancing Indebtedness shall be applied to the applicable Refinanced
Debt.

 

Notwithstanding the
foregoing, any Lender holding Term Loans may elect, by written notice to Administrative Agent at least one (1) Business Day prior
to the prepayment date, to decline all or any portion of any prepayment of its Term Loans, pursuant to this Section 2.10(a)(i),
(iii) or (iv) (the “Declined Amounts”).

 

Notwithstanding the
foregoing, if the amount of any prepayment of Loans required under this Section 2.10 shall be in excess of the amount of the ABR
Loans at the time outstanding, only the portion of the amount of such prepayment as is equal to the amount of such outstanding
ABR Loans shall be immediately prepaid and, at the election of Borrower, the balance of such required prepayment shall be either
(i) deposited in the Collateral Account and applied to the prepayment of LIBOR Loans on the last day of the then next-expiring
Interest Period for LIBOR Loans (with all interest accruing thereon for the account of Borrower) or (ii) prepaid immediately, together
with any amounts owing to the Lenders under Section 5.05. Notwithstanding any such deposit in the Collateral Account, interest
shall continue to accrue on such Loans until prepayment.

 

(c)               
Revolving Credit Extension Reductions. Until the final R/C Maturity Date, Borrower shall from time to time immediately
prepay the Revolving Loans (and/or provide Cash Collateral in an amount equal to the Minimum Collateral Amount for, or otherwise
backstop (with a letter of credit on customary terms reasonably acceptable to the applicable L/C Lender and Administrative Agent),
outstanding L/C Liabilities) in such amounts as shall be necessary so that at all times (a) the aggregate outstanding amount of
the Revolving Loans and the Swingline Loans, plus, the aggregate outstanding L/C Liabilities shall not exceed the Total
Revolving Commitments as in effect at such time and (b) the aggregate outstanding amount of the Revolving Loans of any Tranche
and Swingline Loans allocable to such Tranche, plus the aggregate outstanding L/C Liabilities under such Tranche shall not
exceed the aggregate Revolving Commitments of such Tranche as in effect at such time.

 

(d)                Prepayment
of Term B Facility Loans and Term B-1 Facility Loans.
Any prepayment of Term B Facility Loans pursuant to Section 2.10(a)(ii) made prior to the date that is six (6) months after the
Closing Date in connection with any Repricing Transaction shall be subject to the fee described in Section 2.05(c). Any
prepayment of Term B-1 Facility Loans pursuant to this Section 2.10 (other than Section 2.10(a)(iv)) made on or prior to the date
that is thirty months after the 2020 Incremental Joinder Agreement Effective Date shall be subject to the fee described in Section
2.05(f).

 

    	 	-101-	 

     

    

 

(e)               
Outstanding Letters of Credit. If any Letter of Credit is outstanding on the 30th day prior to the next succeeding
R/C Maturity Date which has an expiry date later than the fifth Business Day preceding such R/C Maturity Date (or which, pursuant
to its terms, may be extended to a date later than the fifth Business Day preceding such R/C Maturity Date), then (i) if one or
more Tranches of Revolving Commitments with a R/C Maturity Date after such R/C Maturity Date are then in effect, such Letters of
Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders with Revolving
Commitments to purchase participations therein and to make Revolving Loans and payments in respect thereof and the commissions
applicable thereto), effective as of such R/C Maturity Date, solely under (and ratably participated by Revolving Lenders pursuant
to) the Revolving Commitments in respect of such non-terminating Tranches of Revolving Commitments, if any, up to an aggregate
amount not to exceed the aggregate principal amount of the unutilized Revolving Commitments thereunder at such time, and (ii) to
the extent not capable of being reallocated pursuant to clause (i) above, Borrower shall, on such 30th day (or on such later day
as such Letters of Credit become incapable of being reallocated pursuant to clause (i) above due to the termination, reduction
or utilization of any relevant Revolving Commitments), either (x) Cash Collateralize all such Letters of Credit in an amount not
less than the Minimum Collateral Amount with respect to such Letters of Credit (it being understood that such Cash Collateral shall
be released to the extent that the aggregate Stated Amount of such Letters of Credit is reduced upon the expiration or termination
of such Letters of Credit, so that the Cash Collateral shall not exceed the Minimum Collateral Amount with respect to such Letters
of Credit outstanding at any particular time) or (y) deliver to the applicable L/C Lender a standby letter of credit (other than
a Letter of Credit) in favor of such L/C Lender in a stated amount not less than the Minimum Collateral Amount with respect to
such Letters of Credit, which standby letter of credit shall be in form and substance, and issued by a financially sound financial
institution, reasonably acceptable to such L/C Lender and Administrative Agent. Except to the extent of reallocations of participations
pursuant to clause (i) above, the occurrence of a R/C Maturity Date shall have no effect upon (and shall not diminish) the percentage
participations of the Revolving Lenders of the relevant Tranche in any Letter of Credit issued before such R/C Maturity Date. For
the avoidance of doubt, the parties hereto agree that upon the occurrence of any reallocations of participations pursuant to clause
(i) above and, if necessary, the taking of the actions in described clause (ii) above, all participations in Letters of Credit
under the terminated Revolving Commitments shall terminate.

 

SECTION 2.11.     
Replacement of Lenders.

 

(a)               
Borrower shall have the right to replace any Lender (the “Replaced Lender”) with one or more other Eligible
Assignees (collectively, the “Replacement Lender”), if (x) such Lender is charging Borrower increased costs
pursuant to Section 5.01 or requires Borrower to pay any Covered Taxes or additional amounts to such Lender or any Governmental
Authority for the account of such Lender pursuant to Section 5.06 or such Lender becomes incapable of making LIBOR Loans as provided
in Section 5.03 when other Lenders are generally able to do so, (y) such Lender is a Defaulting Lender or (z) such Lender is subject
to a Disqualification; provided, however, that (i) at the time of any such replacement, the Replacement Lender shall
enter into one or more Assignment Agreements (and with all fees payable pursuant to Section 13.05(b) to be paid by the Replacement
Lender or Borrower) pursuant to which the Replacement Lender shall acquire all of the Commitments and outstanding Loans of, and
in each case L/C Interests of, the Replaced Lender (or if the Replaced Lender is being replaced as a result of being a Defaulting
Lender, then the Replacement Lender shall acquire all Revolving Commitments, Revolving Loans and L/C Interests of such Replaced
Lender under one or more Tranches of Revolving Commitments or, at the option of Borrower and such Replacement Lender, all other
Loans and Commitments held by such Defaulting Lender), (ii) at the time of any such replacement, the Replaced Lender shall receive
an amount equal to the sum of (A) the principal of, and all accrued interest on, all outstanding Loans of such Lender (other
than any Loans not being acquired by a Replacement Lender), (B) all Reimbursement Obligations owing to such Lender, together
with all then unpaid interest with respect thereto at such time, in the event Revolving Loans or Revolving Commitments owing to
such Lender are being repaid and terminated or acquired, as the case may be, and (C) all accrued, but theretofore unpaid,
fees owing to the Lender pursuant to Section 2.05 with respect to the Loans being assigned, as the case may be and (iii) all
obligations of Borrower owing to such Replaced Lender (other than those specifically described in clause (i) above in respect of
Replaced Lenders for which the assignment purchase price has been, or is concurrently being, paid, and other than those relating
to Loans or Commitments not being acquired by a Replacement Lender, but including any amounts which would be paid to a Lender pursuant
to Section 5.05 if Borrower were prepaying a LIBOR Loan), as applicable, shall be paid in full to such Replaced Lender, as applicable,
concurrently with such replacement, as the case may be. Upon the execution of the respective Assignment Agreement, the payment
of amounts referred to in clauses (i), (ii) and (iii) above, as applicable, and the receipt of any consents that would be required
for an assignment of the subject Loans and Commitments to such Replacement Lender in accordance with Section 13.05, the Replacement
Lender, if any, shall become a Lender hereunder and the Replaced Lender, as applicable, shall cease to constitute a Lender hereunder
and be released of all its obligations as a Lender, except with respect to indemnification provisions applicable to such Lender
under this Agreement, which shall survive as to such Lender and, in the case of any Replaced Lender, except with respect to Loans,
Commitments and L/C Interests of such Replaced Lender not being acquired by the Replacement Lender; provided, that if the
applicable Replaced Lender does not execute the Assignment Agreement within three (3) Business Days (or such shorter period as
is acceptable to Administrative Agent) after Borrower’s request, execution of such Assignment Agreement by the Replaced Lender
shall not be required to effect such assignment.

 

    	 	-102-	 

     

    

 

(b)               
If Borrower receives a notice from any applicable Gaming/Racing Authority or otherwise reasonably determines that any Lender
is subject to a Disqualification (and such Lender is notified by Borrower and Administrative Agent in writing of such Disqualification),
Borrower shall have the right to replace such Lender with a Replacement Lender in accordance with Section 2.11(a) or prepay
the Loans held by such Lender, in each case, in accordance with any applicable provisions of Section 2.11(a), even if a Default
or an Event of Default exists (notwithstanding anything contained in such Section 2.11(a) to the contrary). Any such prepayment
shall be deemed an optional prepayment, as set forth in Section 2.09 and shall not be required to be made on a pro rata
basis with respect to Loans of the same Tranche as the Loans held by such Lender (and in any event shall not be deemed to be a
Repricing Transaction). Notice to such Lender shall be given at least ten (10) days before the required date of transfer or prepayment
(unless a shorter period is required by any Requirement of Law and/or any Gaming/Racing License), as the case may be, and shall
be accompanied by evidence demonstrating that such Lender is subject to a Disqualification or such transfer or redemption is otherwise
required pursuant to Gaming/Racing Laws and/or any Gaming/Racing License. Upon receipt of a notice in accordance with the foregoing,
the Replaced Lender shall cooperate with Borrower in effectuating the required transfer or prepayment within the time period set
forth in such notice, not to be less than the minimum notice period set forth in the foregoing sentence (unless a shorter period
is required under any Requirement of Law and/or any Gaming/Racing License). Further, if the transfer or prepayment is triggered
by notice from a Gaming/Racing Authority that the Lender is subject to a Disqualification, commencing on the date such Gaming/Racing
Authority serves the notice of Disqualification upon Borrower, to the extent prohibited by any Requirement of Law and/or by any
Gaming/Racing License: (i) such Lender shall no longer receive any interest on the Loans; (ii) such Lender shall no longer
exercise, directly or through any trustee or nominee, any right conferred by the Loans; and (iii) such Lender shall not receive
any remuneration in any form from Borrower for services or otherwise in respect of the Loans.

 

    	 	-103-	 

     

    

 

SECTION 2.12.     
Incremental Loan Commitments.

 

(a)               
Borrower Request. Borrower may, at any time, by written notice to Administrative Agent, request (i) the establishment
of one or more new Tranches of Revolving Commitments (“New Revolving Commitments” and the related Revolving
Loans, “New Revolving Loans”), (ii) an increase to the Closing Date Revolving Commitments (“Incremental
Existing Tranche Revolving Commitments”), (iii) the establishment of additional Term B Facility Loans with terms and
conditions identical to the terms and conditions of existing Term B Facility Loans hereunder (“Incremental Term B Loans”
and the related commitments, “Incremental Term B Loan Commitments”), and/or (iv) the establishment of one
or more new Tranches of term loans (“New Term Loans” and the related commitments, “New Term Loan Commitments”);
provided, however, that (x) the aggregate amount of New Revolving Commitments, Incremental Existing Tranche Revolving
Commitments, New Term Loans and Incremental Term B Loans incurred on such date shall not exceed the Incremental Loan Amount as
of such date and (y) any such request for Incremental Commitments shall be in a minimum amount of $25.0 million and integral
multiples of $1.0 million above such amount. Borrower may request Incremental Commitments from existing Lenders and from Eligible
Assignees; provided, however, that (A) any existing Lender approached to provide all or a portion of the Incremental
Commitments may elect or decline, in its sole discretion, to provide all or any portion of such Incremental Commitments offered
to it and (B) any potential Lender that is not an existing Lender and agrees to make available an Incremental Commitment shall
be required to be an Eligible Assignee and shall require approval by Administrative Agent (such approval not to be unreasonably
withheld or delayed).

 

(b)               
Incremental Effective Date. The Incremental Commitments shall be effected by a joinder agreement to this Agreement
(the “Incremental Joinder Agreement”) executed by Borrower, Administrative Agent and each Lender making or providing
such Incremental Commitment, in form and substance reasonably satisfactory to each of them, subject, however, to the satisfaction
of the conditions precedent set forth in this Section 2.12. The Incremental Joinder Agreement may, without the consent of
any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate,
in the opinion of Administrative Agent, to effect the provisions of this Section 2.12. Administrative Agent and Borrower shall
determine the effective date (each, an “Incremental Effective Date”) of any Incremental Commitments and the
final allocation of such Incremental Commitments. The effectiveness of any such Incremental Commitments shall be subject solely
to the satisfaction of the following conditions to the reasonable satisfaction of Administrative Agent:

 

(i)              
Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative
Agent in connection with any such Incremental Commitments;

 

(ii)              
an Incremental Joinder Agreement shall have been duly executed and delivered by Borrower, Administrative Agent and each
Lender making or providing such Incremental Commitment;

 

(iii)              
no Event of Default shall have occurred and be continuing or would exist immediately after giving effect to such Incremental
Commitments; provided that, if the proceeds of Incremental Term B Loan Commitments or New Term Loan Commitments are being
used in connection with a Limited Condition Transaction substantially concurrently upon the receipt thereof, the Lenders providing
such Incremental Term B Loan Commitments or New Term Loan Commitments may waive such condition (other than an Event of Default
specified in Section 11.01(b) or 11.01(c) or an Event of Default specified in Section 11.01(g) or 11.01(h) with respect to Borrower);

 

    	 	-104-	 

     

    

 

(iv)              
the representations and warranties set forth herein and in the other Credit Documents shall be true and correct in all material
respects on and as of such Incremental Effective Date as if made on and as of such 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
in all material respects as of such earlier date); provided that, any representation and warranty that is qualified as to
 “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects
on such dates; provided, further, that, with respect to any Incremental Term B Loan Commitments or New Term Loan
Commitments the proceeds of which are used primarily to fund a Limited Condition Transaction substantially concurrently upon the
receipt thereof, the only representations and warranties the making of which shall be a condition to the effectiveness of such
Incremental Term B Loan Commitments or New Term Loan Commitments and the funding thereof shall be (except as otherwise agreed by
Borrower and the Lenders providing such Incremental Term B Loan Commitments or New Term Loan Commitments) (x) the Specified Representations
and (y) if applicable, the representations and warranties contained in the acquisition agreement relating to such Permitted Acquisition
or other Acquisition as are material to the interests of the Lenders, but only to the extent that Borrower or any of its Affiliates
have the right to terminate its or their obligations under such acquisition agreement as a result of a breach of such representations
and warranties in such acquisition agreement;

 

(v)              
[reserved];

 

(vi)              
[reserved];

 

(vii)              
without the written consent of the Required Tranche Lenders with respect to any Tranches of then-existing Revolving Commitments
that have a maturity date after the proposed maturity date of any New Revolving Commitments, the final stated maturity of any New
Revolving Commitments shall not be earlier than the then-existing latest R/C Maturity Date with respect to the then-existing Tranches
of Revolving Commitments;

 

(viii)              
other than customary “bridge” facilities (so long as the long term debt into which any such customary “bridge”
facility is to be automatically converted satisfies the requirements of this clause (viii)), (x) the final stated maturity of any
New Term Loans shall not be earlier than the then-existing Final Maturity Date with respect to any then-existing Tranche of Term
Loans, and (y) the Weighted Average Life to Maturity of any New Term Loans shall be no shorter than the Weighted Average Life to
Maturity of any then-existing Tranche of Term Loans (without giving effect to the effect of prepayments made under any existing
Tranche of Term Loans on amortization); it being understood that, subject to the foregoing, the amortization schedule applicable
to such New Term Loans shall be determined by Borrower and the lenders of such New Term Loans and set forth in the applicable Incremental
Joinder Agreement;

 

(ix)              
the yields and interest rate margins and, except as set forth in clauses (vii) and (viii) of this Section 2.12(b), amortization
schedule, applicable to any New Revolving Commitments and New Term Loans shall be as determined by Borrower and the holders of
such Indebtedness;

 

    	 	-105-	 

     

    

 

(x)                 except
as set forth in Section 2.12(a) and in clauses (i) – (ix) of this Section 2.12(b), the terms (excluding maturity, amortization,
pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) of any New Revolving Commitments or
New Term Loans shall be (as determined by Borrower in good faith) substantially identical to the terms of the Revolving Commitments
or the Term B Facility Loans and the Term B-1 Facility Loans,
as applicable, as existing on the date of incurrence of such New Revolving Commitments or New Term Loans except, to the extent
such terms (x) at the option of Borrower (1) reflect market terms and conditions (taken as a whole) at the time of incurrence or
issuance (as determined by Borrower in good faith); provided that, if any financial maintenance covenant is added for the
benefit of any New Revolving Commitments or New Term Loans, such financial maintenance covenant (together with any “equity
cure” provisions) shall also be applicable to each corresponding Class (except to the extent such financial maintenance covenant
applies only to periods after the maturity date applicable to such Class) or (2) are not materially more restrictive to Borrower
(as determined by Borrower in good faith), when taken as a whole, than the terms of the Term B Facility Loans and
the Term B-1 Facility Loans or the Revolving Facility, as the case may be (except for covenants or other provisions
applicable only after the Final Maturity Date (in the case of term Indebtedness) or the latest R/C Maturity Date (in the case of
revolving Indebtedness)) (it being understood that any New Revolving Commitments or New Term Loans may provide for the ability
to participate (i) with respect to any borrowings, voluntary prepayments or voluntary commitment reductions, on a pro rata basis,
greater than pro rata basis or less than pro rata basis with the applicable Loans or facility and (ii) with respect to any mandatory
prepayments, on a pro rata basis or less than pro rata basis with the applicable Loans (and on a greater than pro rata basis with
respect to prepayments of any such New Revolving Commitments or New Term Loans with the proceeds of permitted refinancing Indebtedness),
or (y) are (1) added to the Term B Facility Loans and the Term B-1 Facility
Loans or Revolving Facility, as applicable or (2) applicable only after the Final Maturity Date (in the case of term
Indebtedness) or the latest R/C Maturity Date (in the case of revolving Indebtedness);

 

(xi)              
any Incremental Term B Loans (and the corresponding Incremental Term Loan Commitments) shall have terms substantially identical
to the terms of the existing Term Loans (and the existing Term Loan Commitments) of the relevant Tranche hereunder; provided,
however, that upfront fees or original issue discount may be paid to Lenders providing such Incremental Term B Loans as
agreed by such Lenders and Borrower, and the conditions applicable to the incurrence of such Incremental Term B Loans (and the
corresponding Incremental Term Loan Commitments) shall be as provided in this Section 2.12; provided, further, that the
applicable Incremental Joinder Agreement shall make appropriate adjustments to Section 3.01(c) to address such Incremental Term
B Loans, as applicable, including such adjustments as are necessary to provide for the “fungibility” of such Incremental
Term B Loans with the existing Term B Facility Loans; and

 

(xii)              
any Incremental Existing Tranche Revolving Commitments shall have terms substantially identical to the terms of the existing
Revolving Commitments of the relevant Tranche hereunder; provided, however, that upfront fees may be paid to Lenders
providing such Incremental Existing Tranche Revolving Commitments as agreed by such Lenders and Borrower, and the conditions applicable
to the incurrence of such Incremental Existing Tranche Revolving Commitments shall be as provided in this Section 2.12.

 

Upon the effectiveness of any Incremental
Commitment pursuant to this Section 2.12, any Person providing an Incremental Commitment that was not a Lender hereunder immediately
prior to such time shall become a Lender hereunder. Administrative Agent shall promptly notify each Lender as to the effectiveness
of any Incremental Commitments, and (i) in the case of Incremental Revolving Commitments, the Total Revolving Commitments under,
and for all purpose of this Agreement, shall be increased by the aggregate amount of such Incremental Revolving Commitments, (ii)
any New Revolving Loans shall be deemed to be additional Revolving Loans hereunder, (iii) any Revolving Loans made under Incremental
Existing Tranche Revolving Commitments shall be deemed to be Revolving Loans of the relevant Tranche hereunder, (iv) any Incremental
Term B Loans (to the extent funded) shall be deemed to be Term B Facility Loans hereunder and (v) any New Term Loans shall be deemed
to be additional Term Loans hereunder. Notwithstanding anything to the contrary contained herein, Borrower, Collateral Agent and
Administrative Agent may (and each of Collateral Agent and Administrative Agent are authorized by each other Secured Party to)
execute such amendments and/or amendments and restatements of any Credit Documents as may be necessary or advisable to effectuate
the provisions of this Section 2.12. Such amendments may include provisions allowing any Incremental Term B Loans or New Term Loans
to be treated on the same basis as Term B Facility Loans in connection with declining prepayments. In connection with the incurrence
of any Incremental Term B Loans, Borrower shall be permitted to terminate any Interest Period applicable to Term B Facility Loans
on the date such Incremental Term B Loans are incurred. In connection with the incurrence of any Incremental Existing Tranche Revolving
Commitments and related Revolving Loans, Borrower shall be permitted to terminate any Interest Period applicable to Revolving Loans
under the applicable existing Tranche of Revolving Commitments on the date such Revolving Loans are first incurred under such Incremental
Existing Tranche Revolving Commitments.

 

    	 	-106-	 

     

    

 

Notwithstanding anything
to the contrary in this Section 2.12 or this Agreement, if the proceeds of any Incremental Commitments are being used to finance
a Limited Condition Transaction or similar Investment permitted hereunder and the Incremental Lenders providing such Incremental
Commitments so agree, the availability thereof shall be subject to customary “SunGard” or “certain funds”
conditionality; provided, that the amount of any Incremental Commitments under the Incremental Incurrence-Based Amount determined
at the time of signing of definitive documentation with respect to, or giving of notice with respect to, a Limited Condition Transaction
may be recalculated, at the option of Borrower, at the time of funding.

 

(c)               Terms
of Incremental Commitments and Loans. Except as set forth herein, the yield applicable to the Incremental Revolving Commitments
and Incremental Term Loans shall be determined by Borrower and the applicable new Lenders and shall be set forth in each applicable
Incremental Joinder Agreement; provided, however, that (1)
in the case of any Incremental Term B Loans or New Term Loans incurred prior to the date that is twelve (12) months after the Closing
Date (excluding any such Incremental Term B Loans or New Term Loans (i) incurred primarily for the purpose of funding a Permitted
Acquisition or (ii) that have a maturity date no earlier than 12 months after the Term B Facility Maturity Date then in effect),
if the All-In Yield applicable to such Incremental Term B Loans or New Term Loans is greater than the All-In Yield payable pursuant
to the terms of this Agreement as amended through the date of such calculation with respect to Term B Facility Loans, plus
50 basis points per annum, then the interest rate with respect to the Term B Facility Loans shall be increased (pursuant to the
applicable Incremental Joinder Agreement) so as to cause the then applicable All-In Yield under this Agreement on the Term B Facility
Loans to equal the All-In Yield then applicable to the Incremental Term B Loans or New Term Loans, minus 50 basis points;
provided, however, that any increase in All-In Yield due to such Incremental Term Loans having a higher LIBO Rate
floor or Alternate Base Rate floor shall, as the election of Borrower, be reflected solely as an increase to the applicable LIBO
Rate floor or Alternate Base Rate floor, as applicable, for the Term B Facility.
and (2) in the case of any Incremental Term B Loans or New Term Loans
incurred after the 2020 Incremental Joinder Agreement Effective Date, if the All-In Yield applicable to such Incremental Term B
Loans or New Term Loans is greater than the All-In Yield payable pursuant to the terms of this Agreement as amended through the
date of such calculation with respect to Term B-1 Facility Loans, plus 50 basis points per annum, then the interest rate
with respect to the Term B-1 Facility Loans shall be increased (pursuant to the applicable Incremental Joinder Agreement) so as
to cause the then applicable All-In Yield under this Agreement on the Term B-1 Facility Loans to equal the All-In Yield then applicable
to the Incremental Term B Loans or New Term Loans, minus 50 basis points; provided, however, that any increase
in All-In Yield due to such Incremental Term Loans having a higher LIBO Rate floor or Alternate Base Rate floor shall, as the election
of Borrower, be reflected solely as an increase to the applicable LIBO Rate floor or Alternate Base Rate floor, as applicable,
for the Term B-1 Facility.

 

    	 	-107-	 

     

    

 

(d)               
Adjustment of Revolving Loans. To the extent the Revolving Commitments are being increased on the relevant Incremental
Effective Date (whether through New Revolving Commitments or through Incremental Existing Tranche Revolving Commitments), then
each of the Revolving Lenders having a Revolving Commitment prior to such Incremental Effective Date (such Revolving Lenders the
 “Pre-Increase Revolving Lenders”) shall assign or transfer to any Revolving Lender which is acquiring a new
or additional Revolving Commitment on the Incremental Effective Date (the “Post-Increase Revolving Lenders”),
and such Post-Increase Revolving Lenders shall purchase from each such Pre-Increase Revolving Lender, at the principal amount thereof,
such interests in the Revolving Loans and participation interests in L/C Liabilities and Swingline Loans (but not, for the avoidance
of doubt, the related Revolving Commitments) outstanding on such Incremental Effective Date as shall be necessary in order that,
after giving effect to all such assignments or transfers and purchases, such Revolving Loans and participation interests in L/C
Liabilities and Swingline Loans will be held by Pre-Increase Revolving Lenders and Post-Increase Revolving Lenders ratably in accordance
with their Revolving Commitments after giving effect to such Incremental Revolving Commitments (and after giving effect to any
Revolving Loans made on the relevant Incremental Effective Date). Such assignments or transfers and purchases shall be made pursuant
to such procedures as may be designated by Administrative Agent and shall not be required to be effectuated in accordance with
Section 13.05. For the avoidance of doubt, Revolving Loans and participation interests in L/C Liabilities and Swingline Loans assigned
or transferred and purchased (or re-allocated) pursuant to this Section 2.12(d) shall, upon receipt thereof by the relevant Post-Increase
Revolving Lenders, be deemed to be Revolving Loans and participation interests in L/C Liabilities and Swingline Loans in respect
of the relevant new or additional Revolving Commitments acquired by such Post-Increase Revolving Lenders on the relevant Incremental
Effective Date and the terms of such Revolving Loans and participation interests (including, without limitation, the interest rate
and maturity applicable thereto) shall be adjusted accordingly. In addition, the L/C Sublimit may be increased by an amount not
to exceed the amount of any increase in Revolving Commitments with the consent of the applicable L/C Lenders that agreed to provide
Letters of Credit under such increase in the L/C Sublimit and the holders of Incremental Revolving Commitments providing such increase
in Revolving Commitments.

 

(e)               
Equal and Ratable Benefit. The Loans and Commitments established pursuant to this Section 2.12 shall (i) constitute
Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Credit Documents,
(ii) without limiting the foregoing, benefit equally and ratably from the Guarantees and security interests created by the Security
Documents, (iii) rank pari passu in right of payment and/or with respect to security with the then-existing Tranche of Term
Loans and then-existing tranche of Revolving Loans, (iv) not be secured by any assets other than the Collateral; and (v) not be
guaranteed by any person other than a Guarantor. The Credit Parties shall take any actions reasonably required by Administrative
Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents continue to secure all
the Obligations and continue to be perfected under the UCC or otherwise after giving effect to the establishment of any Incremental
Commitments or the funding of Loans thereunder, including, without limitation, the procurement of title insurance endorsements
reasonably requested by and satisfactory to Administrative Agent.

 

    	 	-108-	 

     

    

 

(f)                
Incremental Joinder Agreements. An Incremental Joinder Agreement may, subject to Section 2.12(b), without the consent
of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or advisable,
in the reasonable opinion of Administrative Agent and Borrower, to effect the provisions of this Section 2.12 (including, without
limitation, (A) amendments to Section 2.04(b)(ii) and Section 2.09(b)(i) to permit reductions of Tranches of Revolving Commitments
(and prepayments of the related Revolving Loans) with an R/C Maturity Date prior to the R/C Maturity Date applicable to another
Tranche of Revolving Commitments without a concurrent reduction of such other Tranche of Revolving Commitments and (B) such other
technical amendments as may be necessary or advisable, in the reasonable opinion of Administrative Agent and Borrower, to give
effect to the terms and provisions of any Incremental Commitments (and any Loans made in respect thereof)).

 

(g)               
Supersede. This Section 2.12 shall supersede any provisions in Section 13.04 to the contrary.

 

SECTION 2.13.     
Extensions of Loans and Commitments.

 

(a)               
Borrower may, at any time request that all or a portion of the Term Loans of any Tranche (an “Existing Term Loan
Tranche”) be modified to constitute another Tranche of Term Loans in order to extend the scheduled final maturity date
thereof (any such Term Loans which have been so modified, “Extended Term Loans”) and to provide for other terms
consistent with this Section 2.13. In order to establish any Extended Term Loans, Borrower shall provide a notice to Administrative
Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Tranche) (a “Term
Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall
be identical to those applicable to the Term Loans of the Existing Term Loan Tranche from which they are to be modified except
(i) the scheduled final maturity date shall be extended to the date set forth in the applicable Extension Amendment and the amortization
shall be as set forth in the Extension Amendment, (ii) (A) the Applicable Margins with respect to the Extended Term Loans
may be higher or lower than the Applicable Margins for the Term Loans of such Existing Term Loan Tranche and/or (B) additional
or reduced fees (including prepayment or termination premiums) may be payable to the Lenders providing such Extended Term Loans
in addition to or in lieu of any increased or decreased Applicable Margins contemplated by the preceding clause (A), in each case,
to the extent provided in the applicable Extension Amendment, (iii) any Extended Term Loans may participate on a pro rata
basis, a less than pro rata basis or a greater than a pro rata basis in any optional prepayments or prepayment and
on a pro rata or a less than pro rata basis (but no greater than a pro rata basis) in any mandatory prepayments
or prepayment of Term Loans hereunder in each case as specified in the respective Term Loan Extension Request, (iv) the final maturity
date and the scheduled amortization applicable to the Extended Term Loans shall be set forth in the applicable Extension Amendment
and the scheduled amortization of such Existing Term Loan Tranche shall be adjusted to reflect the amortization schedule (including
the principal amounts payable pursuant thereto) in respect of the Term Loans under such Existing Term Loan Tranche that have been
extended as Extended Term Loans as set forth in the applicable Extension Amendment; provided, however, that the Weighted
Average Life to Maturity of such Extended Term Loans shall be no shorter than the Weighted Average Life to Maturity of the Term
Loans of such Existing Term Loan Tranche (determined without giving effect to the impact of prepayments on amortization of such
Existing Term Loans Tranche) and (v) the covenants set forth in Section 10.08 may be modified in a manner acceptable to Borrower,
Administrative Agent and the Lenders party to the applicable Extension Amendment, such modifications to become effective only after
the latest R/C Maturity Date in effect immediately prior to giving effect to such Extension Amendment (it being understood that
each Lender providing Extended Term Loans, by executing an Extension Amendment, agrees to be bound by such provisions and waives
any inconsistent provisions set forth in Section 4.02, 4.07(b) or 13.04). Except as provided above, each Lender holding Extended
Term Loans shall be entitled to all the benefits afforded by this Agreement (including, without limitation, the provisions set
forth in Section 2.09(b) and 2.10(b) applicable to Term Loans) and the other Credit Documents, and shall, without limiting the
foregoing, benefit equally and ratably from the Guarantees and security interests created by the Security Documents. The Credit
Parties shall take any actions reasonably required by Administrative Agent to ensure and/or demonstrate that the Lien and security
interests granted by the Security Documents continue to secure all the Obligations and continue to be perfected under the UCC or
otherwise after giving effect to the extension of any Term Loans, including, without limitation, the procurement of title insurance
endorsements reasonably requested by and satisfactory to Administrative Agent. No Lender shall have any obligation to agree to
have any of its Term Loans of any Existing Term Loan Tranche modified to constitute Extended Term Loans pursuant to any Term Loan
Extension Request. Any Extended Term Loans of any Extension Tranche shall constitute a separate Tranche and Class of Term Loans
from the Existing Term Loan Tranche from which they were modified.

 

    	 	-109-	 

     

    

 

(b)               
Borrower may, at any time request that all or a portion of the Revolving Commitments of any Tranche (an “Existing
Revolving Tranche” and any related Revolving Loans thereunder, “Existing Revolving Loans”) be modified
to constitute another Tranche of Revolving Commitments in order to extend the termination date thereof (any such Revolving Commitments
which have been so modified, “Extended Revolving Commitments” and any related Revolving Loans, “Extended
Revolving Loans”) and to provide for other terms consistent with this Section 2.13. In order to establish any Extended
Revolving Commitments, Borrower shall provide a notice to Administrative Agent (who shall provide a copy of such notice to each
of the Lenders of the applicable Existing Revolving Tranche) (a “Revolving Extension Request”) setting forth
the proposed terms of the Extended Revolving Commitments to be established, which terms shall be identical to those applicable
to the Revolving Commitments of the Existing Revolving Tranche from which they are to be modified except (i) the scheduled termination
date of the Extended Revolving Commitments and the related scheduled maturity date of the related Extended Revolving Loans shall
be extended to the date set forth in the applicable Extension Amendment, (ii) (A) the Applicable Margins with respect to the Extended
Revolving Loans may be higher or lower than the Applicable Margins for the Revolving Loans of such Existing Revolving Tranche and/or
(B) additional or reduced fees may be payable to the Lenders providing such Extended Revolving Commitments in addition to or in
lieu of any increased or decreased Applicable Margins contemplated by the preceding clause (A), in each case, to the extent provided
in the applicable Extension Amendment, (iii) the Applicable Fee Percentage with respect to the Extended Revolving Commitments may
be higher or lower than the Applicable Fee Percentage for the Revolving Commitments of such Existing Revolving Tranche, (iv) the
covenants set forth in Section 10.08 may be modified in a manner acceptable to Borrower, Administrative Agent and the Lenders party
to the applicable Extension Amendment, such modifications to become effective only after the latest R/C Maturity Date in effect
immediately prior to giving effect to such Extension Amendment and (v) the L/C Commitments of any L/C Lender that is providing
such Extended Revolving Commitments may be extended and the L/C Sublimit may be increased, subject to clause (d) below (it being
understood that each Lender providing Extended Revolving Commitments, by executing an Extension Amendment, agrees to be bound by
such provisions and waives any inconsistent provisions set forth in Section 4.02, 4.07(b) or 13.04). Except as provided above,
each Lender holding Extended Revolving Commitments shall be entitled to all the benefits afforded by this Agreement (including,
without limitation, the provisions set forth in Sections 2.09(b) and 2.10(b) applicable to existing Revolving Loans) and the other
Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantees and security interests
created by the Security Documents. The Credit Parties shall take any actions reasonably required by Administrative Agent to ensure
and/or demonstrate that the Lien and security interests granted by the Security Documents continue to secure all the Obligations
and continue to be perfected under the UCC or otherwise after giving effect to the extension of any Revolving Commitments, including,
without limitation, the procurement of title insurance endorsements reasonably requested by and satisfactory to Administrative
Agent. No Lender shall have any obligation to agree to have any of its Revolving Commitments of any Existing Revolving Tranche
modified to constitute Extended Revolving Commitments pursuant to any Revolving Extension Request. Any Extended Revolving Commitments
of any Extension Tranche shall constitute a separate Tranche and Class of Revolving Commitments from the Existing Revolving Tranche
from which they were modified. If, on any Extension Date, any Revolving Loans of any Extending Lender are outstanding under the
applicable Existing Revolving Tranche, such Revolving Loans (and any related participations) shall be deemed to be allocated as
Extended Revolving Loans (and related participations) and Existing Revolving Loans (and related participations) in the same proportion
as such Extending Lender’s Extended Revolving Commitments bear to its remaining Revolving Commitments of the Existing Revolving
Tranche.

 

    	 	-110-	 

     

    

 

(c)               
Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders
under the Existing Tranche are requested to respond (or such shorter period as is agreed to by Administrative Agent in its sole
discretion). Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans or Revolving
Commitments of the Existing Tranche subject to such Extension Request modified to constitute Extended Term Loans or Extended Revolving
Commitments, as applicable, shall notify Administrative Agent (an “Extension Election”) on or prior to the date
specified in such Extension Request of the amount of its Term Loans or Revolving Commitments of the Existing Tranche that it has
elected to modify to constitute Extended Term Loans or Extended Revolving Commitments, as applicable. In the event that the aggregate
amount of Term Loans or Revolving Commitments of the Existing Tranche subject to Extension Elections exceeds the amount of Extended
Term Loans or Extended Revolving Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving
Commitments subject to such Extension Elections shall be modified to constitute Extended Term Loans or Extended Revolving Commitments,
as applicable, on a pro rata basis based on the amount of Term Loans or Revolving Commitments included in such Extension
Elections. Borrower shall have the right to withdraw any Extension Request upon written notice to Administrative Agent in the event
that the aggregate amount of Term Loans or Revolving Commitments of the Existing Tranche subject to such Extension Request is less
than the amount of Extended Term Loans or Extended Revolving Commitments, as applicable, requested pursuant to such Election Request.

 

(d)               
Extended Term Loans or Extended Revolving Commitments, as applicable, shall be established pursuant to an amendment (an
 “Extension Amendment”) to this Agreement (which shall be substantially in the form of Exhibit Q
or Exhibit R to this Agreement, as applicable, or, in each case, such other form as is reasonably acceptable to Administrative
Agent). Each Extension Amendment shall be executed by Borrower, Administrative Agent and the Extending Lenders (it being understood
that such Extension Amendment shall not require the consent of any Lender other than (A) the Extending Lenders with respect to
the Extended Term Loans or Extended Revolving Commitments, as applicable, established thereby, (B) with respect to any extension
of the Revolving Commitments that results in an extension of an L/C Lender’s obligations with respect to Letters of Credit,
the consent of such L/C Lender and (C) with respect to any extension of the Revolving Commitments that results in an extension
of the Swingline Lender’s obligations with respect to Swingline Loans, the Swingline Lender). An Extension Amendment may,
subject to Sections 2.13(a) and (b), without the consent of any other Lenders, effect such amendments to this Agreement and
the other Credit Documents as may be necessary or advisable, in the reasonable opinion of Administrative Agent and Borrower, to
effect the provisions of this Section 2.13 (including, without limitation, (A) amendments to Section 2.04(b)(ii) and Section 2.09(b)(i)
to permit reductions of Tranches of Revolving Commitments (and prepayments of the related Revolving Loans) with an R/C Maturity
Date prior to the R/C Maturity Date applicable to a Tranche of Extended Revolving Commitments without a concurrent reduction of
such Tranche of Extended Revolving Commitments and (B) such other technical amendments as may be necessary or advisable, in the
reasonable opinion of Administrative Agent and Borrower, to give effect to the terms and provisions of any Extended Term Loans
or Extended Revolving Commitments, as applicable).

 

    	 	-111-	 

     

    

 

SECTION 2.14.     
Defaulting Lender Provisions.

 

(a)               
Notwithstanding anything to the contrary in this Agreement, if a Lender becomes, and during the period it remains, a Defaulting
Lender, the following provisions shall apply:

 

(i)              
the L/C Liabilities and the participations in outstanding Swingline Loans of such Defaulting Lender will, subject to the
limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender)
among the Non-Defaulting Lenders pro rata in accordance with their respective Revolving Commitments; provided that
(i) the sum of each Non-Defaulting Lender’s total Revolving Exposure may not in any event exceed the Revolving Commitment
of such Non-Defaulting Lender as in effect at the time of such reallocation, (ii) subject to Section 13.21, neither such reallocation
nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim Borrower, Administrative
Agent, any L/C Lender, the Swingline Lender or any other Lender may have against such Defaulting Lender or cause such Defaulting
Lender to be a Non-Defaulting Lender and (iii) the conditions set forth in Section 7.02(a) are satisfied at the time of such reallocation
(and, unless Borrower shall have otherwise notified Administrative Agent at such time, Borrower shall be deemed to have represented
and warranted that such conditions are satisfied at such time);

 

(ii)              
to the extent that any portion (the “un-reallocated portion”) of the Defaulting Lender’s L/C Liabilities
and participations in outstanding Swingline Loans cannot be so reallocated, whether by reason of the first proviso in clause (a)
above or otherwise, Borrower will, not later than three (3) Business Days after demand by Administrative Agent (at the direction
of any L/C Lender and/or the Swingline Lender, as the case may be), (i) Cash Collateralize the obligations of Borrower to the L/C
Lender and the Swingline Lender in respect of such L/C Liabilities or participations in outstanding Swingline Loans, as the case
may be, in an amount at least equal to the aggregate amount of the un-reallocated portion of such L/C Liabilities or participations
in any outstanding Swingline Loans, or (ii) in the case of such participations in any outstanding Swingline Loans, prepay (subject
to clause (c) below) and/or Cash Collateralize in full the un-reallocated portion thereof, or (iii) make other arrangements satisfactory
to Administrative Agent, and to the applicable L/C Lender and the Swingline Lender, as the case may be, in their sole discretion
to protect them against the risk of non-payment by such Defaulting Lender;

 

(iii)              
Borrower shall not be required to pay any fees to such Defaulting Lender under Section 2.05(a); and

 

(iv)              
any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article 11 or otherwise) or received by Administrative Agent
from a Defaulting Lender pursuant to Section 4.07 shall be applied at such time or times as may be determined by Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Lender or Swingline
Lender hereunder; third, if so determined by Administrative Agent or requested by the applicable L/C Lender or Swingline
Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter
of Credit or any Swingline Loan, as applicable; fourth, as Borrower may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by Administrative Agent; fifth, if so determined by Administrative Agent and Borrower,
to be held in a non-interest bearing deposit account and released pro rata in order to satisfy such Defaulting Lender’s
potential future funding obligations with respect to Loans under this Agreement; sixth, to the payment of any amounts owing
to the Lenders, the L/C Lender or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by
any Lender, any L/C Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default is continuing, to the
payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Liabilities in respect of which such Defaulting Lender has not
fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when
the conditions set forth in Section 7.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and L/C Liabilities owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any
Loans of, or L/C Liabilities owed to, such Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section
2.14(a)(iv) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

    	 	-112-	 

     

    

 

(b)               
Cure. If Borrower, Administrative Agent, each L/C Lender and the Swingline Lender agree in writing in their discretion
that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any
amounts then held in the segregated account referred to in Section 2.14(a)), (x) such Lender will, to the extent applicable,
purchase at par such portion of outstanding Loans of the other Lenders and/or make such other adjustments as Administrative Agent
may determine to be necessary to cause the Revolving Exposure, L/C Liabilities and participations in any outstanding Swingline
Loans of the Lenders to be on a pro rata basis in accordance with their respective Commitments, whereupon such Lender will
cease to be a Defaulting Lender and will be a Non-Defaulting Lender (and such exposure of each Lender will automatically be adjusted
on a prospective basis to reflect the foregoing); provided that no adjustments will be made retroactively with respect to
fees accrued or payments made by or on behalf of Borrower while such Lender was a Defaulting Lender; and provided, further,
that no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any
party hereunder arising from such Lender’s having been a Defaulting Lender, and (y) all Cash Collateral provided pursuant
to Section 2.14(a)(ii) shall thereafter be promptly returned to Borrower.

 

(c)               
Certain Fees. Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender,
such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section 2.05 or Section 2.03(h)
(without prejudice to the rights of the Non-Defaulting Lenders in respect of such fees), provided that (i) to the extent
that all or a portion of the L/C Liability or the participations in outstanding Swingline Loans of such Defaulting Lender is reallocated
to the Non-Defaulting Lenders pursuant to Section 2.14, such fees that would have accrued for the benefit of such Defaulting Lender
will instead accrue for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their
respective Commitments, and (ii) to the extent that all or any portion of such L/C Liability or participations in any outstanding
Swingline Loans cannot be so reallocated, such fees will instead accrue for the benefit of and be payable to the L/C Lender and
the Swingline Lender, as applicable, except to the extent of any un-reallocated portion that is Cash Collateralized (and the pro
rata payment provisions of Section 4.02 will automatically be deemed adjusted to reflect the provisions of this Section 2.14(c)).

 

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SECTION 2.15.     
Refinancing Amendments.

 

(a)               
At any time after the Closing Date, Borrower may obtain Credit Agreement Refinancing Indebtedness in respect of all or any
portion of the Term Loans and the Revolving Loans (or unused Revolving Commitments) then outstanding under this Agreement (which
for purposes of this clause (a) will be deemed to include any then outstanding Other Term Loans, Incremental Term Loans, Extended
Term Loans, Other Revolving Loans, Other Revolving Commitments, Extended Revolving Loans or Incremental Revolving Loans), in the
form of Other Term Loans, Other Term Loan Commitments, Other Revolving Loans or Other Revolving Commitments pursuant to a Refinancing
Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing
and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Commitments (and related
outstandings), (B) repayments required upon the maturity date of the Other Revolving Commitments or any other Tranche of Revolving
Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (2)
below)) or Loans with respect to Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall
be made on a pro rata basis with all other Revolving Commitments (subject to clause (2) below), (2) the permanent repayment
of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any Other Revolving
Commitments shall be made on a pro rata basis with all other Revolving Commitments, except that Borrower shall be permitted
to permanently repay and terminate commitments of any Class with an earlier maturity date on a better than a pro rata basis
as compared to any other Class with a later maturity date than such Class and (3) assignments and participations of Other Revolving
Commitments and Other Revolving Loans shall be governed by the same assignment and participation provisions applicable to other
Revolving Commitments and Revolving Loans. Each issuance of Credit Agreement Refinancing Indebtedness under this Section 2.15(a)
shall be in an aggregate principal amount that is (x) not less than $5.0 million and (y) an integral multiple of $1.0 million in
excess thereof.

 

(b)               
The effectiveness of any such Credit Agreement Refinancing Indebtedness shall be subject solely to the satisfaction of the
following conditions to the reasonable satisfaction of Administrative Agent: (i) any Credit Agreement Refinancing Indebtedness
in respect of Revolving Commitments or Other Revolving Commitments will have a maturity date that is not prior to the maturity
date of the Revolving Loans (or unused Revolving Commitments) being refinanced; (ii) other than customary “bridge”
facilities (so long as the long term debt into which any such customary “bridge” facility is to be automatically converted
satisfies the requirements of this clause (b)), any Credit Agreement Refinancing Indebtedness in respect of Term Loans will have
a maturity date that is not prior to the maturity date of, and a Weighted Average Life to Maturity that is not shorter than the
Weighted Average Life to Maturity of, the Term Loans being refinanced (determined without giving effect to the impact of prepayments
on amortization of Term Loans being refinanced); (iii) the aggregate principal amount of any Credit Agreement Refinancing Indebtedness
shall not exceed the principal amount so refinanced, plus, accrued interest, plus, any premium or other payment required
to be paid in connection with such refinancing, plus, the amount of reasonable and customary fees and expenses of Borrower
or any of its Restricted Subsidiaries incurred in connection with such refinancing, plus, any unutilized commitments thereunder;
(iv) to the extent reasonably requested by Administrative Agent, receipt by Administrative Agent and the Lenders of customary legal
opinions and other documents; (v) to the extent reasonably requested by Administrative Agent, execution of amendments to the Mortgages
by the applicable Credit Parties and Collateral Agent, in form and substance reasonably satisfactory to Administrative Agent and
Collateral Agent; (vi) to the extent reasonably requested by Administrative Agent, delivery to Administrative Agent of title insurance
endorsements reasonably satisfactory to Administrative Agent; and (vii) execution of a Refinancing Amendment by the Credit Parties,
Administrative Agent and Lenders providing such Credit Agreement Refinancing Indebtedness.

 

    	 	-114-	 

     

    

 

(c)               
The Loans and Commitments established pursuant to this Section 2.15 shall constitute Loans and Commitments under, and shall
be entitled to all the benefits afforded by, this Agreement and the other Credit Documents, and shall, without limiting the foregoing,
benefit equally and ratably from the Guarantees and security interests created by the Security Documents. The Credit Parties shall
take any actions reasonably required by Administrative Agent to ensure and/or demonstrate that the Lien and security interests
granted by the Security Documents continue to secure all the Obligations and continue to be perfected under the UCC or otherwise
after giving effect to the applicable Refinancing Amendment.

 

(d)               
Upon the effectiveness of any Refinancing Amendment pursuant to this Section 2.15, any Person providing the corresponding
Credit Agreement Refinancing Indebtedness that was not a Lender hereunder immediately prior to such time shall become a Lender
hereunder. Administrative Agent shall promptly notify each Lender as to the effectiveness of such Refinancing Amendment, and (i)
in the case of any Other Revolving Commitments resulting from such Refinancing Amendment, the Total Revolving Commitments under,
and for all purpose of this Agreement, shall be increased by the aggregate amount of such Other Revolving Commitments (net of any
existing Revolving Commitments being refinanced by such Refinancing Amendment), (ii) any Other Revolving Loans resulting from
such Refinancing Amendment shall be deemed to be additional Revolving Loans hereunder, (iii) any Other Term Loans resulting from
such Refinancing Amendment shall be deemed to be Term Loans hereunder (to the extent funded) and (iv) any Other Term Loan Commitments
resulting from such Refinancing Amendment shall be deemed to be Term Loan Commitments hereunder. Notwithstanding anything to the
contrary contained herein, Borrower, Collateral Agent and Administrative Agent may (and each of Collateral Agent and Administrative
Agent are authorized by each other Secured Party to) execute such amendments and/or amendments and restatements of any Credit Documents
as may be necessary or advisable to effectuate the provisions of this Section 2.15. Such amendments may include provisions allowing
any Other Term Loans to be treated on the same basis as Term B Facility Loans in connection with declining prepayments.

 

(e)               
Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall
be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing
Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as
Other Term Loans, Other Term Loan Commitments, Other Revolving Loans and/or Other Revolving Commitments). Any Refinancing Amendment
may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be
necessary or appropriate, in the reasonable opinion of Administrative Agent and Borrower, to effect the provisions of this Section
2.15. This Section 2.15 shall supersede any provisions in Section 4.02, 4.07(b) or 13.04 to the contrary.

 

    	 	-115-	 

     

    

 

(f)                
To the extent the Revolving Commitments are being refinanced on the effective date of any Refinancing Amendment, then each
of the Revolving Lenders having a Revolving Commitment prior to the effective date of such Refinancing Amendment (such Revolving
Lenders the “Pre-Refinancing Revolving Lenders”) shall assign or transfer to any Revolving Lender which is acquiring
an Other Revolving Commitment on the effective date of such amendment (the “Post-Refinancing Revolving Lenders”),
and such Post-Refinancing Revolving Lenders shall purchase from each such Pre-Refinancing Revolving Lender, at the principal amount
thereof, such interests in Revolving Loans and participation interests in L/C Liabilities and Swingline Loans (but not, for the
avoidance of doubt, the related Revolving Commitments) outstanding on the effective date of such Refinancing Amendment as shall
be necessary in order that, after giving effect to all such assignments or transfers and purchases, such Revolving Loans and participation
interests in L/C Liabilities and Swingline Loans will be held by Pre-Refinancing Revolving Lenders and Post-Refinancing Revolving
Lenders ratably in accordance with their Revolving Commitments and Other Revolving Commitments, as applicable, after giving effect
to such Refinancing Amendment (and after giving effect to any Revolving Loans made on the effective date of such Refinancing Amendment).
Such assignments or transfers and purchases shall be made pursuant to such procedures as may be designated by Administrative Agent
and shall not be required to be effectuated in accordance with Section 13.05. For the avoidance of doubt, Revolving Loans and participation
interests in L/C Liabilities and Swingline Loans assigned or transferred and purchased pursuant to this Section 2.15(f) shall,
upon receipt thereof by the relevant Post-Refinancing Revolving Lenders, be deemed to be Other Revolving Loans and participation
interests in L/C Liabilities and Swingline Loans in respect of the relevant Other Revolving Commitments acquired by such Post-Increase
Revolving Lenders on the relevant amendment effective date and the terms of such Revolving Loans and participation interests (including,
without limitation, the interest rate and maturity applicable thereto) shall be adjusted accordingly.

 

SECTION 2.16.     
Cash Collateral.

 

(a)               
Certain Credit Support Events. Without limiting any other requirements herein to provide Cash Collateral, if (i) any
L/C Lender has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an extension
of credit hereunder which has not been refinanced as a Revolving Loan or reimbursed, in each case, in accordance with Section 2.03(d)
or (ii) Borrower shall be required to provide Cash Collateral pursuant to Section 11.01, Borrower shall, within one (1) Business
Day (in the case of clause (i) above) or immediately (in the case of clause (ii) above) following any request by Administrative
Agent or the applicable L/C Lender, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount.

 

(b)               
Grant of Security Interest. Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grants to (and subjects to the control of) Administrative Agent, for the benefit of Administrative Agent, the L/C Lenders
and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
therein, and all other property so provided as Cash Collateral pursuant hereto, and in all proceeds of the foregoing, all as security
for the obligations to which such Cash Collateral (including Cash Collateral provided in accordance with Sections 2.01(e), 2.03,
2.10(b)(ii), 2.10(c), 2.10(e), 2.14, 2.16 or 11.01) may be applied pursuant to Section 2.16(c). If at any time Administrative
Agent determines that Cash Collateral is subject to any right or claim of any Person prior to the right or claim of Administrative
Agent or the L/C Lenders as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral
Amount, Borrower will, promptly upon demand by Administrative Agent, pay or provide to Administrative Agent additional Cash Collateral
in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by any Defaulting Lenders).
All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest
bearing deposit accounts at Administrative Agent or as otherwise agreed to by Administrative Agent. Borrower shall pay on demand
therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with
the maintenance and disbursement of Cash Collateral in accordance with the account agreement governing such deposit account.

 

    	 	-116-	 

     

    

 

(c)               
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section 2.16 or Sections 2.01(e), 2.03, 2.10(c), 2.10(e), 2.14 or 11.01 in respect of Letters of Credit shall
be held and applied to the satisfaction of the specific L/C Liabilities, obligations to fund participations therein (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation), participations in Swingline Loans
and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise
be provided for herein.

 

(d)               
Release. Cash Collateral (or the appropriate portion thereof) provided to reduce un-reallocated portions or to secure
other obligations shall, so long as no Event of Default then exists, be released promptly following (i) the elimination of
the applicable un-reallocated portion or other obligations giving rise thereto (including by the termination of Defaulting Lender
status of the applicable Lender (or, as appropriate, the assignment of such Defaulting Lender’s Loans and Commitments to
a Replacement Lender)) or (ii) the determination by Administrative Agent and the L/C Lenders that there exists excess Cash
Collateral (which, in any event, shall exist at any time that the aggregate amount of Cash Collateral exceeds the Minimum Collateral
Amount); provided, however, (x) any such release shall be without prejudice to, and any disbursement or other
transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Credit Documents and the other applicable
provisions of the Credit Documents, and (y) Borrower and the L/C Issuer may agree that Cash Collateral shall not be released but
instead held to support future anticipated un-reallocated portions or other obligations.

 

ARTICLE III.

 

PAYMENTS
OF PRINCIPAL AND INTEREST

 

SECTION 3.01.     
Repayment of Loans.

 

(a)               
Revolving Loans and Swingline Loans. Borrower hereby promises to pay (i) to Administrative Agent for the account
of each applicable Revolving Lender on each R/C Maturity Date, the entire outstanding principal amount of such Revolving Lender’s
Revolving Loans of the applicable Tranche, and each such Revolving Loan shall mature on the R/C Maturity Date applicable to such
Tranche and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the first R/C
Maturity Date after such Swingline Loan is made and the first date after such Swingline Loan is made that is the 15th or last day
of a calendar month and is at least two Business Days after such Swingline Loan is made; provided, however, that
on each date that a Revolving Borrowing is made, Borrower shall repay all Swingline Loans that were outstanding on the date such
Borrowing was requested.

 

(b)               
Term B Facility Loans. Borrower hereby promises to pay to Administrative Agent for the account of the Lenders with
Term B Facility Loans in repayment of the principal of such Term B Facility Loans, (i) on the last Business Day of each fiscal
quarter (commencing with the fiscal quarter ending September 30, 2019), an aggregate amount equal to 0.25% of the aggregate principal
amount of all Term B Facility Loans outstanding on the Closing Date (subject to adjustment for any prepayments made under Section
2.09 or Section 2.10 or Section 2.11(b) or Section 13.04(b)(B) or as provided in Section 2.12, in Section 2.13 or in Section 2.15)
and (ii) the remaining principal amount of Term B Facility Loans on the Term B Facility Maturity Date.

 

    	 	-117-	 

     

    

 

(c)               
New Term Loans; Extended Term Loans; Other Term Loans. New Term Loans shall mature in installments as specified in
the related Incremental Joinder Agreement pursuant to which such New Term Loans were made, subject, however, to Section 2.12(b).
Extended Term Loans shall mature in installments as specified in the applicable Extension Amendment pursuant to which such Extended
Term Loans were established, subject, however, to Section 2.13(a). Other Term Loans shall mature in installments as specified in
the applicable Refinancing Amendment pursuant to which such Other Term Loans were established, subject, however, to Section 2.15(a).

 

(d)               Term
B-1 Facility Loans. Borrower hereby promises to pay to Administrative Agent for the account of the Lenders with Term
B-1 Facility Loans in repayment of the principal of the Term B-1 Facility Loans, (i) on the last Business Day of each fiscal quarter
(commencing with the first full fiscal quarter following the 2020 Incremental Joinder Agreement Effective Date), an aggregate amount
equal to 0.25% of the aggregate principal amount of all Term B-1 Facility Loans outstanding on the 2020 Incremental Joinder Agreement
Effective Date (subject to adjustment for any prepayments made under Section 2.09 or Section 2.10 or Section 2.11(b) or Section
13.04(b)(B) or as provided in Section 2.12, in Section 2.13 or in Section 2.15) and (ii) the remaining principal amount of Term
B-1 Facility Loans on the Term B-1 Facility Maturity Date.

 

SECTION 3.02.     
Interest.

 

(a)               
Borrower hereby promises to pay to Administrative Agent for the account of each Lender interest on the unpaid principal
amount of each Loan made or maintained by such Lender to Borrower for the period from and including the date of such Loan to but
excluding the date such Loan shall be paid in full at the following rates per annum:

 

(i)              
during such periods as such Loan (including each Swingline Loan) is an ABR Loan, the Alternate Base Rate (as in effect from
time to time), plus the Applicable Margin applicable to such Loan, and

 

(ii)              
during such periods as such Loan is a LIBOR Loan, for each Interest Period relating thereto, the LIBO Rate for such Loan
for such Interest Period, plus the Applicable Margin applicable to such Loan.

 

(b)               
To the extent permitted by Law, upon the occurrence and during the continuance of an Event of Default under Section 11.01(b),
11.01(c), 11.01(g) or Section 11.01(h), all overdue Obligations shall automatically and without any action by any Person, bear
interest at the Default Rate.

 

Interest which
accrues under this paragraph shall be payable on demand.

 

(c)               
Accrued interest on each Loan shall be payable (i) in the case of each ABR Loan (including Swingline Loans), (x) quarterly
in arrears on each Quarterly Date, (y) on the date of any repayment or prepayment in full of all outstanding ABR Loans of any Tranche
of Loans (or of any Swingline Loan) (but only on the principal amount so repaid or prepaid), and (z) at maturity (whether by acceleration
or otherwise) and, after such maturity, on demand, and (ii) in the case of each LIBOR Loan, (x) on the last day of each Interest
Period applicable thereto and, if such Interest Period is longer than three months, on each date occurring at three-month intervals
after the first day of such Interest Period, (y) on the date of any repayment or prepayment thereof or the conversion of such Loan
to a Loan of another Type (but only on the principal amount so paid, prepaid or converted) and (z) at maturity (whether by acceleration
or otherwise) and, after such maturity, on demand. Promptly after the determination of any interest rate provided for herein or
any change therein, Administrative Agent shall give notice thereof to the Lenders to which such interest is payable and to Borrower.

 

    	 	-118-	 

     

    

 

ARTICLE IV.

 

PAYMENTS;
PRO RATA TREATMENT; COMPUTATIONS; ETC.

 

SECTION 4.01.     
Payments.

 

(a)               
All payments of principal, interest, Reimbursement Obligations and other amounts to be made by Borrower under this Agreement
and the Notes, and, except to the extent otherwise provided therein, all payments to be made by the Credit Parties under any other
Credit Document, shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Administrative
Agent at its account at the Principal Office, not later than 2:00 p.m., New York time, on the date on which such payment shall
become due (each such payment made after such time on such due date may, at the discretion of Administrative Agent, be deemed to
have been made on the next succeeding Business Day). Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof.

 

(b)               
Borrower shall, at the time of making each payment under this Agreement or any Note for the account of any Lender, specify
(in accordance with Sections 2.09 and 2.10, if applicable) to Administrative Agent (which shall so notify the intended recipient(s)
thereof) or, in the case of Swingline Loans, to the Swingline Lender, the Class and Type of Loans, Reimbursement Obligations or
other amounts payable by Borrower hereunder to which such payment is to be applied.

 

(c)               
Except to the extent otherwise provided in the third sentence of Section 2.03(h), each payment received by Administrative
Agent or by any L/C Lender (directly or through Administrative Agent) under this Agreement or any Note for the account of any Lender
shall be paid by Administrative Agent or by such L/C Lender (through Administrative Agent), as the case may be, to such Lender,
in immediately available funds, (x) if the payment was actually received by Administrative Agent or by such L/C Lender (directly
or through Administrative Agent), as the case may be, prior to 12:00 p.m. (Noon), New York time on any day, on such day and (y)
if the payment was actually received by Administrative Agent or by such L/C Lender (directly or through Administrative Agent),
as the case may be, after 12:00 p.m. (Noon), New York time, on any day, by 1:00 p.m., New York time, on the following Business
Day (it being understood that to the extent that any such payment is not made in full by Administrative Agent or by such L/C Lender
(through Administrative Agent), as the case may be, Administrative Agent or such Lender (through Administrative Agent), as applicable,
shall pay to such Lender, upon demand, interest at the Federal Funds Effective Rate from the date such amount was required to be
paid to such Lender pursuant to the foregoing clauses until the date Administrative Agent or such L/C Lender (through Administrative
Agent), as applicable, pays such Lender the full amount).

 

(d)               
If the due date of any payment under this Agreement or any Note would otherwise fall on a day that is not a Business Day,
such date shall be extended to the next succeeding Business Day, and interest shall be payable for any principal so extended for
the period of such extension at the rate then borne by such principal.

 

    	 	-119-	 

     

    

 

SECTION 4.02.     
Pro Rata Treatment. Except to the extent otherwise provided herein: (a) each borrowing
of Loans of a particular Class from the Lenders under Section 2.01 shall be made from the relevant Lenders, each payment of commitment
fees under Section 2.05 in respect of Commitments of a particular Class shall be made for the account of the relevant Lenders,
and each termination or reduction of the amount of the Commitments of a particular Class under Section 2.04 shall be applied to
the respective Commitments of such Class of the relevant Lenders pro rata according to the amounts of their respective Commitments
of such Class; (b) except as otherwise provided in Section 5.04, LIBOR Loans of any Class having the same Interest Period
shall be allocated pro rata among the relevant Lenders according to the amounts of their respective Revolving Commitments
and Term Loan Commitments (in the case of the making of Loans) or their respective Revolving Loans and Term Loans (in the case
of conversions and continuations of Loans); (c) except as otherwise provided in Section 2.09(b), Section 2.10(b), Section
2.12, Section 2.13, Section 2.14, Section 2.15, Section 13.04 or Section 13.05(d), each payment or prepayment of principal of any
Class of Revolving Loans or of any particular Class of Term Loans shall be made for the account of the relevant Lenders pro
rata in accordance with the respective unpaid outstanding principal amounts of the Loans of such Class held by them; and (d) except
as otherwise provided in Section 2.09(b), Section 2.10(b), Section 2.12, Section 2.13, Section 2.14, Section 2.15, Section 13.04
or Section 13.05(d), each payment of interest on Revolving Loans and Term Loans shall be made for the account of the relevant Lenders
pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders.

 

SECTION 4.03.     
Computations. Interest on LIBOR Loans, commitment fees and Letter of Credit fees shall
be computed on the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last day) occurring
in the period for which such amounts are payable and interest on ABR Loans and Reimbursement Obligations shall be computed on the
basis of a year of 365 or 366 days, as the case may be, and actual days elapsed (including the first day but excluding the last
day) occurring in the period for which such amounts are payable. 

 

SECTION 4.04.     
Minimum Amounts. Except for mandatory prepayments made pursuant to Section 2.10 and conversions
or prepayments made pursuant to Section 5.04, and Borrowings made to pay Reimbursement Obligations, each Borrowing, conversion
and partial prepayment of principal of Loans shall be in an amount at least equal to (a) in the case of Term Loans, $5.0 million
with respect to ABR Loans and $5.0 million with respect to LIBOR Loans and in multiples of $100,000 in excess thereof or, if less,
the remaining Term Loans and (b) in the case of Revolving Loans and Swingline Loans, $1.0 million with respect to ABR Loans and
$1.0 million with respect to LIBOR Loans and in multiples of $100,000 in excess thereof (borrowings, conversions or prepayments
of or into Loans of different Types or, in the case of LIBOR Loans, having different Interest Periods at the same time hereunder
to be deemed separate borrowings, conversions and prepayments for purposes of the foregoing, one for each Type or Interest Period)
or, if less, the remaining Revolving Loans. Anything in this Agreement to the contrary notwithstanding, the aggregate principal
amount of LIBOR Loans having the same Interest Period shall be in an amount at least equal to $1.0 million and in multiples of
$100,000 in excess thereof and, if any LIBOR Loans or portions thereof would otherwise be in a lesser principal amount for any
period, such Loans or portions, as the case may be, shall be ABR Loans during such period.

 

SECTION 4.05.     
Certain Notices. Notices by Borrower to Administrative Agent (or, in the case of repayment
of the Swingline Loans, to the Swingline Lender) of terminations or reductions of the Commitments, of Borrowings, conversions,
continuations and optional prepayments of Loans and of Classes of Loans, of Types of Loans and of the duration of Interest Periods
shall be irrevocable and shall be effective only if received by Administrative Agent (or, in the case of Swingline Loans, the Swingline
Lender) by telephone not later than 1:00 p.m. (or in the case of a request for a same-day borrowing of, or conversion into, ABR
Loans, 10:00 a.m.), New York time (promptly followed by written notice via facsimile or electronic mail), on at least the number
of Business Days prior to the date of the relevant termination, reduction, Borrowing, conversion, continuation or prepayment or
the first day of such Interest Period specified in the table below (unless otherwise agreed to by Administrative Agent in its sole
discretion), provided that Borrower may make any such notice conditional upon the occurrence of a Person’s acquisition
or sale or any incurrence of indebtedness or issuance of Equity Interests.

 

    	 	-120-	 

     

    

 

NOTICE
PERIODS

 

	
        

Notice
	
        Number
of

Business Days Prior

	 	 
	Termination or reduction of Commitments	3
	 	 
	Borrowing of, or conversions into, ABR Loans	same day
	 	 
	Optional prepayment of ABR Loans	1
	 	 
	Borrowing or optional prepayment of, conversions into, continuations as, or duration of Interest Periods for, LIBOR Loans	

3
	 	 
	Borrowing or repayment of Swingline Loans	same day

 

Each such notice of
termination or reduction shall specify the amount and the Class of the Commitments to be terminated or reduced. Each such notice
of Borrowing, conversion, continuation or prepayment shall specify the Class of Loans to be borrowed, converted, continued or prepaid
and the amount (subject to Section 4.04) and Type of each Loan to be borrowed, converted, continued or prepaid and the date of
borrowing, conversion, continuation or prepayment (which shall be a Business Day). Each such notice of the duration of an Interest
Period shall specify the Loans to which such Interest Period is to relate. Administrative Agent shall promptly notify the Lenders
of the contents of each such notice. In the event that Borrower fails to select the Type of Loan within the time period and otherwise
as provided in this Section 4.05, such Loan (if outstanding as a LIBOR Loan) will be automatically converted into an ABR Loan on
the last day of the then current Interest Period for such Loan or (if outstanding as an ABR Loan) will remain as, or (if not then
outstanding) will be made as, an ABR Loan. In the event that Borrower has elected to borrow or convert Loans into LIBOR Loans but
fails to select the duration of any Interest Period for any LIBOR Loans within the time period and otherwise as provided in this
Section 4.05, such LIBOR Loan shall have an Interest Period of one month.

 

SECTION 4.06.     
Non-Receipt of Funds by Administrative Agent. 

 

(a)               
Unless Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of LIBOR
Loans (or, in the case of any Borrowing of ABR Loans, prior to 12:00 noon on the date of such Borrowing) that such Lender will
not make available to Administrative Agent such Lender’s share of such Borrowing, Administrative Agent may assume that such
Lender has made such share available on such date in accordance with Section 2.02 (or, in the case of a Borrowing of ABR Loans,
that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its share
of the applicable Borrowing available to Administrative Agent, then the applicable Lender and Borrower severally agree to pay to
Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each
day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative
Agent, at (A) in the case of a payment to be made by such Lender, the Federal Funds Effective Rate, plus any administrative,
processing or similar fees customarily charged by Administrative Agent in connection with the foregoing, and (B) in the case
of a payment to be made by Borrower, the interest rate applicable to ABR Loans. If Borrower and such Lender shall pay such interest
to Administrative Agent for the same or an overlapping period, Administrative Agent shall promptly remit to Borrower the amount
of such interest paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Administrative
Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by Borrower shall
be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative
Agent.

 

    	 	-121-	 

     

    

 

(b)               
Unless Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to Administrative
Agent for the account of the Lenders or the L/C Lenders hereunder that Borrower will not make such payment, Administrative Agent
may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or the L/C Lenders, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment,
then each of the Lenders or the L/C Lenders, as the case may be, severally agrees to repay to Administrative Agent forthwith on
demand the amount so distributed to such Lender or L/C Lender, in immediately available funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the
Federal Funds Effective Rate. A notice of Administrative Agent to any Lender or Borrower with respect to any amount owing under
this subsection (b) shall be conclusive, absent manifest error.

 

SECTION 4.07.     
Right of Setoff, Sharing of Payments; Etc.

 

(a)               
If any Event of Default shall have occurred and be continuing, each Credit Party agrees that, in addition to (and without
limitation of) any right of setoff, banker’s lien or counterclaim a Lender may otherwise have, each Lender shall be entitled,
at its option (to the fullest extent permitted by law), subject to obtaining the prior written consent of Administrative Agent,
to set off and apply any deposit (general or special, time or demand, provisional or final), or other indebtedness, held by it
for the credit or account of such Credit Party at any of its offices, in Dollars or in any other currency, against any principal
of or interest on any of such Lender’s Loans, Reimbursement Obligations or any other amount payable to such Lender hereunder
that is not paid when due (regardless of whether such deposit or other indebtedness is then due to such Credit Party), in which
case it shall promptly notify such Credit Party thereof; provided, however, that such Lender’s failure to give
such notice shall not affect the validity thereof; and provided further that no such right of setoff, banker’s lien
or counterclaim shall apply to any funds held for further distribution to any Governmental Authority.

 

(b)               
Each of the Lenders agrees that, if it should receive (other than pursuant to Section 2.09(b), Section 2.10(b), Section
2.11, Section 2.12, Section 2.13, Section 2.15, Article V, Section 13.04 or Section 13.05(d) or as otherwise specifically provided
herein or in the Engagement Letter) any amount hereunder (whether by voluntary payment, by realization upon security, by the exercise
of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the Credit
Documents (including any guarantee), or otherwise) which is applicable to the payment of the principal of, or interest on, the
Loans, Reimbursement Obligations or fees, the sum of which with respect to the related sum or sums received by other Lenders is
in a greater proportion than the total of such amounts then owed and due to such Lender bears to the total of such amounts then
owed and due to all of the Lenders immediately prior to such receipt, then such Lender receiving such excess payment shall purchase
for cash without recourse or warranty from the other Lenders an interest in the Obligations to such Lenders in such amount as shall
result in a proportional participation by all of the Lenders in such amount; provided, however, that if all or any
portion of such excess amount is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price
restored to the extent of such recovery, but without interest. Borrower consents to the foregoing arrangements.

 

    	 	-122-	 

     

    

 

(c)               
Borrower agrees that any Lender so purchasing such a participation may exercise all rights of setoff, banker’s lien,
counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans or other
amounts (as the case may be) owing to such Lender in the amount of such participation.

 

(d)               
Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to
exercise, and retain the benefits of exercising, any such right with respect to any other Indebtedness or obligation of any Credit
Party. If, under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff
to which this Section 4.07 applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured
claim in a manner consistent with the rights of the Lenders entitled under this Section 4.07 to share in the benefits of any recovery
on such secured claim.

 

(e)               
Notwithstanding anything to the contrary contained in this Section 4.07, in the event that any Defaulting Lender exercises
any right of setoff, (i) all amounts so set off will be paid over immediately to Administrative Agent for further application in
accordance with the provisions of Section 2.14 and, pending such payment, will be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of Administrative Agent, each L/C Lender, the Swingline Lender and the Lenders
and (ii) the Defaulting Lender will provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff.

 

ARTICLE V.

 

YIELD PROTECTION, ETC.

 

SECTION 5.01.     
Increased Costs.

 

(a)               
If any Change in Law shall:

 

(i)              
subject any Lender to any Tax (except for any (A) Covered Taxes, (B) Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and (C) Connection Income Taxes) with respect to this Agreement, any Note, any Letter of Credit or any Lender’s
participation therein, any L/C Document or any Loan made by it, any deposits, reserves, other liabilities or capital attributable
thereto;

 

(ii)              
impose, modify or hold applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by,
or any other acquisition of funds by, any office of such Lender, in each case, that is not otherwise included in the determination
of the LIBO Rate hereunder; or

 

    	 	-123-	 

     

    

 

(iii)              
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of the foregoing
is to materially increase the cost to such Lender or L/C Lender of making, converting into, continuing or maintaining LIBOR Loans
(or of maintaining its obligation to make any LIBOR Loans) or issuing, maintaining or participating in Letters of Credit (or maintaining
its obligation to participate in or to issue any Letter of Credit), then, in any such case, Borrower shall, within 10 days of written
demand therefor, pay such Lender or L/C Lender any additional amounts necessary to compensate such Lender or L/C Lender for such
increased cost; provided that requests for additional compensation due to increased costs shall be limited to circumstances
generally affecting the banking market and for which it is the general policy or practice of such requesting Lender to demand such
compensation in similar circumstances under comparable provisions of other similar agreements. If any Lender or L/C Lender becomes
entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify Borrower, through Administrative
Agent, of the event by reason of which it has become so entitled.

 

(b)               
A certificate as to any additional amounts setting forth the calculation of such additional amounts pursuant to this Section
5.01 submitted by such Lender or L/C Lender, through Administrative Agent, to Borrower shall be conclusive in the absence of clearly
demonstrable error. Without limiting the survival of any other covenant hereunder, this Section 5.01 shall survive the termination
of this Agreement and the payment of the Notes and all other Obligations payable hereunder.

 

(c)               
In the event that any Lender shall have determined that any Change in Law affecting such Lender or any Lending Office of
such Lender or the Lender’s holding company with regard to capital or liquidity requirements, does or shall have the effect
of reducing the rate of return on such Lender’s or such holding company’s capital as a consequence of its obligations
hereunder, the Commitments of such Lender, the Loans made by, or participations in Letters of Credit and Swingline Loans held by
such Lender, or the Letters of Credit issued by such L/C Lender, to a level below that which such Lender or such holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy), then from time to time, after submission by such Lender to Borrower
(with a copy to Administrative Agent) of a written request therefor (setting forth in reasonable detail the amount payable to the
affected Lender and the basis for such request), Borrower shall promptly pay to such Lender such additional amount or amounts as
will compensate such Lender for such reduction; provided that requests for additional compensation due to increased costs
shall be limited to circumstances generally affecting the banking market and for which it is the general policy or practice of
such requesting Lender to demand such compensation in similar circumstances under comparable provisions of other similar agreements.

 

(d)               
Failure or delay on the part of any Lender to demand compensation pursuant to this Section 5.01 shall not constitute a waiver
of such Lender’s right to demand such compensation; provided, however, that Borrower shall not be required
to compensate a Lender pursuant to this Section 5.01 for any increased costs or reductions incurred more than ninety (90) days
prior to the date that such Lender notifies Borrower of the change in law giving rise to such increased costs incurred or reductions
suffered and of such Lender’s intention to claim compensation therefor; provided, further, that if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended
to include the period of retroactive effect thereof.

 

SECTION 5.02.     
Inability To Determine Interest Rate. 

 

    	 	-124-	 

     

    

 

(a)               
If prior to the first day of any Interest Period:

 

(i)              
Administrative Agent shall have determined in good faith (which determination shall be conclusive and binding upon Borrower)
that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the
LIBO Base Rate for such Interest Period; or

 

(ii)              
Administrative Agent shall have received notice from the Required Lenders that Dollar deposits are not available in the
relevant amount and for the relevant Interest Period available to the Required Lenders in the London interbank market; or

 

(iii)              
the Required Lenders determine in good faith that the LIBO Rate for any requested Interest Period with respect to a proposed
LIBOR Loan does not adequately and fairly reflect the cost to such Lenders of funding such LIBOR Loans (in each case, “Impacted
Loans”),

 

then Administrative
Agent shall give electronic mail or telephonic notice thereof to Borrower and the Lenders as soon as practicable thereof. If such
notice is given, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans, or if
Borrower does not make such revocation, (x) any LIBOR Loans requested to be made on the first day of such Interest Period shall
be made as ABR Loans, (y) any Loans that were to have been converted on the first day of such Interest Period to LIBOR Loans shall
be converted to, or continued as, ABR Loans and (z) any outstanding LIBOR Loans shall be converted, on the first day of such Interest
Period, to ABR Loans. Until such notice has been withdrawn by Administrative Agent (which Administrative Agent agrees to do if
the circumstances giving rise to such notice cease to exist), no further LIBOR Loans shall be made, or continued as such, nor shall
Borrower have the right to convert Loans to, LIBOR Loans.

 

(b)               
Notwithstanding anything to the contrary in this Agreement or any other Credit Documents, if Administrative Agent and Borrower
determine (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent
(with a copy to the Borrower) that the Required Lenders have determined) that:

 

(i)              
adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without
limitation, because the LIBO Rate is not available or published on a current basis and such circumstances are unlikely to be temporary;
or

 

(ii)              
the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over Administrative
Agent has made a public statement identifying a specific date after which LIBOR or the LIBO Rate shall no longer be made available,
or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”),

 

then, after
such determination by the Administrative Agent and the Borrower or receipt by the Administrative Agent of such notice, as applicable,
the Administrative Agent and Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any
mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been broadly accepted by the syndicated
loan market in the United States in lieu of LIBOR (any such proposed rate, a “LIBOR Successor Rate”), together
with any proposed LIBOR Successor Rate Conforming Changes and, notwithstanding anything to the contrary in Section 13.04, any such
amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after Administrative Agent shall have posted
such proposed amendment to all Lenders and Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered
to Administrative Agent written notice that such Required Lenders do not accept such amendment. In no event shall the LIBOR Successor
Rate be less than 0.0%.

 

    	 	-125-	 

     

    

 

If no LIBOR
Successor Rate has been determined and the circumstances under clause (i) above exist, the obligation of the Lenders
to make or maintain LIBOR Loans shall be suspended (to the extent of the affected LIBOR Loans or Interest Periods). Upon receipt
of such notice, Borrower may revoke any pending request for a LIBOR Borrowing of, conversion to or continuation of LIBOR Loans
(to the extent of the affected LIBOR Loans or Interest Periods) or, failing that, will be deemed to have converted such request
into a request for a Borrowing of Base Rate Loans in the amount specified therein.

 

SECTION 5.03.     
Illegality. Notwithstanding any other provision of this Agreement, in the event that any
change after the date hereof in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for
any Lender or its Applicable Lending Office to honor its obligation to make or maintain LIBOR Loans or issue Letters of Credit
hereunder (and, in the sole opinion of such Lender, the designation of a different Applicable Lending Office would either not avoid
such unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify Borrower thereof (with a
copy to Administrative Agent) and such Lender’s obligation to make or continue, or to convert Loans of any other Type into,
LIBOR Loans or issue Letters of Credit shall be suspended until such time as such Lender or L/C Lender may again make and maintain
LIBOR Loans or issue Letters of Credit (in which case the provisions of Section 5.04 shall be applicable).

 

SECTION 5.04.     
Treatment of Affected Loans. If the obligation of any Lender to make LIBOR Loans or to
continue, or to convert ABR Loans into, LIBOR Loans shall be suspended pursuant to Section 5.03, such Lender’s LIBOR Loans
shall be automatically converted into ABR Loans on the last day(s) of the then current Interest Period(s) for such LIBOR Loans
(or on such earlier date as such Lender may specify to Borrower with a copy to Administrative Agent as is required by law) and,
unless and until such Lender gives notice as provided below that the circumstances specified in Section 5.03 which gave rise to
such conversion no longer exist:

 

(i)              
to the extent that such Lender’s LIBOR Loans have been so converted, all payments and prepayments of principal which
would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its ABR Loans; and

 

(ii)              
all Loans which would otherwise be made or continued by such Lender as LIBOR Loans shall be made or continued instead as
ABR Loans and all ABR Loans of such Lender which would otherwise be converted into LIBOR Loans shall remain as ABR Loans.

 

If such Lender gives notice to Borrower
with a copy to Administrative Agent that the circumstances specified in Section 5.03 which gave rise to the conversion of such
Lender’s LIBOR Loans pursuant to this Section 5.04 no longer exist (which such Lender agrees to do promptly upon such circumstances
ceasing to exist) at a time when LIBOR Loans are outstanding, such Lender’s ABR Loans shall be automatically converted, on
the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after
giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal
amounts, Types and Interest Periods) in accordance with their respective Commitments.

 

    	 	-126-	 

     

    

 

SECTION 5.05.     
Compensation.

 

(a)               
Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or expense (excluding any loss of
profits or margin) which such Lender may sustain or incur as a consequence of (1) default by Borrower in payment when due
of the principal amount of or interest on any LIBOR Loan, (2) default by Borrower in making a borrowing of, conversion into or
continuation of LIBOR Loans after Borrower has given a notice requesting the same in accordance with the provisions of this Agreement,
(3) Borrower making any prepayment other than on the date specified in the relevant prepayment notice, or (4) the conversion
or the making of a payment or a prepayment (including any repayments or prepayments made pursuant to Sections 2.09 or 2.10
or as a result of an acceleration of Loans pursuant to Section 11.01 or as a result of the replacement of a Lender pursuant
to Section 2.11 or 13.04(b)) of LIBOR Loans on a day which is not the last day of an Interest Period with respect thereto,
including in each case, any such loss (excluding any loss of profits or margin) or expense arising from the reemployment of funds
obtained by it or from fees payable to terminate the deposits from which such funds were obtained; provided that no such
amounts under this Section 5.05(a) shall be payable by Borrower in connection with any termination in accordance with Section 2.12(b)
of any Interest Period of one month or shorter.

 

(b)               
For the purpose of calculation of all amounts payable to a Lender under this Section 5.05 each Lender shall be deemed to
have actually funded its relevant LIBOR Loan through the purchase of a deposit bearing interest at the LIBO Base Rate in an amount
equal to the amount of the LIBOR Loan and having a maturity comparable to the relevant Interest Period; provided, however,
that each Lender may fund each of its LIBOR Loans in any manner it sees fit, and the foregoing assumption shall be utilized only
for the calculation of amounts payable under this subsection. Any Lender requesting compensation pursuant to this Section 5.05
will furnish to Administrative Agent and Borrower a certificate setting forth the basis and amount of such request and such certificate,
absent manifest error, shall be conclusive. Without limiting the survival of any other covenant hereunder, this covenant shall
survive the termination of this Agreement and the payment of the Obligations and all other amounts payable hereunder.

 

SECTION 5.06.     
Net Payments.

 

(a)               
All payments by or on account of any obligation of any Credit Party under any Credit Document shall be made without deduction
or withholding any Taxes, except as required by applicable Laws. If any applicable Laws require the deduction or withholding of
any Tax in respect of any such payment by Administrative Agent, a Credit Party or any other applicable withholding agent, then
(i) the applicable withholding agent shall withhold or make such deductions as are determined by the applicable withholding agent
to be required, (ii) the applicable withholding agent shall timely pay the full amount withheld or deducted to the relevant Governmental
Authority in accordance with applicable Law, and (iii) to the extent that the withholding or deduction is made on account of Covered
Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or
deductions are made (including withholding or deductions applicable to additional sums payable under this Section 5.06), the applicable
Lender (or, in the case of payments made to Administrative Agent for its own account, Administrative Agent) receives an amount
equal to the sum it would have received had no such withholding or deduction been made. Borrower shall furnish to Administrative
Agent within 45 days after the date the payment of any Taxes by a Credit Party pursuant to this Section 5.06 documentation reasonably
satisfactory to Administrative Agent evidencing such payment by the applicable Credit Party. The Credit Parties shall jointly and
severally indemnify and hold harmless Administrative Agent and each Lender, and reimburse Administrative Agent or such Lender (as
applicable) upon its written request, for the amount of any Covered Taxes payable or paid by such Lender or Administrative Agent
(including Covered Taxes imposed or asserted on amounts payable under this Section 5.06) and for any other reasonable expenses
arising therefrom or with respect thereto, in each case, whether or not such Covered Taxes were correctly or legally imposed. Such
written request shall include a certificate of such Lender or Administrative Agent setting forth in reasonable detail the basis
of such request and such certificate, absent manifest error, shall be conclusive.

 

    	 	-127-	 

     

    

 

(b)               
In addition, Borrower agrees to (and shall timely) pay all present or future stamp, court or documentary, intangible, recording,
filing or similar Taxes which arise from any payment made under or from the execution, delivery, performance, enforcement, filing,
recordation or registration of, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 2.11(a)) (Taxes payable pursuant to this
Section 5.06(b) hereinafter referred to as “Other Taxes”).

 

(c)               
(i)Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Credit Document shall deliver to Borrower and Administrative Agent, at the time or times prescribed by applicable Laws and
at the time or times reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation
reasonably requested by Borrower or 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 Borrower or Administrative Agent, shall deliver such other
documentation prescribed by applicable Law or reasonably requested by Borrower or Administrative Agent as will enable Borrower
or Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

 

(ii)Each Lender
that is not a U.S. Person (a “Non-U.S. Lender”) agrees to the extent it is legally eligible to do so to deliver
to Borrower and Administrative Agent on or prior to the date it becomes a party to this Agreement, and from time to time upon the
reasonable request of Borrower or Administrative Agent, whichever of the following is applicable: (1) in the case of a Non-U.S.
Lender claiming the benefits of an income tax treaty to which the United States is a party, two executed original copies of IRS
Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax;
(2) two executed original copies of IRS Form W-8ECI; (3) in the case of a Non-U.S. Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) or 871(h) of the Code, (x) a certificate substantially in the form of Exhibit D-1
hereto to the effect that such Non-U.S. Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
a “10 percent shareholder” of Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a CFC related to
Borrower as described in Section 881(c)(3)(C) of the Code and that no interest payments in connection with any Credit Documents
are effectively connected with the Non-U.S. Lender’s conduct of a U.S. trade or business (a “U.S. Tax Compliance
Certificate”) and (y) two executed original copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or (4) to
the extent a Non-U.S. Lender is not the beneficial owner (for example, where such Foreign Lender is a partnership or a participating
Lender), two executed original copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a
U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or D-3 hereto, IRS Form W-9, and/or other
certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership (and not
a participating Lender) and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest
exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 hereto
on behalf of each such direct and indirect partner. Any Non-U.S. Lender shall, to the extent it is legally eligible to do so, deliver
to Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on
which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request
of Borrower or Administrative Agent), executed copies of any other documentation 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 Borrower or Administrative Agent to determine the withholding or deduction required
to be made, if any.

 

    	 	-128-	 

     

    

 

(iii)Each Lender
that is a U.S. Person shall deliver at the time(s) and in the manner(s) prescribed by applicable Law, to Borrower and Administrative
Agent (as applicable), a properly completed and duly executed IRS Form W-9, or any successor form, certifying that such Person
is exempt from United States backup withholding.

 

(iv)If a payment
made to a Lender under any Credit 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 Borrower and Administrative Agent at the time or times prescribed by
Law and at such time or times reasonably requested by Borrower or 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
Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their obligations under
FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA, and to determine the amount
to deduct and withhold, if any, from such payment. For purposes of this Section 5.06(c)(iv), FATCA shall include any amendments
made to FATCA after the date of this Agreement.

 

(v)Each Lender
agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update
such documentation or promptly notify Borrower and Administrative Agent in writing of its legal ineligibility to do so. Notwithstanding
any other provision of this Section 5.06(c), a Lender shall not be required to deliver any documentation that such Lender is not
legally eligible to deliver. Each Lender hereby authorizes Administrative Agent to deliver to the Credit Parties and to any successor
Administrative Agent any documentation provided by such Lender to Administrative Agent pursuant to this Section 5.06(c).

 

(d)               
On or before the date Administrative Agent becomes a party to this Agreement, if Administrative Agent is a U.S. Person,
it shall deliver to Borrower two executed originals of IRS Form W-9 certifying that it is exempt from U.S. federal backup withholding.
Otherwise, Administrative Agent (including any successor Administrative Agent that is not a U.S. Person) shall deliver two duly
completed copies of IRS Form W-8ECI (with respect to any payments to be received on its own behalf) and IRS Form W-8IMY (for all
other payments) certifying that it is a “U.S. branch” and that the payments it receives for the account of Lenders
are not effectively connected with the conduct of its trade or business in the United States and that it is using such form as
evidence of its agreement with the Credit Parties to be treated as a U.S. Person with respect to such payments (and the Credit
Parties and Administrative Agent agree to so treat Administrative Agent as a U.S. Person with respect to such payments). Notwithstanding
anything to the contrary in this Section 5.06(d), Administrative Agent shall not be required to provide any documentation that
Administrative Agent is not legally eligible to deliver as a result of a Change in Law after the Closing Date.

 

(e)               
Any Lender requiring Borrower to pay any Covered Taxes or additional amounts to such Lender or any Governmental Authority
for the account of such Lender pursuant to this Section 5.06 agrees to use (at the Credit Parties’ expense) reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending
Office if, in the judgment of such Lender, the making of such change would avoid the need for, or materially reduce the amount
of, any such additional amounts that may thereafter accrue and would not be otherwise disadvantageous to such Lender.

 

    	 	-129-	 

     

    

 

(f)                
If Administrative Agent or any Lender receives a cash refund in respect of an overpayment of Taxes from a Governmental Authority
with respect to, and actually resulting from, an amount of Taxes actually paid to or on behalf of Administrative Agent or such
Lender by Borrower or any other Credit Party, then Administrative Agent or such Lender shall notify Borrower of such refund and
forward the proceeds of such refund (or relevant portion thereof) to Borrower as reduced by any reasonable expense or liability
incurred by Administrative Agent or such Lender in connection with obtaining such refund (including any Taxes imposed with respect
to such refund); provided, however, that Borrower, upon the request of Administrative Agent or such Lender, shall
repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to Administrative Agent or such Lender in the event Administrative Agent or such Lender is required to repay such refund to such
Governmental Authority. This Section 5.06(f) shall not be construed to require Administrative Agent or any Lender to make available
its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower or any other Person. Notwithstanding
anything to the contrary in this Section 5.06(f), in no event will Administrative Agent or any Lender be required to pay any amount
to any Credit Party pursuant to this Section 5.06(f) the payment of which would place Administrative Agent or such Lender in a
less favorable net after-Tax position than it would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid.

 

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

 

(h)               
For the avoidance of doubt, for purposes of this Section 5.06, the term “Lender” includes any Swingline
Lender and any L/C Issuer and the term “applicable Law” includes FATCA.

 

ARTICLE VI.

 

GUARANTEES

 

SECTION 6.01.     
The Guarantees. Each (a) Guarantor, jointly and severally with each other Guarantor, hereby
guarantees as primary obligor and not as surety to each Secured Party and its successors and assigns the prompt payment and performance
in full when due (whether at stated maturity, by acceleration, demand or otherwise) of the principal of and interest and fees (including
any interest, fees, costs, expenses, or charges that would accrue but for the provisions of the Bankruptcy Code or other applicable
Debtor Relief Law after the filing of any bankruptcy or insolvency petition) on the Loans and Commitments made by the Lenders to,
and the Notes held by each Lender of, Borrower, and (b) Credit Party, jointly and severally with each other Credit Party, hereby
guarantees as primary obligor and not as surety to each Secured Party and its successors and assigns the prompt payment and performance
in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest, fees and all other
amounts (including any interest, fees, costs, expenses or charges that would accrue but for the provisions of the Bankruptcy Code
or other applicable Debtor Relief Law after the filing of any bankruptcy or insolvency petition) of all other Obligations from
time to time owing to the Secured Parties by any other Credit Party under any Credit Document, any Credit Swap Contract entered
into with a Swap Provider or any Secured Cash Management Agreement entered into with a Cash Management Bank, in each case now or
hereinafter created, incurred or made, whether absolute or contingent, liquidated or unliquidated and strictly in accordance with
the terms thereof; provided, that (i) the obligations guaranteed shall exclude obligations under any Swap Contract or Cash
Management Agreements with respect to which the applicable Swap Provider or Cash Management Bank, as applicable, provides notice
to Borrower that it does not want such Swap Contract or Cash Management Agreement, as applicable, to be secured, and (ii) as to
each Guarantor the obligations guaranteed by such Guarantor hereunder shall not include any Excluded Swap Obligations in respect
of such Guarantor (such obligations being guaranteed pursuant to clauses (a) and (b) above being herein collectively called the
 “Guaranteed Obligations” (it being understood that the Guaranteed Obligations of Borrower shall be limited to
those referred to in clause (b) above and the Guaranteed Obligations of each other Guarantor shall not include any Obligations
with respect to which such Guarantor is the primary obligor)). Each Credit Party, jointly and severally with each other Credit
Party, hereby agrees that if any other Credit Party shall fail to pay in full when due (whether at stated maturity, by acceleration
or otherwise) any of the Guaranteed Obligations, such Credit Party will promptly pay the same, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly
paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension
or renewal.

 

    	 	-130-	 

     

    

 

SECTION 6.02.     
Obligations Unconditional. The obligations of the Credit Parties under Section 6.01 shall
constitute a guaranty of payment (and not of collection) and are absolute, irrevocable and unconditional, joint and several, irrespective
of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations under this Agreement, the Notes
or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee
of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any
other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor
(except for Payment in Full). Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or
more of the following shall not alter or impair the liability of any of the Credit Parties with respect to its respective guaranty
of the Guaranteed Obligations which shall remain absolute, irrevocable and unconditional under any and all circumstances as described
above:

 

(i)              
at any time or from time to time, without notice to the Credit Parties, the time for any performance of or compliance with
any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii)              
the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended
in any respect, or any right under the Credit Documents or any other agreement or instrument referred to herein or therein shall
be amended or waived in any respect or any other guarantee of any of the Guaranteed Obligations or any security therefor shall
be released or exchanged in whole or in part or otherwise dealt with;

 

(iii)              
the release of any other Credit Party pursuant to Section 6.08;

 

(iv)              
any renewal, extension or acceleration of, or any increase in the amount of the Guaranteed Obligations, or any amendment,
supplement, modification or waiver of, or any consent to departure from, the Credit Documents;

 

(v)              
any failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or
the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand
or any right, power or remedy (whether arising under any Credit Documents, at law, in equity or otherwise) with respect to the
Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment
of the Guaranteed Obligations;

 

    	 	-131-	 

     

    

 

(vi)              
any settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with
respect to, or any substitutions for, the Guaranteed Obligations or any subordination of the Guaranteed Obligations to any other
obligations;

 

(vii)              
the validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien,
the release of any or all collateral securing, or purporting to secure, the Guaranteed Obligations or any other impairment of such
collateral;

 

(viii)              
any exercise of remedies with respect to any security for the Guaranteed Obligations (including, without limitation, any
collateral, including the Collateral securing or purporting to secure any of the Guaranteed Obligations) at such time and in such
order and in such manner as Administrative Agent and the Secured Parties may decide and whether or not every aspect thereof is
commercially reasonable and whether or not such action constitutes an election of remedies and even if such action operates to
impair or extinguish any right of reimbursement or subrogation or other right or remedy that any Credit Party would otherwise have
and without limiting the generality of the foregoing or any other provisions hereof, each Credit Party hereby expressly waives
any and all benefits which might otherwise be available to such Credit Party as a surety under applicable law, including, without
limitation, California Civil Code Sections 2809, 2810, 2819, 2939, 2845, 2848, 2849, 2850, 2855, 2899 and 3433, and in the event
that Nevada law applies to this Agreement or any portion hereof, Guarantors, and each of them, hereby waive the provisions of Section
40.430 of the Nevada Revised Statutes; or

 

(ix)              
any other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Credit Party as
a guarantor in respect of the Guaranteed Obligations or which constitutes, or might be construed to constitute, an equitable or
legal discharge of any Credit Party as a guarantor of the Guaranteed Obligations, or of such Credit Party under the guarantee contained
in this Article 6 or of any security interest granted by any Credit Party in its capacity as a guarantor of the Guaranteed Obligations,
whether in a proceeding under the Bankruptcy Code or under any other federal, state or foreign bankruptcy, insolvency, receivership,
or similar law, or in any other instance.

 

The Credit Parties
hereby expressly waive diligence, presentment, demand of payment, protest, marshaling and all notices whatsoever, and any requirement
that any Secured Party thereof exhaust any right, power or remedy or proceed against any Credit Party under this Agreement, the
Notes, the Credit Swap Contracts or the Secured Cash Management Agreements or any other agreement or instrument referred to herein
or therein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. The Credit
Parties waive any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations
and notice of or proof of reliance by any Secured Party thereof upon this guarantee or acceptance of this guarantee, and the Guaranteed
Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this guarantee,
and all dealings between the Credit Parties and the Secured Parties shall likewise be conclusively presumed to have been had or
consummated in reliance upon this guarantee. This guarantee shall be construed as a continuing, absolute, irrevocable and unconditional
guarantee of payment and performance without regard to any right of offset with respect to the Guaranteed Obligations at any time
or from time to time held by the Secured Parties, and the obligations and liabilities of the Credit Parties hereunder shall not
be conditioned or contingent upon the pursuit by the Secured Parties or any other Person at any time of any right or remedy against
any Credit Party or against any other Person which may be or become liable in respect of all or any part of the Guaranteed Obligations
or against any collateral security or guarantee therefor or right of offset with respect thereto. This guarantee shall remain in
full force and effect and be binding in accordance with and to the extent of its terms upon the Credit Parties and the successors
and assigns thereof, and shall inure to the benefit of the Secured Parties, and their respective successors and assigns, notwithstanding
that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding.

 

    	 	-132-	 

     

    

 

For the avoidance of
doubt, nothing in this Section 6.02 shall permit amendments to the Credit Documents or an acceleration of the Obligations other
than as set forth in the Credit Documents.

 

SECTION 6.03.     
Reinstatement. The obligations of the Credit Parties under this Article VI shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf of any Credit Party in respect of the Guaranteed
Obligations is rescinded or avoided or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as
a result of any proceedings in bankruptcy or reorganization or otherwise. The Credit Parties jointly and severally agree that they
will indemnify each Secured Party on demand for all reasonable costs and expenses (including reasonable fees of counsel) incurred
by such Secured Party in connection with such rescission, avoidance or restoration, including any such costs and expenses incurred
in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under
any bankruptcy, insolvency or similar law, other than any costs or expenses resulting from the gross negligence, bad faith or willful
misconduct of, or material breach by, such Secured Party.

 

SECTION 6.04.     
Subrogation; Subordination. Each Credit Party hereby agrees that until the payment and
satisfaction in full in cash of all Guaranteed Obligations and the expiration and termination of the Commitments of the Lenders
under this Agreement it shall not exercise any right or remedy arising by reason of any performance by it of its guarantee in Section
6.01, whether by subrogation, contribution or otherwise, against any Credit Party of any of the Guaranteed Obligations or any security
for any of the Guaranteed Obligations. The payment of any amounts due with respect to any indebtedness of any Credit Party now
or hereafter owing to any Credit Party by reason of any payment by such Credit Party under the Guarantee in this Article VI is
hereby subordinated to the prior Payment in Full in cash of the Guaranteed Obligations. Upon the occurrence and during the continuance
of an Event of Default, each Credit Party agrees that it will not demand, sue for or otherwise attempt to collect any such indebtedness
of any other Credit Party to such Credit Party until the Obligations shall have been Paid in Full in cash. If an Event of Default
has occurred and is continuing, and any amounts are paid to the Credit Parties in violation of the foregoing limitation, such amounts
shall be collected, enforced and received by such Credit Party as trustee for the Secured Parties and be paid over to Administrative
Agent on account of the Guaranteed Obligations without affecting in any manner the liability of such Credit Party under the other
provisions of the guaranty contained herein.

 

SECTION 6.05.     
Remedies. The Credit Parties jointly and severally agree that, as between the Credit Parties
and the Lenders, the obligations of any Credit Party under this Agreement and the Notes may be declared to be forthwith due and
payable as provided in Article XI (and shall be deemed to have become automatically due and payable in the circumstances provided
in said Article XI) for purposes of Section 6.01, notwithstanding any stay, injunction or other prohibition preventing such declaration
(or such obligations from becoming automatically due and payable arising under the Bankruptcy Code or any other federal or state
bankruptcy, insolvency or other law providing for protection from creditors) as against such other Credit Parties and that, in
the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations
(whether or not due and payable by Borrower) shall forthwith become due and payable by the other Credit Parties for purposes of
Section 6.01.

 

    	 	-133-	 

     

    

 

SECTION 6.06.     
Continuing Guarantee. The guarantee in this Article VI is a continuing guarantee of payment
and performance, and shall apply to all Guaranteed Obligations whenever arising.

 

SECTION 6.07.     
General Limitation on Guarantee Obligations. In any action or proceeding involving any
state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights
of creditors generally, if the obligations of any Credit Party under Section 6.01 would otherwise be held or determined to be void,
voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability
under Section 6.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any
further action by such Credit Party, any Secured Party or any other Person, be automatically limited and reduced to the highest
amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

 

SECTION 6.08.     
Release of Guarantors. If, in compliance with the terms and provisions of the Credit Documents,
(i) the Equity Interests of any Guarantor are directly or indirectly sold or otherwise transferred such that such Guarantor no
longer constitutes a Restricted Subsidiary (a “Transferred Guarantor”) to a Person or Persons, none of which
is Borrower or a Restricted Subsidiary, (ii) any Restricted Subsidiary is designated as or becomes an Excluded Subsidiary or (iii)
any Restricted Subsidiary that is a Guarantor is merged, consolidated, liquidated or dissolved in accordance with Section 10.05
and is not the surviving entity of such transaction (a “Liquidated Subsidiary”), such Transferred Guarantor,
Excluded Subsidiary or Liquidated Subsidiary, as applicable, upon the consummation of such sale, transfer, designation or such
Person becoming an Excluded Subsidiary or merger, consolidation, dissolution or liquidation, as applicable, shall (without limiting
the obligations of any surviving or successor entity to any Liquidated Subsidiary to become or remain a Guarantor) be automatically
released from its obligations under this Agreement (including under Section 13.03 hereof) and the other Credit Documents, and its
obligations to pledge and grant any Collateral owned by it pursuant to any Security Document, and the pledge of Equity Interests
in any Transferred Guarantor or any Unrestricted Subsidiary to Collateral Agent pursuant to the Security Documents shall be automatically
released, and, so long as Borrower shall have provided the Agents such certifications or documents as any Agent shall reasonably
request, Collateral Agent shall take such actions as are necessary to effect and evidence each release described in this Section 6.08
in accordance with the relevant provisions of the Security Documents and this Agreement.

 

SECTION 6.09.     
Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally
and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Credit Party
to honor all of its obligations under the Guarantee in respect of Swap Obligations (provided, however, that each
Qualified ECP Guarantor shall only be liable under this Section 6.09 for the maximum amount of such liability that can be hereby
incurred without rendering its obligations under this Section 6.09, or otherwise under the Guarantee, as it relates to such Credit
Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).
The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Payment in Full
of the Guaranteed Obligations. Each Qualified ECP Guarantor intends that this Section 6.09 constitute, and this Section 6.09 shall
be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all
purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

    	 	-134-	 

     

    

 

SECTION 6.10.     
Right of Contribution. Each Credit Party hereby agrees that to the extent that a Credit
Party (a “Funding Credit Party”) shall have paid more than its Fair Share (as defined below) of any payment
made hereunder, such Credit Party shall be entitled to seek and receive contribution from and against any other Credit Party hereunder
which has not paid its Fair Share of such payment. Each Credit Party’s right of contribution shall be subject to the terms
and conditions of Section 6.04. The provisions of this Section 6.10 shall in no respect limit the obligations and liabilities
of any Credit Party to the Secured Parties, and each Credit Party shall remain liable to the Secured Parties for the full amount
guaranteed by such Credit Party hereunder. “Fair Share” means, with respect to a Credit Party as of any date
of determination, an amount equal to (i) the ratio of (A) the Adjusted Maximum Amount (as defined below) with respect to such Credit
Party to (B) the aggregate of the Adjusted Maximum Amounts with respect to all Credit Parties multiplied by (ii) the aggregate
amount paid or distributed on or before such date by all Funding Credit Parties under this Article VI in respect of the Guaranteed
Obligations. “Adjusted Maximum Amount” means, with respect to a Credit Party as of any date of determination,
the maximum aggregate amount of the obligations of such Credit Party under this Article VI; provided that, solely for purposes
of calculating the “Adjusted Maximum Amount” with respect to any Credit Party for purposes of this Section 6.10, any
assets or liabilities of such Credit Party arising by virtue of any rights to subrogation, reimbursement or indemnification or
any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Credit Party. The
amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made
by the applicable Funding Credit Party.

 

ARTICLE VII.

CONDITIONS PRECEDENT  

 

SECTION 7.01.     
Conditions to Initial Extensions of Credit.

 

The obligations of
Lenders to make any initial extension of credit hereunder (whether by making a Loan or issuing a replacement and/or new Letter
of Credit) are subject to the satisfaction of the following:

 

(a)               
Corporate Documents. Administrative Agent shall have received copies of the Organizational Documents of each Credit
Party and evidence of all corporate or other applicable authority for each Credit Party (including resolutions or written consents
and incumbency certificates) with respect to the execution, delivery and performance of such of the Credit Documents to which each
such Credit Party is intended to be a party as of the Closing Date, certified as of the Closing Date as complete and correct copies
thereof by a Responsible Officer of each Credit Party (or the member or manager or general partner of such Credit Party, as applicable).

 

(b)               
Officer’s Certificate. Administrative Agent shall have received an Officer’s Certificate of Borrower,
dated the Closing Date, certifying that the conditions set forth in Sections 7.01(r) and 7.02 have been satisfied.

 

(c)               
Opinions of Counsel. Administrative Agent shall have received the following opinions, each of which shall be addressed
to Administrative Agent, Collateral Agent and the Lenders, dated the Closing Date and covering such matters as Administrative Agent
shall reasonably request in a manner customary for transactions of this type:

 

(i)              
an opinion of Jones Day, special counsel to the Credit Parties; and

 

    	 	-135-	 

     

    

 

(ii)              
opinions of local counsel to the Credit Parties in such jurisdictions as are set forth in Schedule 7.01.

 

(d)               
Notes. Administrative Agent shall have received copies of the Notes, duly completed and executed, for each Lender
that requested a Note at least three (3) Business Days prior to the Closing Date.

 

(e)               
Credit Agreement. Administrative Agent shall have received this Agreement (a) executed and delivered by a duly authorized
officer of each Credit Party and (b) executed and delivered by a duly authorized officer of each Person that is a Lender on the
Closing Date.

 

(f)                
Filings and Lien Searches. Administrative Agent shall have received (i) UCC financing statements in form appropriate
for filing in the jurisdiction of organization of each Credit Party, (ii) results of lien searches conducted in the jurisdictions
in which the Credit Parties are organized and (iii) security agreements or other agreements in appropriate form for filing
in the United States Patent and Trademark Office and United States Copyright Office with respect to intellectual property of the
Credit Parties to the extent required pursuant to the Security Agreement.

 

(g)               
Security Documents. (i) Administrative Agent shall have received the Security Agreement, the Hard Rock Collateral
Assignment Consent and the Initial Perfection Certificate, in each case duly authorized, executed and delivered by the applicable
Credit Parties, and (ii) Collateral Agent shall have received, to the extent required pursuant to the Security Agreement and not
prohibited by applicable Requirements of Law (including, without limitation, any Gaming/Racing Laws and/or any Gaming/Racing Licenses),
(1) original certificates representing the certificated Pledged Securities (as defined in the Security Agreement) required to be
delivered to Collateral Agent pursuant to the Security Agreement, accompanied by original undated stock powers executed in blank
(except as set forth on Schedule 9.15), and (2) the promissory notes, intercompany notes, instruments, and chattel paper
identified under the name of such Credit Parties in Schedule 6 to the Initial Perfection Certificate (other than such certificates,
promissory notes, intercompany notes, instruments and chattel paper that constitute “Excluded Property” (as such term
is defined in the Security Agreement)), accompanied by undated notations or instruments of assignment executed in blank, and all
of the foregoing shall be reasonably satisfactory to Administrative Agent in form and substance (in each case to the extent required
to be delivered to Collateral Agent pursuant to the terms of the Security Agreement).

 

(h)               
Notice of Borrowing. Administrative Agent shall have received a Notice of Borrowing duly executed by Borrower.

 

(i)                
Financial Statements. Administrative Agent shall have received (i) the audited consolidated balance sheets and related
consolidated statements of operations, cash flows and shareholders’ equity of Borrower and its Subsidiaries for each of the
three most recently completed fiscal years of Borrower ended at least 90 days before the Closing Date and (ii) the unaudited consolidated
balance sheets and related statements of operations and cash flows of Borrower and its Subsidiaries for each fiscal quarter of
Borrower ended after December 31, 2018 (other than the fourth fiscal quarter of any fiscal year) and at least 45 days before the
Closing Date.

 

(j)                
Senior Unsecured Notes. Prior to or substantially simultaneously with the initial extensions of credit hereunder,
Borrower shall have received the proceeds of the Senior Unsecured Notes.

 

(k)               
Insurance; Flood Insurance. Administrative Agent shall have received (i) evidence of insurance complying with the
requirements of Sections 9.02(a) and (b) and certificates naming Collateral Agent as an additional insured and/or loss payee to
the extent required pursuant to such Sections and (ii) with respect to each Mortgaged Real Property, a completed “Life-of-Loan”
Federal Emergency Management Agency standard flood hazard determination with respect to each such Mortgaged Real Property, and
if such Mortgaged Real Property is located in a special flood hazard area, a notice about special flood hazard area status and
flood disaster assistance duly executed by Borrower and the applicable Credit Party relating thereto together with evidence of
insurance as required pursuant to Section 9.02(c).

 

    	 	-136-	 

     

    

 

(l)                
Material Consents. All Material Consents shall have been obtained and remain in effect, and all applicable waiting
periods shall have expired without any action being taken by any competent authority which, in the reasonable judgment of the Lead
Arrangers, restrains, prevents or imposes materially adverse conditions upon, the Transaction. Additionally, there shall not exist
any judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions upon the transactions
contemplated by this Agreement.

 

(m)             
Repayment of Indebtedness. Borrower and its Restricted Subsidiaries shall have effected (or will, on the Closing
Date, effect) the repayment in full of all obligations and indebtedness of Borrower and its Restricted Subsidiaries in respect
of the Existing Credit Agreement, including, without limitation, the termination of all outstanding commitments in effect under
the Existing Credit Agreement, on customary terms and conditions and pursuant to documentation reasonably satisfactory to Administrative
Agent. All Liens and guarantees in respect of such obligations shall have been terminated or released (or arrangements for such
termination or release reasonably satisfactory to Administrative Agent shall have been made), and Administrative Agent shall have
received (or will, on the Closing Date, receive) evidence thereof reasonably satisfactory to Administrative Agent and a “pay-off”
letter or letters reasonably satisfactory to Administrative Agent with respect to such obligations and such UCC termination statements,
mortgage releases and other instruments, in each case in proper form for recording, as Administrative Agent shall have reasonably
requested to release and terminate of record the Liens securing such obligations (or arrangements for such termination or release
reasonably satisfactory to Administrative Agent shall have been made).

 

(n)               
Solvency. Administrative Agent shall have received a certificate in the form of Exhibit G hereto from the
chief financial officer or other equivalent officer of Borrower with respect to the Solvency of Borrower (on a consolidated basis
with its Subsidiaries), immediately after giving effect to the consummation of the Transactions.

 

(o)               
Payment of Fees and Expenses. To the extent invoiced at least two (2) Business Days prior to the Closing Date (unless
otherwise agreed by Borrower), all costs, fees, expenses (including, without limitation, reasonable legal fees and expenses of
Latham & Watkins LLP, and of special gaming and local counsel in any applicable jurisdiction, if any) of Administrative Agent,
Lead Arrangers and (in the case of fees only) the Lenders required to be paid by this Agreement or by the Engagement Letter, in
each case, payable to Administrative Agent, Lead Arrangers and/or Lenders in respect of the Transactions, shall have been, or shall
substantially concurrently with the initial extension of credit hereunder be, paid to the extent due.

 

(p)               
Patriot Act. On or prior to the Closing Date, Administrative Agent shall have received at least three (3) Business
Days prior to the Closing Date all documentation and other information reasonably requested in writing at least ten (10) Business
Days prior to the Closing Date by Administrative Agent that Administrative Agent reasonably determines is required by regulatory
authorities from the Credit Parties under applicable “know your customer” and anti-money laundering rules and regulations,
including without limitation the Act.

 

    	 	-137-	 

     

    

 

(q)               
Beneficial Ownership Certification. Administrative Agent shall have received, at least two (2) Business Days prior
to the Closing Date (or such later date as agreed to by the Administrative Agent), a Beneficial Ownership Certification in relation
to Borrower if it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation to the extent requested
not less than ten (10) Business Days prior to the Closing Date.

 

(r)                
Material Adverse Changes. Since December 31, 2018, there shall not have occurred any change, event, circumstance
or development that, individually or in the aggregate, has had, or is reasonably likely to have a Material Adverse Effect.

 

SECTION 7.02.     
Conditions to All Extensions of Credit. Subject to the limitations set forth in Section
2.12 and the applicable Incremental Joinder Agreement, the obligations of the Lenders to make any Loan or otherwise extend any
credit to Borrower upon the occasion of each Borrowing or other extension of credit (whether by making a Loan or issuing a Letter
of Credit) hereunder (including the initial borrowing) after the Closing Date is subject to the conditions precedent that:

 

(a)               
No Default or Event of Default; Representations and Warranties True. Both immediately prior to the making of such
Loan or other extension of credit and also after giving effect thereto and to the intended use thereof:

 

(i)              
no Default or Event of Default shall have occurred and be continuing (provided that this clause (i) shall not apply
to any extensions of credit pursuant to an Incremental Commitment to the extent provided in Section 2.12 and the applicable Incremental
Joinder Agreement);

 

(ii)              
each of the representations and warranties made by the Credit Parties in Article VIII or by each Credit Party in each of
the other Credit Documents to which it is a party shall be true and correct in all material respects on and as of the date of the
making of such Loan or other extension of credit with the same force and effect as if made on and as of such date (it being understood
and agreed that any such representation or warranty which by its terms is made as of an earlier date shall be required to be true
and correct in all material respects only as such earlier date, and that any representation and warranty that is qualified as to
 “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects
on the applicable date) (provided that this clause (ii) shall not apply to any extensions of credit pursuant to an Incremental
Commitment to the extent provided in Section 2.12 and the applicable Incremental Joinder Agreement); and

 

(iii)              
the sum of the aggregate amount of the outstanding Revolving Loans, plus the aggregate amount of the outstanding
Swingline Loans plus the aggregate outstanding L/C Liabilities shall not exceed the Total Revolving Commitments then in effect.

 

provided,
that, the Required Revolving Lenders, have agreed that, with respect to the funding of any Revolving Loan the proceeds
of which are being used to fund any Additional Specified Covenant Relief Period Acquisition, so long as (1) the applicable Additional
Specified Covenant Relief Period Acquisition Agreement shall not have been amended, waived or modified by Borrower (or its applicable
Subsidiary) and Borrower (or its applicable Subsidiary) shall not have given any consent thereunder, in each case, that is materially
adverse to the Lenders in their capacity as such in any such case without the prior written consent of the Required Revolving Lenders
(such consent not to be unreasonably withheld, conditioned or delayed), (2) such Additional Specified Covenant Relief Period Acquisition
is being consummated in all material respects in accordance with the applicable Additional Specified Covenant Relief Period Acquisition
Agreement and (3) from April 24, 2020 to the date of the consummation of such Additional Specified Covenant Relief Period Acquisition,
no “Material Adverse Effect” or “Business Material Adverse Effect” (as defined in the applicable Additional
Specified Covenant Relief Period Acquisition Agreement) shall have occurred, then (a) the condition set forth in Section 7.02(a)(i)
of the this Agreement to funding a Revolving Loan the proceeds of which are being used to fund such Additional Specified Covenant
Relief Period Acquisition shall be limited to the absence of any Event of Default specified in Section 11.01(b) or 11.01(c) of
this Agreement or an Event of Default specified in Section 11.01(g) or 11.01(h) of this Agreement with respect to Borrower and
(b) the condition set forth in Section 7.02(a)(ii) of this Agreement to funding a Revolving Loan the proceeds of which are being
used to fund such Additional Specified Covenant Relief Period Acquisition shall be limited to the accuracy in all material respects
of (x) the Specified Representations and (y) if applicable, the representations and warranties contained in the applicable Additional
Specified Covenant Relief Period Acquisition Agreement as are material to the interests of the Lenders, but only to the extent
that Borrower or any of its Affiliates have the right to terminate its or their obligations under the acquisition agreement for
such Acquisition as a result of a breach of such representations and warranties in such acquisition agreement.

 

    	 	-138-	 

     

    

 

(b)               
Notice of Borrowing. Administrative Agent shall have received a Notice of Borrowing and/or Letter of Credit Request,
as applicable, duly completed and complying with Section 4.05. Each Notice of Borrowing or Letter of Credit Request delivered by
Borrower hereunder shall constitute a representation and warranty by Borrower that on and as of the date of such notice and on
and as of the relevant borrowing date or date of issuance of a Letter of Credit (both immediately before and immediately after
giving effect to such borrowing or issuance and the application of the proceeds thereof) that the applicable conditions in Section 7.02
have been satisfied.

 

ARTICLE VIII.

REPRESENTATIONS AND WARRANTIES

 

Each Credit Party represents
for itself and on behalf of its Restricted Subsidiaries and warrants to Administrative Agent, Collateral Agent and Lenders that,
at and as of each Funding Date, in each case immediately before and immediately after giving effect to the transactions to occur
on such date:

 

SECTION 8.01.     
Corporate Existence; Compliance with Law. 

 

(a)               
Borrower and each Restricted Subsidiary (i) is a corporation, partnership, limited liability company or other entity duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (ii)(1) has all requisite
corporate or other power and authority, and (2) has all governmental licenses, authorizations, consents and approvals necessary
to own its Property and carry on its business as now being conducted; and (iii) is qualified to do business and is in good standing
in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except, in the case
of clauses (ii)(2) and (iii) where the failure thereof individually or in the aggregate would not reasonably be expected to have
a Material Adverse Effect.

 

(b)               
Neither Borrower nor any Restricted Subsidiary nor any of its Property is in violation of, nor will the continued operation
of Borrower’s or such Restricted Subsidiary’s Property as currently conducted violate, any Requirement of Law (including,
without limitation, Gaming/Racing Laws, the Act and any zoning or building ordinance, code or approval or permits or any restrictions
of record or agreements affecting the Real Property) or is in default with respect to any judgment, writ, injunction, decree or
order of any Governmental Authority, where such violations or defaults would reasonably be expected to have a Material Adverse
Effect.

 

    	 	-139-	 

     

    

 

(c)               
Neither Borrower nor any Guarantor is an EEA Financial Institution.

 

SECTION 8.02.     
Financial Condition; Etc. Borrower has delivered to Administrative Agent or made publically
available (a) the audited consolidated balance sheets and related consolidated statements of operations, cash flows and shareholders’
equity of Borrower and its Subsidiaries for each of the three most recently completed fiscal years of Borrower, ended at least
90 days before the Closing Date and (b) the unaudited consolidated balance sheets and related statements of operations and cash
flows of Borrower and its Subsidiaries for each fiscal quarter ending after December 31, 2018 (other than the fourth fiscal quarter
of any fiscal year) and at least 45 days prior to the Closing Date. All of said financial statements, including in each case the
related schedules and notes, are true, complete and correct in all material respects and have been prepared in accordance with
GAAP consistently applied and present fairly in all material respects the financial position of Borrower and its Subsidiaries,
as of the date of said balance sheets and the results of their operations for the periods covered thereby, subject (in the case
of interim statements) to normal period-end audit adjustments and the absence of footnotes.

 

SECTION 8.03.     
Litigation. Except as set forth on Schedule 8.03, there is no Proceeding (other
than any normal overseeing reviews of any Gaming/Racing Authority) pending against, or to the knowledge of any Responsible Officer
of Borrower, threatened in writing against, Borrower or any of the Restricted Subsidiaries or any of their respective Properties
before any Governmental Authority or private arbitrator that (i) either individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect or (ii) as of the Closing Date only, challenges the validity or enforceability of any of the
Credit Documents.

 

SECTION 8.04.     
No Breach; No Default.

 

(a)               
None of the execution, delivery and performance by any Credit Party of any Credit Document to which it is a party nor the
consummation of the transactions herein and therein contemplated (including the Transactions) do or will (i) conflict with or result
in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational
Document of any Credit Party or (y) any applicable Requirement of Law (including, without limitation, any Gaming/Racing Law) or
(z) any order, writ, injunction or decree of any Governmental Authority binding on any Credit Party or result in a breach of, or
require termination of, any term or provision of any Contractual Obligation of any Credit Party or (ii) constitute (with due notice
or lapse of time or both) a default under any such Contractual Obligation or (iii) result in or require the creation or imposition
of any Lien (except for the Liens created pursuant to the Security Documents) upon any Property of any Credit Party pursuant to
the terms of any such Contractual Obligation, except with respect to (i)(y), (i)(z), (ii) or (iii) which would not reasonably be
expected to result in a Material Adverse Effect.

 

(b)               
After giving effect to the Transactions to be consummated on the Closing Date, none of Borrower or any Restricted Subsidiary
is in default in any material respect under any Material Gaming/Racing Agreement or any Gaming/Racing License.

 

(c)               
No Default or Event of Default has occurred and is continuing.

 

SECTION 8.05.     
Action. Borrower and each Restricted Subsidiary has all necessary corporate or other organizational
power, authority and legal right to execute, deliver and perform its obligations under each Credit Document to which it is a party
and to consummate the transactions herein and therein contemplated; the execution, delivery and performance by Borrower and each
Restricted Subsidiary of each Credit Document to which it is a party and the consummation of the transactions herein and therein
contemplated have been duly authorized by all necessary corporate, partnership or other organizational action on its part; and
this Agreement has been duly and validly executed and delivered by each Credit Party and constitutes, and each of the Credit Documents
to which it is a party when executed and delivered by such Credit Party will constitute, its legal, valid and binding obligation,
enforceable against each Credit Party, as applicable, in accordance with its terms, except as such enforceability may be limited
by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability from
time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the application of general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

    	 	-140-	 

     

    

 

SECTION 8.06.     
Approvals. No authorizations, approvals or consents of, and no filings or registrations
with, any Governmental Authority or any securities exchange are necessary for the execution, delivery or performance by Borrower
or any Restricted Subsidiary of the Credit Documents to which it is a party or for the legality, validity or enforceability hereof
or thereof or for the consummation of the Transactions, except for: (i) authorizations, approvals or consents of, and filings or
registrations with any Governmental Authority or any securities exchange previously obtained, made, received or issued, (ii) filings
and recordings in respect of the Liens created pursuant to the Security Documents, (iii) the filings referred to in Section 8.14,
(iv) waiver by the Gaming/Racing Authorities of any qualification requirement on the part of the Lenders who do not otherwise qualify
and are not banks or licensed lending institutions, (v) consents, authorizations and filings that have been obtained or made and
are in full force and effect or the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect
and (vi) any required approvals (including prior approvals) of the requisite Gaming/Racing Authorities that any Agent, Lender or
participant is required to obtain from, or any required filings with, requisite Gaming/Racing Authorities to exercise their respective
rights and remedies under this Agreement and the other Credit Documents (as set forth in Section 13.13).

 

SECTION 8.07.     
ERISA, Foreign Employee Benefit Matters and Labor Matters. 

 

(a)               
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events
for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse Effect. Except
as set forth on Schedule 8.07, as of the Closing Date, no ERISA Entity maintains or contributes to any Pension Plan. Each
Company is in compliance with the presently applicable provisions of ERISA and the Code with respect to each Employee Benefit Plan
(other than to the extent such failure to comply would not reasonably be expected to have a Material Adverse Effect). Using actuarial
assumptions and computation methods consistent with Part I of Subtitle E of Title IV of ERISA, the aggregate liabilities of any
ERISA Entity to all Multiemployer Plans in the event of a complete withdrawal therefrom, as of the close of the most recent fiscal
year of each such Multiemployer Plan that precedes the Closing Date, would not reasonably be expected to result in a Material Adverse
Effect.

 

(b)               
Each Foreign Plan is in compliance with all laws, regulations and rules applicable thereto and the respective requirements
of the governing documents for such Foreign Plan, other than to the extent such failure to comply would not reasonably be expected
to have a Material Adverse Effect. There are no actions, suits or claims (other than routine claims for benefits) pending or to
the knowledge of any Responsible Officer of Borrower, threatened against Borrower or any of its Restricted Subsidiaries with respect
to any Foreign Plan that would reasonably be expected to result in a Material Adverse Effect.

 

    	 	-141-	 

     

    

 

(c)               
Except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (i) there
are no strikes or other labor disputes against Borrower or any of its Restricted Subsidiaries pending or, to the knowledge of Borrower,
threatened and (ii) the hours worked by and payments made to employees of Borrower or any of its Restricted Subsidiaries have not
been in violation of the Fair Labor Standards Act or any other applicable loan dealing with such matters.

 

SECTION 8.08.     
Taxes. Except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, (i) all tax returns, statements, reports and forms or other documents (including estimated
Tax or information returns and including any required, related or supporting information) (collectively, the “Tax Returns”)
required to be filed with any taxing authority by, or with respect to, Borrower and each of the Restricted Subsidiaries have been
timely filed in accordance with all applicable Laws and each Tax Return is accurate and complete; and (ii) Borrower and each
of the Restricted Subsidiaries has timely paid all Taxes shown as due and payable on Tax Returns that have been so filed or that
are otherwise due and payable (including in its capacity as a withholding agent), other than Taxes which are being contested in
good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. Neither Borrower
nor any of the Restricted Subsidiaries has received written notice of any proposed or pending Tax assessment, audit or deficiency
against Borrower or such Restricted Subsidiary that would, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. No Credit Party is party to any tax sharing agreement (other than the Tax Sharing Agreement). 

 

SECTION 8.09.     
Investment Company Act. Neither Borrower nor any of the Restricted Subsidiaries is an
 “investment company,” or a company “controlled” by an “investment company” required to be regulated
under the Investment Company Act of 1940, as amended. 

 

SECTION 8.10.     
Environmental Matters. Except as set forth on Schedule 8.10 or as would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (i) each of Borrower and the Restricted Subsidiaries
and each of their businesses, operations and Real Property is in compliance with, and each has no liability under any Environmental
Law; (ii) each of Borrower and the Restricted Subsidiaries has obtained, maintained and complied with all Permits required for,
the conduct of their businesses and operations, and the ownership, operation and use of their assets, all as currently conducted,
under any Environmental Law, all such Permits are valid and in good standing and, under the currently effective business plans
of Borrower and the Restricted Subsidiaries, no expenditures or operational adjustments are currently reasonably expected to be
required in order to renew or modify such Permits; (iii) there has been no Release or threatened Release of Hazardous Material
on, at, under or from any real property or facility presently or formerly owned, leased, operated or, to the knowledge of any Responsible
Officer of Borrower or any of the Restricted Subsidiaries, used for waste disposal by Borrower or any of the Restricted Subsidiaries,
or any of their respective predecessors in interest that, in any of these situations, would reasonably be expected to result in
liability to Borrower or any of the Restricted Subsidiaries under any Environmental Law; (iv) there is no Environmental Action
pending or, to the knowledge of any Responsible Officer of Borrower or any of the Restricted Subsidiaries, threatened, against
Borrower or any of the Restricted Subsidiaries, including any Environmental Action relating either to the operations of the Borrower
or the Restricted Subsidiaries or to real property currently or formerly owned, leased, operated or, to the knowledge of any Responsible
Officer of Borrower or any of the Restricted Subsidiaries, used for waste disposal by Borrower or any of the Restricted Subsidiaries;
(v) none of Borrower or any of the Restricted Subsidiaries is obligated to perform any action or otherwise incur any expense under
any Environmental Law pursuant to any legally binding order, decree, judgment or agreement by which it is bound or has assumed
by contract or agreement, and none of Borrower or any of the Restricted Subsidiaries is conducting or financing any Response Action
pursuant to any Environmental Law with respect to any location; (vi) no circumstances exist that would reasonably be expected to
(a) form the basis of an Environmental Action against Borrower or any of the Restricted Subsidiaries, or any of their Real Property,
facilities or assets or (b) cause any such Real Property, facilities or assets to be subject to any restriction on ownership, occupancy,
use or transferability under any Environmental Law and (vii) no Lien has been recorded or, to the knowledge of any Responsible
Officer of Borrower or any of the Restricted Subsidiaries, threatened under any Environmental Law with respect to any Real Property
or other assets of Borrower or any of the Restricted Subsidiaries.

 

    	 	-142-	 

     

    

 

SECTION 8.11.     
Use of Proceeds.

 

(a)               
Borrower will use the proceeds of:

 

(i)              
Term B Facility Loans made on the Closing Date to finance a portion of the Transactions and for general corporate purposes;
and

 

(ii)              
Revolving Loans (including Incremental Revolving Loans) made on and after the Closing Date and Term Loans (including Incremental
Term Loans) made after the Closing Date for working capital, capital expenditures, Permitted Acquisitions (and other Acquisitions
not prohibited hereunder), permitted Investments and general corporate purposes and for any other purposes not prohibited by this
Agreement.

 

(iii)             Term
B-1 Facility Loans made on the 2020 Incremental Joinder Agreement Effective Date (net of borrowing costs and expenses) solely for
the purpose of (A) repaying outstanding revolving credit borrowings under the terms of this Agreement (subject to re-borrowings)
and/or (B) paying the purchase price under, and the costs and expenses incurred in connection with, Additional Specified Covenant
Relief Period Acquisition Agreements and/or (C) for such other general corporate purposes that are not prohibited by the Regulatory
Agreement.

 

(b)               
Neither Borrower nor any of the Restricted Subsidiaries is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock.
No part of the proceeds of any extension of credit (including any Loans and Letters of Credit) hereunder will be used directly
or indirectly and whether immediately, incidentally or ultimately to purchase or carry any Margin Stock or to extend credit to
others for such purpose or to refund Indebtedness originally incurred for such purpose or for any other purpose, in each case,
that entails a violation of, or is inconsistent with, the provisions of Regulation T, Regulation U or Regulation X. The pledge
of any Equity Interests by any Credit Party pursuant to the Security Agreement does not violate such regulations.

 

SECTION 8.12.     
Subsidiaries.

 

(a)               
Schedule 8.12(a) sets forth a true and complete list of the following: (i) all the Subsidiaries of Borrower as of
the Closing Date; (ii) the name and jurisdiction of incorporation or organization of each such Subsidiary as of the Closing
Date; and (iii) as to each such Subsidiary, the percentage and number of each class of Equity Interests of such Subsidiary
owned by Borrower and its respective Subsidiaries as of the Closing Date.

 

(b)               
Schedule 8.12(b) sets forth a true and complete list of all the Immaterial Subsidiaries as of the Closing Date.

 

    	 	-143-	 

     

    

 

(c)               
Schedule 8.12(c) sets forth a true and complete list of all the Unrestricted Subsidiaries as of the Closing Date.

 

SECTION 8.13.     
Ownership of Property; Liens. (a) Borrower and each of the Restricted Subsidiaries has
good and valid title to, or a valid (with respect to Real Property and Vessels) leasehold interest in (or subleasehold interest
in or other right to occupy), all material assets and Property (including Mortgaged Real Property and Mortgaged Vessels) (tangible
and intangible) owned or occupied by it (except insofar as marketability may be limited by any laws or regulations of any Governmental
Authority affecting such assets), except for minor defects in title that do not interfere in any material respect with the ability
of Borrower or any Restricted Subsidiary to conduct its business as currently conducted or to utilize such assets and Properties
for their intended purposes and (b) all such assets and Property are subject to no Liens other than Permitted Liens. All of the
assets and Property owned by, leased to or used by Borrower and each of the Restricted Subsidiaries in its respective businesses
are in good operating condition and repair in all material respects (ordinary wear and tear and casualty and force majeure excepted)
except in each case where the failure of such asset to meet such requirements would not reasonably be expected to result in a Material
Adverse Effect.

 

SECTION 8.14.     
Security Interest; Absence of Financing Statements; Etc. 

 

(a)               
Subject to applicable Gaming/Racing Laws, the Security Documents, once executed and delivered, will create, in favor of
Collateral Agent for the benefit of the Secured Parties, as security for the Obligations, a valid and enforceable security interest
in and Lien upon all of the Collateral (subject to any applicable provisions set forth herein or in the Security Documents with
respect to limitations or exclusions from the requirement to perfect the security interests and Liens on the collateral described
therein), and upon (i) filing of financing statements in the offices of the Secretaries of State of each Credit Party’s jurisdiction
of organization or formation or recording, registering or taking such other actions as may be necessary with the appropriate Governmental
Authorities (including payment of applicable filing and recording taxes) and (ii) the taking of possession or control by Collateral
Agent of the Pledged Collateral with respect to which a security interest may be perfected only by possession or control which
possession or control shall be given to Collateral Agent to the extent possession or control by Collateral Agent is required by
the Security Agreement, such security interest shall be a perfected security interest in and Lien upon all of the Collateral (subject
to any applicable provisions set forth herein or in the Security Documents with respect to limitations or exclusions from the requirement
to perfect the security interests and Liens on the collateral described therein) superior to and prior to the rights of all third
Persons and subject to no Liens other than Permitted Liens.

 

(b)               
Each Ship Mortgage, once executed and delivered, will create, upon filing and recording in the National Vessel Documentation
Center of the United States Coast Guard, in favor of Collateral Agent for the benefit of the Secured Parties a legal, valid and
enforceable preferred mortgage upon the applicable Mortgaged Vessel under Chapter 313 of Title 46 of the United States Code, subject
to no Liens other than Permitted Liens.

 

Notwithstanding anything
herein (including this Section 8.14) or in any other Credit Document to the contrary, neither Borrower nor any other Credit Party
makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability
of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the
Agents or any Lender with respect thereto, under foreign Law or (B) the pledge or creation of any security interest, or the effects
of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge,
security interest, perfection or priority is not required pursuant to this Agreement or any other Credit Document.

 

    	 	-144-	 

     

    

 

SECTION 8.15.     
Licenses and Permits. Borrower and each of its Restricted Subsidiaries hold all material
governmental permits, licenses, franchises, certificates, waivers, authorizations, consents and approvals (including Gaming/Racing
Licenses) necessary for Borrower and its Restricted Subsidiaries to own, lease, and operate their respective Properties and to
operate their respective businesses as now being conducted (collectively, the “Permits”), except for Permits
the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect. None of the Permits has been
modified in any way since the Closing Date in a manner that would reasonably be expected to have a Material Adverse Effect. All
Permits are in full force and effect except where the failure to be in full force and effect would not reasonably be expected to
have a Material Adverse Effect. Neither Borrower nor any of its Restricted Subsidiaries has received written notice that any Gaming/Racing
Authority has commenced proceedings to suspend, revoke or not renew any such Permits where such suspensions, revocations or failure
to renew would reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.16.     
Disclosure. The information, reports, financial statements, exhibits and schedules furnished
in writing by or on behalf of any Credit Party to any Secured Party prior to the Closing Date in connection with this Agreement
and the other Credit Documents, but in each case excluding all projections and general industry or economic data, when taken as
a whole and giving effect to all supplements and updates, do not contain any untrue statement of material fact or omit to state
a material fact necessary in order to make the statements herein or therein, in light of the circumstances under which they were
made, not materially misleading. The pro forma financial information furnished pursuant to Section 7.01(i)(iii) was prepared
in good faith based on assumptions believed by Borrower to be reasonable at the time made, it being recognized by the Lenders that
such financial information as it relates to future events is not to be viewed as fact and that actual results during the period
or periods covered by such financial information may differ from the projected results set forth therein by a material amount and
no Credit Party, however, makes any representation as to the ability of any Company to achieve the results set forth in any such
projections.

 

SECTION 8.17.     
Solvency. As of the Closing Date, immediately prior to and immediately following the consummation
of the Transactions occurring on the Closing Date, Borrower (on a consolidated basis with its Restricted Subsidiaries) is and will
be Solvent (after giving effect to Section 6.07).

 

SECTION 8.18.     
Senior Obligations(a). The Obligations are “Senior Debt,” “Senior Indebtedness,”
 “Priority Lien Debt,” or “Senior Secured Financing” (or any comparable term) under, and as defined in,
and entitled to the subordination and/or intercreditor, as applicable, provisions of any Permitted Second Priority Refinancing
Debt, Permitted Unsecured Refinancing Debt and Ratio Debt that is purported to be subordinated to the Obligations. 

 

SECTION 8.19.     
Intellectual Property. Borrower and each of its Restricted Subsidiaries owns or possesses
adequate licenses or otherwise has the right to use all of the patents, patent applications, trademarks, trademark applications,
service marks, service mark applications, trade names, copyrights, trade secrets, know-how and processes (collectively, “Intellectual
Property”) (including, as of the Closing Date, all Intellectual Property listed in Schedules 8(a), 8(b) and 8(c) to the
Initial Perfection Certificate) that are necessary for the operation of its business as presently conducted except where failure
to own or have such right would not reasonably be expected to have a Material Adverse Effect and, as of the Closing Date, all registrations
listed in Schedules 8(a), 8(b) and 8(c) to the Initial Perfection Certificate are valid and in full force and effect, except where
the invalidity of such registrations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No claim is pending or, to the knowledge of any Responsible Officer of Borrower, threatened to the effect that Borrower
or any of its Restricted Subsidiaries infringes or conflicts with the asserted rights of any other Person under any material Intellectual
Property, except for such claims that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No claim is pending or, to the knowledge of any Responsible Officer of Borrower, threatened to the effect that any such
material Intellectual Property owned or licensed by Borrower or any of its Restricted Subsidiaries or which Borrower or any of
its Restricted Subsidiaries otherwise has the right to use is invalid or unenforceable, except for such claims that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    	 	-145-	 

     

    

 

SECTION 8.20.     
Gaming/Racing Agreements. As of the Closing Date, a true, correct and complete copy (including
any amendments, modifications, supplements or waivers) of each of the Material Gaming/Racing Agreements has been furnished to Administrative
Agent and all such Contractual Obligations are in full force and effect. Except as would not reasonably be expected to have a Material
Adverse Effect, (i) no Credit Party or any of their Restricted Subsidiaries are in default under any Material Gaming/Racing Agreement,
and (ii) to Borrower’s knowledge, no other party to any such Contractual Obligation is in default thereunder.

 

SECTION 8.21.     
[Reserved].

 

SECTION 8.22.     
Insurance. Borrower and each of its Restricted Subsidiaries are insured by insurers of
recognized financial responsibility (determined as of the date such insurance was obtained) against such losses and risks (other
than wind and flood damage) and in such amounts as are prudent and customary in the businesses in which it is engaged, except to
the extent that such insurance is not available on commercially reasonable terms. Borrower and each of its Restricted Subsidiaries
maintain all insurance required by Flood Insurance Laws (but shall not, for the avoidance of doubt, be required to obtain insurance
with respect to wind and flood damage unless and to the extent required by such Flood Insurance Laws).

 

SECTION 8.23.     
Real Estate.

 

(a)               
Schedule 8.23(a) sets forth a true, complete and correct list of all Material Real Property owned and all Material
Real Property leased by Borrower or any of its Restricted Subsidiaries as of the Closing Date, including a brief description thereof,
including, in the case of leases, the street address (to the extent available) and landlord name. Borrower has delivered to Collateral
Agent true, complete and correct copies of all such leases.

 

(b)               
Except as set forth on Schedule 8.23(b), as of the Closing Date, to the best of knowledge of any Responsible Officer
of Borrower no Taking has been commenced or is contemplated with respect to all or any portion of the Material Real Property or
for the relocation of roadways providing access to such Material Real Property that either individually or in the aggregate would
reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.24.     
Leases.

 

(a)               
[Reserved].

 

(b)               
Borrower and its Restricted Subsidiaries have paid all payments required to be made by it under all leases of Material Real
Property where any of the Collateral is or may be located from time to time (other than any amount the validity of which is currently
being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided
on the books of Borrower or such Restricted Subsidiary, as the case may be, and any amounts that are due but not yet delinquent),
except where failure to make such payments would not reasonably be expected to have a Material Adverse Effect.

 

    	 	-146-	 

     

    

 

(c)               
Except as would not reasonably be expected to have a Material Adverse Effect, as of the Closing Date and thereafter, each
of the leases of Material Real Property is in full force and effect and will be or is, as applicable, the legal, valid, binding
and enforceable against the Credit Party party thereto, in accordance with its terms, in each case, except as such enforceability
may be limited by (x) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general applicability
from time to time in effect affecting the enforcement of creditors’ rights and remedies and (y) the application of general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(d)               
None of the leases of Material Real Property have been amended, modified or assigned in any manner that would reasonably
be expected to result in a Material Adverse Effect. Borrower has not received written notice of any existing breach, default, event
of default or, to the best of knowledge of any Responsible Officer of Borrower, event that, with or without notice or lapse of
time or both, would constitute a breach, default or an event of default by any Credit Party to any of the leases of Material Real
Property that would reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.25.     
Mortgaged Real Property. Except as set forth on Schedule 8.25(a) or as would not
reasonably be expected to have a Material Adverse Effect, with respect to each Mortgaged Real Property, as of the Closing Date
(a) there has been issued a valid and proper certificate of occupancy or other local equivalent, if any, for the use then being
made of such Mortgaged Real Property to the extent required by applicable Requirements of Law and there is no outstanding citation,
notice of violation or similar notice indicating that the Mortgaged Real Property contains conditions which are not in compliance
with local codes or ordinances relating to building or fire safety or structural soundness and (b) except as set forth on Schedule
8.25(b), there are no material disputes regarding boundary lines, location, encroachment or possession of such Mortgaged Real
Property and no Responsible Officer of Borrower has actual knowledge of any state of facts existing which could give rise to any
such claim other than those that would not reasonably be expected to have a Material Adverse Effect; provided, however,
that with respect to any Mortgaged Real Property in which Borrower or a Restricted Subsidiary has a leasehold estate, the foregoing
certifications shall be to Borrower’s knowledge only.

 

SECTION 8.26.     
Material Adverse Effect. Since December 31, 2018, there shall not have occurred any event
or circumstance that has had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse
Effect.

 

SECTION 8.27.     
Anti-Corruption Laws and Sanctions. Borrower has implemented and maintains in effect policies
and procedures reasonably designed to promote material compliance by Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Borrower, its Subsidiaries and, to the knowledge
of Borrower or its Subsidiaries, their respective officers, directors and employees, are in compliance with Anti-Corruption Laws
and applicable Sanctions in all material respects and are not knowingly engaged in any activity that would reasonably be expected
to result in Borrower or its Subsidiaries being designated as a Sanctioned Person. None of (a) Borrower, any Subsidiary or, to
the knowledge of Borrower or such Subsidiary, any of their respective directors, officers or employees, or (b) to the knowledge
of Borrower, any agent of Borrower or any of its Subsidiaries that will act in any capacity in connection with or benefit from
the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction
contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

 

    	 	-147-	 

     

    

 

ARTICLE IX.

 

AFFIRMATIVE
COVENANTS

 

Each Credit Party,
for itself and on behalf of its Restricted Subsidiaries, covenants and agrees with Administrative Agent, Collateral Agent and Lenders
that until the Obligations have been Paid in Full (and each Credit Party covenants and agrees that it will cause its Restricted
Subsidiaries to observe and perform the covenants herein set forth applicable to any such Restricted Subsidiary until the Obligations
have been Paid in Full):

 

SECTION 9.01.     
Existence; Business Properties.

 

(a)               
Borrower and each of its Restricted Subsidiaries shall do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its legal existence (in the case of Borrower, in the United States), except in a transaction permitted
by Section 10.05 or, in the case of any Restricted Subsidiary, where the failure to perform such obligations, individually or in
the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

(b)               
Borrower and each of its Restricted Subsidiaries shall do or cause to be done all things necessary to obtain, preserve,
renew, extend and keep in full force and effect the rights, licenses, permits, franchises, authorizations, approvals, patents,
copyrights, trademarks and trade names (including Gaming/Racing Licenses) material to the conduct of its business except where
the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect;
comply with all applicable Requirements of Law (including any and all Gaming/Racing Laws and any and all zoning, building, ordinance,
code or approval or any building permits or any restrictions of record or agreements affecting the Real Property) and decrees and
orders of any Governmental Authority, whether now in effect or hereafter enacted, except where the failure to comply, individually
or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect and at all times maintain and preserve
all of its property and keep such property in good repair, working order and condition (ordinary wear and tear and casualty and
force majeure excepted) except where the failure to do so individually or in the aggregate would not reasonably be expected to
result in a Material Adverse Effect; provided, however, that nothing in this Section 9.01(b) shall prevent (i) sales,
conveyances, transfers or other dispositions of assets, consolidations or mergers by or involving any Company or any other transaction
in accordance with Section 10.05; (ii) the withdrawal by any Company of its qualification as a foreign corporation in any
jurisdiction where such withdrawal, individually or in the aggregate, would not reasonably be expected to result in a Material
Adverse Effect; or (iii) the abandonment by any Company of any rights, Permits, authorizations, copyrights, trademarks, trade names,
franchises, licenses and patents that such Company reasonably determines are not useful or necessary to its business.

 

(c)               
Borrower will maintain in effect and enforce policies and procedures reasonably designed to promote material compliance
by Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions.

 

    	 	-148-	 

     

    

 

SECTION 9.02.     
Insurance.

 

(a)               
Borrower and its Restricted Subsidiaries shall maintain with financially sound and reputable insurers (determined at the
time such insurance is obtained) not Affiliates of Borrower insurance on its Property in at least such amounts and against at least
such risks as are customarily insured against by companies engaged in the same or a similar business and operating similar properties
in localities where Borrower or the applicable Restricted Subsidiary operates; and furnish to Administrative Agent, promptly upon
written request (but not more than one time in any fiscal year unless an Event of Default has occurred and is continuing or upon
the expiration or replacement (other than any expiration or replacement in connection with annual renewals) of any individual policy),
information as to the insurance carried; provided that Borrower and its Restricted Subsidiaries shall not be required to
maintain insurance with respect to wind and flood damage on any property for any insurance coverage period unless, and to the extent,
such insurance is required by an applicable Requirement of Law. Subject to Section 9.15, Collateral Agent shall be named as an
additional insured on all third-party liability insurance policies of Borrower and each of its Restricted Subsidiaries (other than
directors and officers liability insurance, insurance policies relating to employment practices liability, crime or fiduciary duties,
kidnap and ransom insurance policies, and insurance as to fraud, errors and omissions), and Collateral Agent shall be named as
mortgagee/loss payee on all property insurance policies of each such Person.

 

(b)               
Borrower and each of its Restricted Subsidiaries shall deliver to Administrative Agent on behalf of the Secured Parties,
(i) on or prior to the Closing Date, a certificate dated on or prior (but close) to the Closing Date showing the amount and types
of insurance coverage as of such date, (ii) promptly following receipt of any notice from any insurer of cancellation of a material
policy or material change in coverage from that existing on the Closing Date, a copy of such notice (or, if no copy is available,
notice thereof), and (iii) promptly after such information has been received in written form by Borrower or any of its Restricted
Subsidiaries, information as to any claim for an amount in excess of $25.0 million with respect to any property and casualty insurance
policy maintained by Borrower or any of its Restricted Subsidiaries.

 

(c)               
If any portion of any Mortgaged Real Property is at any time located in an area identified by the Federal Emergency Management
Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under
the Flood Insurance Laws, then Borrower shall, or shall cause the applicable Credit Party to (i) to the extent required pursuant
to the Flood Insurance Laws, maintain, or cause to be maintained, with a financially sound and reputable insurer (determined at
the time such insurance is obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules
and regulations promulgated pursuant to such Flood Insurance Laws and (ii) deliver to Administrative Agent evidence of such compliance
in form and substance reasonably acceptable to Administrative Agent.

 

(d)               
In the event that the proceeds of any insurance claim are paid after Collateral Agent has exercised its right to foreclose
after an Event of Default has occurred and is continuing, such proceeds shall be paid to Collateral Agent to satisfy any deficiency
remaining after such foreclosure. Collateral Agent shall retain its interest in the policies required to be maintained pursuant
to this Section 9.02 during any redemption period.

 

SECTION 9.03.     
Taxes; Performance of Obligations. 

 

Borrower and each of
its Restricted Subsidiaries shall timely file all material Tax Returns required to be filed by it and pay and discharge promptly
when due all material Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in
respect of its property (including in its capacity as a withholding agent), before the same shall become delinquent or in default;
provided, however, that such payment and discharge shall not be required with respect to any such Tax, assessment,
charge, levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and
Borrower and each of its Subsidiaries shall have set aside on its books adequate reserves with respect thereto in accordance with
GAAP.

 

    	 	-149-	 

     

    

 

SECTION 9.04.     
Financial Statements, Etc. Borrower shall deliver to Administrative Agent for distribution
by Administrative Agent to the Lenders (unless a Lender expressly declines in writing to accept):

 

(a)               
Quarterly Financials. As soon as available, but in any event within forty-five (45) days after the end of each
fiscal quarter of Borrower beginning with the fiscal quarter ended June 30, 2019 (other than the last fiscal quarter in any fiscal
year), (x) a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related
(i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended
and (ii) consolidated statements of cash flows for such fiscal quarter and the portion of the fiscal year then ended, setting
forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of Borrower as fairly presenting
in all material respects the financial condition, results of operations and cash flows of Borrower and its Subsidiaries in accordance
with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes and (y) management’s discussion
and analysis of the important operational and financial developments of Borrower and the Subsidiaries during such fiscal quarter;

 

(b)               
Annual Financials. As soon as available, but in any event within ninety (90) days after the end of each fiscal year
of Borrower beginning with the fiscal year ended December 31, 2019, (x) consolidated balance sheets of Borrower and its
Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal
year and, in the case of each such consolidated financial statements, audited and accompanied by a report and opinion of either
Deloitte or any other independent registered public accounting firm of nationally recognized standing, which report and opinion
shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern”
or like qualification or exception or any qualification or exception as to the scope of such audit, other than resulting from (I)
an upcoming maturity date within twelve (12) months under any Indebtedness, or (II) any prospective or actual default of any financial
covenant or event of default under Section 10.08 or any other financial covenant with respect to the credit facilities hereunder
or any other Indebtedness, and (y) management’s discussion and analysis of the important operational and financial developments
of Borrower and the Subsidiaries during such fiscal year;

 

(c)               
Auditor’s Certificates; Compliance Certificate. (i) Concurrently with the delivery of the financial statements
referred to in Section 9.04(b), a certificate (which certificate may be limited or eliminated to the extent required by accounting
rules or guidelines or to the extent not available on commercially reasonable terms as determined in consultation with Administrative
Agent) of the independent certified public accountants reporting on such financial statements stating that in making the examination
necessary therefor no knowledge was obtained of any Event of Default relating to the Financial Maintenance Covenant, if applicable,
except as specified in such certificate; and (ii) at the time it furnishes each set of financial statements pursuant to Section
9.04(a) or Section 9.04(b), a certificate of a Responsible Officer of Borrower in the form of Exhibit U hereto (I) to the
effect that no Default has occurred and is continuing (or, if any Default has occurred and is continuing, describing the same in
reasonable detail and describing the action that the Companies have taken and propose to take with respect thereto) and (II) setting
forth in reasonable detail the computations necessary to determine whether Borrower and its Restricted Subsidiaries are in compliance
with Section 10.08 as of the end of the respective fiscal quarter or fiscal year, if applicable, and, if such Compliance Certificate
demonstrates an Event of Default under Section 10.08, Borrower may deliver, together with such Compliance Certificate, notice
of its intent to cure such Event of Default pursuant to Section 11.03;

 

    	 	-150-	 

     

    

 

(d)               
Notice of Default. Promptly after any Responsible Officer of any Company knows that any Default has occurred, a notice
of such Default, breach or violation describing the same in reasonable detail and a description of the action that the Companies
have taken and propose to take with respect thereto;

 

(e)               
Environmental Matters. Written notice of any Environmental Action, Release of Hazardous Material, condition, circumstance,
occurrence or event arising under Environmental Law which would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect;

 

(f)                
Annual Budgets. As soon as available, and in any event no later than ninety (90) days after the end of each
fiscal year of Borrower, a detailed consolidated budget for the following fiscal year (including a projected consolidated balance
sheet of Borrower and its Subsidiaries as of the end of each fiscal quarter of such fiscal year, the related consolidated statements
of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto), which shall
be accompanied by a certificate of a Responsible Officer stating that such projections are based on reasonable estimates, information
and assumptions and that such Responsible Officer has no reason to believe that such projections are incorrect or misleading in
any material respect;

 

(g)               
Auditors’ Reports. Promptly upon receipt thereof, copies of all annual, interim or special reports issued to
Borrower or any Restricted Subsidiary by independent certified public accountants in connection with each annual, interim or special
audit of Borrower’s or such Restricted Subsidiary’s books made by such accountants, including any management letter
commenting on Borrower’s or such Restricted Subsidiary’s internal controls issued by such accountants to management
in connection with their annual audit; provided, however, that such reports shall only be made available to Administrative
Agent and to those Lenders who request such reports through Administrative Agent;

 

(h)               
Lien Matters; Casualty and Damage to Collateral.

 

(i)              
Promptly upon Borrower obtaining knowledge thereof, prompt written notice of (i) the incurrence of any Lien (other than
a Permitted Lien) on the Collateral or any part thereof, (ii) any Casualty Event or other insured damage to any material portion
of the Collateral or (iii) the occurrence of any other event that in Borrower’s judgment is reasonably likely to materially
adversely affect the aggregate value of the Collateral; and

 

(ii)              
Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to
Section 9.04(b), a certificate of a Responsible Officer of Borrower setting forth the information required pursuant to Schedules
1(a), 1(b), 2, 3(a), 3(b), 4, 5, 6, 7, 8(a), 8(b), 8(c), 9, 10, and 11 to the Perfection Certificate or confirming that there has
been no change in such information since the date of the Initial Perfection Certificate or the date of the most recent certificate
delivered pursuant to this Section 9.04(h)(ii);

 

(i)                
Notice of Material Adverse Effect. Written notice of the occurrence of any event or occurrence that has had or would
reasonably be expected to have a Material Adverse Effect;

 

    	 	-151-	 

     

    

 

(j)                
ERISA Information. Promptly after the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, would reasonably be expected to result in a Material Adverse Effect, a written notice specifying the
nature thereof, what action the Companies or other ERISA Entity have taken, are taking or propose to take with respect thereto,
and, when known, any action taken or threatened by the IRS, Department of Labor, PBGC or Multiemployer Plan sponsor with respect
thereto;

 

(k)               
Litigation. Promptly after Borrower’s knowledge thereof, notice of the filing or commencement of any action,
suit, litigation or proceeding, whether at law or in equity by or before any Governmental Authority against Borrower or any of
its Restricted Subsidiaries thereof that would reasonably be expected to result in a Material Adverse Effect;

 

(l)                
Gaming/Racing Regulatory Matters. Promptly, and in any event within five Business Days after (i) receipt by any officer
of any Credit Party of any written notice or communication of any Gaming/Racing Authority that could reasonably be interpreted
(as determined by Borrower in its good faith judgment) to cast doubt on whether a required Gaming/Racing License may be obtained
when required or, with respect to issued Gaming/Racing Licenses, that states that such Gaming/Racing Authority is considering revoking
or modifying such Gaming/Racing License (in whole or in part) in any respect materially adverse to the Lenders or (ii) a Responsible
Officer of Borrower having obtained knowledge that any party to any Material Gaming/Racing Agreement (other than Borrower or any
of its Subsidiaries) is in default thereunder in a manner that could reasonably be expected to result in a Material Adverse Effect,
written notice thereof.

 

(m)             
Beneficial Ownership Certification. If prior to delivery of any financial statements pursuant to Section 9.04(b)
Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, concurrently with delivery
of such financial statements Borrower shall deliver a Beneficial Ownership Certification or notice of any change in the information
provided in the Beneficial Ownership Certification most recently provided pursuant to this Section 9.04(m) that would result in
a change to the list of beneficial owners identified therein.

 

(n)               
Patriot Act. Promptly following Administrative Agent’s or any Lender’s request therefor, all documentation
and other information that Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations
under the applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act;
and

 

(o)               
Miscellaneous. Promptly, such financial information, reports, documents and other information with respect to Borrower
or any of its Restricted Subsidiaries as Administrative Agent or the Required Lenders may from time to time reasonably request;
provided that, notwithstanding the foregoing, nothing in this Section 9.04 shall require delivery of financial information,
reports, documents or other information which constitutes attorney work product or is subject to confidentiality agreements or
to the extent disclosure thereof would reasonably be expected to result in loss of attorney client privilege with respect thereto.

 

Notwithstanding the
foregoing, the obligations in Section 9.04(a) and 9.04(b) may be satisfied with respect to financial information of Borrower and
the Subsidiaries by furnishing Borrower’s Form 10-K or 10-Q, as applicable, filed with the SEC; provided that in the
case of Section 9.04(b), such Form 10-K is furnished together with an auditor’s report and opinion satisfying the requirements
of Section 9.04(b).

 

    	 	-152-	 

     

    

 

Concurrently with the
delivery of Section 9.04 Financials, in the event that, in the aggregate, the Unrestricted Subsidiaries account for greater than
10.0% of the Consolidated EBITDA of Borrower and its Subsidiaries on a consolidated basis with respect to the Test Period ended
on the last day of the period covered by such financial statements, Borrower shall provide revenues, net income, Consolidated EBITDA
(including the component parts thereof), Consolidated Net Indebtedness and cash and Cash Equivalents on hand of (x) Borrower and
its Restricted Subsidiaries, on the one hand, and (y) the Unrestricted Subsidiaries, on the other hand (with Consolidated EBITDA
to be determined for such Unrestricted Subsidiaries as if references in the definition of Consolidated EBITDA were deemed to be
references to the Unrestricted Subsidiaries).

 

Reports and documents
required to be delivered pursuant to Section 9.04 may be delivered electronically and if so delivered, shall be deemed to have
been delivered on the date (i) on which Borrower posts such reports and/or documents, or provides a link thereto on Borrower’s
website on the Internet at the website address specified below Borrower’s name on the signature hereof or such other website
address as provided in accordance with Section 13.02; or (ii) on which such reports and/or documents are posted on Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether a commercial,
third-party website (including the website of the SEC) or whether sponsored by Administrative Agent); provided that: Borrower
shall provide to Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such reports and/or documents
and Administrative Agent shall post such reports and/or documents and notify (which may be by facsimile or electronic mail) each
Lender of the posting of any such reports and/or documents. Notwithstanding anything contained herein, in every instance Borrower
shall be required to provide the compliance certificate required by Section 9.04(c)(ii) to Administrative Agent in the form of
an original paper copy or a .pdf or facsimile copy of the original paper copy.

 

Borrower hereby acknowledges
that (a)  Administrative Agent will make available to the Lenders and the L/C Lenders materials and/or information provided
by or on behalf of Borrower hereunder (collectively, “Borrower Materials”) by posting Borrower Materials on
IntraLinks/IntraAgency or another similar electronic system (the “Platform”) and (b) certain of the Lenders
(each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with
respect to Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment
and other market-related activities with respect to such Persons’ securities. Borrower hereby agrees that it will use commercially
reasonable efforts to identify that portion of Borrower Materials that may be distributed to the Public Lenders and that (w) all
such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the
word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
Borrower shall be deemed to have authorized Administrative Agent, the L/C Lenders and the Lenders to treat such Borrower Materials
as not containing any material non-public information (although it may be sensitive and proprietary) with respect to Borrower or
its securities for purposes of United States Federal and state securities laws (provided however, that to the extent such
Borrower Materials constitute information of the type subject to Section 13.10, they shall be treated as set forth in Section 13.10);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Side Information;” and (z) Administrative Agent shall be entitled to treat any Borrower Materials
that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information.”

 

SECTION 9.05.     
Maintaining Records; Access to Properties and Inspections. Borrower and its Restricted
Subsidiaries shall keep proper books of record and account in which entries true and correct in all material respects and in material
conformity with GAAP and all material Requirements of Law are made. Borrower and its Restricted Subsidiaries will, subject to applicable
Gaming/Racing Laws, permit any representatives designated by Administrative Agent or any Lender to visit and inspect the financial
records and the property of Borrower or such Restricted Subsidiary at reasonable times, upon reasonable notice and as often as
reasonably requested, and permit any representatives designated by Administrative Agent or any Lender to discuss the affairs, finances
and condition of such Restricted Subsidiaries with the officers thereof and independent accountants therefor (provided Borrower
has the opportunity to participate in such meetings); provided that, in the absence of a continuing Default or Event of
Default, only one such inspection by such representatives (on behalf of Administrative Agent and/or any Lender) shall be permitted
in any fiscal year (and such inspection shall be at Administrative Agent and/or such Lenders’ expense, as applicable). Notwithstanding
anything to the contrary in this Agreement, no Company will be required to disclose, permit the inspection, examination or making
of extracts, or discussion of, any document, information or other matter that (i) in respect of which disclosure to Administrative
Agent (or its designated representative) or any Lender is then prohibited by law or contract or (ii) is subject to attorney-client
or similar privilege or constitutes attorney work product.

 

    	 	-153-	 

     

    

 

SECTION 9.06.     
Use of Proceeds. Borrower shall use the proceeds of the Loans only for the purposes set
forth in Section 8.11. Borrower will not request any Borrowing or Letter of Credit, and Borrower shall not use, and shall procure
that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any
Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving
of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the
extent such activities, business or transaction would be prohibited by Sanctions if conducted by a corporation incorporated in
the United States or in a European Union member state, or (C) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.

 

SECTION 9.07.     
Compliance with Environmental Law. 

 

(a)   
Borrower and its Restricted Subsidiaries shall (i) comply with Environmental Law, and will keep or cause all Real Property
to be kept free of any Liens imposed under Environmental Law; (ii) make an appropriate response to any Environmental Action involving
or affecting Borrower and its Restricted Subsidiaries; and (iii) in the event of any Hazardous Material at, on, under or emanating
from any Real Property which could result in liability under or a violation of any Environmental Law, undertake, and/or cause any
of their respective tenants or occupants to undertake, at no cost or expense to Administrative Agent, Collateral Agent or any Lender,
any action required pursuant to Environmental Law to mitigate and eliminate such condition, except in the case of each of the foregoing
clauses (i) through (iii) where the failure to take such action could not reasonably be expected to have a Material Adverse Effect,
provided, however, that no Company shall be required to comply with any order or directive which is being contested
in good faith and by proper proceedings so long as it has maintained adequate reserves with respect to such compliance to the extent
required in accordance with GAAP;

 

(b)   
At the written request of Administrative Agent, in its reasonable discretion, Borrower and its Restricted Subsidiaries shall
provide, at no cost or expense to Administrative Agent, Collateral Agent or any Lender, an environmental site assessment (including,
without limitation, the results of any soil or groundwater or other testing conducted at Administrative Agent’s request)
concerning any Real Property now or hereafter owned, leased or operated by Borrower or any of its Restricted Subsidiaries, conducted
by an environmental consulting firm proposed by such Credit Party and approved by Administrative Agent in its reasonable discretion
indicating the presence or absence of Hazardous Material on, at under or emanating from such Real Property or noncompliance with
Environmental Law and the potential cost of any required action in connection therewith; provided, however, that
such request may be made only if (i) there has occurred and is continuing an Event of Default, or (ii) the Administrative Agent
has a reasonable belief that circumstances exist that present an imminent risk to human health or the environment or has reasonably
determined that circumstances may exist that could be expected to form the basis of a material Environmental Action against Borrower
or any Restricted Subsidiary or any Real Property of Borrower or any of its Restricted Subsidiaries; if Borrower or any of its
Restricted Subsidiaries fails to provide the same within sixty (60) days after such request was made (or in such longer period
as may be approved by Administrative Agent, in its reasonable discretion), Administrative Agent may but is under no obligation
to conduct the same, and Borrower or its Restricted Subsidiary shall grant and hereby grants to Administrative Agent and its agents,
advisors and consultants access at reasonable times, and upon reasonable notice to Borrower, to such Real Property, subject to
the rights of tenants, to undertake such an assessment, all at Borrower’s cost and expense. Administrative Agent will take
commercially reasonable efforts to obtain from the firm conducting any such assessment usual and customary agreements to secure
liability insurance and to treat its work as confidential and shall promptly provide Borrower with all documents relating to such
assessment.

 

    	 	-154-	 

     

    

 

SECTION 9.08.     
Pledge or Mortgage of Real Property and Vessels.

 

(a)               
Subject to compliance with applicable Gaming/Racing Laws, if, after the Closing Date any Credit Party shall acquire any
Property (other than any Real Property, any Vessel or Replacement Vessel (other than leasehold interests in any Vessel or Replacement
Vessel) or any Property that is subject to a Lien permitted under Section 10.02(i) or Section 10.02(k) to the extent and for so
long as the contract or other agreement in which such Lien is granted validly prohibits the creation of Liens securing the Obligations
on such Property and to the extent such prohibition is not superseded by the applicable provisions of the UCC), including, without
limitation, pursuant to any Permitted Acquisition, or as to which Collateral Agent, for the benefit of the Secured Parties, does
not have a perfected Lien and as to which the Security Documents are intended to cover, such Credit Party shall (subject to any
applicable provisions set forth in the Security Agreement with respect to limitations on grant of security interests in certain
types of assets or Pledged Collateral and limitations or exclusions from the requirement to perfect Liens on such assets or Pledged
Collateral) promptly (i) execute and deliver to Collateral Agent such amendments to the Security Documents or such other documents
as Collateral Agent deems necessary or advisable in order to grant to Collateral Agent, for the benefit of the Secured Parties,
security interests in such Property and (ii) take all actions necessary or advisable to grant to Collateral Agent, for the benefit
of the Secured Parties, a perfected first priority security interest (except to the extent limited by applicable Requirements of
Law (including, without limitation, any Gaming/Racing Laws)), subject to no Liens other than Permitted Liens, in each case, to
the extent such actions are required by the Security Agreement; provided, that notwithstanding the foregoing, (x) the Credit
Parties shall not be required to take such actions with respect to any leasehold interest in any Vessel or Replacement Vessel entered
into after the date hereof which leasehold interest has a fair market value (including the reasonably anticipated fair market value
of the Gaming/Racing Facility or other improvements to be developed thereon) of less than $20.0 million and (y) the Credit Parties
shall not be required to take such actions with respect to any leasehold interest in any Vessel or Replacement Vessel entered into
after the Closing Date that has a fair market value (including the reasonably anticipated fair market value of the Gaming/Racing
Facility or other improvements to be developed thereon) in excess of $20.0 million if after the exercise of commercially reasonable
efforts by the Credit Parties (which shall not include the payment of consideration other than reasonable attorneys’ fees
and other expenses incidental thereto), the lessor under such lease has not consented to the granting of a Lien to secure the Obligations,
except that such actions shall be required with respect to any such leasehold interest in any Vessel or Replacement Vessel
that has a fair market value (including the reasonably anticipated fair market value of the Gaming/Racing Facility or other improvements
to be developed thereon) in excess of $20.0 million if such leasehold interest (i) is obtained pursuant to a sale and leaseback
transaction by a Credit Party involving a Vessel or Replacement Vessel that constituted Collateral immediately prior to such sale
and leaseback transaction or (ii) is obtained pursuant to an “opco/propco” transaction with a real estate investment
trust.

 

    	 	-155-	 

     

    

 

(b)               
If, after the Closing Date, any Credit Party (x) acquires, including, without limitation, pursuant to any Permitted Acquisition,
a fee or leasehold interest in Real Property located in the United States which Real Property (or, in the case of a leasehold,
such leasehold interest or estate) has a fair market value in excess of $20.0 million or (y) develops a Gaming/Racing Facility
or any property or assets ancillary to, or to be used in connection with, a Gaming/Racing Facility or other improvements thereon
on any fee or leasehold interest in Real Property located in the United States which Real Property (including the reasonably anticipated
fair market value of the Gaming/Racing Facility or property or assets ancillary thereto, or to be used in connection therewith
and developed thereon or other improvements to be developed thereon) has a fair market value in excess of $20.0 million, determined
on an as-developed basis, in each case, with respect to which a Mortgage was not previously entered into in favor of Collateral
Agent (in each case, other than to the extent such Real Property is subject to a Lien permitted under Section 10.02(i) or 10.02(k)
securing Indebtedness to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits
the creation of Liens securing the Obligations on such Real Property), such Credit Party shall promptly notify Collateral Agent
and, if requested by the Required Lenders or Collateral Agent, within sixty (60) days of such request (in each case, or such longer
period that is reasonably acceptable to Administrative Agent), (i) take such actions and execute such documents as Collateral
Agent shall reasonably require to confirm the Lien of an existing Mortgage, if applicable, or to create a new Mortgage on such
additional Real Property and (ii) cause to be delivered to Collateral Agent, for the benefit of the Secured Parties, all documents
and instruments reasonably requested by Collateral Agent or as shall be necessary in the opinion of counsel to Collateral Agent
to create on behalf of the Secured Parties a valid, perfected, mortgage Lien, subject only to Permitted Liens, including the following:

 

(1)       A
Mortgage in favor of Collateral Agent, for the benefit of the Secured Parties, in form for recording in the recording office of
the jurisdiction where such Mortgaged Real Property is situated, together with such other documentation as shall be required to
create a valid mortgage Lien under applicable law, which Mortgage and other documentation shall be reasonably satisfactory to Collateral
Agent and shall be effective to create in favor of Collateral Agent for the benefit of the Secured Parties a valid, perfected,
Mortgage Lien on such Mortgaged Real Property subject to no Liens other than Permitted Liens; and

 

(2)       with
respect to each Mortgage and each Mortgaged Real Property, (x) for further delivery to each Lender, each of the items set forth
in Section 7.01(k)(ii) at least 7 Business Days prior to the date of delivery of such Mortgage and, (y) in each case to the extent
reasonably requested by the Required Lenders or Collateral Agent, each of the items set forth in Sections 9.15(a)(i)(2) through
9.15(a)(i)(5);

 

provided, that
notwithstanding the foregoing, the Credit Parties shall not be required to grant a Mortgage on any leasehold interest in any Real
Property entered into after the date hereof that would otherwise be required to be subject to a leasehold mortgage pursuant to
clause (b) of this Section 9.08 if after the exercise of commercially reasonable efforts by the Credit Parties (which shall not
include the payment of consideration other than reasonable attorneys’ fees and other expenses incidental thereto), the landlord
under such lease has not consented to the granting of a Mortgage, except that leasehold Mortgages shall be required on any
such leasehold interest in Real Property that has a fair market value (including the reasonably anticipated fair market value of
the Gaming/Racing Facility or property or assets ancillary thereto, or to be used in connection therewith and developed thereon
or other improvements to be developed thereon) in excess of $20.0 million if such leasehold interest (i) is obtained pursuant to
a sale and leaseback transaction by a Credit Party involving Real Property that constituted Collateral immediately prior to such
sale and leaseback transaction or (ii) is obtained pursuant to an “opco/propco” transaction with a real estate investment
trust; provided further, that, notwithstanding the foregoing, the delivery of the items required under this Section 9.08(b)
shall not be required prior to the date that is in the case of Real Property owned or leased by a Credit Party on the Closing Date,
ninety (90) days after the Closing Date (or such later date as agreed by Administrative Agent).

 

    	 	-156-	 

     

    

 

(c)               
If, after the Closing Date, any Credit Party (x) acquires, including, without limitation, pursuant to any Permitted Acquisition,
a fee interest in any Vessel or a Replacement Vessel with a fair market value in excess of $20.0 million located or otherwise maintained
in the United States and registered with the United States Coast Guard or (y) develops a Gaming/Racing Facility or any property
or assets ancillary to, or to be used in connection with, a Gaming/Racing Facility, or other improvements thereon, with a fair
market value in excess of $20.0 million, determined on an as-developed basis, on any such Vessel or a Replacement Vessel, located
or otherwise maintained in the United States and registered with the United States Coast Guard, in each case, with respect to which
a Ship Mortgage or other similar instrument was not previously entered into in favor of Collateral Agent (other than to the extent
such Vessel or Replacement Vessel is subject to a Lien permitted under Section 10.02(i) or 10.02(k) securing Indebtedness to the
extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of Liens
securing the Obligations on such Vessel or Replacement Vessel), such Credit Party shall promptly notify Collateral Agent and, if
requested by the Required Lenders or Collateral Agent, within sixty (60) days of such request (or such longer period that is reasonably
acceptable to Administrative Agent), (i) take such actions and execute such documents as Collateral Agent shall reasonably
require to confirm the Lien of an existing Ship Mortgage or other similar instrument, if applicable, or to create a new Ship Mortgage
or other similar instrument on such Vessel or Replacement Vessel and (ii) cause to be delivered to Collateral Agent, for the
benefit of the Secured Parties, all documents and instruments reasonably requested by Collateral Agent or as shall be necessary
in the opinion of counsel to Collateral Agent to create on behalf of the Secured Parties a legal, valid and enforceable first preferred
ship mortgage under Chapter 313 of Title 46 of the United States Code (if applicable thereto) subject only to Permitted Liens,
including the following:

 

(1)       a
Ship Mortgage or other similar instrument reasonably satisfactory to Collateral Agent, granting in favor of Collateral Agent for
the benefit of the Secured Parties a legal, valid and enforceable first preferred ship mortgage on each such Vessel or Replacement
Vessel under Chapter 313 of Title 46 of the United States Code subject only to Permitted Liens, executed and delivered by
a duly authorized officer of the appropriate Credit Party, together with such certificates, affidavits and instruments as shall
be reasonably required in connection with filing or recordation thereof and to grant a Lien on each such Vessel or Replacement
Vessel; and

 

(2)       with
respect to each Ship Mortgage or other similar instrument and each such Vessel or Replacement Vessel, in each case to the extent
reasonably requested by the Required Lenders or Collateral Agent, certificates of insurance as required by each Ship Mortgage or
other similar instrument, if applicable, which certificates shall comply with the insurance requirements contained in Section 9.02
and the applicable Ship Mortgage or other similar instrument;

 

provided, that
notwithstanding the foregoing, the delivery of the items required under this Section 9.08(c) shall not be required prior to the
date that is in the case of Vessels or Replacement Vessels owned by a Credit Party on the Closing Date, ninety (90) days after
the Closing Date (or such later date as agreed by Administrative Agent).

 

    	 	-157-	 

     

    

 

(d)               
Notwithstanding anything contained in Sections 9.08(a), 9.08(b) and 9.08(c) to the contrary, in each case, it is understood
and agreed that no Lien(s), Mortgage(s) and/or Ship Mortgage(s) in favor of Collateral Agent on any after acquired Property of
the applicable Credit Party shall be required to be granted or delivered at such time as provided in such Sections (as applicable)
as a result of such Lien(s), Mortgage(s) and/or Ship Mortgage(s) being prohibited by the applicable Gaming/Racing Authorities or
applicable Law; provided, however, that Borrower has used its commercially reasonable efforts to obtain such approvals.

 

(e)               
With respect to Lien(s), Mortgage(s) and/or Ship Mortgage(s) relating to any Property acquired (or leased) by any Credit
Party after the Closing Date or any Property of any Additional Credit Party or with respect to any Guarantee of any Additional
Credit Party, in each case that were not granted or delivered pursuant to Section 9.08(d) or to the second paragraph in Section
9.11, as the case may be, at such time as Borrower reasonably believes such prohibition no longer exists, Borrower shall (and with
respect to any items requiring approval from Gaming/Racing Authorities, Borrower shall use commercially reasonable efforts to seek
the approval from the applicable Gaming/Racing Authorities for such Lien(s), Mortgage(s), Ship Mortgage(s) and/or Guarantee and,
if such approval is so obtained), comply with Sections 9.08(a), 9.08(b) and/or 9.08(c) or with Section 9.11, as the case may be.

 

SECTION 9.09.     
Security Interests; Further Assurances(a). Each Credit Party shall, promptly, upon the
reasonable request of Collateral Agent, and so long as such request (or compliance with such request) does not violate any Gaming/Racing
Law or, if necessary, is approved by the applicable Gaming/Racing Authority (which Borrower hereby agrees to use commercially reasonable
efforts to obtain), at Borrower’s expense, execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery
of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office,
any document or instrument supplemental to or confirmatory of the Security Documents or otherwise deemed by Collateral Agent reasonably
necessary or desirable to create, protect or perfect or for the continued validity, perfection and priority of the Liens on the
Collateral covered or purported to be covered thereby (subject to any applicable provisions set forth herein and in the Security
Agreement with respect to limitations on grant of security interests in certain types of Pledged Collateral and limitations or
exclusions from the requirement to perfect Liens on such Pledged Collateral and any applicable Requirements of Law including, without
limitation, any Gaming/Racing Laws) subject to no Liens other than Permitted Liens; provided that, notwithstanding anything
to the contrary herein or in any other Credit Document, in no event shall any Company be required to enter into control agreements
with respect to its deposit accounts, securities accounts or commodity accounts. In the case of the exercise by Collateral Agent
or the Lenders or any other Secured Party of any power, right, privilege or remedy pursuant to any Credit Document following the
occurrence and during the continuation of an Event of Default which requires any consent, approval, registration, qualification
or authorization of any Governmental Authority, Borrower and each of its Restricted Subsidiaries shall use commercially reasonable
efforts to execute and deliver all applications, certifications, instruments and other documents and papers that Collateral Agent
or the Lenders may be so required to obtain. If Collateral Agent reasonably determines that it is required by applicable Requirement
of Law to have appraisals prepared in respect of the Real Property of any Credit Party constituting Collateral, Borrower shall
provide to Collateral Agent appraisals that satisfy the applicable requirements of the Real Estate Appraisal Reform Amendments
of FIRREA.

 

SECTION 9.10.     
Gaming/Racing Agreements.

 

    	 	-158-	 

     

    

 

(a)               
Borrower shall, or shall cause another Credit Party or Restricted Subsidiary to, provide to Administrative Agent (i) notice
of its intention to execute and deliver any renewal, amendment, modification, replacement or supplement of or to any Material Gaming/Racing
Agreement, in each case, that would materially adversely affect the interests of the Lenders, at least five days prior to entering
into any such renewal, amendment, modification, replacement or supplement (or such later time as agreed to by Administrative Agent)
(enclosing in such notice a copy of the then current drafts of all documentation related to such Material Gaming/Racing Agreement
renewal, amendment, modification, replacement or supplement), (ii) copies of any other renewal, amendment, modification, replacement
or supplement to any Material Gaming/Racing Agreement promptly after execution thereof and (iii) upon and after such notice, such
information regarding such renewal, amendment, modification, replacement or supplement to any Material Gaming/Racing Agreement
as Administrative Agent shall reasonably request.

 

(b)               
Borrower and each Restricted Subsidiary shall (i) promptly perform and/or observe all of the covenants and agreements required
to be performed and observed by it under each Material Gaming/Racing Agreement to which it is a party, and do all things necessary
to preserve and to keep unimpaired its rights thereunder, (ii) promptly notify Administrative Agent in writing of the giving of
any notice of any default or termination by any party under any Material Gaming/Racing Agreement of which it is aware and (iii)
use commercially reasonable efforts to exercise their rights and remedies under each Material Gaming/Racing Agreement in order
to enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by the
other party under each Material Gaming/Racing Agreement, except in the case of each of clauses (i) and (iii) where the failure
to do so would not reasonably be expected to have a Material Adverse Effect.

 

SECTION 9.11.     
Additional Credit Parties. Upon (i) any Credit Party creating or acquiring any Subsidiary
that is a Restricted Subsidiary (other than any Excluded Subsidiary) after the Closing Date, (ii) any Restricted Subsidiary of
a Credit Party ceasing to be an Excluded Subsidiary or (iii) any Revocation that results in an Unrestricted Subsidiary becoming
a Restricted Subsidiary (other than any Excluded Subsidiary) of a Credit Party (such Restricted Subsidiary referenced in clause
(i), (ii) or (iii) above, an “Additional Credit Party”), such Credit Party shall, assuming and to the extent
that it does not violate any Gaming/Racing Law or assuming and to the extent it obtains the approval of the Gaming/Racing Authority
to the extent such approval is required by applicable Gaming/Racing Laws (which Borrower hereby agrees to use commercially reasonable
efforts to obtain), (A) cause each such Restricted Subsidiary to promptly (but in any event within 45 days (or 95 days, in
the event of any Discharge of any Indebtedness in connection with the acquisition of any such Subsidiary) after the later of such
event described in clause (i), (ii) or (iii) above or receipt of such approval (or such longer period of time as Administrative
Agent may agree to in its sole discretion), execute and deliver all such agreements, guarantees, documents and certificates (including
Joinder Agreements, any amendments to the Credit Documents and a Perfection Certificate)) as Administrative Agent may reasonably
request in order to have such Restricted Subsidiary become a Guarantor and (B) promptly (I) execute and deliver to Collateral Agent
such amendments to or additional Security Documents as Collateral Agent deems necessary or advisable in order to grant to Collateral
Agent for the benefit of the Secured Parties, a perfected security interest in the Equity Interests of such new Restricted Subsidiary
which are owned by any Credit Party and required to be pledged pursuant to the Security Agreement, (II) deliver to Collateral
Agent the certificates (if any) representing such Equity Interests together with in the case of such Equity Interests, undated
stock powers endorsed in blank, (III) cause such new Restricted Subsidiary to take such actions necessary or advisable (including
executing and delivering a Joinder Agreement) to grant to Collateral Agent for the benefit of the Secured Parties, a perfected
security interest in the collateral described in (subject to any requirements set forth herein and in the Security Agreement with
respect to limitations on grant of security interests in certain types of assets or Pledged Collateral and limitations or exclusions
from the requirement to perfect Liens on such Pledged Collateral and excluding acts with respect to perfection of security interests
and Liens not required under, or excluded from the requirements under, this Agreement and the Security Agreement) the Security
Agreement and all other Property (limited, in the case of any Subsidiary that is a CFC or CFC Holdco, to 65% of the voting Equity
Interests and 100% of the non-voting Equity Interests of such Subsidiary) of such Restricted Subsidiary in accordance with the
provisions of Section 9.08 hereof with respect to such new Restricted Subsidiary, or by law or as may be reasonably requested by
Collateral Agent, and (IV) deliver to Collateral Agent all legal opinions reasonably requested by Administrative Agent relating
to the matters described above covering matters similar to those covered in the opinions delivered on the Closing Date with respect
to such Guarantor; provided, however, that Borrower shall use its commercially reasonable efforts to obtain such
approvals for any Mortgage(s), Ship Mortgage(s) and Lien(s) (including pledge of the Equity Interests of such Subsidiary) to be
granted by such Restricted Subsidiary and for the Guarantee of such Restricted Subsidiary as soon as reasonably practicable; and
provided further, any Mortgages or Ship Mortgages required to be delivered pursuant to this Section 9.11 shall be delivered
within sixty (60) days (or such later date as Administrative Agent may agree to in its sole discretion) after the later of acquisition
thereof or receipt of applicable approvals. All of the foregoing actions shall be at the sole cost and expense of the Credit Parties.

 

    	 	-159-	 

     

    

 

Notwithstanding the
foregoing in this Section 9.11 to the contrary, it is understood and agreed that no Lien(s), Mortgage(s), Ship Mortgage(s) and/or
Guarantee of the applicable Additional Credit Party shall be required to be granted or delivered at such time as provided in the
paragraph above in this Section 9.11 as a result of such Lien(s), Mortgage(s), Ship Mortgage(s) and/or Guarantee being prohibited
by the applicable Gaming/Racing Authorities, any other applicable Governmental Authorities or applicable Law; provided,
however, that Borrower has used its commercially reasonable efforts to obtain such approvals for such Lien(s), Mortgage(s),
Ship Mortgage(s) and/or Guarantee.

 

SECTION 9.12.     
Limitation on Designations of Unrestricted Subsidiaries.

 

(a)               
Borrower may, on or after the Closing Date, designate any Subsidiary of Borrower (other than any Subsidiary that owns, leases
or operates any portion (other than de minimis assets) of a Core Property) as an “Unrestricted Subsidiary” under
this Agreement (a “Designation”) only if:

 

(i)              
no Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to such Designation;

 

(ii)              
Borrower would be permitted under this Agreement to make an Investment at the time of Designation (assuming the effectiveness
of such Designation) in an amount (the “Designation Amount”) equal to the fair market value of the assets of
such Subsidiary (net of any liabilities of such Subsidiary that will not constitute liabilities of any Credit Party or Restricted
Subsidiary after such Designation) owned by Borrower and/or any of the Restricted Subsidiaries on such date;

 

(iii)              
after giving effect to such Designation, Borrower shall be in compliance with the Financial Maintenance Covenant (regardless
of whether then applicable) on a Pro Forma Basis as of the most recent Calculation Date; and

 

(iv)              
such Subsidiary shall also have been designated as an “Unrestricted Subsidiary” under the Senior Unsecured Notes.

 

Upon any such Designation
after the Closing Date, Borrower and its Restricted Subsidiaries shall be deemed to have made an Investment in such Unrestricted
Subsidiary in an amount equal to the Designation Amount.

 

    	 	-160-	 

     

    

 

(b)               
Borrower may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”), whereupon
such Subsidiary shall then constitute a Restricted Subsidiary, if:

 

(i)              
all Liens and Indebtedness of such Unrestricted Subsidiary and its Subsidiaries outstanding immediately following such Revocation
would, if incurred at the time of such Revocation, have been permitted to be incurred for all purposes of this Agreement; and

 

(ii)              
any designation of such Subsidiary as an “Unrestricted Subsidiary” shall have been revoked under the Senior
Unsecured Notes.

 

(c)               
All Designations and Revocations occurring after the Closing Date must be evidenced by an Officer’s Certificate of
Borrower delivered to Administrative Agent with the Responsible Officer so executing such certificate certifying compliance with
the foregoing provisions of Section 9.12(a) (in the case of any such Designations) and of Section 9.12(b) (in the case of any such
Revocations).

 

(d)               
If Borrower designates a Guarantor as an Unrestricted Subsidiary in accordance with this Section 9.12, the Obligations
of such Guarantor under the Credit Documents shall terminate and be of no further force and effect and all Liens granted by such
Guarantor under the applicable Security Documents shall terminate and be released and be of no further force and effect, and all
Liens on the Equity Interests and debt obligations of such Guarantor shall be terminated and released and of no further force and
effect, in each case, without any action required by Administrative Agent or Collateral Agent. At Borrower’s request, Administrative
Agent and Collateral Agent will execute and deliver any instrument evidencing such termination and Collateral Agent shall take
all actions appropriate in order to effect such termination and release of such Liens and without recourse or warranty by Collateral
Agent (including the execution and delivery of appropriate UCC termination statements and such other instruments and releases as
may be necessary and appropriate to effect such release). Any such foregoing actions taken by Administrative Agent and/or Collateral
Agent shall be at the sole cost and expense of Borrower.

 

SECTION 9.13.     
Limitation on Designation of Immaterial Subsidiaries.

 

(a)               
At Borrower’s election, Borrower may at any time, designate a Restricted Subsidiary as an Immaterial Subsidiary, but
only to the extent that such designation is consistent with the definition of “Immaterial Subsidiary”. Upon any Immaterial
Subsidiary’s (whether designated as such on the Closing Date or thereafter pursuant to the preceding sentence) ceasing to
satisfy any of the requirements set forth in the definition of such term, Borrower shall notify Administrative Agent thereof and
shall take the actions required pursuant to Section 9.11 (or 9.12, if such Subsidiary, upon ceasing to be an Immaterial Subsidiary,
shall be designated as an Unrestricted Subsidiary in accordance with Section 9.12) and the applicable Subsidiary shall cease to
be an Immaterial Subsidiary.

 

(b)               
Any designation of a Subsidiary as an Immaterial Subsidiary, or revocation of any such designation, must be evidenced by
an Officer’s Certificate of Borrower delivered to Administrative Agent with the Responsible Officer executing such certificate
certifying compliance with the foregoing provisions of Section 9.13(a).

 

    	 	-161-	 

     

    

 

SECTION 9.14.     
Ratings(c). Borrower shall use commercially reasonable efforts to obtain and maintain
at all times on and after the Closing Date (i) a public corporate family rating of Borrower and a rating of the Term Loans,
in each case from Moody’s, and (ii) a public corporate credit rating of Borrower and a rating of the Term Loans, in
each case from S&P (it being understood and agreed that “commercially reasonable efforts” shall in any event include
the payment by Borrower of customary rating agency fees, cooperation with information and data requests by Moody’s and S&P
in connection with their ratings process and the participation by senior management of Borrower in a ratings presentation to Moody’s
and S&P).

 

SECTION 9.15.     
Post-Closing Matters. Borrower will cause to be delivered or performed, as applicable,
each of the following:

 

(a)               
Mortgage Matters. On or before the date that is ninety (90) days after the Closing Date (or such later date as is
permitted by Administrative Agent in its sole discretion):

 

(i)              
Mortgaged Real Property. Administrative Agent shall have received with respect to each Mortgaged Real Property identified
on Schedule 1.01(C): (1) a Mortgage reasonably satisfactory to Administrative Agent and in form for recording in the
recording office of each political subdivision where each such Mortgaged Real Property is situated, which Mortgage shall, when
recorded, be effective to create in favor of Collateral Agent on behalf of the Secured Parties a valid, enforceable and perfected
first priority Lien (except to the extent limited by applicable Requirements of Law (including, without limitation, any Gaming/Racing
Laws)) on such Mortgaged Real Property subordinate to no Liens other than Permitted Liens, (2) with respect to each Mortgage, legal
opinions, each of which shall be addressed to Administrative Agent, Collateral Agent and the Lenders, dated the effective date
of such Mortgage and covering such matters as Administrative Agent shall reasonably request, including, but not limited to, the
enforceability of such Mortgage and the due authorization, execution and delivery of such Mortgage, in a manner customary for transactions
of this type and otherwise in form and substance reasonably satisfactory to Administrative Agent, (3) with respect to each
Mortgage, a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of
each such Mortgage as a valid first priority Lien on the Mortgaged Real Property described therein, free of any other Liens except
Permitted Liens, in amounts and in form and substance reasonably acceptable to Administrative Agent, together with such endorsements,
coinsurance and reinsurance as Administrative Agent may reasonably request, (4) such surveys (including existing surveys together
with affidavits of no-change) sufficient for the title company to remove all standard survey exceptions from the mortgage title
policy relating to such Mortgaged Real Property and issue the survey-related endorsements otherwise in form and substance reasonably
satisfactory to Administrative Agent and (5) with respect to each Mortgage and/or each Mortgaged Real Property, such fixture
filings, insurance certificates, consents, estoppels, memoranda of lease, Governmental Real Property Disclosure Requirements, certificates,
affidavits, instruments, returns and other documents as shall be deemed reasonably necessary by Administrative Agent, in each case,
in form and substance reasonably acceptable to Administrative Agent).

 

(b)               
Additional Post-Closing Deliverables. Each of the documents and other agreements set forth on Schedule 9.15
shall be delivered or performed, as applicable, within the respective time frames specified therein (or, in each case, such later
date as is permitted by Administrative Agent in its sole discretion)

 

    	 	-162-	 

     

    

 

ARTICLE X.

 

NEGATIVE
COVENANTS

 

Each Credit Party,
for itself and on behalf of its Restricted Subsidiaries, covenants and agrees with Administrative Agent, Collateral Agent and Lenders
(or in the case of Section 10.08, with the Revolving Lenders) that until the Obligations have been Paid in Full (and each Credit
Party covenants and agrees that it will cause its Restricted Subsidiaries to observe and perform the covenants herein set forth
applicable to any such Restricted Subsidiary until the Obligations have been Paid in Full):

 

SECTION 10.01. 
 Indebtedness. Borrower and its Restricted Subsidiaries will not incur any Indebtedness,
except:

 

(a)               
Indebtedness incurred pursuant to this Agreement and the other Credit Documents;

 

(b)               
Indebtedness outstanding on the Closing Date and listed on Schedule 10.01, and any Permitted Refinancings thereof;

 

(c)               
Indebtedness under any Swap Contracts (including, without limitation, any Interest Rate Protection Agreements); provided
that such Swap Contracts are entered into for bona fide hedging activities and not for speculative purposes;

 

(d)               
intercompany Indebtedness of Borrower and the Restricted Subsidiaries to Borrower or other Restricted Subsidiaries to the
extent permitted pursuant to Section 10.04;

 

(e)               
Indebtedness representing deferred compensation to employees of Borrower and the Restricted Subsidiaries incurred in the
ordinary course of business;

 

(f)                
Indebtedness in respect of workers’ compensation claims, self-insurance obligations, performance bonds, surety, appeal
or similar bonds, completion guarantees and letters of credit provided by Borrower or any of its Restricted Subsidiaries in the
ordinary course of its business (including to support Borrower’s or any of its Restricted Subsidiaries’ applications
for Gaming/Racing Licenses or for the purposes referenced in this clause (f));

 

(g)               
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within five (5) Business Days of its incurrence;

 

(h)               
Indebtedness (other than Indebtedness referred to in Section 10.01(b)) in respect of Purchase Money Obligations and Capital
Lease Obligations and refinancings or renewals thereof, in an aggregate principal amount not to exceed at any time outstanding,
the greater of $50.0 million and 25% of Consolidated EBITDA at the time of determination for the Test Period most recently ended
and, without duplication, Permitted Refinancings thereof;

 

(i)                
Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;

 

(j)                
guarantees by Borrower or Restricted Subsidiaries of Indebtedness otherwise permitted to be incurred by Borrower or any
Restricted Subsidiary under this Section 10.01;

 

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(k)               
Indebtedness of a Person that becomes a Subsidiary of Borrower or any of its Restricted Subsidiaries after the date hereof
in connection with a Permitted Acquisition or other Acquisition permitted hereunder; provided, however, that such
Indebtedness existed at the time such Person became a Subsidiary and was not created in anticipation or contemplation thereof,
and Permitted Refinancings thereof;

 

(l)                
Indebtedness that has been Discharged;

 

(m)             
Escrowed Indebtedness;

 

(n)               
unsecured Indebtedness of the kind described in clause (d) of the definition of “Indebtedness” so long as, in
the case of any such Indebtedness other than earn-out obligations, at the time of incurrence thereof, (i) no Event of Default shall
have occurred and be continuing after giving effect thereto and (ii) Borrower and its Restricted Subsidiaries shall be in compliance
with the Financial Maintenance Covenant (regardless of whether then applicable) on a Pro Forma Basis as of the most recent Calculation
Date;

 

(o)               
Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing
Debt;

 

(p)               
Indebtedness of Joint Ventures in an aggregate principal amount that at the time of, and after giving effect to, the incurrence
thereof, would not, at any time outstanding, exceed the greater of $10.0 million and 5% of Consolidated EBITDA at the time of determination
for the Test Period most recently ended, and, without duplication, any Permitted Refinancings thereof;

 

(q)               
Indebtedness of Borrower or any Restricted Subsidiary in an aggregate principal amount outstanding at any time not to exceed
the greater of $50.0 million and 25% of Consolidated EBITDA at the time of determination for the Test Period most recently ended
(provided, that Indebtedness of Non-Credit Parties incurred pursuant to this Section 10.01(q) shall not exceed the Non-Credit
Party Cap on the date of incurrence thereof) and, without duplication, Permitted Refinancings thereof;

 

(r)                
Indebtedness consisting of the financing of insurance premiums in the ordinary course of business;

 

(s)                
Investments under Section 10.04(k), 10.04(l) and 10.04(m), in each case, consisting of guarantees;

 

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(t)               
(A)               
 Indebtedness
of Borrower or any Restricted Subsidiaries in respect of one or more series of senior unsecured notes or loans, senior secured
first lien notes or loans, senior secured junior lien notes or loans or subordinated notes or loans that may be secured by the
Collateral on a pari passu or junior basis with the Obligations, as applicable, that are issued or made pursuant to an indenture,
a loan agreement or a note purchase agreement or otherwise (other than pursuant to this Agreement) (any such Indebtedness, “Ratio
Debt”); provided that (i) the aggregate principal amount of Ratio Debt issued or incurred pursuant to this Section
10.01(t) on such date shall not exceed the Ratio Debt Amount as of such date; (ii) no Event of Default shall have occurred and
be continuing or would exist immediately after giving effect to such Ratio Debt; provided that, if the proceeds of such
Ratio Debt are primarily being used to finance a Limited Condition Transaction substantially concurrently upon the receipt thereof,
the lenders or other Persons providing such Ratio Debt may waive such condition (other than an Event of Default specified in Section
11.01(b) or 11.01(c) or an Event of Default specified in Section 11.01(g) or 11.01(h) with respect to Borrower); (iii) other than
customary “bridge” facilities (so long as the long term debt into which any such customary “bridge” facility
is to be automatically converted satisfies the requirements of this clause (iii)), if such Ratio Debt is (x) secured on a pari
passu basis with the Obligations, such Ratio Debt shall have a maturity date and Weighted Average Life to Maturity (without
giving effect to prepayments that reduce scheduled amortization) no shorter than any then-existing Tranche of Term Loans or (y)
secured on a second lien (or other junior lien) basis or is unsecured, such Ratio Debt shall satisfy the definition of Permitted
Junior Debt Conditions; (iv) if such Ratio Debt is secured (x) on pari passu basis with the Obligations, the holders of
such Indebtedness (or their representative) and Administrative Agent shall be party to the Pari Passu Intercreditor Agreement
or (y) on a second lien (or other junior lien) basis to the Obligations, the holders of such Indebtedness (or their representative)
shall be party to the Second Lien Intercreditor Agreement (as “Second Priority Debt Parties”) with Administrative Agent;
(v) any Indebtedness of Non-Credit Parties incurred pursuant to this Section 10.01(t) shall not exceed the Non-Credit Party Cap
on the date of incurrence thereof; (vi) except as set forth in clauses (i) – (v) of this paragraph (t), the terms (excluding
maturity, amortization, pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) of any Ratio
Debt shall be (as determined by Borrower in good faith) substantially identical to the terms of the Revolving Commitments or the
Term B Facility Loans and the Term B-1 Facility Loans, as
applicable, as existing on the date of incurrence of such Ratio Debt except, to the extent such terms (x) at the option of Borrower
(1) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by Borrower in
good faith); provided that, if any financial maintenance covenant is added for the benefit of any Ratio Debt, such financial
maintenance covenant (together with any “equity cure” provisions) shall also be applicable to each corresponding Class
(except to the extent such financial maintenance covenant applies only to periods after the maturity date applicable to such Class),
(2) with respect to any such Indebtedness that is unsecured, are customary for issuances of “high yield” securities;
provided that, if any financial maintenance covenant is added for the benefit of any such Ratio Debt, such financial maintenance
covenant (together with any “equity cure” provisions) shall also be applicable to each corresponding Class (except
to the extent such financial maintenance covenant applies only to periods after the maturity date applicable to such Class), or
(3) are not materially more restrictive to Borrower (as determined by Borrower in good faith), when taken as a whole, than the
terms of the Term B Facility Loans and the Term B-1 Facility Loans
or the Revolving Facility, as the case may be (except for covenants or other provisions applicable only to periods after the Final
Maturity Date applicable to the Term B Facility Loans and the Term B-1
Facility Loans or the Revolving Facility, as applicable) (it being understood that any Ratio Debt may provide for the ability to
participate (i) with respect to any borrowings, voluntary prepayments or voluntary commitment reductions, on a pro rata basis,
greater than pro rata basis or less than pro rata basis with the applicable Loans or facility and (ii) with respect to any mandatory
prepayments, on a pro rata basis (only in respect of Ratio Debt that ranks pari passu with the Obligations) or less than pro rata
basis with the applicable Loans (and on a greater than pro rata basis with respect to prepayments of any such Ratio Debt with the
proceeds of permitted refinancing Indebtedness), or (y) are (1) added to the Term B Facility Loans and
the Term B-1 Facility Loans or Revolving Facility, as applicable, or (2) applicable only after the Final Maturity Date
(in the case of term Indebtedness) or the latest R/C Maturity Date (in the case of revolving Indebtedness) (it being understood
that to the extent any financial maintenance covenant is added for the benefit of any such Ratio Debt, no consent shall be required
from Administrative Agent or any of the Lenders to the extent that such financial maintenance covenant (together with any related
 “equity cure” provisions) is also added for the benefit of any corresponding existing Class); and
(vii) if such Ratio Debt is secured on pari passu basis with the Obligations, is in the form of term loan
debt incurred prior to the date that is twelve (12) months after the Closing Date (excluding any such Ratio Debt (i) incurred primarily
for the purpose of funding a Permitted Acquisition or (ii) that has a maturity date no earlier than twelve (12) months after the
Term B Facility Maturity Date then in effect), then if the All-In Yield applicable to such Ratio Debt is greater than the All-In
Yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Term B Facility
Loans, plus 50 basis points per annum, then the interest rate with respect to the Term B Facility Loans shall be increased
so as to cause the then applicable All-In Yield under this Agreement on the Term B Facility Loans to equal the All-In Yield then
applicable to such Ratio Debt, minus 50 basis points; provided, however, that any increase in All-In Yield
due to such Ratio Debt having a higher “LIBO Rate floor” or “Alternate Base Rate floor” shall, as the election
of Borrower, be reflected solely as an increase to the applicable LIBO Rate floor or Alternate Base Rate floor, as applicable,
for the Term B Facility; and (viii) if such Ratio Debt is secured on
pari passu basis with the Obligations and is in the form of term loan debt incurred after the 2020 Incremental Joinder Agreement
Effective Date, then if the All-In Yield applicable to such Ratio Debt is greater than the All-In Yield payable pursuant to the
terms of this Agreement as amended through the date of such calculation with respect to Term B-1 Facility Loans, plus 50
basis points per annum, then the interest rate with respect to the Term B-1 Facility Loans shall be increased so as to cause the
then applicable All-In Yield under this Agreement on the Term B-1 Facility Loans to equal the All-In Yield then applicable to such
Ratio Debt, minus 50 basis points; provided, however, that any increase in All-In Yield due to such Ratio
Debt having a higher “LIBO Rate floor” or “Alternate Base Rate floor” shall, as the election of Borrower,
be reflected solely as an increase to the applicable LIBO Rate floor or Alternate Base Rate floor, as applicable, for the Term
B-1 Facility; and (B) any Permitted Refinancing in respect thereof that satisfies clause (A)(iv) and (A)(vi) above;

 

    	 	-165-	 

     

    

 

(u)               
Indebtedness constituting (or the proceeds of which constitute) Development Expenses in an aggregate principal amount not
to exceed $75.0 million at any time outstanding so long as no Event of Default shall have occurred and be continuing immediately
after giving effect thereto and, without duplication, Permitted Refinancings thereof;

 

(v)               
Indebtedness of Restricted Subsidiaries that are Non-Credit Parties in an aggregate amount not to exceed the greater of
$20.0 million and 10% of Consolidated EBITDA at the time of determination for the Test Period most recently ended prior to such
time, so long as such Indebtedness is not guaranteed by any Credit Party (provided, that Indebtedness of Non-Credit Parties
incurred pursuant to this Section 10.01(v) shall not exceed the Non-Credit Party Cap on the date of incurrence thereof) and, without
duplication, Permitted Refinancings thereof;

 

(w)             
Indebtedness consisting of promissory notes issued by Borrower to recent or former officers, directors or employees (or
heirs of, estates of or trusts formed by such Persons) to finance the purchase or redemption of Equity Interests of Borrower permitted
by Section 10.06(f); provided that (i) such Indebtedness shall be subordinated in right of payment to the Obligations
on terms reasonably satisfactory to Administrative Agent (it being understood that, subject to the dollar limitation described
below, such subordination provisions shall permit the payment of interest and principal in cash if no Event of Default has occurred
and is continuing) and (ii) the aggregate amount of all cash payments (whether principal or interest) made by Borrower in
respect of such notes, when combined with the aggregate amount of Restricted Payments made pursuant to Section 10.06(f), shall
not exceed $7.5 million in any fiscal year of Borrower;

 

(x)               
Indebtedness incurred by Borrower or the Restricted Subsidiaries in (i) a Permitted Acquisition, (ii) any other
Investment expressly permitted hereunder or (iii) any Asset Sale, in the case of each of the foregoing clauses (i), (ii)
and (iii), constituting customary indemnification obligations or customary obligations in respect of purchase price or other similar
adjustments;

 

(y)               
Indebtedness in an amount equal to 100% of the Net Available Proceeds of any issuance or sale of Equity Interests or capital
contribution (other than in connection with any Permitted Equity Issuances pursuant to Section 11.03) received by Borrower to the
extent not otherwise utilized in this Article X;

 

    	 	-166-	 

     

    

 

(z)               
the Senior Unsecured Notes and Permitted Refinancings thereof; and

 

(aa)            
all premium (if any, including tender premiums), expenses, defeasance costs, interest (including post-petition interest),
fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (z) above.

 

For purposes of determining
compliance with this Section 10.01, the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated
based on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness)
or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the Closing Date and, in the case of such
Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date,
on the date that such Indebtedness was incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness);
provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars
(or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness
does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus (ii)
the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and
expenses incurred in connection with such refinancing.

 

For purposes of determining
compliance with this Section 10.01 and the calculation of the Incremental Loan Amount and Ratio Debt Amount, if the use of proceeds
from any incurrence, issuance or assumption of Indebtedness is to fund the refinancing of any Indebtedness, then such refinancing
shall be deemed to have occurred substantially simultaneously with such incurrence, issuance or assumption so long as (1) such
refinancing occurs on the same Business Day as such incurrence, issuance or assumption, (2) if such proceeds will be offered (through
a tender offer or otherwise) to the holders of such Indebtedness to be refinanced, the proceeds thereof are deposited with a trustee,
agent or other representative for such holders pending the completion of such offer on the same Business Day as such incurrence,
issuance or assumption (and such proceeds are ultimately used in the consummation of such offer or otherwise used to refinance
Indebtedness), (3) if such proceeds will be used to fund the redemption, discharge or defeasance of such Indebtedness to be refinanced,
the proceeds thereof are deposited with a trustee, agent or other representative for such Indebtedness pending such redemption,
discharge or defeasance on the same Business Day as such incurrence, issuance or assumption or (4) the proceeds thereof are otherwise
set aside to fund such refinancing pursuant to procedures reasonably agreed with Administrative Agent. In addition, with respect
to any Indebtedness that was permitted to be incurred hereunder on the date of such incurrence, any Increased Amount of such Indebtedness
shall also be permitted hereunder after the date of such incurrence.

 

SECTION 10.02. 
Liens. Neither Borrower nor any Restricted Subsidiary shall create, incur, grant, assume
or permit to exist, directly or indirectly, any Lien on any Property now owned or hereafter acquired by it or on any income or
revenues or rights in respect of any thereof, except (the “Permitted Liens”):

 

(a)               
Liens for Taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for Taxes,
assessments or governmental charges or levies, which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been established in accordance with GAAP;

 

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(b)               
Liens in respect of property of Borrower or any Restricted Subsidiary imposed by law, which were incurred in the ordinary
course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s,
landlord’s and mechanics’ liens, maritime liens and other similar Liens arising in the ordinary course of business
(i) for amounts not yet overdue for a period of sixty (60) days or (ii) for amounts that are overdue for a period in excess of
sixty (60) days that are being contested in good faith by appropriate proceedings (inclusive of amounts that remain unpaid as a
result of bona fide disputes with contractors, including where the amount unpaid is greater than the amount in dispute), so long
as adequate reserves have been established in accordance with GAAP;

 

(c)               
Liens securing Indebtedness incurred pursuant to Section 10.01(b) and listed on Schedule 10.02; provided,
however, that (i) such Liens do not encumber any Property of Borrower or any Restricted Subsidiary other than (x) any such
Property subject thereto on the Closing Date, (y) after-acquired property that is affixed or incorporated into Property covered
by such Lien and (z) proceeds and products thereof, and (ii) the amount of Indebtedness secured by such Liens does not increase,
except as contemplated by Section 10.01(b);

 

(d)               
easements, rights-of-way, restrictions (including zoning restrictions), covenants, encroachments, sub-division maps, protrusions
and other similar charges or encumbrances, and minor title deficiencies on or with respect to any Real Property, in each case whether
now or hereafter in existence, not (i) securing Indebtedness and (ii) individually or in the aggregate materially interfering with
the conduct of the business of Borrower and its Restricted Subsidiaries, taken as a whole; provided that upon request by
Borrower, Administrative Agent shall, in its reasonable discretion, direct Collateral Agent on behalf of the Secured Parties to
subordinate its Mortgage on any related Real Property to such easements, rights-of-way, restrictions (including zoning restrictions),
covenants, encroachments, protrusions, sub-division maps, leases, reciprocal easement agreements and other similar charges or encumbrances
in such form as is reasonably satisfactory to Administrative Agent and Borrower;

 

(e)               
Liens arising out of judgments or awards not resulting in an Event of Default;

 

(f)                
Liens (other than any Lien imposed by ERISA) (i) imposed by law or deposits made in connection therewith in the ordinary
course of business in connection with workers’ compensation, unemployment insurance and other types of social security, (ii) incurred
in the ordinary course of business to secure the performance of tenders, statutory obligations (other than excise taxes), surety,
stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, rental obligations (limited,
in the case of rental obligations, to security deposits and deposits to secure obligations for taxes, insurance, maintenance and
similar obligations), utility services, performance and return of money bonds and other similar obligations (exclusive of obligations
for the payment of borrowed money), (iii) arising by virtue of deposits made in the ordinary course of business to secure liability
for premiums to insurance carriers or (iv) Liens on deposits made to secure Borrower’s or any of its Subsidiaries’
Gaming/Racing License applications or to secure the performance of surety or other bonds issued in connection therewith; provided,
however, that to the extent such Liens are not imposed by Law, such Liens shall in no event encumber any Property other
than cash and Cash Equivalents or, in the case of clause (iii), proceeds of insurance policies;

 

(g)               
Leases with respect to the assets or properties of any Credit Party or its respective Subsidiaries, in each case entered
into in the ordinary course of such Credit Party’s or Subsidiary’s business so long as each of the Leases entered into
after the date hereof with respect to Real Property constituting Collateral are subordinate in all respects to the Liens granted
and evidenced by the Security Documents and do not, individually or in the aggregate, (x) interfere in any material respect with
the ordinary conduct of the business of the Credit Parties and their respective Subsidiaries, taken as a whole, or (y) materially
impair the use (for its intended purposes) or the value of the Properties of the Credit Parties and their respective Subsidiaries,
taken as a whole; provided that upon the request of Borrower, Collateral Agent shall enter into a customary subordination
and non-disturbance and attornment agreement in connection with any such Lease;

 

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(h)               
Liens (i) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by Borrower or such Restricted Subsidiary in the ordinary course of business and (ii) that are contractual rights of set-off
relating to purchase orders and other agreements entered into with customers of any Credit Party in the ordinary course of business,
but in the case of this clause (ii) not to exceed $1.0 million in the aggregate at any one time;

 

(i)                
Liens arising pursuant to Purchase Money Obligations or Capital Lease Obligations (and refinancings or renewals thereof),
in each case, incurred pursuant to Section 10.01(h); provided, however, that (i) the Indebtedness secured by any
such Lien (including refinancings thereof) does not exceed 100% of the cost of the property being acquired, constructed, improved
or leased at the time of the incurrence of such Indebtedness (plus, in the case of refinancings, any Increased Amounts)
and (ii) any such Liens attach only to the property being financed pursuant to such Purchase Money Obligations or Capital Lease
Obligations (or in the case of refinancings which were previously financed pursuant to such Purchase Money Obligations or Capital
Lease Obligations) (and directly related assets, including proceeds and replacements thereof) and do not encumber any other Property
of Borrower or any Restricted Subsidiary (it being understood that all Indebtedness to a single lender shall be considered to be
a single Purchase Money Obligation, whether drawn at one time or from time to time and individual financings provided by one lender
may be cross-collateralized to other financings provided by such lender);

 

(j)                
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents
on deposit in one or more accounts maintained by Borrower or any Restricted Subsidiary, in each case granted in the ordinary course
of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect
to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements, provided,
however, that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure
(either directly or indirectly) the repayment of any Indebtedness;

 

(k)               
Liens on assets of a Person existing at the time such Person is acquired or merged with or into or consolidated with Borrower
or any Restricted Subsidiary (and not created in connection with or in anticipation or contemplation thereof); provided,
however, that such Liens do not extend to assets not subject to such Liens at the time of acquisition (other than improvements
and attachments thereon, accessions thereto and proceeds thereof) and are no more favorable to the lienholders than the existing
Lien;

 

(l)                
in addition to Liens otherwise permitted by this Section 10.02, other Liens incurred with respect to any Indebtedness or
other obligations of Borrower or any of its Subsidiaries; provided, however, that the aggregate principal amount
of such Indebtedness secured by such Liens at any time outstanding shall not exceed the greater of $50.0 million and 25% of Consolidated
EBITDA at the time of determination for the Test Period most recently ended;

 

(m)             
licenses or sublicenses of Intellectual Property granted by Borrower or any Restricted Subsidiary in the ordinary course
of business and not interfering in any material respect with the ordinary conduct of the business of Borrower and its Restricted
Subsidiaries, taken as a whole;

 

    	 	-169-	 

     

    

 

(n)               
Liens pursuant to the Credit Documents, including, without limitation, Liens related to Cash Collateralizations;

 

(o)               
Permitted Vessel Liens;

 

(p)               
Liens arising under or imposed by applicable Gaming/Racing Laws and/or Gaming/Racing Authorities; provided, however,
that no such Lien constitutes a Lien securing repayment of Indebtedness for borrowed money;

 

(q)               
(i) Liens pursuant to leases entered into for the purpose of, or with respect to, operating or managing gaming facilities
and related assets, which Liens are limited to the leased property under the applicable lease and granted to the landlord under
such lease for the purpose of securing the obligations of the tenant under such lease to such landlord, (ii) Liens on cash and
Cash Equivalents (and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders
to such lessors) under such leases or maintained in an escrow account or similar account pending application of such proceeds in
accordance with the applicable lease and (iii) in the case of any Real Property that constitutes a leasehold interest, any mortgages,
Liens, security interest, restrictions, encumbrances or any other matters of record to which the fee simple interest (or any superior
leasehold interest) is subject (and with respect to which none of the Credit Parties shall have any obligation whatsoever);

 

(r)                
Liens to secure Indebtedness incurred pursuant to Section 10.01(v); provided that such Liens do not encumber any
Property of Borrower or any Restricted Subsidiary other than any Non-Credit Party and any Equity Interests in any Non-Credit Party;

 

(s)                
Prior Mortgage Liens with respect to the applicable Mortgaged Real Property so long as such Liens do not secure Indebtedness;

 

(t)                
Liens on cash and Cash Equivalents deposited to Discharge, redeem or defease Indebtedness that was permitted to so be repaid
and on any cash and Cash Equivalents held by a trustee under any indenture or other debt agreement issued in escrow pursuant to
customary escrow arrangements pending the release thereof;

 

(u)               
Liens arising from precautionary UCC financing statements filings regarding operating leases or consignment of goods entered
into in the ordinary course of business;

 

(v)               
Liens on the Collateral securing (i) Permitted First Priority Refinancing Debt and subject to the Pari Passu Intercreditor
Agreement and (ii) Permitted Second Priority Refinancing Debt and subject to the Second Lien Intercreditor Agreement (as “Second
Priority Liens”);

 

(w)             
Liens securing Ratio Debt, and Permitted Refinancings thereof, in each case, permitted under Section 10.01(t) and subject
to the Pari Passu Intercreditor Agreement or the Second Lien Intercreditor Agreement (in the case of Liens intended to be
subordinated to the Liens securing the Obligations, as “Second Priority Liens”), as and to the extent applicable;

 

(x)               
Liens solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter
of intent or purchase agreement in respect of a Permitted Acquisition or Investment (including any other Acquisition) not prohibited
by this Agreement;

 

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(y)               
in the case of any non-Wholly Owned Subsidiary or Joint Venture, any put and call arrangements or restrictions on disposition
related to its Equity Interests set forth in its organizational documents or any related joint venture or similar agreement;

 

(z)               
Liens arising in connection with transactions relating to the selling or discounting of accounts receivable in the ordinary
course of business;

 

(aa)            
licenses, sublicenses, leases or subleases granted to other Persons not materially interfering with the conduct of the business
of Borrower and its Subsidiaries taken as a whole;

 

(bb)           
any interest or title of a lessor, sublessor, licensee or licensor under any lease or license agreement permitted by this
Agreement;

 

(cc)            
Liens created by the applicable Transfer Agreement;

 

(dd)           
Liens arising pursuant to Indebtedness incurred pursuant to Section 10.01(u); provided that such Liens do not encumber
any Property of Borrower or any Restricted Subsidiary other than the Property financed by the Indebtedness incurred pursuant to
Section 10.01(u) and proceeds and products thereof;

 

(ee)            
Liens to secure Indebtedness incurred pursuant to Section 10.01(p); provided that such Liens do not encumber any
Property other than the Property of any Joint Venture and the Equity Interests in the applicable Joint Venture;

 

(ff)              
(i) Liens on Property of any Restricted Subsidiary that is not a Credit Party and in the Equity Interests of any applicable
Non-Credit Party which Liens secure Indebtedness of Non-Credit Parties permitted under Section 10.01 and (ii) without limiting
the foregoing, so long as Mile High USA, Inc. and its Subsidiaries are not Credit Parties, Liens on the direct Equity Interests
in Mile High USA, Inc. and its Subsidiaries to secure Indebtedness of Mile High USA, Inc. and its Subsidiaries, so long as the
holders of such Indebtedness have no recourse to any Credit Parties or Restricted Subsidiaries with respect to such Indebtedness
other than (x) recourse to the Equity Interests in Mile High USA, Inc. and its Subsidiaries so pledged and (y) Guarantees of such
Indebtedness to the extent constituting Investments permitted under Section 10.04;

 

(gg)           
rights of first refusal under the Hard Rock Licensing Agreement (as in effect on the date hereof);

 

(hh)           
without duplication, Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings,
refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien permitted by
this Section 10.02; provided, however, that (x) such new Lien shall be limited to all or part of the same type of
property that secured the original Lien (plus improvements on and accessions to such property, proceeds and products thereof, customary
security deposits and any other assets pursuant to after-acquired property clauses to the extent such assets secured (or would
have secured) the Indebtedness being refinanced), (y) the Indebtedness secured by such Lien at such time is not increased to any
amount greater than the sum of (A) the outstanding principal amount (or accreted value, if applicable) of such Indebtedness or,
if greater, committed amount of the applicable Indebtedness at the time the original Lien became a Lien permitted hereunder and
(B) any unpaid accrued interest and premium (including tender premiums) thereon and an amount necessary to pay associated underwriting
discounts, defeasance costs, fees, commissions and expenses related to such refinancing, refunding, extension, renewal or replacement,
and (z) Indebtedness secured by Liens ranking junior to the Liens securing the Obligations may not be refinanced pursuant to this
clause (hh) with Liens ranking pari passu to the Liens securing the Obligations.

 

    	 	-171-	 

     

    

 

In connection with
the granting of Liens of the types described in clauses (c), (d), (g), (i), (k), (l), (m), (o), (p), (q), (r), (s), (t), (v), (w),
(aa), (bb), (dd), (ee), (ff) and (hh) of this Section 10.02 by Borrower of any of its Restricted Subsidiaries, Administrative Agent
and Collateral Agent shall be authorized to take any actions deemed appropriate by it in connection therewith (including, without
limitation, by entering into or amending appropriate lien subordination, non-disturbance, attornment or intercreditor agreements).

 

In addition, with respect
to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness,
such Lien shall also be permitted to secure any Increased Amount of such Indebtedness.

 

SECTION 10.03. 
 [Reserved]. 

 

SECTION 10.04. 
Investments, Loans and Advances. Neither Borrower nor any Restricted Subsidiary will,
directly or indirectly, make any Investment, except for the following:

 

(a)               
Investments and commitments to make Investments outstanding on the Closing Date and identified on Schedule 10.04
and any Investments received in respect thereof without the payment of additional consideration (other than through the issuance
of or exchange of Qualified Capital Stock);

 

(b)               
Investments in cash and Cash Equivalents;

 

(c)               
Borrower may enter into Swap Contracts to the extent permitted by Section 10.01(c);

 

(d)               
Investments (i) by Borrower in any Restricted Subsidiary, (ii) by any Restricted Subsidiary in Borrower and (iii) by a Restricted
Subsidiary in another Restricted Subsidiary (provided that Investments pursuant to clauses (i) and (iii) by Credit Parties
in Non-Credit Parties shall not exceed (x) $20.0 million in the aggregate outstanding at any time plus (y) an amount equal to any
returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts)
actually received in respect of any such Investment); provided that, in each case, any intercompany loan (it being understood
and agreed that intercompany receivables or advances made in the ordinary course of business do not constitute loans) in excess
of $10.0 million individually shall be evidenced by a promissory note and, to the extent that the payee, holder or lender of such
intercompany loan is a Credit Party, such promissory note shall be pledged (and delivered) by such Credit Party to Collateral Agent
on behalf of the Secured Parties;

 

(e)               
Borrower and its Restricted Subsidiaries may sell or transfer assets to the extent permitted by Section 10.05;

 

(f)                
Investments in securities of trade creditors or customers or suppliers received pursuant to any plan of reorganization or
similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or suppliers or in settlement of delinquent
or overdue accounts in the ordinary course of business or Investments acquired by Borrower as a result of a foreclosure by Borrower
or any of the Subsidiaries with respect to any secured Investments or other transfer of title with respect to any secured Investment
in default;

 

    	 	-172-	 

     

    

 

(g)               
Investments made by Borrower or any Restricted Subsidiary as a result of consideration received in connection with an Asset
Sale made in compliance with Section 10.05;

 

(h)               
Investments consisting of (i) moving, entertainment and travel expenses, drawing accounts and similar expenditures made
to officers, directors, managers and employees in the ordinary course of business, (ii) loans or advances to officers, directors,
managers and employees in connection with such Persons’ purchase of Equity Interests of Borrower (provided that the
amount of such loans and advances described in this clause (h)(ii) shall be contributed to Borrower in cash as common equity)
and (iii) other loans or advances to officers, directors, managers and employees for any other purpose not described in the foregoing
clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time under the foregoing clauses (ii)
and (iii) shall not exceed $10.0 million in the aggregate at any time outstanding;

 

(i)                
Permitted Acquisitions;

 

(j)                
extensions of trade credit (including to gaming customers) and prepayments of expenses in the ordinary course of business;

 

(k)               
in addition to Investments otherwise permitted by this Section 10.04, other Investments by Borrower or any of its Restricted
Subsidiaries in an amount not to exceed the sum of (i) the greater of $100.0 million and 50% of Consolidated EBITDA at the time
of determination for the Test Period most recently ended during the term of this Agreement plus (ii) the Initial Restricted
Payment Base Amount as of such date plus (iii) the Specified 10.04(k) Investment Returns received on or prior to such date
plus (iv) any reduction in the amount of such Investments as provided in the definition of “Investments”;

 

(l)                
in addition to Investments otherwise permitted by this Section 10.04, Investments by Borrower or any of its Restricted Subsidiaries;
provided that (i) the amount of such Investments to be made pursuant to this Section 10.04(l) do not exceed the Available
Amount determined at the time such Investment is made, (ii) immediately before and after giving effect thereto, no Event of Default
has occurred and is continuing and (iii) except for Investments made in reliance on clauses (e), (f) or (g) of the definition of
 “Available Amount”, immediately after giving effect thereto Borrower shall be in compliance on a Pro Forma Basis with
the Financial Maintenance Covenant (regardless of whether then applicable) as of the most recent Calculation Date;

 

(m)             
additional Investments so long as, at the time such Investment is made and after giving effect thereto, (x) no Event of
Default has occurred and is continuing, (y) the Consolidated Total Net Leverage Ratio is less than or equal to 3.50 to 1.00 on
a Pro Forma Basis as of the most recent Calculation Date and (z) immediately after giving effect to such Investment Borrower shall
be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant (regardless of whether then applicable) as of the
most recent Calculation Date;

 

(n)               
payments with respect to any Qualified Contingent Obligations, so long as, at the time such Qualified Contingent Obligation
was incurred or, if earlier, the agreement to incur such Qualified Contingent Obligations was entered into, such Investment was
permitted under this Agreement;

 

(o)               
Investments of a Restricted Subsidiary acquired after the Closing Date or of a Person merged or consolidated with or into
Borrower or a Restricted Subsidiary, in each case in accordance with the terms of this Agreement to the extent that such Investments
were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence (or were
committed) on the date of such acquisition, merger or consolidation;

 

    	 	-173-	 

     

    

 

(p)               
Investments in the nature of pledges or deposits (i) with respect to leases or utilities provided to third parties in the
ordinary course of business or (ii) under Sections 10.02(f), (j), (t) or (x);

 

(q)               
advances of payroll payments to employees of Borrower and the Restricted Subsidiaries in the ordinary course of business;

 

(r)                
the occurrence of a Reverse Trigger Event under any applicable Transfer Agreement;

 

(s)                
Investments in Joint Ventures or other non-Wholly Owned Subsidiaries of Borrower or any of its Restricted Subsidiaries taken
together with all other Investments made pursuant to this clause (s) that are at that time outstanding not to exceed the sum of
(i) the greater of $10.0 million and 5% of Consolidated EBITDA at the time of determination for the Test Period most recently ended
(in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at
the time made and without giving effect to subsequent changes in value) plus (ii) any reduction in the amount of such Investments
as provided in the definition of “Investments”;

 

(t)                
Investments in Unrestricted Subsidiaries taken together with all other Investments made pursuant to this clause (t) that
are at that time outstanding not to exceed the sum of (i) the greater of $10.0 million and 5% of Consolidated EBITDA at the time
of determination for the Test Period most recently ended (in each case, determined on the date such Investment is made, with the
fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value)
plus (ii) any reduction in the amount of such Investments as provided in the definition of “Investments”;

 

(u)               
Guarantees by Borrower or any Restricted Subsidiary of operating leases (other than Capital Lease Obligations) or of other
obligations that do not constitute Indebtedness, in each case entered into by Borrower or any Restricted Subsidiary in the ordinary
course of business;

 

(v)               
Investments to the extent that payment for such Investments is made with Equity Interests in Borrower (other than Disqualified
Capital Stock);

 

(w)             
any Investment (i) deemed to exist as a result of a Restricted Subsidiary that is not a Credit Party distributing a note
or other intercompany debt to a parent of such Restricted Subsidiary that is a Credit Party (to the extent there is no cash consideration
or services rendered for such note) and (ii) consisting of intercompany current liabilities in connection with the cash management,
tax and accounting operations of Borrower and the Restricted Subsidiaries;

 

(x)               
Investments in joint ventures established to develop or operate nightclubs, bars, restaurants, recreation, exercise or gym
facilities, or entertainment or retail venues or similar or related establishments or facilities within, in close proximity to
or otherwise for the benefit of any Property of Borrower and its Restricted Subsidiaries (as reasonably determined by Borrower)
(provided that Investments pursuant to this clause (x) shall not exceed (i) $10.0 million in the aggregate outstanding at
any time, plus (ii) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits
on sale, repayments, income and similar amounts) actually received in respect of any such Investment);

 

(y)               
Restricted Payments permitted by Section 10.06 and Junior Prepayments permitted by Section 10.09;

 

(z)               
Investments in connection with the Transactions;

 

    	 	-174-	 

     

    

 

(aa)            
Investments consisting of the Specified Acquisition;

 

(bb)           
Investments consisting of purchases and acquisitions of inventory, supplies, materials, equipment, contract rights or licenses
of intellectual property, in each case in this Section 10.04(bb) in the ordinary course of business;

 

(cc)            
Investments not to exceed $25.0 million in the aggregate at any one time outstanding consisting of letters of credit (including
Letters of Credit) issued to support completion guarantees for construction loans provided to the Colorado Subsidiaries (including,
for the avoidance of doubt, drawings by the beneficiaries under such letters of credit); and

 

(dd)           
Investments required by a Gaming/Racing Authority or made in lieu of payment of a tax or in consideration of a reduction
in tax.

 

Any Investment in any
person other than a Credit Party that is otherwise permitted by this Section 10.04 may be made through intermediate Investments
in Restricted Subsidiaries that are not Credit Parties and such intermediate Investments shall be disregarded for purposes of determining
the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made other than in the
form of cash or cash equivalents shall be the fair market value thereof valued at the time of the making thereof, and without giving
effect to any subsequent write-downs or write-offs thereof.

 

SECTION 10.05. 
Mergers, Consolidations and Sales of Assets. Neither Borrower nor any Restricted Subsidiary
will wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation (other than solely to
change the jurisdiction of organization or type of organization (to the extent in compliance with the applicable provisions of
the Security Agreement)), or convey, sell, lease or sublease (as lessor or sublessor), transfer or otherwise dispose of any substantial
part of its business, property or assets, except for:

 

(a)               
expenditures to make Capital Expenditures, Expansion Capital Expenditures and expenditures of Development Expenses by Borrower
and the Restricted Subsidiaries;

 

(b)               
Sales or dispositions of used, worn out, obsolete or surplus Property or Property no longer used or useful in the business
of Borrower by Borrower and the Restricted Subsidiaries in the ordinary course of business and the abandonment or other sale of
Intellectual Property that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful
in the conduct of the business of Borrower and its Restricted Subsidiaries taken as a whole; and the termination or assignment
of Contractual Obligations to the extent such termination or assignment does not have a Material Adverse Effect; and sales or transfers
of inventory in the ordinary course of business;

 

(c)               
Asset Sales by Borrower or any Restricted Subsidiary (other than any Asset Sales of (1) any interest (other than de minimis
assets and other assets that are not material and do not consist of owned or leased Real Property of the Twin River Casino, Gaming/Racing
Licenses that are necessary for the ownership, lease or operation of the Twin River Casino or any other asset integral or material
to, or necessary for, the operation of the Twin River Casino) in any fee or leasehold interest in, or the operations of, Twin River
Casino or (2) the Equity Interests in any Person that directly or indirectly owns any of the Property referred to in the foregoing
clause (1)); provided that (i) at the time of such Asset Sale, no Event of Default then exists or would arise therefrom,
(ii) Borrower or any of its Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of (x) cash
or Cash Equivalents or (y) Permitted Business Assets (in each case, free and clear of all Liens at the time received other than
Permitted Liens) (it being understood that for the purposes of clause (c)(ii)(x), the following shall be deemed to be cash: (A)
any liabilities (as shown on Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder
or in the footnotes thereto) of Borrower or such Restricted Subsidiary, other than liabilities that are by their terms subordinated
to the payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable Asset Sale and for
which Borrower and all of its Restricted Subsidiaries shall have been validly released by all applicable creditors in writing,
(B) any securities received by Borrower or such Restricted Subsidiary from such transferee that are converted by Borrower or such
Restricted Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within one hundred
and eighty (180) days following the closing of the applicable disposition, (C) any Designated Non-Cash Consideration received in
respect of such disposition having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration
received pursuant to this clause (C) that is at that time outstanding, not in excess of the greater of $30.0 million and 15% of
Consolidated EBITDA at the time of determination for the Test Period most recently ended, with the fair market value of each item
of Designated Non-Cash Consideration being measured at such date of receipt or such agreement, as applicable, and without giving
effect to subsequent changes in value) and (iii) the Net Available Proceeds therefrom shall be applied as specified in Section
2.10(a)(iii);

 

    	 	-175-	 

     

    

 

(d)               
Liens permitted by Section 10.02, Investments may be made to the extent permitted by Sections 10.04, Restricted Payments
may be made to the extent permitted by Section 10.06 and Junior Prepayments may be made to the extent permitted by Section 10.09;

 

(e)               
Borrower and the Restricted Subsidiaries may dispose of cash and Cash Equivalents;

 

(f)                
Borrower and the Restricted Subsidiaries may lease (as lessor or sublessor) real or personal property to the extent permitted
under Section 10.02;

 

(g)               
licenses and sublicenses by Borrower or any of its Restricted Subsidiaries of software and Intellectual Property in the
ordinary course of business shall be permitted;

 

(h)               
(A) Borrower or any Restricted Subsidiary may transfer or lease Property to or acquire or lease Property from Borrower
or any Restricted Subsidiary; provided that the sum of (x) the aggregate fair market value of all Property transferred by
Borrower and Domestic Subsidiaries of Borrower that are Restricted Subsidiaries to Foreign Subsidiaries of Borrower under this
clause (A) plus (y) all lease payments made by Borrower and Domestic Subsidiaries of Borrower that are Restricted Subsidiaries
to Foreign Subsidiaries of Borrower in respect of leasing of property by Borrower and Domestic Subsidiaries of Borrower that are
Restricted Subsidiaries from Foreign Subsidiaries shall not exceed $10.0 million in any fiscal year of Borrower; (B) any Restricted
Subsidiary may merge or consolidate with or into Borrower (as long as Borrower is the surviving Person) or any Guarantor (as long
as the surviving Person is, or becomes substantially concurrently with such merger or consolidation, a Guarantor); (C) any
Restricted Subsidiary may merge or consolidate with or into any other Restricted Subsidiary (so long as, if either Restricted Subsidiary
is a Guarantor, the surviving Person is, or becomes substantially concurrently with such merger or consolidation, a Guarantor);
and (D) any Restricted Subsidiary may be voluntarily liquidated, voluntarily wound up or voluntarily dissolved (so long as
any such liquidation or winding up does not constitute or involve an Asset Sale to any Person other than to Borrower or any other
Restricted Subsidiary or any other owner of Equity Interests in such Restricted Subsidiary unless such Asset Sale is otherwise
permitted pursuant to this Section 10.05); provided, however, that, in each case with respect to clauses (A),
(B) and (C) of this Section 10.05(h) (other than in the case of a transfer to a Foreign Subsidiary permitted under clause
(A) above), the Lien on such property granted in favor of Collateral Agent under the Security Documents shall be maintained in
accordance with the provisions of this Agreement and the applicable Security Documents;

 

    	 	-176-	 

     

    

 

(i)                
voluntary terminations of Swap Contracts and other assets or contracts in the ordinary course of business;

 

(j)                
conveyances, sales, leases, transfers or other dispositions which do not constitute Asset Sales;

 

(k)               
any taking by a Governmental Authority of assets or property, or any part thereof, under the power of eminent domain or
condemnation;

 

(l)                
Borrower and its Restricted Subsidiaries may make sales, transfers or other dispositions of property subject to a Casualty
Event;

 

(m)             
Borrower and its Restricted Subsidiaries may make sales, transfers or other dispositions of Investments in Joint Ventures
to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in
joint venture arrangements and similar binding arrangements;

 

(n)               
any transfer of Equity Interests of any Restricted Subsidiary or any Gaming/Racing Facility in connection with the occurrence
of a Trigger Event;

 

(o)               
(i) the lease, sublease or license of any portion of any Property to Persons who, either directly or through Affiliates
of such Persons, intend to operate or manage nightclubs, bars, restaurants, recreation areas, spas, pools, exercise or gym facilities,
or entertainment or retail venues or similar or related establishments or facilities and (ii) the grant of declarations of covenants,
conditions and restrictions and/or easements with respect to common area spaces and similar instruments benefiting such tenants
of such leases, subleases and licenses (collectively, the “Venue Easements,” and together with any such leases,
subleases or licenses, collectively the “Venue Documents”); provided that no Venue Document or operations
conducted pursuant thereto would reasonably be expected to materially interfere with, or materially impair or detract from, the
operations of Borrower and the Restricted Subsidiaries taken as a whole; provided further that upon request by Borrower,
Collateral Agent on behalf of the Secured Parties shall provide the tenant, subtenant or licensee under any Venue Document with
a subordination, non-disturbance and attornment agreement in form reasonably satisfactory to Collateral Agent and the applicable
Credit Party;

 

(p)               
the dedication of space or other dispositions of Property in connection with and in furtherance of constructing structures
or improvements reasonably related to the development, construction and operation of any project; provided that in each
case such dedication or other dispositions are in furtherance of, and do not materially impair or interfere with the operations
of Borrower and the Restricted Subsidiaries;

 

(q)               
dedications of, or the granting of easements, rights of way, rights of access and/or similar rights, to any Governmental
Authority, utility providers, cable or other communication providers and/or other parties providing services or benefits to any
project, any Real Property held by Borrower or the Restricted Subsidiaries or the public at large that would not reasonably be
expected to interfere in any material respect with the operations of Borrower and the Restricted Subsidiaries; provided
that upon request by Borrower, Administrative Agent shall, in its reasonable discretion, direct Collateral Agent on behalf of the
Secured Parties to subordinate its Mortgage on such Real Property to such easement, right of way, right of access or similar agreement
in such form as is reasonably satisfactory to Administrative Agent and Borrower;

 

    	 	-177-	 

     

    

 

(r)                
any disposition of Equity Interests in a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
person (other than Borrower and the Restricted Subsidiaries) from whom such Restricted Subsidiary was acquired or from whom such
Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as
part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

(s)                
dispositions of non-core assets acquired in connection with a Permitted Acquisition or other permitted Investment; provided,
that (i) the amount of non-core assets that are disposed of in connection with any such Permitted Acquisition or other permitted
Investment pursuant to this Section 10.05(s) does not exceed 25% of the aggregate purchase price for such Permitted Acquisition
or other permitted Investment and (ii) to the extent that any such Permitted Acquisition or other permitted Investment is financed
with the proceeds of Indebtedness of Borrower or its Restricted Subsidiaries, then any proceeds from such Permitted Acquisition
or other permitted Investment shall be used to prepay such Indebtedness (to the extent otherwise permitted hereunder) or the Loans
in accordance with Section 2.10 hereof;

 

(t)                
other dispositions of assets with a fair market value of not more than the greater of $10.0 million and 5% of Consolidated
EBITDA at the time of determination for the Test Period most recently ended; and

 

(u)               
the Transactions.

 

To the extent any Collateral
is sold, transferred or otherwise disposed of as permitted by this Section 10.05 (including, for the avoidance of doubt, pursuant
to any transaction permitted by or referred to in Section 10.04(d)) or in connection with a transaction approved by the
Required Lenders, in each case, to a Person other than a Credit Party, such Collateral shall, except as set forth in the proviso
to Section 10.05(h), be sold, transferred, distributed, contributed or otherwise disposed of free and clear of the Liens created
by the Security Documents, and Collateral Agent shall take all actions reasonably requested by Borrower in order to effect the
foregoing at the sole cost and expense of Borrower and without recourse or warranty by Collateral Agent (including the execution
and delivery of appropriate UCC termination statements and such other instruments and releases as may be necessary and appropriate
to effect such release). To the extent any such sale, transfer, contribution, distribution or other disposition results in a Guarantor
no longer constituting a Subsidiary of Borrower, the Obligations of such Guarantor and all obligations of such Guarantor under
the Credit Documents shall terminate and be of no further force and effect, and each of Administrative Agent and Collateral Agent
shall take such actions, at the sole expense of Borrower, as are requested by Borrower in connection with such termination.

 

SECTION 10.06. 
Restricted Payments. Neither Borrower nor any of its Restricted Subsidiaries shall, directly
or indirectly, declare or make any Restricted Payment at any time, except, without duplication:

 

(a)               
 [reserved];

 

(b)               
any Restricted Subsidiary of Borrower may declare and make Restricted Payments to Borrower or any Wholly Owned Subsidiary
of Borrower which is a Restricted Subsidiary;

 

    	 	-178-	 

     

    

 

(c)               
any Restricted Subsidiary of Borrower, if such Restricted Subsidiary is not a Wholly Owned Subsidiary, may declare and make
Restricted Payments in respect of its Equity Interests to all holders of such Equity Interests generally so long as Borrower or
its respective Restricted Subsidiary that owns such Equity Interest or interests in the Person making such Restricted Payments
receives at least its proportionate share thereof (based upon its relative ownership of the subject Equity Interests and the terms
thereof);

 

(d)               
Borrower and its Restricted Subsidiaries may engage in transactions to the extent permitted by Section 10.05;

 

(e)               
Borrower and its Restricted Subsidiaries may make Restricted Payments in respect of Disqualified Capital Stock issued in
compliance with the terms hereof;

 

(f)                
Borrower may repurchase common stock or common stock options from present or former officers, directors or employees (or
heirs of, estates of or trusts formed by such Persons) of any Company upon the death, disability, retirement or termination of
employment of such officer, director or employee or pursuant to the terms of any stock option plan, employment agreement, severance
agreement or like agreement; provided, however, that the aggregate amount of payments under this clause (f)
shall not exceed in any fiscal year of Borrower the greater of $10.0 million and 5% of Consolidated EBITDA at the time of determination
for the Test Period most recently ended (with unused amounts in any fiscal year being carried over to succeeding fiscal years);

 

(g)               
Borrower and its Restricted Subsidiaries may (i) repurchase Equity Interests to the extent deemed to occur upon exercise
of stock options, warrants or rights in respect thereof to the extent such Equity Interests represent a portion of the exercise
price of such options, warrants or rights in respect thereof and (ii) make payments in respect of withholding or similar taxes
payable or expected to be payable by any present or former member of management, director, officer, employee, or consultant of
Borrower or any of its Subsidiaries or family members, spouses or former spouses, heirs of, estates of or trusts formed by such
Persons in connection with the exercise of stock options or grant, vesting or delivery of Equity Interests;

 

(h)               
Borrower and its Restricted Subsidiaries may make Restricted Payments to allow the payment of cash in lieu of the issuance
of fractional shares upon the exercise of options or, warrants or rights or upon the conversion or exchange of or into Equity Interests,
or payments or distributions to dissenting stockholders pursuant to applicable law;

 

(i)                
Borrower and its Restricted Subsidiaries may make Restricted Payments in an aggregate amount not to exceed the Initial Restricted
Payment Base Amount as of the date of such Restricted Payment;

 

(j)                
so long as (i) immediately before and after giving effect thereto no Event of Default has occurred and is continuing, (ii)
except for Restricted Payments made in reliance on clauses (e), (f) or (g) of the definition of “Available Amount”,
immediately after giving effect thereto Borrower will be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant
(regardless of whether then applicable) as of the most recent Calculation Date and (iii) except for Restricted Payments made in
reliance on clauses (e), (f) or (g) of the definition of “Available Amount”, immediately after giving effect thereto
the Consolidated Total Net Leverage Ratio will not exceed 4.00 to 1.00 calculated on a Pro Forma Basis as of the most recent Calculation
Date, Borrower and its Restricted Subsidiaries may make Restricted Payments in an aggregate amount not to exceed the Available
Amount determined at the time such Restricted Payment is made;

 

    	 	-179-	 

     

    

 

(k)               
so long as (i) immediately before and after giving effect thereto no Event of Default has occurred and is continuing, (ii)
immediately after giving effect thereto Borrower will be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant
(regardless of whether then applicable) as of the most recent Calculation Date and (iii) immediately after giving effect thereto
the Consolidated Total Net Leverage Ratio will not exceed 3.25 to 1.00 calculated on a Pro Forma Basis as of the most recent Calculation
Date, Borrower and its Restricted Subsidiaries may make additional Restricted Payments;

 

(l)                
to the extent constituting Restricted Payments, Borrower may make payments to counterparties under Swap Contracts entered
into in connection with the issuance of convertible or exchangeable debt;

 

(m)             
Borrower and the Restricted Subsidiaries may make Restricted Payments that are made in an amount equal to the amount of
Excluded Contributions previously received and that Borrower elects to apply under this clause (m) and do not increase the Available
Amount;

 

(n)               
Borrower and the Restricted Subsidiaries may make payments of amounts necessary to repurchase or retire Equity Interests
of Borrower or any Subsidiary in the event of an Equity Holder Disqualification of the holder thereof or to the extent required
by any Gaming/Racing Authority in order to avoid the suspension, revocation or denial of a Gaming/Racing License by any Gaming/Racing
Authority; provided that, in the case of any such repurchase or retirement of Equity Interests of Borrower or any Subsidiary,
if such efforts do not jeopardize any Gaming/Racing License, Borrower or any such Subsidiary will have previously used commercially
reasonable efforts to attempt to find a suitable purchaser for such Equity Interests and no suitable purchaser acceptable to the
applicable Gaming/Racing Authority and Borrower was willing to purchase such Equity Interests on terms acceptable to the holder
thereof within a time period acceptable to such Gaming/Racing Authority; and

 

(o)               
on or prior to the Specified Restricted Payment End Date, so long as no Event of Default has occurred and is continuing
or would result therefrom, Borrower may make additional Restricted Payments in an amount not to exceed the amount of Available
Specified RP Cash on the date such Restricted Payment is made (such Restricted Payments, the “Specified Restricted
Payments”); provided that the Specified Restricted Payments may not be made using the proceeds from any Incremental
Commitment, Ratio Debt or the Revolving Facility.

 

SECTION 10.07. 
Transactions with Affiliates. Neither Borrower nor any of its Restricted Subsidiaries
shall enter into any transaction involving aggregate consideration in excess of $5.0 million, including, without limitation, any
purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar
fees, with any Affiliate (other than Borrower or any Restricted Subsidiary); provided, however, that notwithstanding
the foregoing, Borrower and its Restricted Subsidiaries:

 

(a)               
 may enter into indemnification and employment and severance agreements and arrangements with directors, officers and employees
(including employee compensation, benefit plans or arrangements and health, disability or similar insurance plans) and may pay
customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, board managers
and employees of Borrower and its Restricted Subsidiaries in the ordinary course of business to the extent attributable to the
ownership or operation of Borrower and its Restricted Subsidiaries;

 

    	 	-180-	 

     

    

 

(b)               
may enter into the Transactions and the transactions described in Borrower’s SEC filings prior to the Closing Date
or listed on Schedule 10.07 hereto as in effect on the Closing Date or any amendment thereto so long as such amendment is
not adverse to the Lenders in any material respect;

 

(c)               
may make Investments and Restricted Payments permitted hereunder;

 

(d)               
may enter into the transactions contemplated by each applicable Transfer Agreement;

 

(e)               
may enter into customary expense sharing and tax sharing arrangements entered into between Borrower, the Restricted Subsidiaries
and Unrestricted Subsidiaries in the ordinary course of business pursuant to which such Unrestricted Subsidiaries shall reimburse
Borrower or the applicable Restricted Subsidiaries for certain shared expenses and taxes;

 

(f)                
may enter into transactions upon fair and reasonable terms no less favorable to Borrower or such Restricted Subsidiary,
as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate;
provided that with respect to any transaction (or series of related transactions) involving consideration of more than $20.0
million, such transaction shall be approved by the majority of the directors of Borrower;

 

(g)               
may enter into any transactions between or among Borrower and its Subsidiaries (for the avoidance of doubt, including Unrestricted
Subsidiaries) and Joint Ventures that are entered into in the ordinary course of business of Borrower and its Subsidiaries and
Joint Ventures and, in the good faith judgment of Borrower are necessary or advisable in connection with the ownership or operation
of the business of Borrower and its Subsidiaries and Joint Ventures, including, but not limited to, (i) payroll, cash management,
purchasing, insurance and hedging arrangements and (ii) management, technology and licensing arrangements;

 

(h)               
may enter into transactions with Persons who have entered into an agreement, contract or arrangement with Borrower or any
of its Restricted Subsidiaries to manage, own or operate a Gaming/Racing Facility because Borrower and its Restricted Subsidiaries
have not received the requisite Gaming/Racing Licenses or are otherwise not permitted to manage, own or operate such Gaming/Racing
Facility under applicable Gaming/Racing Laws; provided that such transactions shall have been approved by a majority of
the directors of Borrower;

 

(i)                
 may enter into transactions with any Person, which is an Affiliate solely due to a director or directors of such Person
(or a parent company of such Person) also being a director or directors of Borrower;

 

(j)                
may enter into transactions with a Person who is not an Affiliate immediately before the consummation of such transaction
that becomes an Affiliate as a result of such transaction;

 

(k)               
may enter into transactions pursuant to the Tax Sharing Agreement; and

 

(l)                
may issue Equity Interests in Borrower to any Person.

 

SECTION 10.08. 
Financial Covenant. 

 

(a)               Consolidated
Total Net Leverage Ratio.

 

    	 	-181-	 

     

    

 

(i)       Solely
for the benefit of the Lenders under the Revolving Facility, without the consent of the Required Revolving Lenders, Borrower shall
not permit the Consolidated Total Net Leverage Ratio as of the last day of any fiscal quarter of Borrower commencing with (i) the
first complete fiscal quarter ending after the Closing Date through the fiscal quarter ending December 31, 2020 to exceed 5.50
to 1.00, (ii) the fiscal quarter ending March 31, 2021 through the fiscal quarter ending December 31, 2021 to exceed 5.25:1.00;
and (iii) the fiscal quarter ending March 31, 2022 and each fiscal quarter thereafter to exceed 5.00:1.00; provided that
(1) the provisions of this Section 10.08(a)(i)
shall not be applicable to any such fiscal quarter if on the last day of such fiscal quarter (A)
the aggregate principal amount of Revolving Loans, Swingline Loans and Letters of Credit (excluding up to $2.5 million of issued
and outstanding undrawn Letters of Credit) that are issued and/or outstanding is equal to or less than 30% of the Total Revolving
Commitments. and (B)
there are not more than $250.0 million of Revolving Commitments in the aggregate in effect and (2) this Section 10.8(a)(i) shall
not apply to the extent but only for so long as Section 10.8(a)(ii) is applicable in accordance with clause (2) of the proviso
thereof, provided, however, that if the Leverage Covenant Relief Period is terminated in accordance with clause (ii)
of the definition thereof, this Section 10.08(a)(i) shall apply for each fiscal quarter after the Qualifying Quarter.

 

(ii)       Notwithstanding
Section 10.8(a)(i) above, but only for so long as each and every Leverage Covenant Relief Period Condition shall be satisfied for
the duration of the Leverage Covenant Relief Period, then solely for the benefit of the Lenders under the Revolving Facility, without
the consent of the Required Revolving Lenders, Borrower shall not permit the Consolidated Total Net Leverage Ratio as of the last
day of any fiscal quarter of Borrower commencing with (i) the fiscal quarter ending March 31, 2021 to exceed 6.25:1.00; (ii) the
fiscal quarter ending June 30, 2021 to exceed 6.00:1.00; (iii) the fiscal quarter ending September 30, 2021 to exceed 5.75:1.00;
(iv) the fiscal quarter ending December 31, 2021 to exceed 5.50:1.00 and (v) the fiscal quarter ending March 31, 2022 and each
fiscal quarter thereafter to exceed 5.00:1.00; provided that (1) the provisions of this Section 10.08(a)(ii) shall not be
applicable to any such fiscal quarter if on the last day of such fiscal quarter (A) the aggregate principal amount of Revolving
Loans, Swingline Loans and Letters of Credit (excluding up to $2.5 million of issued and outstanding undrawn Letters of Credit)
that are issued and/or outstanding is equal to or less than 30% of the Total Revolving Commitments and (B) there are not more than
$250.0 million of Revolving Commitments in the aggregate in effect and (2) for the avoidance of doubt, (I) if at any time during
the Leverage Covenant Relief Period, a default shall be made in the due observance or performance by Borrower or any Restricted
Subsidiary of any Leverage Covenant Relief Period Condition or (II) Borrower shall fail to deliver the Compliance Certificate and
Section 9.04 Financials in respect of the fiscal quarter ending March 31, 2021 on or prior to the dates required by this Agreement,
then this Section 10.08(a)(ii) shall be null and void and shall be deemed to not have applied in respect of any Test Period ending
during the Leverage Covenant Relief Period and (3) if the Leverage Covenant Relief Period is terminated in accordance with clause
(ii) of the definition thereof, then the maximum Consolidated Total Net Leverage Ratio levels for each fiscal quarter after the
Qualifying Quarter shall be those as in effect and set forth in Section 10.08(a)(i).

 

(b)              Section
10.08 Defined Terms.As used in this Section
10.08, the following terms shall have the following meanings:

 

(i)       “Additional
Specified Covenant Relief Period Acquisitions” shall mean the acquisition by the Borrower or its Restricted Subsidiaries
of (i) the entities operating the Eldorado Resort Casino Shreveport and the Montbleu Resort Casino pursuant to and in accordance
with that certain Equity Purchase Agreement, dated as of April 24, 2020 (the “Shreveport Acquisition Agreement”),
among Affiliates of Eldorado Resorts, Inc. (“Eldorado”), the Borrower, Twin River Management Group, Inc.,
a Delaware corporation (“TRMG”) and the other parties party thereto and (ii) the casino, hotel and related operations
and assets at the property known as Bally’s Park Place pursuant to that certain Asset Purchase Agreement, dated as of April
24, 2020 (the “Bally’s Acquisition Agreement” and, together with the Shreveport Acquisition Agreement, the “Additional
Specified Covenant Relief Period Acquisition Agreements”), by and between Bally’s Park Place LLC and TRMG.

 

    	 	-182-	 

     

    

 

(ii)       “Leverage
Covenant Relief Period” shall mean the period commencing on the Leverage Covenant Relief Period Commencement Date and
ending on the earlier of (i) the date on which Administrative Agent receives from Borrower the Compliance Certificate and Section
9.04 Financials in respect of the fiscal quarter ending March 31, 2021 and (ii) the date that the Administrative Agent receives
a Leverage Covenant Relief Period Termination Notice from Borrower.

 

(iii)       “Leverage
Covenant Relief Period Commencement Date” shall mean the “Amendment No. 1 Effective Date” under and as defined
in the Amendment No. 1, dated as of April 24, 2020, among Borrower, the Guarantors party thereto, the Revolving Lenders party thereto
and Administrative Agent.

 

(iv)       “Leverage
Covenant Relief Period Conditions” shall mean, during the Leverage Covenant Relief Period, the Borrower:

 

(a)        shall
not, and shall not permit any of its Restricted Subsidiaries to, (1) designate any Subsidiary of the Borrower as an Unrestricted
Subsidiary pursuant to Section 9.12, (2) designate any Restricted Subsidiary of the Borrower as an Immaterial Subsidiary pursuant
to Section 9.13, other than any Restricted Subsidiary that is newly formed (but not acquired) by the Borrower or any of its Restricted
Subsidiaries that satisfies all the criteria to be designated as an Immaterial Subsidiary under the definition thereof and Section
9.13, (3) make any Investment (i) pursuant to Section 10.04(d) by any Credit Party in any Person that is not a Credit Party, (ii)
pursuant to Section 10.04(i) other than (A) the Specified Covenant Relief Period Acquisitions and the Additional Specified Covenant
Relief Period Acquisitions and (B) other Permitted Acquisitions solely to the extent the consideration therefor consists solely
of Equity Interests of Borrower issued to the seller(s) in such Permitted Acquisition, (iii) pursuant to Section 10.04(k) in excess
of $10.0 million in the aggregate during the Leverage Covenant Relief Period, (iv) pursuant to Section 10.04(h), other than Investments
made in reliance on Section 10.04(h)(i) in an amount not to exceed $1.0 million in the aggregate during the Leverage Covenant
Relief Period or (v) pursuant to Section 10.04(l), (m), (s), (t) or (x), (4) make any Restricted Payment pursuant to Section 10.06(i),
(j), (k), (m) or (o) or (5) make any Junior Prepayments pursuant to Section 10.09(a)(i), (a)(ii), (a)(iii) or (a)(xii); 

 

(b)        shall
not permit the Liquidity at the last day of any month, commencing with the first calendar month ending after the Amendment No.
1 Effective Date and through and including March 31, 2021 (or if the Leverage Covenant Relief Period has ended prior to March
31, 2021 pursuant to clause (ii) of the definition thereof, the last day of the calendar month immediately preceding such termination),
to be less than the Minimum Liquidity Amount at such time; and 

 

    	 	-183-	 

     

    

 

(c)
       shall as soon as
available and in any event within 10 Business Days following the last day of each calendar month occurring during the Financial
Covenant Relief Period, furnish a certificate of a Responsible Officer of Borrower setting forth in reasonable detail the computations
necessary to determine whether Borrower and its Restricted Subsidiaries were in compliance with the covenants set forth in Section
10.08(b) as of the last day of the calendar month to which the certificate relates.

 

(v)       “Leverage
Covenant Relief Period Termination Notice” shall mean a certificate of a Responsible Officer of Borrower that is delivered
to Administrative Agent (a) stating that Borrower irrevocably elects (i) to terminate the Leverage Covenant Relief Period effective
as of the date on which Administrative Agent receives such Covenant Relief Period Termination Notice and (ii) that commencing with
the first fiscal quarter ending after the Qualifying Quarter, the Financial Maintenance Covenants set forth in Section 10.08 shall
be governed by clauses (a)(i) thereof (instead of clause (a)(ii) thereof) and (b) certifying that Borrower and its Restricted Subsidiaries
would have been in compliance with the Financial Maintenance Covenants (as set forth in clause (a)(i) of Section 10.08) as of the
most recent Calculation Date if such Financial Maintenance Covenants had been applicable (the fiscal quarter ending on such Calculation
Date, the “Qualifying Quarter”), and setting forth in reasonable detail the computations necessary to determine
such compliance.

 

(vi)       “Liquidity”
shall mean, on any date, the amount equal to (a) the sum of (x) unrestricted cash and Cash Equivalents of Borrower and its Restricted
Subsidiaries (regardless of whether held in a Collateral Account), plus (y) cash and Cash Equivalents of Borrower and its
Restricted Subsidiaries that are restricted in favor of the Obligations (which may include cash and Cash Equivalents securing other
Indebtedness secured by a Lien on the Collateral), plus (b) the aggregate Unutilized R/C Commitments of all Revolving Lenders,
minus (c) the Specified Covenant Relief Period Acquisition Liquidity Reserve.

 

(vii)       “Minimum
Liquidity Amount” shall mean (a) from the Amendment No. 1 Effective Date through and including May 31, 2020, $75.0 million,
(b) from June 1, 2020 through and including June 30, 2020, $65.0 million, (c) from July 1, 2020 through and including July 31,
2020, $55.0 million, and (d) from and after August 1, 2020 through and including March 31, 2021, $50.0 million.

 

(viii)       “Specified
Covenant Relief Period Acquisition” shall mean the acquisition by the Borrower or its Restricted Subsidiaries of the
equity interests of Rainbow Casino Vicksburg Partnership, L.P. and IOC-Kansas City, Inc. pursuant to and in accordance with that
certain Equity Purchase Agreement, dated as of July 10, 2019, among Affiliates of Eldorado, TRMG, the Borrower and Eldorado.

 

(ix)       “Specified
Covenant Relief Period Acquisition Liquidity Reserve” shall mean (a) at any time prior to the earlier of (i) the consummation
of the Specified Covenant Relief Period Acquisition and (ii) the termination of the Specified Covenant Relief Period Acquisition
in accordance its terms, $230.0 million and (b) from and after the earlier of (i) the consummation of the Specified Covenant Relief
Period Acquisition and (ii) the termination of the Specified Covenant Relief Period Acquisition in accordance with its terms, $0.0.

 

    	 	-184-	 

     

    

 

(c)       Notwithstanding
anything to the contrary in the definition of “Consolidated EBITDA”, solely for purposes of Section 10.08(a)(ii), Consolidated
EBITDA for the Test Period ending March 31, 2021 shall be deemed to be Consolidated EBITDA for the fiscal quarters ending December
31, 2020 and March 31, 2021 multiplied by 2, and (ii) Consolidated EBITDA for the Test Period ending June 30, 2021 shall be deemed
to be Consolidated EBITDA for the fiscal quarters ending December 31, 2020, March 31, 2021 and June 30, 2021 multiplied by 4/3.

 

(d)       Notwithstanding
anything to the contrary in the definition of “Consolidated EBITDA”, solely for purposes of (A) any Leverage Covenant
Relief Period Termination Notice and (B) Section 10.08(a)(i) if the Leverage Covenant Relief Period is terminated in accordance
with clause (ii) of the definition thereof, (i) Consolidated EBITDA for the Test Period ending on the last day of the Qualifying
Quarter, shall be deemed to be, at the Borrower’s election, (1) Consolidated EBITDA for the four fiscal quarter period ending
on the last day of the Qualifying Quarter, (2) Consolidated EBITDA for the three fiscal quarter period ending on the last day of
the Qualifying Quarter multiplied by 4/3 or (3) Consolidated EBITDA for the two fiscal quarter period ending on the last day of
the Qualifying Quarter multiplied by 2, and (ii) Consolidated EBITDA for the Test Period ending on the last day of the fiscal quarter
immediately following the Qualifying Quarter shall be deemed to be (1) if the Borrower elected to use clause (i)(1) or (i)(2) above,
Consolidated EBITDA for the four fiscal quarter period ending on the last day of the fiscal quarter immediately following the Qualifying
Quarter and (2) if the Borrower elected to use clause (i)(3) above, Consolidated EBITDA for the three fiscal quarter period ending
on the last day of the fiscal quarter immediately following the Qualifying Quarter multiplied by 4/3.

 

(e)       For
the avoidance of doubt, only the consent of the Required Revolving Lenders shall be required to (and only the Required Revolving
Lenders, shall have the ability to) amend, waive or modify the covenants set forth in this Section 10.08 (including any amendment
or modification of any defined terms as used in this Section 10.08).

 

Notwithstanding
the foregoing, Sections 10.08(a) through (d) shall be disregarded for the purpose of any requirement under this Agreement to be
in compliance on a Pro Forma Basis with the Financial Maintenance Covenant (and Section 10.08 and related definitions as used for
such purpose) for purposes of Sections 9.12(a)(iii), 10.01(n)(ii), 10.04(l), 10.04(m), 10.06(j), 10.06(k), 10.09(a)(ii) and 10.09(a)(iii)
of this Agreement), which determinations shall instead be based on the following:

 

Solely
for the benefit of the Lenders under the Revolving Facility, without the consent of the Required Revolving Lenders, Borrower shall
not permit the Consolidated Total Net Leverage Ratio as of the last day of any fiscal quarter of Borrower commencing with (i) the
first complete fiscal quarter ending after the Closing Date through the fiscal quarter ending December 31, 2020 to exceed 5.50
to 1.00, (ii) the fiscal quarter ending March 31, 2021 through the fiscal quarter ending December 31, 2021 to exceed 5.25: 1.00;
and (iii) the fiscal quarter ending March 31, 2022 and each fiscal quarter thereafter to exceed 5.00:1.00; provided that
the provisions of this Section 10.08 shall not be applicable to any such fiscal quarter if on the last day of such fiscal quarter
the aggregate principal amount of Revolving Loans, Swingline Loans and Letters of Credit (excluding up to $2.5 million of issued
and outstanding undrawn Letters of Credit) that are issued and/or outstanding is equal to or less than 30% of the Total Revolving
Commitments.

 

SECTION 10.09. 
Certain Payments of Indebtedness; Amendments to Certain Agreements. 

 

    	 	-185-	 

     

    

 

(a)               
None of Borrower or any of its Restricted Subsidiaries will, nor will they permit any Restricted Subsidiary to voluntarily
prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood
that payments of regularly scheduled principal and interest shall be permitted) any Indebtedness under the Senior Unsecured Notes,
any Disqualified Capital Stock or Other Junior Indebtedness or make any payment in violation of any subordination terms or intercreditor
agreement applicable to any such Indebtedness (such payments, “Junior Prepayments”), except:

 

(i)              
Borrower and its Restricted Subsidiaries may make Junior Prepayments in an aggregate amount not to exceed the Initial Restricted
Payment Base Amount as of the date of such Junior Prepayments;

 

(ii)              
so long as (i) immediately before and after giving effect thereto no Event of Default has occurred and is continuing, (ii)
except for Junior Prepayments made in reliance on clauses (e), (f) or (g) of the definition of “Available Amount”,
immediately after giving effect thereto Borrower will be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant
(regardless of whether then applicable) as of the most recent Calculation Date and (iii) except for Junior Prepayments made in
reliance on clauses (e), (f) or (g) of the definition of “Available Amount”, immediately after giving effect thereto
the Consolidated Total Net Leverage Ratio will not exceed 4.00 to 1.00 calculated on a Pro Forma Basis as of the most recent Calculation
Date, Borrower and its Restricted Subsidiaries may make Junior Prepayments in an aggregate amount not to exceed the Available Amount
determined at the time such Junior Prepayment is made;

 

(iii)              
so long as (i) immediately before and after giving effect thereto no Event of Default has occurred and is continuing, (ii)
immediately after giving effect thereto Borrower will be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant
(regardless of whether then applicable) as of the most recent Calculation Date and (iii) immediately after giving effect thereto
the Consolidated Total Net Leverage Ratio will not exceed 3.25 to 1.00 calculated on a Pro Forma Basis as of the most recent Calculation
Date, Borrower and its Restricted Subsidiaries may make additional Junior Prepayments;

 

(iv)              
a Permitted Refinancing of any such Indebtedness (including through exchange offers and similar transactions);

 

(v)              
the conversion of any such Indebtedness to Equity Interests (or exchange of any such Indebtedness for Equity Interests)
of Borrower or any direct or indirect parent of Borrower (other than Disqualified Capital Stock);

 

(vi)              
with respect to intercompany subordinated indebtedness, to the extent consistent with the subordination terms thereof;

 

(vii)              
exchanges of Indebtedness issued in private placements and resold in reliance on Regulation S or Rule 144A for Indebtedness
having substantially equivalent terms pursuant to customary exchange offers;

 

(viii)              
prepayment, redemption, purchase, defeasance or satisfaction of Indebtedness of Persons acquired pursuant to, or Indebtedness
assumed in connection with, Permitted Acquisitions or Investments (including any other Acquisition) not prohibited by this Agreement;

 

    	 	-186-	 

     

    

 

(ix)              
[reserved];

 

(x)              
Junior Prepayments in respect of intercompany Indebtedness owing to Borrower or its Restricted Subsidiaries will be permitted
to the extent consistent with the subordination terms of any applicable intercompany subordinated promissory note documenting such
intercompany Indebtedness;

 

(xi)              
prepayments, redemptions, purchases, defeasance or satisfaction of Disqualified Capital Stock with the proceeds of any issuance
of Disqualified Capital Stock permitted to be issued hereunder or in exchange for Disqualified Capital Stock or other Equity Interests
permitted to be issued hereunder;

 

(xii)              
Borrower and its Restricted Subsidiaries may make Junior Prepayments in an aggregate amount not to exceed an amount equal
to the amount of Excluded Contributions previously received and that Borrower elects to apply under this clause (xii) and do not
increase the Available Amount; and

 

(xiii)              
Borrower and the Restricted Subsidiaries may make payments of amounts necessary to repurchase, repay or retire Indebtedness
of Borrower or any Subsidiary in the event of a Disqualification of the holder thereof or to the extent required by any Gaming/Racing
Authority in order to avoid the suspension, revocation or denial of a Gaming/Racing License by any Gaming/Racing Authority; provided
that, in the case of any such repurchase, repayment or retirement of Indebtedness of Borrower or any Subsidiary, if such efforts
do not jeopardize any Gaming/Racing License, Borrower or any such Subsidiary will have previously used commercially reasonable
efforts to attempt to find a suitable purchaser or assignee for such Indebtedness and no suitable purchaser or assignee acceptable
to the applicable Gaming/Racing Authority and Borrower was willing to purchase or acquire such Indebtedness on terms acceptable
to the holder thereof within a time period acceptable to such Gaming/Racing Authority.

 

(b)               
Borrower shall not, and shall not permit any Restricted Subsidiary to amend, modify or change (X) in any manner materially
adverse to the interests of the Lenders (i) its certificate of incorporation, by-laws, operating, management or partnership agreement
or other Organizational Documents or the Tax Sharing Agreement or (ii) any term or condition of any Other Junior Indebtedness Documentation
unless in the case of any Other Junior Indebtedness Documentation, such amendment, modification or change would qualify as a Permitted
Refinancing of such Other Junior Indebtedness or (Y) any Material Gaming/Racing Agreement or Comfort Letter if any such amendment,
modification or change would (i) be materially less favorable to the interests of Borrower or its Restricted Subsidiaries, as determined
by Borrower in its good faith judgment or (ii) materially adversely affect the rights, remedies or eligibility of the Secured Parties
under the Credit Documents.

 

SECTION 10.10. 
Limitation on Certain Restrictions Affecting Subsidiaries. None of Borrower or any of
its Restricted Subsidiaries shall, directly or indirectly, create any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary (other than any Foreign Subsidiary or Immaterial Subsidiary) of Borrower to (i) pay dividends or make any
other distributions on such Restricted Subsidiary’s Equity Interests or any other interest or participation in its profits
owned by Borrower or any of its Restricted Subsidiaries, or pay any Indebtedness or any other obligation owed to Borrower or any
of its Restricted Subsidiaries, (ii) make Investments in or to Borrower or any of its Restricted Subsidiaries, (iii) transfer any
of its Property to Borrower or any of its Restricted Subsidiaries or (iv) in the case of any Guarantor, guarantee the Obligations
hereunder or, in the case of any Credit Party, subject its portion of the Collateral to the Liens securing the Obligations in favor
of the Secured Parties, except that each of the following shall be permitted: 

 

    	 	-187-	 

     

    

 

(a)               
any such encumbrances or restrictions existing under or by reason of (x) applicable Law (including any Gaming/Racing Law
and any regulations, order or decrees of any Gaming/Racing Authority or other applicable Governmental Authority) or the Regulatory
Agreement (as clarified and supplemented by the Comfort Letters and in effect on the Closing Date or as amended thereafter as permitted
under this Agreement), (y) the Credit Documents or (z) the Senior Unsecured Notes and any Permitted Refinancing thereof (so long
as the restrictions in any such Permitted Refinancing, taken as a whole, are no more restrictive in any material respect to Borrower
and its Restricted Subsidiaries than those in the Senior Unsecured Notes on the Closing Date);

 

(b)               
restrictions on the transfer of Property, or the granting of Liens on Property, in each case, subject to Permitted Liens;

 

(c)               
customary restrictions on subletting or assignment of any lease or sublease governing a leasehold interest of any Company;

 

(d)               
restrictions on the transfer of any Property, or the granting of Liens on Property, subject to a contract with respect to
an Asset Sale or other transfer, sale, conveyance or disposition permitted under this Agreement;

 

(e)               
restrictions contained in the existing Indebtedness listed on Schedule 10.01 and Permitted Refinancings thereof,
provided, that the restrictive provisions in any such Permitted Refinancing, taken as a whole, are not materially more restrictive
than the restrictive provisions in the Indebtedness being refinanced;

 

(f)                
restrictions contained in Indebtedness of Persons acquired pursuant to, or assumed in connection with, Permitted Acquisitions
or other Acquisitions not prohibited hereunder after the Closing Date and Permitted Refinancings thereof, provided, that
the restrictive provisions in any such Permitted Refinancing, taken as a whole, are not materially more restrictive than the restrictive
provisions in the Indebtedness being refinanced, and any restrictions referred to in this clause (f) are limited to the Persons
or assets being acquired and of the Subsidiaries of such Persons and their assets;

 

(g)               
with respect to clauses (i), (ii) and (iii) above, restrictions contained in any Indebtedness permitted hereunder, in each
case, taken as a whole, to the extent not materially more restrictive than those contained in this Agreement;

 

(h)               
customary restrictions in joint venture arrangements or management contracts; provided, that such restrictions are
limited to the assets of such joint ventures and the Equity Interests of the Persons party to such joint venture arrangements or
the assignment of such management contract, as applicable;

 

(i)                
customary non-assignment provisions or other customary restrictions arising under licenses, leases and other contracts entered
into in the ordinary course of business; provided, that such restrictions are limited to the assets subject to such licenses,
leases and contracts and the Equity Interests of the Persons party to such licenses and contracts;

 

(j)                
restrictions contained in Indebtedness of Foreign Subsidiaries incurred pursuant to Section 10.01 and Permitted Refinancings
thereof; provided that such restrictions apply only to the Foreign Subsidiaries incurring such Indebtedness and their Subsidiaries
(and the assets thereof and Equity Interests in such Foreign Subsidiaries);

 

    	 	-188-	 

     

    

 

(k)               
restrictions contained in Indebtedness used to finance, or incurred for the purpose of financing, Expansion Capital Expenditures
and/or Development Projects and Permitted Refinancings thereof, provided, that such restrictions apply only to the asset
(or the Person owning such asset) being financed pursuant to such Indebtedness; and

 

(l)                
restrictions contained in subordination provisions applicable to intercompany debt owed by the Credit Parties; provided,
that such intercompany debt is subordinated to the Obligations on terms at least as favorable to the Lenders as the subordination
of such intercompany debt to any other obligations.

 

SECTION 10.11. 
Limitation on Lines of Business. Neither Borrower nor any Restricted Subsidiary shall
directly or indirectly engage to any material extent (determined on a consolidated basis) in any line or lines of business activity
other than Permitted Business.

 

SECTION 10.12. 
Limitation on Changes to Fiscal Year. Neither Borrower nor any Restricted Subsidiary shall
change its fiscal year end to a date other than December 31 of each year (provided that any Restricted Subsidiary acquired
or formed, or Person designated as an Unrestricted Subsidiary, in each case, after the Closing Date may change its fiscal year
to match the fiscal year of Borrower). 

 

ARTICLE XI.

 

EVENTS
OF DEFAULT

 

SECTION 11.01. 
Events of Default. If one or more of the following events (herein called “Events
of Default”) shall occur and be continuing:

 

(a)               
any representation or warranty made or deemed made by or on behalf of Borrower or any other Credit Party pursuant to any
Credit Document or the borrowings or issuances of Letters of Credit hereunder, or any representation, warranty or statement of
fact made or deemed made by or on behalf of Borrower or any other Credit Party in any report, certificate, financial statement
or other instrument furnished pursuant to any Credit Document, shall prove to have been false or misleading (i) in any material
respect, if such representation and warranty is not qualified as to “materiality,” “Material Adverse Effect”
or similar language, or (ii) in any respect, if such representation and warranty is so qualified, in each case when such representation
or warranty is made, deemed made or furnished;

 

(b)               
default shall be made in the payment of (i) any principal of any Loan or the reimbursement with respect to any Reimbursement
Obligation when and as the same shall become due and payable (whether at the stated maturity upon prepayment or repayment or by
acceleration thereof or otherwise) or (ii) any interest on any Loans when and as the same shall become due and payable, and such
default under this clause (ii) shall continue unremedied for a period of five (5) Business Days;

 

(c)               
default shall be made in the payment of any fee or any other amount (other than an amount referred to in (b) above) due
under any Credit Document, when and as the same shall become due and payable, and such default shall continue unremedied for a
period of five (5) Business Days;

 

(d)               
default shall be made in the due observance or performance by Borrower or any Restricted Subsidiary of any covenant, condition
or agreement contained in Section 9.01(a) (with respect to Borrower only) or 9.04(d) or in Article X (subject to, in the case
of the financial covenant in Section 10.08, the cure rights contained in Section 11.03); provided that any default
under Section 10.08 (a “Financial Covenant Event of Default”) shall not constitute an Event of Default with
respect to any Loans or Commitments hereunder, other than the Revolving Loans and/or any Revolving Commitments, until the date
on which the Revolving Loans have been accelerated, and the Revolving Commitments have been terminated, in each case, by the Required
Revolving Lenders pursuant to this Section 11.01; provided further, that in the event of a Financial Covenant Event of Default,
upon Administrative Agent’s receipt of a written notice from Borrower that Borrower intends to exercise the cure right contained
in Section 11.03 until the Cure Expiration Date, neither the Lenders nor Administrative Agent nor Collateral Agent shall exercise
any rights or remedies under this Section 11.01 available during the continuance of a Financial Covenant Event of Default;

 

    	 	-189-	 

     

    

 

(e)               
default shall be made in the due observance or performance by Borrower or any of the Restricted Subsidiaries of any covenant,
condition or agreement contained in any Credit Document (other than those specified in Section 11.01(b), 11.01(c) or 11.01(d))
and, unless such default has been waived, such default shall continue unremedied for a period of thirty (30) days after the earlier
of (i) written notice thereof from Administrative Agent to Borrower and (ii) a Responsible Officer of Borrower obtaining knowledge
thereof;

 

(f)                
Borrower or any of the Restricted Subsidiaries shall (i) fail to pay any principal or interest, regardless of amount, due
in respect of any Indebtedness (other than the Obligations), when and as the same shall become due and payable (after giving effect
to any applicable grace period), or (ii) fail to observe or perform any other term, covenant, condition or agreement contained
in any agreement or instrument evidencing or governing any such Indebtedness or any event or condition occurs, if the effect of
any failure or occurrence referred to in this clause (ii) is to cause, or to permit the holder or holders of such Indebtedness
or a trustee on its or their behalf (with or without the giving of notice but giving effect to applicable grace periods) to cause,
such Indebtedness (other than Qualified Contingent Obligations) to become due, or to be repurchased, prepaid, defeased or redeemed
(automatically or otherwise) or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made prior to its stated
maturity; provided, however, that (x) clauses (i) and (ii) shall not apply to any offer to repurchase, prepay or
redeem Indebtedness of a Person acquired in an Acquisition permitted hereunder, to the extent such offer is required as a result
of, or in connection with, such Acquisition, (y) any event or condition causing or permitting the holders of any Indebtedness to
cause such Indebtedness to be converted into Qualified Capital Stock (including any such event or condition which, pursuant to
its terms may, at the option of Borrower, be satisfied in cash in lieu of conversion into Qualified Capital Stock) shall not constitute
an Event of Default pursuant to this paragraph (f) and (z) it shall not constitute an Event of Default pursuant to this paragraph
(f) unless the aggregate amount of all such Indebtedness referred to in clauses (i) and (ii) exceeds $25.0 million at any one time;

 

(g)               
an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction
in either case under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar
law, in each case seeking (i) relief in respect of Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary),
or of a substantial part of the property or assets of Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary);
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Borrower or any of the
Restricted Subsidiaries (other than any Subject Subsidiary) or for a substantial part of the property or assets of Borrower or
any of the Restricted Subsidiaries (other than any Subject Subsidiary); or (iii) the winding-up or liquidation of Borrower or of
any of the Restricted Subsidiaries (other than any Subject Subsidiary); and such proceeding or petition shall continue undismissed
for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 

    	 	-190-	 

     

    

 

(h)               
Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary) shall (i) voluntarily commence any proceeding
or file any petition seeking relief under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership
or similar law; (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the
filing of any petition described in Section 11.01(g); (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary)
or for a substantial part of the property or assets of Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary)
in any proceeding under the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership, or similar
law; (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding; (v) make a general
assignment for the benefit of creditors; (vi) become unable, admit in writing its inability or fail generally to pay its debts
as they become due; (vii) take any action for the purpose of effecting any of the foregoing; or (viii) wind up or liquidate (except
as permitted hereunder);

 

(i)                
one or more judgments for the payment of money in an aggregate amount in excess of $25.0 million (to the extent not covered
by third party insurance) shall be rendered against Borrower or any of the Restricted Subsidiaries (other than any Subject Subsidiary)
or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which execution shall
not be effectively stayed, or any action (to the extent such action is not effectively stayed) shall be legally taken by a judgment
creditor to levy upon assets or properties of Borrower or any of the Restricted Subsidiaries to enforce any such judgment;

 

(j)                
an ERISA Event shall have occurred that, when taken together with all other such ERISA Events, would reasonably be expected
to result in a Material Adverse Effect;

 

(k)               
with respect to any material Collateral, any security interest or Lien purported to be created by the applicable Security
Document shall cease to be in full force and effect, or shall cease to give Collateral Agent, for the benefit of the Secured Parties,
the first priority Liens and rights, powers and privileges in each case purported to be created and granted under such Security
Document in favor of Collateral Agent, or shall be asserted in writing by any Credit Party or any Affiliate thereof not to be a
valid, perfected security interest in or Lien on the Collateral covered thereby, in each case, except (x) to the extent that any
such perfection or priority is not required pursuant to this Agreement or the Security Documents or any loss thereof results from
the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged
under the Security Documents or to file Uniform Commercial Code continuation statements and (y) as to Collateral consisting of
Real Property to the extent that such losses are covered by a lender’s title insurance policy and such insurer has not denied
coverage;

 

(l)                
any Guarantee shall cease to be in full force and effect or any of the Guarantors or Affiliates thereof repudiates in writing,
or attempts in writing to repudiate, any of its obligations under any of the Guarantees (except to the extent such Guarantee ceases
to be in effect in connection with any transaction permitted pursuant to Sections 9.12 or 10.05);

 

(m)             
any Credit Document or any material provisions thereof shall at any time and for any reason be declared by a court of competent
jurisdiction to be null and void, or a proceeding shall be commenced by any Credit Party seeking to establish the invalidity or
unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or any Credit Party shall repudiate
or deny in writing that it has any liability or obligation for the payment of principal or interest purported to be created under
any Credit Document;

 

    	 	-191-	 

     

    

 

(n)               
there shall have occurred a Change of Control;

 

(o)               
there shall have occurred a License Revocation by any Gaming/Racing Authority in one or more jurisdictions in which Borrower
or any of its Restricted Subsidiaries owns or operates Gaming/Racing Facilities, which License Revocation (in the aggregate with
any other License Revocations then in existence) relates to operations of Borrower and/or the Restricted Subsidiaries that in the
most recent Test Period accounted for ten percent (10%) or more of the Consolidated EBITDA of Borrower and its Restricted Subsidiaries
(it being agreed that any License Revocation by a Rhode Island Gaming/Racing Authority shall be deemed to relate to operations
accounting for greater than the 10% of Consolidated EBITDA of Borrower and its Restricted Subsidiaries); provided, however,
that such License Revocation continues for at least forty-five (45) consecutive days after the earlier of (x) the date of cessation
of the affected operations as a result of such License Revocation and (y) the date that none of Borrower, nor any of its Restricted
Subsidiaries nor the Lenders receive the net cash flows generated by any such operations; or

 

(p)               
the provisions of any Pari Passu Intercreditor Agreement or Second Lien Intercreditor Agreement shall, in whole or
in part, following such Pari Passu Intercreditor Agreement or Second Lien Intercreditor Agreement being entered into, terminate,
cease to be effective or cease to be legally valid, binding and enforceable against the Persons party thereto, except in accordance
with its terms;

 

then, and in every such event (other than
(i) an event described in Section 11.01(g) or 11.01(h) with respect to Borrower and (ii) a Financial Covenant Event of Default
unless the Revolving Loans have been accelerated, and the Revolving Commitments have been terminated, in each case, by the Required
Revolving Lenders pursuant to the final paragraph of this Section 11.01), and at any time thereafter during the continuance of
such event, Administrative Agent, at the request of the Required Lenders, shall, by notice to Borrower, take any or all of the
following actions, at the same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans and Reimbursement
Obligations then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans and Reimbursement
Obligations so declared to be due and payable, together with accrued interest thereon and any unpaid accrued fees and all other
liabilities and Obligations of Borrower accrued hereunder and under any other Credit Document (other than Credit Swap Contracts
and Secured Cash Management Agreements), shall become forthwith due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any other Credit Document
(other than Credit Swap Contracts and Secured Cash Management Agreements) to the contrary notwithstanding; (iii) exercise any other
right or remedy provided under the Credit Documents or at law or in equity and (iv) direct Borrower to pay (and Borrower hereby
agrees upon receipt of such notice, or upon the occurrence of any Event of Default specified in Section 11.01(g) or 11.01(h) with
respect to Borrower, to pay) to Collateral Agent at the Principal Office such additional amounts of cash, to be held as security
by Collateral Agent for L/C Liabilities then outstanding, equal to the aggregate L/C Liabilities then outstanding; and in any event
described in Section 11.01(g) or 11.01(h) above with respect to Borrower, the Commitments shall automatically terminate and the
principal of the Loans and Reimbursement Obligations then outstanding, together with accrued interest thereon and any unpaid accrued
fees and all other liabilities and Obligations of Borrower accrued hereunder and under any other Credit Document, shall automatically
become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived by Borrower, anything contained herein or in any other Credit Document to the contrary notwithstanding.

 

    	 	-192-	 

     

    

 

Notwithstanding the
foregoing, during any period during which a Financial Covenant Event of Default has occurred and is continuing, Administrative
Agent may with the consent of, and shall at the request of, the Required Revolving Lenders take any of the foregoing actions described
in the immediately preceding paragraph solely as they relate to the Revolving Lenders (versus the Lenders), the Revolving Commitments
(versus the Commitments), the Revolving Loans and/or the Swingline Loans (versus the Loans), and the Letters of Credit.

 

SECTION 11.02. 
Application of Proceeds. The proceeds received by Collateral Agent in respect of any sale
of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by Collateral Agent of
its remedies, or otherwise received after acceleration of the Loans, shall be applied, in full or in part, together with any other
sums then held by Collateral Agent pursuant to this Agreement, promptly by Collateral Agent as follows:

 

(a)               
First, to the payment of all reasonable costs and expenses, fees, commissions and taxes of such sale, collection
or other realization including compensation to Administrative Agent and Collateral Agent and their respective agents and counsel,
and all expenses, liabilities and advances made or incurred by Administrative Agent or Collateral Agent in connection therewith
and all amounts for which Administrative Agent or Collateral Agent, as applicable is entitled to indemnification pursuant to the
provisions of any Credit Document;

 

(b)               
Second, to the payment of all other reasonable costs and expenses of such sale, collection or other realization and
of any receiver of any part of the Collateral appointed pursuant to the applicable Security Documents including compensation to
the other Secured Parties and their agents and counsel and all costs, liabilities and advances made or incurred by the other Secured
Parties in connection therewith;

 

(c)               
Third, without duplication of amounts applied pursuant to clauses (a) and (b) above, to the indefeasible payment
in full in cash, pro rata, of the Obligations;

 

(d)               
Fourth, to Administrative Agent for the account of the L/C Lenders, to Cash Collateralize that portion of L/C Liabilities
comprised of the aggregate undrawn amount of Letters of Credit; and

 

(e)               
Fifth, the balance, if any, to the Person lawfully entitled thereto (including the applicable Credit Party or its
successors or assigns) or as a court of competent jurisdiction may direct.

 

In the event that any such proceeds are
insufficient to pay in full the items described in clauses (a) through (d) of this Section 11.02, the Credit Parties
shall remain liable, jointly and severally, for any deficiency.

 

Notwithstanding the
foregoing, Obligations arising under Secured Cash Management Agreements and Credit Swap Contracts shall be excluded from the application
described above if Administrative Agent has not received written notice thereof, together with such supporting documentation as
Administrative Agent may request, from the applicable Cash Management Bank or Swap Provider, as the case may be. Each Cash Management
Bank or Swap Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by
such notice, be deemed to have acknowledged and accepted the appointment of Administrative Agent and Collateral Agent pursuant
to the terms of Article XII hereof for itself and its Affiliates as if a “Lender” party hereto.

 

SECTION 11.03. 
Borrower’s Right to Cure. Notwithstanding anything to the contrary contained in
Section 11.01, in the event of any Event of Default under any covenant set forth in Section 10.08 and until the expiration
of the fifteenth (15th) Business Day after the date on which financial statements are required to be delivered with
respect to the applicable fiscal quarter hereunder (the “Cure Expiration Date”), Borrower may engage in a Permitted
Equity Issuance and Borrower may apply the amount of the Equity Issuance Proceeds thereof to increase Consolidated EBITDA with
respect to such applicable fiscal quarter (such fiscal quarter, a “Default Quarter”); provided that such
Equity Issuance Proceeds (i) are actually received by Borrower from and after the first day of the Default Quarter and no
later than the Cure Expiration Date, and (ii) do not exceed the aggregate amount necessary to cause Borrower to be in compliance
with Section 10.08 for the applicable period; provided further, that Borrower shall not be permitted to engage in any more
than (A) two Permitted Equity Issuances pursuant to this Section 11.03 in any period of four consecutive fiscal quarters or (B) five
Permitted Equity Issuances pursuant to this Section 11.03 during the term of this Agreement. The parties hereby acknowledge that
(i) this Section 11.03 may not be relied on for purposes of calculating any financial ratios other than as applicable to Section
10.08 and shall not result in any adjustment to Consolidated EBITDA other than for purposes of compliance with Section 10.08 on
the last day of a given Test Period (and not, for avoidance of doubt, for purposes of determining pricing, any basket sizes, the
permissibility of any transaction or compliance on a Pro Forma Basis with Section 10.08 for any other purposes of this Agreement),
(ii) there shall be no pro forma or other reduction of the amount of Indebtedness (or cash netting) by the amount of any Permitted
Equity Issuance made pursuant to this Section 11.03 for purposes of determining compliance with the Financial Maintenance Covenant
for the Default Quarter and (iii) no Revolving Lender, Swingline Lender or L/C Lender shall be required to fund any Revolving Loan
or Swingline Loan or issue any Letter of Credit, as applicable, during the period from delivery of written notice of Borrower’s
intention to exercise its cure rights under this Section 11.03 for a Default Quarter until the date Borrower exercises such right
for such Default Quarter.

 

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ARTICLE XII.

 

AGENTS

 

SECTION 12.01. 
Appointment. Each of the Lenders hereby irrevocably appoints Citizens to act on its behalf
as Administrative Agent and Collateral Agent hereunder and under the other Credit Documents (including as “trustee”
or “mortgage trustee” under the Ship Mortgages), and authorizes Administrative Agent and Collateral Agent to take such
actions on its behalf and to exercise such powers as are delegated to Administrative Agent or Collateral Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto, including, in accordance with regulatory
requirements of any Gaming/Racing Authority consistent with the intents and purposes of this Agreement and the other Credit Documents.
Citizens is hereby appointed Auction Manager hereunder, and each Lender hereby authorizes the Auction Manager to act as its agent
in accordance with the terms hereof and of the other Credit Documents; provided, that Borrower shall have the right to select
and appoint a replacement Auction Manager from time to time by written notice to Administrative Agent, and any such replacement
shall also be so authorized to act in such capacity. Each Lender agrees that the Auction Manager shall have solely the obligations
in its capacity as the Auction Manager as are specifically described in this Agreement and shall be entitled to the benefits of
Article XII, as applicable. Each of the Lenders hereby irrevocably authorize each of the Agents (other than Administrative Agent,
Collateral Agent and the Auction Manager) to take such action on its behalf under the provisions of this Agreement and the other
Credit Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of this
Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions
of this Article are solely for the benefit of the Agents and the Lenders, and neither Borrower nor any other Credit Party shall
have rights as a third party beneficiary of any of the provisions of this Article XII, except to the extent set forth in this Section
12.01, Section 12.06 and Section 12.07(b). It is understood and agreed that the use of the term “agent” herein or in
any other Credit Documents (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter
of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. Each reference
in this Article XII to Collateral Agent shall include Collateral Agent in its capacity as “trustee” or “mortgage
trustee” under the Ship Mortgages.

 

    	 	-194-	 

     

    

 

SECTION 12.02. 
Rights as a Lender. Any Person serving as an Agent hereunder shall have the same rights
and powers in its capacity as a Lender (if applicable) as any other Lender and may exercise the same as though it were not an Agent,
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as such Agent hereunder in its individual capacity. Such Person and its Affiliates may accept
deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder
and without any duty to account therefor to the Lenders.

 

SECTION 12.03. 
Exculpatory Provisions. No Agent shall have any duties or obligations except those expressly
set forth herein and in the other Credit Documents, and each Agent’s duties hereunder shall be administrative in nature.
Without limiting the generality of the foregoing, no Agent:

 

(a)               
shall be subject to any fiduciary or other implied duties with respect to any Credit Party, any Lender or any other Person,
regardless of whether a Default has occurred and is continuing;

 

(b)               
shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Credit Documents that the Agent is required to exercise as directed in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Credit Documents), provided that no Agent shall be required to take any action that, in its opinion or the opinion
of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for
the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect
a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and

 

(c)               
shall, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to any of Borrower or any of its respective Affiliates that is
communicated to or obtained by the Person serving as such Agent or any of its Affiliates in any capacity.

 

No Agent shall be liable
for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or, such other number or
percentage of the Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be necessary, under
the circumstances as provided in Sections 11.01 and 13.04) or (ii) in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by final and non-appealable judgment. No Agent shall be deemed to have knowledge
of any Default or Event of Default unless and until notice describing such Default is given in writing to such Agent by Borrower
or a Lender.

 

    	 	-195-	 

     

    

 

No Agent shall be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this
Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder
or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or
genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document, (v) the satisfaction of
any condition set forth in Article VII or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to such Agent or (vi) any representation or warranty regarding the existence, value or collectability of the Collateral, the existence,
priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection
therewith, nor shall any Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the
Collateral.

 

Administrative Agent
shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance
with the provisions hereof relating to Disqualified Lenders. Without limiting the generality of the foregoing, Administrative Agent
shall not ‎(x) be obligated to ascertain, monitor or inquire as to whether any Lender or participant or prospective Lender
or participant is a Disqualified ‎Lender or (y) have any liability with respect to or arising out of any assignment or participation
of Loans or Commitments, or disclosure of confidential information, to any ‎Disqualified Lender. Administrative Agent does
not warrant, nor accept responsibility, nor shall Administrative Agent have any liability with respect to the administration, submission
or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any comparable or successor
rate thereto.

 

Each of the Lenders
(and each Secured Party by accepting the benefits of the Collateral) acknowledges that Administrative Agent and/or Collateral Agent
may act as the representative of other classes of indebtedness under the Pari Passu Intercreditor Agreement and the Second
Lien Intercreditor Agreement.

 

SECTION 12.04. 
Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or
by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender, each Agent may presume that such condition
is satisfactory to such Lender unless such Agent shall have received notice to the contrary from such Lender prior to the making
of such Loan or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

SECTION 12.05. 
Delegation of Duties. Each Agent may perform any
and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or
more sub agents appointed by such Agent. Each Agent and any such sub agent may perform any and all of its duties and exercise its
rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub agent and to the Related Parties of each Agent and any such sub agent, and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as an Agent. No Agent shall
be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines
in a final and non-appealable judgment that an Agent acted with gross negligence, bad faith or willful misconduct in the selection
of such sub-agents.

 

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SECTION 12.06. 
Resignation of Administrative Agent and Collateral Agent

 

(a)               
Administrative Agent and Collateral Agent may at any time give notice of their resignation to the Lenders and Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the prior written consent of Borrower
(unless an Event of Default specified in Section 11.01(b) or 11.01(c) or an Event of Default specified in Section 11.01(g) or 11.01(h)
with respect to Borrower has occurred and is continuing) to appoint a successor, which shall be a bank with an office in the United
States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed
by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent and Collateral
Agent gives notice of their resignation (or such earlier day as shall be agreed by the Required Lenders and Borrower (unless an
Event of Default specified in Section 11.01(b) or 11.01(c) or an Event of Default specified in Section 11.01(g) or 11.01(h) with
respect to Borrower has occurred and is continuing)) (the “Resignation Effective Date”), then the retiring Administrative
Agent and Collateral Agent may (but shall not be obligated to) on behalf of the Lenders, appoint a successor Administrative Agent
and Collateral Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation
shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)               
If the Person serving as Administrative Agent and Collateral Agent is a Defaulting Lender pursuant to clause (iii) of the
definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to Borrower and such
Person remove such Person as Administrative Agent and Collateral Agent and, in consultation with Borrower, appoint a successor.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
(or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

 

(c)               
With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed
Administrative Agent and Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Credit
Documents (except that in the case of any collateral security held by Administrative Agent or Collateral Agent on behalf of the
Secured Parties under any of the Credit Documents, the retiring or removed Administrative Agent or Collateral Agent, as applicable,
shall continue to hold such collateral security until such time as a successor Administrative Agent and Collateral Agent is appointed)
and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent or Collateral
Agent, all payments, communications and determinations provided to be made by, to or through Administrative Agent or Collateral
Agent shall instead be made by or to each Secured Party directly, until such time, if any, as the Required Lenders appoint a successor
Administrative Agent and Collateral Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative
Agent and Collateral Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or removed) Administrative Agent and Collateral Agent (other than any rights to indemnity payments
or other amounts owed to the retiring or removed Administrative Agent or Collateral Agent as of the Resignation Effective Date
or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent and Collateral Agent shall be discharged
from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided
above in this Section). The fees payable by Borrower to a successor Administrative Agent and Collateral Agent shall be the same
as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring or removed
Administrative Agent’s and Collateral Agent’s resignation or removal hereunder and under the other Credit Documents,
the provisions of this Article and Section 13.03 shall continue in effect for the benefit of such retiring or removed Administrative
Agent and Collateral Agent, their sub agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while the retiring or removed Administrative Agent and Collateral Agent was acting as Administrative Agent
or Collateral Agent.

 

    	 	-197-	 

     

    

 

(d)               
Any resignation by Citizens as Administrative Agent and Collateral Agent pursuant to this Section shall also constitute
its resignation as L/C Lender and Swingline Lender. If Citizens resigns as an L/C Lender, it shall retain all the rights, powers,
privileges and duties of an L/C Lender hereunder with respect to all of its Letters of Credit outstanding as of the effective date
of its resignation as L/C Lender and all L/C Liability with respect thereto, including the right to require the Revolving Lenders
to make ABR Loans or fund risk participations in Unreimbursed Amounts pursuant to Sections 2.03(e) and (f). If any Lender resigns
as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder with respect to Swingline Loans
made by it and outstanding as of the effective date of such resignation, including the right to require the Revolving Lenders to
make ABR Loans or fund risk participations in outstanding Swingline Loans pursuant to Section 2.01(e)(iv). Upon the appointment
by Borrower of a successor L/C Lender or Swingline Lender hereunder (which successor shall in all cases be a Lender other than
a Defaulting Lender), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Lender or Swingline Lender, as applicable, (b) the retiring L/C Lender and Swingline Lender shall be discharged
from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor L/C Lender
shall issue letters of credit in substitution for the Letters of Credit of the retiring L/C Lender, if any, outstanding at the
time of such succession or make other arrangements satisfactory to the retiring L/C Lender to effectively assume the obligations
of the retiring L/C Lender with respect to such Letters of Credit.

 

(e)               
To the extent required by applicable Gaming/Racing Laws or the conditions of any Gaming/Racing License, Administrative Agent
and Collateral Agent shall notify the applicable Gaming/Racing Authorities of any change in the Administrative Agent or Collateral
Agent. Borrower shall provide advice and assistance to Administrative Agent and Collateral Agent in making such notifications.

 

SECTION 12.07. 
Nonreliance on Agents and Other Lenders. 

 

(a)               
Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender or any of their
Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or
any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Credit
Document or any related agreement or any document furnished hereunder or thereunder.

 

(b)               
Each Lender acknowledges that in connection with Borrower Loan Purchases, (i) Borrower may purchase or acquire Term
Loans hereunder from the Lenders from time to time, subject to the restrictions set forth in the definition of Eligible Assignee
and in Section 13.05(d), (ii) Borrower currently may have, and later may come into possession of, information regarding such
Term Loans or the Credit Parties hereunder that is not known to such Lender and that may be material to a decision by such Lender
to enter into an assignment of such Loans hereunder (“Excluded Information”), (iii) such Lender has independently
and without reliance on any other party made such Lender’s own analysis and determined to enter into an assignment of such
Loans and to consummate the transactions contemplated thereby notwithstanding such Lender’s lack of knowledge of the Excluded
Information and (iv) Borrower shall have no liability to such Lender, and such Lender hereby waives and releases, to the extent
permitted by law, any claims such Lender may have against Borrower, under applicable laws or otherwise, with respect to the nondisclosure
of the Excluded Information; provided, however, that the Excluded Information shall not and does not affect the truth
or accuracy of the representations or warranties of Borrower in the Standard Terms and Conditions set forth in the applicable assignment
agreement. Each Lender further acknowledges that the Excluded Information may not be available to Administrative Agent, Auction
Manager or the other Lenders hereunder.

 

    	 	-198-	 

     

    

 

SECTION 12.08. 
Indemnification. The Lenders agree to reimburse and indemnify each Agent in its capacity
as such ratably according with its “percentage” as used in determining the Required Lenders at such time or, if the
Commitments have terminated and all Loans have been repaid in full, as determined immediately prior to such termination and repayment
(with such “percentages” to be determined as if there are no Defaulting Lenders), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, reasonable expenses or disbursements of any kind whatsoever
which may at any time (including, without limitation, at any time following the payment of the Obligations) be imposed on, incurred
by or asserted against such Agent in its capacity as such in any way relating to or arising out of this Agreement or any other
Credit Document, or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken
or omitted to be taken by such Agent under or in connection with any of the foregoing, but only to the extent that any of the foregoing
is not paid by Borrower or any of its Subsidiaries; provided, however, that no Lender shall be liable to any Agent
for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements (x) resulting from the gross negligence, or willful misconduct of such Agent (as determined by a
court of competent jurisdiction in a final and non-appealable decision) or (y) relating to or arising out of the Engagement
Letter. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent be insufficient or become impaired,
such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional
indemnity is furnished. The agreements in this Section 12.08 shall survive the payment of all Obligations.

 

SECTION 12.09. 
No Other Duties. Anything herein to the contrary notwithstanding, none of Administrative
Agent, Collateral Agent, Lead Arrangers or Syndication Agent shall have any powers, duties or responsibilities under this Agreement
or any of the other Credit Documents, except in its capacity, as applicable, as Administrative Agent, Collateral Agent, an L/C
Lender, the Swingline Lender, the Auction Manager or a Lender hereunder.

 

SECTION 12.10. 
Holders. Administrative Agent may deem and treat the payee of any Note as the owner thereof
for all purposes hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be,
shall have been filed with Administrative Agent. Any request, authority or consent of any Person or entity who, at the time of
making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding on any subsequent
holder, transferee, assignee or indorsee, as the case may be, of such Note or of any Note or Notes issued in exchange therefor.

 

SECTION 12.11. 
Administrative Agent May File Proofs of Claim. In
case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Credit Party,
Administrative Agent (irrespective of whether the principal of any Loan or L/C Liability shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower)
shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

    	 	-199-	 

     

    

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Liabilities and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties under
Sections 2.03, 2.05 and 13.03) allowed in such judicial proceeding; and

 

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

 

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Lender (and each Secured Party by accepting the benefits of the Collateral) to make such payments to Administrative Agent
and, in the event that Administrative Agent shall consent to the making of such payments directly to the Secured Parties, to pay
to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative
Agent and its agents and counsel, and any other amounts due Administrative Agent under Sections 2.03, 2.05 and 13.03.

 

Nothing contained herein
shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Secured Party
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party
or to authorize Administrative Agent to vote in respect of the claim of any Secured Party in any such proceeding.

 

SECTION 12.12. 
Collateral Matters.

 

(a)               
Each Lender (and each other Secured Party by accepting the benefits of the Collateral) authorizes and directs Collateral
Agent to enter into the Security Documents for the benefit of the Secured Parties and to hold and enforce the Liens on the Collateral
on behalf of the Secured Parties. Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity
of any notice to or further consent from any Lender, from time to time prior to an Event of Default, to take any action with respect
to any Collateral or Security Documents which may be necessary to perfect and maintain perfected the security interest in and liens
upon the Collateral granted pursuant to the Security Documents. The Lenders hereby authorize Collateral Agent to take the actions
set forth in Section 13.04(g). Upon request by Administrative Agent at any time, the Lenders will confirm in writing Collateral
Agent’s authority to release particular types or items of Collateral pursuant to this Section 12.12.

 

(b)               
Collateral Agent shall have no obligation whatsoever to the Lenders, the other Secured Parties or any other Person to assure
that the Collateral exists or is owned by any Credit Party or is cared for, protected or insured or that the Liens granted to Collateral
Agent pursuant to the applicable Security Documents have been properly or sufficiently or lawfully created, perfected, protected
or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under
any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to Collateral Agent in
Section 12.01 or in this Section 12.12 or in any of the Security Documents, it being understood and agreed that in respect of the
Collateral or any part thereof, or any act, omission or event related thereto, Collateral Agent may act in any manner it may deem
appropriate, in its sole discretion, given Collateral Agent’s own interest in the Collateral or any part thereof as one of
the Lenders and that Collateral Agent shall have no duty or liability whatsoever to the Lenders or the other Secured Parties, except
for its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable
decision).

 

    	 	-200-	 

     

    

 

SECTION 12.13. 
Withholding Tax. To the extent required by any applicable Requirement of Law, an Agent
may withhold from any payment to any Lender, an amount equivalent to any applicable withholding Tax. Without limiting or expanding
the provisions of Section 5.06, each Lender shall indemnify the relevant Agent, and shall make payable in respect thereof within
thirty (30) calendar days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities
and expenses (including fees, charges and disbursements of any counsel for the Agent) incurred by or asserted against the Agent
by the IRS or any other Governmental Authority as a result of the failure of the Agent to properly withhold Tax from amounts paid
to or for the account of any Lender for any reason (including, without limitation, because the appropriate form was not delivered
or not property executed, or because such Lender failed to notify Administrative Agent of a change in circumstance that rendered
the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered
to any Lender by Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against
any amount due Administrative Agent under this Section 12.13. The agreements in this Section 12.13 shall survive the resignation
and/or replacement of Administrative Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction
or discharge of any Loans and all other amounts payable hereunder. For the avoidance of doubt, for purposes of this Section 12.13,
the term “Lender” includes any Swingline Lender and any L/C Issuer.

 

SECTION 12.14. 
Secured Cash Management Agreements and Credit Swap Contracts. Except as otherwise expressly
set forth herein or in any Security Document, no Cash Management Bank or Swap Provider that obtains the benefits of Section 11.02,
Article VI or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right to notice of any
action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of
the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case,
only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Article XII to the contrary,
Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with
respect to, Obligations arising under Secured Cash Management Agreements and Credit Swap Contracts unless Administrative Agent
has received written notice of such Obligations, together with such supporting documentation as Administrative Agent may request,
from the applicable Cash Management Bank or Swap Provider, as the case may be.

 

SECTION 12.15. 
 ERISA.

 

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of Borrower or any other
Credit Party, that at least one of the following is and will be true:

 

(i)              
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes
of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans in connection with the Loans, the Letters of Credit
or the Commitments;

 

(ii)              
the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions
of Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

 

    	 	-201-	 

     

    

 

(iii)              
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; or

 

(iv)              
such other representation, warranty and covenant as may be agreed in writing between Administrative Agent, in its sole discretion,
and such Lender.

 

(b)               
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with
respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv)
in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person
became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person
ceases being a Lender party hereto, for the benefit of, the Agents and their respective Affiliates, and not, for the avoidance
of doubt, to or for the benefit of Borrower or any other Credit Party, that none of the Agents or any of their respective Affiliates
is a fiduciary with respect to the assets of such Lender involved in the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by Administrative Agent under this Agreement,
any Credit Documents or any documents related hereto or thereto).

 

ARTICLE XIII.

 

MISCELLANEOUS

 

SECTION 13.01. 
Waiver. No failure on the part of Administrative Agent, Collateral Agent or any other
Secured Party to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under
any Credit Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege
under any Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
The remedies provided herein are cumulative and not exclusive of any remedies provided by Law.

 

SECTION 13.02. 
Notices.

 

(a)               
General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder
shall be in writing (including by facsimile or electronic mail). All such written notices shall be mailed certified or registered
mail, faxed or delivered to the applicable address, telecopy or facsimile number or (subject to Section 13.02(b) below) electronic
mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to
the applicable telephone number, as follows:

 

    	 	-202-	 

     

    

 

(i)              
if to any Credit Party, any Agent, L/C Lender, and the Swingline Lender, to the address, facsimile number, electronic mail
address or telephone number specified for such Person below its name on the signature pages hereof;

 

(ii)              
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified for such
Person below its name on the signature pages hereof or, in the case of any assignee Lender, the applicable Assignment Agreement.

 

Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile
shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications to the extent provided in Section 13.02(b) below, shall be effective as provided in such Section 13.02(b).

 

(b)               
Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Administrative
Agent; provided, however, that the foregoing shall not apply to notices to any Lender pursuant to Article II,
Article III or Article IV if such Lender has notified Administrative Agent that it is incapable of receiving notices under
such Article by electronic communication. Each Agent or any Credit Party may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval
of such procedures may be limited to particular notices or communications.

 

Unless Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an electronic mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return electronic mail address or other written acknowledgement); provided, however, that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall
be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address (as described in the foregoing clause (i)) of notification that such notice or communication is available and identifying
the website address therefor.

 

(c)               
Change of Address, Etc. Each Credit Party, each Agent, each L/C Lender and the Swingline Lender may change its respective
address, facsimile number, electronic mail address or telephone number for notices and other communications hereunder by notice
to the other parties hereto. Each other Lender may change its address, facsimile number, electronic mail address or telephone number
for notices and other communications hereunder by notice to Borrower, Administrative Agent, each L/C Lender and the Swingline Lender.

 

(d)               
Reliance by Agents and Lenders. Agents and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Notices of Borrowing and Letter of Credit Requests) purportedly given by or on behalf of Borrower 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. Borrower shall indemnify
each Indemnitee from all Losses resulting from the reliance by such Indemnitee on each notice purportedly given by or on behalf
of Borrower (except to the extent resulting from such Indemnitee’s own gross negligence, bad faith or willful misconduct
or material breach of any Credit Document) and believed by such Indemnitee in good faith to be genuine. All telephonic notices
to and other communications with Administrative Agent or Collateral Agent may be recorded by Administrative Agent or Collateral
Agent, as the case may be, and each of the parties hereto hereby consents to such recording.

 

    	 	-203-	 

     

    

 

(e)               
The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY
DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no
event shall any Agent or any of their respective Affiliates, directors, officers, employees, counsel, agents, trustees, investment
advisors and attorneys-in-fact (collectively, the “Agent Parties”) have any liability to Borrower, any other
Credit Party, any Lender, any L/C Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether
in tort, contract or otherwise) arising out of Borrower’s or Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court
of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence, bad faith or willful
misconduct of, or material breach of any Credit Document by, such Agent Party; provided, however, that in no event
shall any Agent Party have any liability to Borrower, any other Credit Party, any Lender, any L/C Lender or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

SECTION 13.03. 
Expenses, Indemnification, Etc.

 

(a)               
The Credit Parties, jointly and severally, agree to pay or reimburse:

 

(i)              
Agents for all of their reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented
fees, expenses and disbursements of Latham & Watkins LLP, counsel to the Administrative Agent and Collateral Agent, and one
special gaming and local counsel in each of Rhode Island, Mississippi and Delaware) in connection with (1) the negotiation, preparation,
execution and delivery of the Credit Documents and the extension and syndication of credit (including the Loans and Commitments)
hereunder and (2) the negotiation, preparation, execution and delivery of any modification, supplement, amendment or waiver of
any of the terms of any Credit Document (whether or not consummated or effective) requested by the Credit Parties;

 

(ii)              
each Agent and each Lender for all reasonable and documented out-of-pocket costs and expenses of such Agent or Lender (provided
that any legal expenses shall be limited to the reasonable and documented fees, expenses and disbursements of one primary legal
counsel for Lenders and Agents taken as a whole selected by Administrative Agent and of one special gaming and local counsel in
each applicable material jurisdiction reasonably deemed necessary by Agents (and solely in the case of an actual or perceived conflict
of interest, where the Persons affected by such conflict inform Borrower in writing of the existence of an actual or perceived
conflict of interest prior to retaining additional counsel, one additional of each such counsel for each group of similarly situated
Secured Parties)) in connection with (1) any enforcement or collection proceedings resulting from any Default, including all manner
of participation in or other involvement with (x) bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation
proceedings, (y) judicial or regulatory proceedings and (z) workout, restructuring or other negotiations or proceedings (whether
or not the workout, restructuring or transaction contemplated thereby is consummated), (2) following the occurrence and during
the continuance of an Event of Default, the enforcement of any Credit Document, and (3) the enforcement of this Section 13.03;
and

 

    	 	-204-	 

     

    

 

(iii)              
Administrative Agent or Collateral Agent, as applicable but without duplication, for all reasonable and documented costs,
expenses, assessments and other charges (including reasonable and documented fees and disbursements of one counsel in each applicable
material jurisdiction) incurred in connection with any filing, registration, recording or perfection of any security interest contemplated
by any Credit Document or any other document referred to therein.

 

Without limiting the
rights of any Agent under this Section 13.03(a), each Agent, promptly after a request of Borrower from time to time, will advise
Borrower of an estimate of any amount anticipated to be incurred by such Agent and reimbursed by Borrower under this Section 13.03(a).

 

(b)               
The Credit Parties, jointly and severally, hereby agree to indemnify each Agent, each Lender and their respective Affiliates
and their and their respective Affiliates’, directors, trustees, officers, employees, representatives, advisors, partners
and agents (each, an “Indemnitee”) from, and hold each of them harmless against, any and all Losses incurred
by, imposed on or asserted against any of them directly or indirectly arising out of or by reason of or relating to the negotiation,
execution, delivery, performance, administration or enforcement of any Credit Document, any of the transactions contemplated by
the Credit Documents (including the Transactions), any breach by any Credit Party of any representation, warranty, covenant or
other agreement contained in any Credit Document in connection with any of the Transactions, the use or proposed use of any of
the Loans or Letters of Credit, the issuance of or performance under any Letter of Credit or, the use of any collateral security
for the Obligations (including the exercise by any Agent or Lender of the rights and remedies or any power of attorney with respect
thereto or any action or inaction in respect thereof), including all amounts payable by any Lender pursuant to Section 12.08,
IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE
OF THE INDEMNITEE, but excluding (i) any such Losses arising from the gross negligence, bad faith or willful misconduct or
material breach of any Credit Documents by such Indemnitee or its Related Indemnified Persons (as determined by a court of competent
jurisdiction in a final and non-appealable decision) and (ii) any such Losses relating to any dispute between and among Indemnitees
that does not involve an act or omission by any Company or any of their respective Affiliates (other than any claims against Administrative
Agent, Collateral Agent, any Lead Arranger, any other agent or bookrunner named on the cover page hereto, Swingline Lender or any
L/C Lender, in each case, acting in such capacities or fulfilling such roles); provided, however, this Section 13.03(b)
shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim. For purposes of this Section 13.03(b), a “Related Indemnified Person” of an Indemnitee means (1) any
controlling person or controlled affiliate of such Indemnitee, (2) the respective directors, officers, trustees, partners or employees
of such Indemnitee or any of its controlling persons or controlled Affiliates and (3) the respective agents or advisors of such
Indemnitee or any of its controlling persons or controlled Affiliates, in the case of this clause (3), acting at the instructions
of such Indemnitee, controlling person or such controlled Affiliate; provided that each reference to a controlled Affiliate
or controlling person in this sentence pertains to a controlled Affiliate or controlling person involved in the performance of
the Indemnitee’s obligations under the facilities.

 

    	 	-205-	 

     

    

 

Without limiting the
generality of the foregoing, the Credit Parties, jointly and severally, will indemnify each Agent, each Lender and each other Indemnitee
from, and hold each Agent, each Lender and each other Indemnitee harmless against, any Losses incurred by, imposed on or asserted
against any of them arising under any Environmental Law as a result of (i) the past, present or future operations of any Company
(or any predecessor-in-interest to any Company), (ii) the past, present or future condition of any site or facility owned, operated,
leased or used at any time by any Company (or any such predecessor-in-interest) to the extent such Losses arise from or relate
to (A) the parties’ relationship under the Credit Documents (including the exercise or remedies thereunder); (B) any Company’s
(or such predecessor-in-interest’s) ownership, operation, lease or use of such site or facility; or (C) any aspect of the
respective business or operations of any Company (or predecessor-in-interest), and, in each case shall include, without limitation,
any and all such Losses for which any Company could be found liable, or (iii) any presence, Release or threatened Release
of any Hazardous Materials at, on, under or from any such site or facility to the extent such Losses arise from or relate to (A)
the parties’ relationship under the Credit Documents (including the exercise or remedies thereunder); (B) any Company’s
(or such predecessor-in-interest’s) ownership, operation, lease or use of such site or facility; or (C) any aspect of the
respective business or operations of any Company (or predecessor-in-interest), and, in each case shall include, without limitation,
any and all such Losses for which any Company could be found liable, including any such Release or threatened Release that shall
occur during any period when any Agent or Lender shall be in possession of any such site or facility following the exercise by
such Agent or Lender, as the case may be, of any of its rights and remedies hereunder or under any of the Security Documents; provided,
however, that the indemnity hereunder shall be subject to the exclusions from indemnification set forth in the preceding
sentence.

 

To the extent that
the undertaking to indemnify and hold harmless set forth in this Section 13.03 or any other provision of any Credit Document providing
for indemnification is unenforceable because it is violative of any Law or public policy or otherwise, the Credit Parties, jointly
and severally, shall contribute the maximum portion that each of them is permitted to pay and satisfy under applicable Law to the
payment and satisfaction of all indemnified liabilities incurred by any of the Persons indemnified hereunder.

 

To the fullest extent
permitted by applicable Law, no party hereto shall assert, and the parties hereto hereby waive, any claim against any Person, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement, any other Credit Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided
that nothing contained in this sentence shall limit the Credit Parties’ indemnity and reimbursement obligations to the extent
set forth in this Section 13.03 (including the Credit Parties’ indemnity and reimbursement obligations to indemnify the Indemnitees
for indirect, special, punitive or consequential damage that are included in any third party claim in connection with which such
Indemnitee is entitled to indemnification hereunder). No Indemnitee referred to in subsection (b) above shall be liable for any
damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients
by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement
or the other Credit Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting
from the gross negligence, bad faith or willful misconduct or material breach of any Credit Document by such Indemnitee as determined
by a final and non-appealable judgment of a court of competent jurisdiction.

 

    	 	-206-	 

     

    

 

SECTION 13.04. 
Amendments and Waiver.

 

(a)               
Neither this Agreement nor any other Credit Document nor any terms hereof or thereof may be amended, modified, changed or
waived, unless such amendment, modification, change or waiver is in writing signed by each of the Credit Parties that is party
thereto and the Required Lenders (or Administrative Agent with the consent of the Required Lenders); provided, however,
that no such amendment, modification, change or waiver shall (and any such amendment, modification, change or waiver set forth
below in clauses (i) through (vii) of this Section 13.04(a) shall only require the approval of the Agents and/or Lenders whose
consent is required therefor pursuant to such clauses):

 

(i)              
extend the date for any scheduled payment of principal on any Loan or Note or extend the stated maturity of any Letter of
Credit beyond any R/C Maturity Date (unless such Letter of Credit is required to be cash collateralized or otherwise backstopped
(with a letter of credit on customary terms) to Administrative Agent’s and applicable L/C Lender’s reasonable satisfaction
(and the obligations of the Revolving Lenders to participate in such Letters of Credit pursuant to Section 2.03(f) are terminated
upon the fifth Business Day preceding the applicable R/C Maturity Date) or the participations therein are required to be assumed
by Revolving Lenders that have Revolving Commitments which extend beyond such R/C Maturity Date (and the other Revolving Lenders
are released from their obligations under such participations)) or extend the termination date of any of the Commitments, or reduce
the rate or extend the time of payment of interest (other than as a result of any waiver of the applicability of any post-default
increase in interest rates) or fees thereon, or forgive or reduce the principal amount thereof, without the consent of each Lender
directly and adversely affected thereby (it being understood that the waiver of (or amendment to the terms of) any Default or Event
of Default or of any mandatory prepayment of the Loans or mandatory reduction in Commitments shall not constitute a postponement
of any date scheduled for the payment of principal or interest or an extension or increase of any Commitment and any amendment
or modification to the financial definitions in this Agreement shall not constitute a reduction in any rate of interest or fees
for purposes of this clause (i), notwithstanding the fact that such amendment or modification actually results in such a reduction);

 

(ii)              
release (x) all or substantially all of the Collateral (except as provided in this Agreement or the Security Documents)
under all the Security Documents or (y) all or substantially all of the Guarantors from the Guarantees (except as expressly
provided in this Agreement), without the consent of each Lender;

 

(iii)              
amend, modify, change or waive (x) any provision of Section 11.02 or this Section 13.04 without the consent of
each Lender, (y) any other provision of any Credit Document or any other provision of this Agreement that expressly provides that
the consent of all Lenders or all affected Lenders is required, without the consent of each Lender directly and adversely affected
thereby or (z) any provision of any Credit Document that expressly provides that the consent of the Required Tranche Lenders of
a particular Tranche or Required Revolving Lenders is required, without the consent of the Required Tranche Lenders of each applicable
Tranche or the Required Revolving Lenders, as the case may be (in each case, except for technical amendments with respect to additional
extensions of credit (including Extended Term Loans or Extended Revolving Loans) pursuant to this Agreement which afford the benefits
or protections to such additional extensions of credit of the type provided to the Term Loans and/or the Revolving Commitments
and Revolving Loans, as applicable);

 

    	 	-207-	 

     

    

 

(iv)              
(x) reduce the percentage specified in the definition of Required Lenders or Required Tranche Lenders or otherwise amend
the definition of Required Lenders or Required Tranche Lenders without the consent of each Lender or (y) reduce the percentage
specified in the definition of Required Revolving Lenders or otherwise amend the definition of Required Revolving Lenders without
the consent of each Revolving Lender (provided that, (x) no such consent shall be required for technical amendments with
respect to additional extensions of credit (including Extended Term Loans and Extended Revolving Loans) pursuant to this Agreement,
and (y) with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in
the determination of the Required Lenders, Required Tranche Lenders and/or Required Revolving Lenders on substantially the same
basis as the extensions of Loans and Commitments are included on the Closing Date);

 

(v)              
amend, modify, change or waive Section 4.02 or Section 4.07(b) in a manner that would alter the pro rata
sharing of payments required thereby, without the consent of each Lender directly and adversely affected thereby (except for technical
amendments with respect to additional extensions of credit (including Extended Term Loans or Extended Revolving Loans) pursuant
to this Agreement which afford the protections to such additional extensions of credit of the type provided to the Term Loans and/or
the Revolving Commitments and Revolving Loans, as applicable);

 

(vi)              
impose any greater restriction on the ability of any Lender under a Tranche to assign any of its rights or obligations hereunder
without the written consent of the Required Tranche Lenders for such Tranche; or

 

(vii)              
(A) amend, modify or waive any provision of Section 10.08 (and related definitions as used in such Section, but not as used
in other Sections of this Agreement), (B) amend, modify or waive any Default or Event of Default resulting from a breach of Section
10.08, (C) amend, modify or waive any provision of the last paragraph of Section 11.01 or (D) amend, modify or waive the provisions
of Section 7.02 solely as they relate to the Revolving Loans and Letters of Credit, without the written consent of the Required
Revolving Lenders and, notwithstanding anything to the contrary set forth in this Section 13.04, only the written consent of such
Lenders shall be necessary to permit any such amendment, modification or waiver; provided, however, that the consent
of the Required Lenders shall be required to waive, amend or modify the requirement to be in compliance on a Pro Forma Basis with
the Financial Maintenance Covenant (and Section 10.08 and related definitions as used for such purpose) for purposes of Sections
9.12(a)(iii), 10.01(n)(ii), 10.04(l), 10.04(m), 10.06(j), 10.06(k), 10.09(a)(ii) and 10.09(a)(iii);

 

provided,
further, that no such amendment, modification, change or waiver shall (A) increase the Commitments of any Lender over the
amount thereof then in effect without the consent of such Lender (it being understood that waivers or modifications of conditions
precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the total Commitments or Total Revolving Commitments
or a waiver of a mandatory prepayment shall not constitute an increase of the Commitment of any Lender), (B) without the consent
of each L/C Lender, amend, modify, change or waive any provision of Section 2.03 or alter such L/C Lender’s rights or
obligations with respect to Letters of Credit, (C) without the consent of the Swingline Lender, alter its rights or obligations
with respect to Swingline Loans, (D) without the consent of any applicable Agent, amend, modify, change or waive any provision
as same relates to the rights or obligations of such Agent or (E) amend, modify, change or waive Section 2.10(b) in a
manner that by its terms adversely affects the rights in respect of prepayments due to Lenders holding Loans of one Tranche differently
from the rights of Lenders holding Loans of any other Tranche without the prior written consent of the Required Tranche Lenders
of each adversely affected Tranche (such consent being in lieu of the consent of the Required Lenders required above in this Section 13.04(a))
(except for technical amendments with respect to additional extensions of credit pursuant to this Agreement (including Extended
Term Loans or Extended Revolving Loans) so that such additional extensions may share in the application of prepayments (or commitment
reductions) with any Tranche of Term Loans or Revolving Loans, as applicable); provided, however, the Required Lenders
may waive, in whole or in part, any prepayment so long as the application, as between Tranches, of any portion of such prepayment
which is still required to be made is not altered. Notwithstanding anything to the contrary herein, no Defaulting Lender shall
have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (x) the Commitment of such Defaulting
Lender may not be increased or extended without the consent of such Defaulting Lender, (y) the principal and accrued and unpaid
interest of such Defaulting Lender’s Loans shall not be reduced or forgiven (other than as a result of any waiver of the
applicability of any post-default increase in interest rates), nor shall the date for any scheduled payment of any such amounts
be postponed, without the consent of such Defaulting Lender (it being understood that any amendment or modification to the financial
definitions in this Agreement shall not constitute a reduction in any rate of interest or fees for purposes of this clause (y),
notwithstanding the fact that such amendment or modification actually results in such a reduction) and (z) any waiver, amendment
or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender (other than in the case of a consent
by Administrative Agent to permit Borrower and its Subsidiaries to purchase Revolving Commitments (and Revolving Loans made pursuant
thereto) of Defaulting Lenders in excess of the amount permitted pursuant to Section 13.04(h)).

 

    	 	-208-	 

     

    

 

In addition, notwithstanding
the foregoing, the Engagement Letter may only be amended or changed, or rights or privileges thereunder waived, only by the parties
thereto in accordance with the respective provisions thereof.

 

(b)               
If, (x) in connection with any proposed amendment, modification, change or waiver of or to any of the provisions of this
Agreement, the consent of the Required Lenders (or in the case of a proposed amendment, modification, change or waiver affecting
a particular Class or Tranche, the Lenders holding a majority of the Loans and Commitments with respect to such Class or Tranche)
is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then Borrower shall
have the right, so long as all non-consenting Lenders whose individual consent is required are treated as described in either clause
(A) or (B) below, or (y) any Lender declines to consent to an extension of its Loans or Commitments under Section 2.13, Borrower
shall have the right, to either:

 

(A) replace
each such non-consenting Lender or Lenders (or, at the option of Borrower, if such non-consenting Lender’s consent is required
or requested, as applicable, with respect to a particular Class or Tranche of Loans (or related Commitments), to replace only the
Classes or Tranches of Commitments and/or Loans of such non-consenting Lender with respect to which such Lender’s individual
consent is required, or requested, as applicable (such Classes or Tranches, the “Affected Classes”))
with one or more Replacement Lenders, so long as, at the time of such replacement, each such Replacement Lender consents to the
proposed amendment, modification, change or waiver; provided, further, that (i) at the time of any such replacement, the
Replacement Lender shall enter into one or more Assignment Agreements (and with all fees payable pursuant to Section 13.05(b) to
be paid by the Replacement Lender) pursuant to which the Replacement Lender shall acquire all of the Commitments and outstanding
Loans of, and in each case L/C Interests of, the Replaced Lender (or, at the option of Borrower if the respective Lender’s
consent is required with respect to less than all Classes or Tranches of Loans (or related Commitments), the Commitments, outstanding
Loans and L/C Interests of the Affected Classes), (ii) at the time of any replacement, the Replaced Lender shall receive an amount
equal to the sum of (A) the principal of, and all accrued interest on, all outstanding Loans of such Lender (other than any
Loans not being acquired by the Replacement Lender), (B) all Reimbursement Obligations owing to such Lender, together with
all then unpaid interest with respect thereto at such time, in the event Revolving Loans or Revolving Commitments owing to such
Lender are being acquired and (C) all accrued, but theretofore unpaid, fees and other amounts owing to the Lender with respect
to the Loans being so assigned and (iii) all obligations of Borrower owing to such Replaced Lender (other than those specifically
described in clause (ii) above in respect of Replaced Lenders for which the assignment purchase price has been, or is concurrently
being, paid, and other than those relating to Loans or Commitments not being acquired by the Replacement Lender, but including
any amounts which would be paid to a Lender pursuant to Section 5.05 if Borrower were prepaying a LIBOR Loan), as applicable, shall
be paid in full to such Replaced Lender, as applicable, concurrently with such replacement. Upon the execution of the respective
Assignment Agreement, the payment of amounts referred to in clauses (i), (ii) and (iii) above, as applicable, and the receipt of
any consents that would be required for an assignment of the subject Loans and Commitments to such Replacement Lender in accordance
with Section 13.05, the Replacement Lender, if any, shall become a Lender hereunder and the Replaced Lender, as applicable, shall
cease to constitute a Lender hereunder and be released of all its obligations as a Lender, except with respect to indemnification
provisions applicable to such Lender under this Agreement, which shall survive as to such Lender and, in the case of any Replaced
Lender, except with respect to Loans, Commitments and L/C Interests of such Replaced Lender not being acquired by the Replacement
Lender; provided, that if the applicable Replaced Lender does not execute the Assignment Agreement within one (1) Business
Day (or such shorter period as is acceptable to Administrative Agent) after Borrower’s request, execution of such Assignment
Agreement by the Replaced Lender shall not be required to effect such assignment; or

 

    	 	-209-	 

     

    

 

(B) terminate
such non-consenting Lender’s Commitment and/or repay Loans held by such Lender (or, if such non-consenting Lender’s
consent is required or requested, as applicable, with respect to a particular Class or Tranche of Loans, the Commitment and Loans
of the Affected Class) and, if applicable, Cash Collateralize its applicable R/C Percentage of the L/C Liability, in either case,
upon one (1) Business Day’s (or such shorter period as is acceptable to Administrative Agent) prior written notice to Administrative
Agent at the Principal Office (which notice Administrative Agent shall promptly transmit to each of the Lenders). Any such prepayment
of the Loans or termination of the Commitments of such Lender shall be made together with accrued and unpaid interest, fees and
other amounts owing to such Lender (including all amounts, if any, owing pursuant to Section 5.05) (or if the applicable consent
requires approval of all Lenders of a particular Class or Tranche but not all Lenders, then Borrower shall terminate all Commitments
and/or repay all Loans, in each case together with payment of all accrued and unpaid interest, fees and other amounts owing to
such Lender (including all amounts, if any, owing pursuant to Section 5.05) under such Class or Tranche), so long as in the case
of the repayment of Revolving Loans of any Lender pursuant to this Section 13.04(b)(B), (A) the Revolving Commitment of such Lender
is terminated concurrently with such repayment and (B) such Lender’s R/C Percentage of all outstanding Letters of Credit
is Cash Collateralized or backstopped by Borrower in a manner reasonably satisfactory to Administrative Agent and the L/C Lenders.
Immediately upon any repayment of Loans by Borrower pursuant to this Section 13.04(b)(B), such Loans repaid or acquired pursuant
hereto shall be cancelled for all purposes and no longer outstanding (and may not be resold, assigned or participated out by Borrower)
for all purposes of this Agreement and all other Credit Documents, including, but not limited to (A) the making of, or the application
of, any payments to the Lenders under this Agreement or any other Credit Document, (B) the making of any request, demand, authorization,
direction, notice, consent or waiver under this Agreement or any other Credit Document, (C) the providing of any rights to Borrower
as a Lender under this Agreement or any other Credit Document, and (D) the determination of Required Lenders, or for any similar
or related purpose, under this Agreement or any other Credit Document.

 

    	 	-210-	 

     

    

 

(c)               
Administrative Agent and Borrower may (without the consent of Lenders) amend any Credit Document to the extent (but only
to the extent) necessary to reflect the existence and terms of Incremental Revolving Commitments, Incremental Term Loans, Other
Term Loans, Other Revolving Commitments, Extended Term Loans and Extended Revolving Commitments. Notwithstanding anything to the
contrary contained herein, such amendment shall become effective without any further consent of any other party to such Credit
Document. In addition, upon the effectiveness of any Refinancing Amendment, Administrative Agent, Borrower and the Lenders providing
the relevant Credit Agreement Refinancing Indebtedness may amend this Agreement to the extent (but only to the extent) necessary
to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments
necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other Revolving Commitments
and/or Other Term Loan Commitments). Administrative Agent and Borrower may effect such amendments to this Agreement and the other
Credit Documents as may be necessary or appropriate, in the reasonable opinion of Administrative Agent and Borrower, to effect
the terms of any Refinancing Amendment. Administrative Agent and Collateral Agent may enter into (i) amendments to this Agreement
and the other Credit Documents with Borrower as may be necessary in order to establish new tranches or sub-tranches in respect
of the Loans and/or Commitments extended pursuant to Section 2.13 or incurred pursuant to Sections 2.12 or 2.15, (ii) such technical
amendments as may be necessary or appropriate in the reasonable opinion of Administrative Agent and Borrower in connection with
the establishment of such new tranches or sub-tranches, in each case on terms consistent with Section 2.13, Section 2.12 or Section
2.15 and (iii) such technical amendments as may be necessary to establish separate tranches or sub-tranches if the terms of a portion
(but not all) of an existing Tranche is amended in accordance with Section 13.04(a).

 

(d)               
Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required
Lenders, Administrative Agent and Borrower (i) to add one or more additional credit facilities to this Agreement and to permit
extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably
in the benefits of this Agreement and the other Credit Documents with the Term Loans (or any Tranche thereof in the case of additional
Term Loans) and the Revolving Loans and Revolving Commitments (or any Tranche of Revolving Loans and Revolving Commitments in the
case of additional Revolving Loans or Revolving Commitments) and the accrued interest and fees in respect thereof and (ii) to include
appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, Required Tranche Lenders
and/or Required Revolving Lenders, as applicable.

 

(e)               
Notwithstanding anything to the contrary herein, (i) upon five (5) Business Days’ prior written notice to the Lenders,
any Credit Document may be waived, amended, supplemented or modified pursuant to an agreement or agreements in writing entered
into by Borrower and Administrative Agent (without the consent of any Lender, unless any Lender shall have objected within such
five (5) Business Day period) solely to effect administrative changes or to correct administrative errors or omissions or to cure
an ambiguity, defect or error (including, without limitation, to revise the legal description of any Mortgaged Real Property based
on surveys), (ii) any Credit Document may be waived, amended, supplemented or modified pursuant to an agreement or agreements in
writing entered into by Borrower and Administrative Agent (without the consent of any Lender) to grant a new Lien for the benefit
of the Secured Parties or extend an existing Lien over additional property or to make modifications which are not materially adverse
to the Lenders and are requested or required by Gaming/Racing Authorities or Gaming/Racing Laws and (iii) any Credit Document
may be waived, amended, supplemented or modified pursuant to an agreement or agreements in writing entered into by Borrower and
Administrative Agent (without the consent of any Lender) to permit any changes requested or required by any Governmental Authority
that are not materially adverse to the Lenders (including any changes relating to qualifications as a permitted holder of debt,
licensing or limits on Property that may be pledged as Collateral or available remedies). Notwithstanding anything to the contrary
herein, (A) additional extensions of credit consented to by Required Lenders shall be permitted hereunder on a ratable basis with
the existing Loans (including as to proceeds of, and sharing in the benefits of, Collateral and sharing of prepayments), (B) Collateral
Agent shall (and each of the Lenders (and each Secured Party by accepting the benefits of the Collateral) hereby authorize Collateral
Agent to) enter into the Pari Passu Intercreditor Agreement upon the request of Borrower in connection with the incurrence
of Permitted First Priority Refinancing Debt, or Ratio Debt (and Permitted Refinancings thereof that satisfy Sections 10.01(t)(A)(iv)
and 10.01(t)(A)(vi)), as applicable (or any amendments and supplements thereto in connection with the incurrence of additional
Permitted First Priority Refinancing Debt, or Ratio Debt (and Permitted Refinancings thereof that satisfy Sections 10.01(t)(A)(iv)
and 10.01(t)(A)(vi))), and (C) Collateral Agent shall (and each of the Lenders (and each Secured Party by accepting the benefits
of the Collateral) hereby authorize Collateral Agent to) enter into the Second Lien Intercreditor Agreement upon the request of
Borrower in connection with the incurrence of Permitted Second Priority Refinancing Debt, or Ratio Debt (and Permitted Refinancings
thereof that satisfy Sections 10.01(t)(A)(iv) and 10.01(t)(A)(vi), as applicable (or any amendments or supplements thereto in connection
with the incurrence of additional Permitted Second Priority Refinancing Debt, or Ratio Debt (and Permitted Refinancings thereof
that satisfy Sections 10.01(t)(A)(iv) and 10.01(t)(A)(vi). Each Lender agrees to be bound by the terms of the Pari Passu
Intercreditor Agreement and the Second Lien Intercreditor Agreement, from and after the effectiveness thereof, as if directly a
party thereto.

 

    	 	-211-	 

     

    

 

(f)                
Notwithstanding anything to the contrary herein, the applicable Credit Party or Credit Parties and Administrative Agent
and/or Collateral Agent may (in its or their respective sole discretion, or shall, to the extent required by any Credit Document)
enter into any amendment or waiver of any Credit Document, or enter into any new agreement or instrument, without the consent of
any other Person, to effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral
or additional Property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect
to, or protect any security interest for the benefit of the Secured Parties, in any Property or so that the security interests
therein comply with applicable Requirements of Law or to release any Collateral which is not required under the Security Documents.

 

(g)               
Notwithstanding anything to the contrary herein, Administrative Agent and Collateral Agent shall (A) release any Lien granted
to or held by Administrative Agent or Collateral Agent upon any Collateral (i) upon Payment in Full of the Obligations (other than
(x) obligations under any Swap Contracts as to which acceptable arrangements have been made to the satisfaction of the relevant
counterparties and (y) Cash Management Agreements not yet due and payable), (ii) upon the sale, transfer, distribution, contribution
or other disposition of Collateral to the extent required pursuant to the last paragraph in Section 10.05 (and Administrative Agent
or Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable
request without further inquiry) to any Person other than a Credit Party, (iii) if approved, authorized or ratified in writing
by the Required Lenders (or all of the Lenders to the extent required by Section 13.04(a)), (iv) if the property subject to such
Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guarantee pursuant to Section 6.08,
(v) constituting Equity Interests in or property of an Unrestricted Subsidiary, (vi) subject to Liens permitted under Sections
10.02(i) or 10.02(k), in each case, to the extent the documents governing such Liens do not permit such Collateral to secure the
Obligations, or (vii) as otherwise may be provided herein or in the relevant Security Documents, and (B) consent to and enter into
(and execute documents permitting the filing and recording, where appropriate) the grant of easements and covenants and subordination
rights with respect to real property, conditions, restrictions and declarations on customary terms, and subordination, non-disturbance
and attornment agreements on customary terms reasonably requested by Borrower with respect to leases entered into by Borrower and
its Restricted Subsidiaries, to the extent requested by Borrower and not materially adverse to the interests of the Lenders (including,
without limitation, the Hard Rock SNDA (Retail Lease) and the Hard Rock SNDA (Restaurant Lease)).

 

    	 	-212-	 

     

    

 

(h)               
If any Lender is a Defaulting Lender, Borrower shall have the right to terminate such Defaulting Lender’s Revolving
Commitment and repay the Loans related thereto as provided below so long as Borrower Cash Collateralizes or backstops such Defaulting
Lender’s applicable R/C Percentage of the L/C Liability to the reasonable satisfaction of the L/C Issuer and Administrative
Agent; provided that such terminations of Revolving Commitments shall not exceed 20% of the sum of (x) the initial aggregate
principal amount of the Revolving Commitments on the Closing Date plus (y) the initial aggregate principal amount of all
Incremental Revolving Commitments incurred after the Closing Date and prior to such date of determination; provided, further,
that Borrower and its Subsidiaries may terminate additional Revolving Commitments and repay the Loans related thereto pursuant
to this Section 13.04(h) with the consent of Administrative Agent. At the time of any such termination and/or repayment, and as
a condition thereto, the Replaced Lender shall receive an amount equal to the sum of (A) the principal of, and all accrued
interest on, all outstanding Loans of such Lender provided pursuant to such Revolving Commitments, (B) all Reimbursement Obligations
owing to such Lender, together with all then unpaid interest with respect thereto at such time, in the event Revolving Loans or
Revolving Commitments owing to such Lender are being repaid and terminated or acquired, as the case may be, and (C) all accrued,
but theretofore unpaid, fees owing to the Lender pursuant to Section 2.05 with respect to the Loans being so repaid, as the case
may be and all other obligations of Borrower owing to such Replaced Lender (other than those relating to Loans or Commitments not
being terminated or repaid) shall be paid in full to such Defaulting Lender concurrently with such termination. At such time, unless
the respective Lender continues to have outstanding Loans or Commitments hereunder, such Lender shall no longer constitute a “Lender”
for purposes of this Agreement, except with respect to indemnifications under this Agreement (including, without limitation, Sections
4.02, 5.01, 5.03, 5.05, 5.06 and 13.03), which shall survive as to such repaid Lender. Immediately upon any repayment of Loans
by Borrower pursuant to this Section 13.04(h), such Loans repaid pursuant hereto shall be cancelled for all purposes and no longer
outstanding (and may not be resold, assigned or participated out by Borrower) for all purposes of this Agreement and all other
Credit Documents, including, but not limited to (A) the making of, or the application of, any payments to the Lenders under this
Agreement or any other Credit Document, (B) the making of any request, demand, authorization, direction, notice, consent or waiver
under this Agreement or any other Credit Document, (C) the providing of any rights to Borrower as a Lender under this Agreement
or any other Credit Document, and (D) the determination of Required Lenders, or for any similar or related purpose, under this
Agreement or any other Credit Document.

 

SECTION 13.05. 
Benefit of Agreement; Assignments; Participations.

 

(a)               
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns
of the parties hereto; provided, however, no Credit Party may assign or transfer any of its rights, obligations or
interest hereunder or under any other Credit Document (it being understood that a merger or consolidation not prohibited by this
Agreement shall not constitute an assignment or transfer) without the prior written consent of all of the Lenders and provided,
further, that, although any Lender may transfer, assign or grant participations in its rights hereunder, such Lender shall
remain a “Lender” for all purposes hereunder (and may not transfer or assign all or any portion of its Commitments,
Loans or related Obligations hereunder except as provided in Section 13.05(b)) and the participant shall not constitute a “Lender”
hereunder; and provided, further, that no Lender shall transfer, assign or grant any participation (x) to a natural
person, (y) to a Person that is a Disqualified Lender as of the applicable Trade Date (unless consented to by Borrower) or (z)
under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other Credit Document;
provided that such participation may provide that such Lender will not, without the consent of the participant, agree to any amendment,
waiver or other modification described in Sections 13.04(a)(i) or (a)(ii) that directly affects such participant. In the case of
any such participation, except as described below, the participant shall not have any rights under this Agreement or any of the
other Credit Documents (the participant’s rights against such Lender in respect of such participation to be those set forth
in the agreement executed by such Lender in favor of the participant relating thereto). Borrower agrees that each participant shall
be entitled to the benefits of Sections 5.01, and 5.06 (subject to the obligations and limitations of such Sections, including
Section 5.06(c) (it being understood that the documentation required under Section 5.06(c) shall be delivered solely to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section 13.05, provided that such participant (A) shall be subject to the provisions of Section 2.11 as if it were
an assignee under paragraph (b) of this Section 13.05; and (B) shall not be entitled to receive any greater payment under Section
5.01 or 5.06, with respect to any participation, than its participating Lender would have been entitled to receive, except to the
extent such entitlement to receive a greater payment results from a Change in Law that occurs after such participant acquired the
applicable participation. To the extent permitted by law, each participant also shall be entitled to the benefits of Section 4.07
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and related
interest amounts) of each participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register
(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 Credit Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive, absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary.

 

    	 	-213-	 

     

    

 

(b)               
No Lender (or any Lender together with one or more other Lenders) may assign all or any portion of its Commitments, Loans
and related outstanding Obligations (or, if the Commitments with respect to the relevant Tranche have terminated, outstanding Loans
and Obligations) hereunder, except to one or more Eligible Assignees (treating any fund that invests in loans and any other fund
that invests in loans and is managed or advised by the same investment advisor of such fund or by an Affiliate of such investment
advisor as a single Eligible Assignee) with the consent of (x) Administrative Agent, (y) so long as no Event of Default pursuant
to Section 11.01(b) or 11.01(c), or, with respect to Borrower, 11.01(g) or 11.01(h), has occurred and is continuing, Borrower and
(z) in the case of an assignment of Revolving Loans or Revolving Commitments, the consent of the Swingline Lender and each L/C
Lender (each such consent not to be unreasonably withheld or delayed); provided that (1) except in the case of an assignment
of the entire remaining amount of the assigning Lender’s Commitments and Loans at the time owing to it, the aggregate amount
of the Commitments or Loans subject to such assignment shall not be less than (i) in the case of Revolving Commitments or Revolving
Loans, $5.0 million, and (ii) in the case of Term Loan Commitments or Term Loans, $250,000; (2) no such consent of Borrower shall
be necessary in the case of (i) an assignment of Revolving Loans or Revolving Commitments by a Revolving Lender to another
Revolving Lender or a lending Affiliate thereof that is engaged in providing revolving loan financing in the ordinary course of
business, or (ii) an assignment of Term Loans by a Lender to another Lender or an Affiliate or Approved Fund of a Lender and (3) Borrower
shall be deemed to have consented to any such assignment with respect to a Term Loan unless it shall object thereto by written
notice to Administrative Agent within ten (10) Business Days after having received notice thereof. Each assignee shall become a
party to this Agreement as a Lender by execution of an Assignment Agreement; provided that (I) Administrative Agent shall,
unless it otherwise agrees in its sole discretion, receive at the time of each such assignment, from the assigning or assignee
Lender, the payment of a non-refundable assignment fee of $3,500, (II) no such transfer or assignment will be effective until recorded
by Administrative Agent on the Register pursuant to Section 2.08, and (III) such assignments may be made on a pro rata
basis among Commitments and/or Loans (and related Obligations). Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this Section 13.05, whether or not such assignment or transfer is reflected in the
Register, shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations.
To the extent of any assignment permitted pursuant to this Section 13.05(b), the assigning Lender shall be relieved of its obligations
hereunder with respect to its assigned Commitments and outstanding Loans (provided that such assignment shall not release
such Lender of any claims or liabilities that may exist against such Lender at the time of such assignment). At the time of each
assignment pursuant to this Section 13.05(b) to a Person which is not already a Lender hereunder, the respective assignee Lender
shall, to the extent legally eligible to do so, provide to Borrower and Administrative Agent the appropriate IRS Forms (and, if
applicable, a U.S. Tax Compliance Certificate) as described in Section 5.06(c), as applicable.

 

    	 	-214-	 

     

    

 

(c)               
Nothing in this Agreement shall prevent or prohibit any Lender from pledging or assigning a security interest in its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment of a security interest to a Federal
Reserve Bank or other central banking authority. No pledge pursuant to this Section 13.05(c) shall release the transferor Lender
from any of its obligations hereunder or permit the pledgee to become a lender hereunder without otherwise complying with Section
13.05(b).

 

(d)               
Notwithstanding anything to the contrary contained in this Section 13.05 or any other provision of this Agreement, Borrower
and its Subsidiaries may, but shall not be required to, purchase outstanding Term Loans pursuant to (x) the Auction Procedures
established for each such purchase in an auction managed by Auction Manager and (y) through open market purchases, subject solely
to the following conditions:

 

(i)              
(x) with respect to any Borrower Loan Purchase pursuant to the Auction Procedures, at the time of the applicable Purchase
Notice (as defined in Exhibit O hereto), no Event of Default has occurred and is continuing or would result therefrom, and
(y) with respect to any Borrower Loan Purchase consummated through an open market purchase, at the Trade Date of the applicable
assignment, no Event of Default has occurred and is continuing or would result therefrom;

 

(ii)              
immediately upon any Borrower Loan Purchase, the Term Loans purchased pursuant thereto shall be cancelled for all purposes
and no longer outstanding (and may not be resold, assigned or participated out by Borrower) for all purposes of this Agreement
and all other Credit Documents, including, but not limited to (A) the making of, or the application of, any payments to the Lenders
under this Agreement or any other Credit Document, (B) the making of any request, demand, authorization, direction, notice, consent
or waiver under this Agreement or any other Credit Document, (C) the providing of any rights to Borrower as a Lender under this
Agreement or any other Credit Document, and (D) the determination of Required Lenders, or for any similar or related purpose, under
this Agreement or any other Credit Document;

 

    	 	-215-	 

     

    

 

(iii)              
with respect to each Borrower Loan Purchase, Administrative Agent shall receive (x) if such Borrower Loan Purchase is consummated
pursuant to the Auction Procedures, a fully executed and completed Borrower Assignment Agreement effecting the assignment thereof,
and (y) if such Borrower Loan Purchase is consummated pursuant to an open market purchase, a fully executed and completed Open
Market Assignment and Assumption Agreement effecting the assignment thereof;

 

(iv)              
Borrower may not use the proceeds of any Revolving Loan to fund the purchase of outstanding Term Loans pursuant to this
Section 13.05(d); and

 

(v)              
neither Borrower nor any of its Subsidiaries will be required to represent or warrant that they are not in possession of
non-public information with respect to Borrower and/or any Subsidiary thereof and/or their respective securities in connection
with any purchase permitted by this Section 13.05(d).

 

The assignment fee set
forth in Section 13.05(b) shall not be applicable to any Borrower Loan Purchase consummated pursuant to this Section 13.05(d).

 

(e)               
 Any Lender may at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this
Agreement to a Person who is or will become, after such assignment, an Affiliated Lender through (x) Dutch auctions open to all
Lenders on a pro rata basis or (y) open market purchases on a non-pro rata basis, in each case subject to the following limitations:

 

(i)              
the assigning Lender and the Affiliated Lender purchasing such Lender’s Term Loans shall execute and deliver to Administrative
Agent an assignment agreement substantially in the form of Exhibit J hereto (an “Affiliated Lender Assignment and
Assumption”);

 

(ii)              
Affiliated Lenders will not (i) receive information provided solely to Lenders by Administrative Agent or any Lender and
will not be permitted to receive notice nor attend or participate in conference calls or meetings attended solely by the Lenders
and Administrative Agent, other than the right to receive notices of prepayments and other administrative notices in respect of
its Loans or Commitments required to be delivered to Lenders or (ii) challenge Administrative Agent and the Lenders’ attorney
client privilege;

 

(iii)              
the aggregate principal amount of Term Loans held at any one time by Affiliated Lenders shall not exceed 25% of the principal
amount of all Term Loans at such time outstanding (determined after giving effect to any substantially simultaneous cancellations
thereof) (such percentage, the “Affiliated Lender Cap”); provided that to the extent any assignment to
an Affiliated Lender would result in the aggregate principal amount of all Loans held by Affiliated Lenders exceeding the Affiliated
Lender Cap, the assignment of such excess amount will be void ab initio;

 

(iv)              
as a condition to each assignment pursuant to this clause (e), Administrative Agent shall have been provided a notice in
the form of Exhibit J to this Agreement in connection with each assignment to an Affiliated Lender or a Person that upon
effectiveness of such assignment would constitute an Affiliated Lender pursuant to which such Affiliated Lender shall waive any
right to bring any action in connection with such Term Loans against Administrative Agent, in its capacity as such;

 

    	 	-216-	 

     

    

 

(v)              
Affiliated Lenders will not be required to represent or warrant that they are not in possession of non-public information
with respect to Borrower and/or any Subsidiary thereof and/or their respective securities in connection with any assignment permitted
by this Section 13.05(e); and

 

(vi)              
any Term Loans acquired by any Affiliated Lender may (but shall not be required to), with the consent of Borrower, be contributed
to Borrower or any of its Restricted Subsidiaries (it being understood that any such Term Loans shall, to the extent permitted
by applicable Law, be retired and cancelled promptly upon such contribution) and which may be converted into or exchanged for debt
or equity securities that are permitted to be issued by such Person at such time; provided that upon any such cancellation,
the aggregate outstanding principal amount of the Term Loans of the applicable Tranche shall be deemed reduced, as of the date
of such contribution, by the full par value of the aggregate principal amount of the Term Loans so contributed and cancelled, and
each principal repayment installment with respect to the Term Loans of such Tranche pursuant to Section 3.01 shall be reduced pro
rata by the full par value of the aggregate principal amount of Term Loans so contributed and cancelled.

 

(f)                
 Notwithstanding anything in Section 13.04 or the definition of “Required Lenders” or “Required Tranche
Lenders,” to the contrary, for purposes of determining whether the Required Lenders or the Required Tranche Lenders have
(i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms
of any Credit Document or any departure by any Credit Party therefrom, (ii) subject to Section 13.05(g), consented (or not
consented) to any plan of reorganization pursuant to the Bankruptcy Code, (iii) otherwise acted on any matter related to any Credit
Document, or (iv) directed or required Administrative Agent, Collateral Agent or any Lender to undertake any action (or refrain
from taking any action) with respect to or under any Credit Document, no Affiliated Lender shall have any right to consent (or
not consent), otherwise act or direct or require Administrative Agent, Collateral Agent or any Lender to take (or refrain from
taking) any such action and:

 

(i)              
all Term Loans held by any Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether
the Required Lenders or the Required Tranche Lenders have taken any actions; and

 

(ii)              
all Term Loans held by Affiliated Lenders shall be deemed to be not outstanding for all purposes of calculating whether
all Lenders have taken any action unless the action in question affects such Affiliated Lender in a disproportionately adverse
manner than its effect on other Lenders;

 

provided
that, notwithstanding the foregoing, in respect of this Section 13.05(f), such Affiliated Lender shall have the right to vote (and
the Term Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment, modification, waiver,
consent or other such action with respect to any of the terms of this Agreement or any other Credit Document that (1) requires
the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be or (2) would affect any Affiliated
Lender (in its capacity as a Lender) in a manner disproportionate to the effect on any Lender of the same Tranche that is not an
Affiliated Lender or that would deprive such Affiliated Lender of its pro rata share of any payments to which it is entitled, provided,
further, that no amendment, modification, waiver, consent or other such action with respect to any of the terms of this Agreement
or any other Credit Document shall (i) disproportionately affect such Affiliated Lender in its capacity as a Lender as compared
to the other Lenders of the same Tranche that are not Affiliated Lenders, (ii) increase the Commitments or obligations of any Affiliated
Lender, (iii) extend the due dates for payments of interest and scheduled amortization (including at maturity) of any Term Loans
owed to any Affiliated Lender, (iv) reduce the amounts owing to any Affiliated Lender or (v) deprive any Affiliated Lender of its
share of any payments which the Lenders are entitled to share on a pro rata basis hereunder in each case without the consent of
such Affiliated Lender.

 

    	 	-217-	 

     

    

 

(g)               
Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, each Affiliated Lender hereby
agrees that and each Affiliated Lender Assignment and Assumption shall provide a confirmation that, if a proceeding under any Debtor
Relief Law shall be commenced by or against Borrower or any other Credit Party at a time when such Lender is an Affiliated Lender,
such Affiliated Lender irrevocably authorizes and empowers Administrative Agent to vote on behalf of such Affiliated Lender with
respect to the Term Loans held by such Affiliated Lender in any manner in Administrative Agent’s sole discretion, unless
Administrative Agent instructs such Affiliated Lender to vote, in which case such Affiliated Lender shall vote with respect to
the Term Loans held by it as Administrative Agent directs; provided that such Affiliated Lender shall be entitled to vote
in accordance with its sole discretion (and not in accordance with the direction of Administrative Agent) in connection with any
plan of reorganization to the extent any such plan of reorganization proposes to treat any Obligations held by such Affiliated
Lender in a disproportionately adverse manner to such Affiliated Lender than the proposed treatment of similar Obligations held
by Term Lenders that are not Affiliated Lenders.

 

(h)               
Notwithstanding anything in Section 13.04 or the definition of “Required Lenders” to the contrary, any
Lender may at any time, assign all or a portion of its rights and obligations with respect to Term Loans under this Agreement to
a Person who is or will become, after such assignment, a Debt Fund Affiliate through (x) Dutch auctions open to all Lenders on
a pro rata basis or (y) open market purchases on a non-pro rata basis, in each case, provided that, for purposes of determining
whether the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other
action with respect to any of the terms of any Credit Document or any departure by any Credit Party therefrom, (ii) otherwise acted
on any matter related to any Credit Document or (iii) directed or required Administrative Agent or any Lender to undertake any
action (or refrain from taking any action) with respect to or under any Credit Document, all Term Loans held by Debt Fund Affiliates
may not account for more than 49.9% (pro rata among such Debt Fund Affiliates) of the Term Loans of consenting Lenders included
in determining whether the Required Lenders have consented to any action pursuant to Section 13.04.

 

(i)                
[reserved].

 

(j)                
[reserved].

 

(k)               
(i)No assignment or participation shall be made to any Person that was a Disqualified Lender as of the date (the “Trade
Date”) on which the assigning or participating Lender entered into a binding agreement to sell and assign all or a portion
of its rights and obligations under this Agreement to such Person (unless Borrower has consented to such assignment or participation
in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Lender for the
purpose of such assignment or participation). For the avoidance of doubt, with respect to any assignee or participant that becomes
a Disqualified Lender after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the
expiration of the notice period referred to in, the definition of “Disqualified Lender”), (x) such assignee or participant
shall not retroactively be disqualified from becoming a Lender or participant and (y) the execution by Borrower of an Assignment
Agreement with respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Lender.
Any assignment in violation of this clause (k)(i) shall not be void, but the other provisions of this clause (k) shall apply, and
nothing in this subsection (k) shall limit any rights or remedies available to the Credit Parties at law or in equity with respect
to any Disqualified Lender and any Person that makes an assignment or participation to a Disqualified Lender in violation of this
clause (k)(i).

 

    	 	-218-	 

     

    

 

(ii)       If
any assignment or participation is made to any Disqualified Lender without Borrower’s prior written consent in violation
of clause (k)(i) above, or if any Person becomes a Disqualified Lender after the applicable Trade Date, Borrower may, at its sole
expense and effort, upon notice to the applicable Disqualified Lender and Administrative Agent, (A) terminate any Revolving Commitment
of such Disqualified Lender and repay all obligations of Borrower owing to such Disqualified Lender in connection with such Revolving
Commitment, (B) in the case of outstanding Term Loans held by Disqualified Lenders, purchase or prepay such Term Loan by paying
the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such Term Loans,
in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and/or
(C) require such Disqualified Lender to assign, without recourse (in accordance with and subject to the restrictions contained
in this Section 13.04), all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the
lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such interests, rights
and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable
to it hereunder.

 

(iii)       Notwithstanding
anything to the contrary contained in this Agreement, Disqualified Lenders (A) will not (x) have the right to receive information,
reports or other materials provided to Lenders by Borrower, Administrative Agent or any other Lender, (y) attend or participate
in meetings attended by the Lenders and Administrative Agent, or (z) access any electronic site established for the Lenders or
confidential communications from counsel to or financial advisors of Administrative Agent or the Lenders and (B) (x) for purposes
of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to Administrative
Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Credit Document,
each Disqualified Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Lenders
consented to such matter, and (y) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor
Relief Laws, each Disqualified Lender party hereto hereby agrees (1) not to vote on such plan of reorganization or plan of liquidation
pursuant to any Debtor Relief Laws, (2) if such Disqualified Lender does vote on such plan of reorganization or plan of liquidation
pursuant to any Debtor Relief Laws notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to
be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision
in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or
rejected such plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws in accordance with Section 1126(c)
of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party
for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause
(2).

 

    	 	-219-	 

     

    

 

(iv)       Administrative
Agent shall have the right, and Borrower hereby expressly authorizes Administrative Agent, to provide the list of Disqualified
Lenders to each Lender specifically requesting the same.

 

SECTION 13.06. 
Survival. The obligations of the Credit Parties under Sections 5.01, 5.05, 5.06, 13.03
and 13.19, the obligations of each Guarantor under Section 6.03, and the obligations of the Lenders under Sections 5.06 and 12.08,
in each case shall survive the repayment of the Loans and the other Obligations and the termination of the Commitments and, in
the case of any Lender that may assign any interest in its Commitments, Loans or L/C Interest (and any related Obligations) hereunder,
shall (to the extent relating to such time as it was a Lender) survive the making of such assignment, notwithstanding that such
assigning Lender may cease to be a “Lender” hereunder. In addition, each representation and warranty made, or deemed
to be made by a notice of any extension of credit, herein or pursuant hereto shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of this Agreement and the Notes and the making of any extension
of credit hereunder, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Administrative
Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty.

 

SECTION 13.07. 
Captions. The table of contents and captions and Section headings appearing herein are
included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

 

SECTION 13.08. 
Counterparts; Interpretation; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and the other Credit Documents, constitute the entire contract
among the parties thereto relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof, other than the Engagement Letter, which are not superseded and survive
solely as to the parties thereto (to the extent provided therein). This Agreement shall become effective when the Closing Date
shall have occurred, and this Agreement shall have been executed and delivered by the Credit Parties and when Administrative Agent
shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or electronic mail shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

SECTION 13.09. 
Governing Law; Submission to Jurisdiction; Waivers; Etc. 

 

(a)               
GOVERNING LAW. THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF
ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS AGREEMENT OR THE OTHER CREDIT
DOCUMENTS (EXCEPT AS TO ANY OTHER CREDIT DOCUMENT, AS EXPRESSLY SET FORTH IN SUCH OTHER CREDIT DOCUMENT), SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PRINCIPLES THAT WOULD
APPLY THE LAW OF ANOTHER JURISDICTION.

 

(b)               
SUBMISSION TO JURISDICTION. EACH CREDIT PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY
ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER AT LAW OR IN EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE,
AGAINST ANY AGENT, ANY LENDER, ANY OF THEIR RESPECTIVE AFFILIATES, OR ANY OF THE PARTNERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS
OR ADVISORS OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS RELATED HERETO
OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING
IN THIS AGREEMENT OR IN ANY OTHER CREDIT DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING
ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN
THE COURTS OF ANY JURISDICTION.

 

    	 	-220-	 

     

    

 

(c)               
WAIVER OF VENUE. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS SECTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)               
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 13.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY APPLICABLE LAW.

 

(e)               
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    	 	-221-	 

     

    

 

SECTION 13.10.
  Confidentiality. Each Agent and each Lender agrees to keep information obtained by it pursuant
to the Credit Documents confidential in accordance with such Agent’s or such Lender’s customary practices and agrees
that it will only use such information in connection with the transactions contemplated hereby and not disclose any of such information
other than (a) to such Agent’s or such Lender’s Affiliates and its and its Affiliates’ respective employees,
representatives, directors, partners, attorneys, auditors, agents, professional advisors or trustees who are advised of the confidential
nature thereof and instructed to keep such information confidential or to any direct or indirect creditor or contractual counterparty
in swap agreements or such creditor’s or contractual counterparty’s professional advisor (so long as such creditor,
contractual counterparty or professional advisor to such contractual counterparty agrees in writing to be bound by the provisions
of this Section 13.10) (it being understood that the disclosing Agent or Lender shall be responsible for such Person’s compliance
with this paragraph), (b) to the extent such information (x) becomes publicly available other than as a result of a breach of
this Section 13.10 or (y) presently is or hereafter becomes available to such Agent or such Lender on a non-confidential basis
from a Person not an Affiliate of such Agent or such Lender not known to such Agent or such Lender to be violating a confidentiality
obligation by such disclosure, (c) to the extent disclosure is required by any Law, subpoena or judicial order or process (provided
that notice of such requirement or order shall be promptly furnished to Borrower unless such notice is legally prohibited
or impracticable) or requested or required by bank, securities, insurance or investment company regulations or auditors or any
administrative body or commission or self-regulatory organization (including the Securities Valuation Office of the NAIC) to whose
jurisdiction such Agent or such Lender is subject, (d) to any rating agency to the extent required in connection with any rating
to be assigned to such Agent or such Lender; provided that prior notice thereof is furnished to Borrower, (e) to pledgees
under Section 13.05(c), assignees, participants, prospective assignees or prospective participants, in each case who agree
in writing to be bound by the provisions of this Section 13.10 or by provisions at least as restrictive as the provisions of this
Section 13.10 (it being understood that any electronically recorded agreement from any Person listed above in this clause (e)
in respect to any electronic information (whether posted or otherwise distributed on Intralinks or any other electronic distribution
system) shall satisfy the requirements of this clause (e)), (f) in connection with the exercise of remedies hereunder or under
any Credit Document or to the extent required in connection with any litigation with respect to the Loans or any Credit Document,
(g) to any other party hereto or (h) with Borrower’s prior written consent.

 

SECTION 13.11. 
Independence of Representations, Warranties and Covenants. The representations, warranties
and covenants contained herein shall be independent of each other and no exception to any representation, warranty or covenant
shall be deemed to be an exception to any other representation, warranty or covenant contained herein unless expressly provided,
nor shall any such exception be deemed to permit any action or omission that would be in contravention of applicable law.

 

SECTION 13.12. Severability. Wherever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by
or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Agreement.

 

SECTION 13.13. Gaming/Racing
Laws and Liquor Laws.(a) Notwithstanding anything to the contrary in this Agreement
or any other Credit Document, this Agreement and the other Credit Documents are subject to the Gaming/Racing Laws and the
laws involving the sale, distribution and possession of alcoholic beverages and/or tobacco, as applicable (the
 “Liquor Laws”). Without limiting the foregoing, Administrative Agent, each other Agent, each Lender and
each participant acknowledges that (i) it is the subject of being called forward by any Gaming/Racing Authority or any Liquor
Authority, in each of their discretion, for licensing or a finding of suitability or to file or provide other information,
and (ii) all rights, remedies and powers under this Agreement and the other Credit Documents, including with respect to the
entry into and ownership and operation of the Gaming/Racing Facilities (including hosting lottery, betting, wagering, or
other gaming activities thereon), the possession or control of gaming equipment, alcoholic beverages, a Gaming/Racing
License, a Liquor License and receipt of payments based on earnings, profits or receipts from gaming, may be exercised only
to the extent, and in the manner, that the exercise thereof does not violate any applicable Gaming/Racing Laws, Material
Gaming/Racing Agreements with Governmental Authorities, and Liquor Laws and only to the extent that required approvals,
including prior approvals, are obtained from the requisite Governmental Authorities.

 

    	 	-222-	 

     

    

 

(b)               
Notwithstanding anything to the contrary in this Agreement or any other Credit Document, Administrative Agent, each other
Agent, each Lender and each participant agrees to cooperate with each Gaming/Racing Authority and each Liquor Authority (and, in
each case, to be subject to Section 2.11) in connection with the administration of their regulatory jurisdiction over Borrower
and the other Credit Parties, including, without limitation, the provision of such documents or other information as may be requested
by any such Gaming/Racing Authorities and/or Liquor Authorities relating to Administrative Agent, any other Agent, any of the Lenders
or participants, Borrower and its Subsidiaries or to the Credit Documents. Further, each Credit Party hereby expressly authorizes
the Administrative Agent, the Collateral Agent, each other Agent, each Lender and each participant to cooperate with the applicable
Gaming/Racing Authorities and Liquor Authorities in connection with the administration of their regulatory jurisdiction over Borrower
and its Subsidiaries, including, without limitation, to the extent not inconsistent with the internal policies of such Agent, Lender
or participant and any applicable legal or regulatory restrictions, the provision of such documents or other information as may
be requested by any such applicable Gaming/Racing Authorities and Liquor Authorities relating to the Agents, Lenders, participants
or Borrower or any Subsidiary thereof, or the Credit Documents. The parties hereto acknowledge that the provisions of this subsection
(b) shall not be for the benefit of any Credit Party or any other Person other than the Agents, the Lenders and the participants.

 

(c)               
If during the continuance of an Event of Default under this Agreement or any of the Credit Documents it shall become necessary,
or in the opinion of the Administrative Agent, advisable for an agent, supervisor, receiver or other representative of the Lenders
to become licensed or found suitable under any Gaming/Racing Laws as a condition to receiving the benefit of any Collateral encumbered
by the Credit Documents or otherwise to enforce the rights of the Agents and the Lenders under the Credit Documents, Borrower and
the other Credit Parties hereby agree to consent to the application for such license or finding of suitability and to execute such
further documents as may be required in connection with the evidencing of such consent.

 

(d)               
Notwithstanding anything to the contrary in this Agreement or any other Credit Document, to the extent any provision of
this Agreement or any other Credit Document excludes any assets from the scope of the Pledged Collateral, or from any requirement
to take any action to make effective or perfect any security interest in favor of Collateral Agent or any other Secured Party in
the Pledged Collateral, the representations, warranties and covenants made by Borrower or any Restricted Subsidiary in this Agreement
with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of Collateral Agent
or any other Secured Party (including, without limitation, Article VIII of this Agreement) shall be deemed not to apply to such
assets.

 

(e)               
No use of the term “operate” in this Agreement or any other Credit Document is intended to imply that any Person
other than the State of Rhode Island (acting through the Division) operates the lotteries as provided in Section 15 of Article
VI of the Rhode Island Constitution.

 

    	 	-223-	 

     

    

 

SECTION 13.14. 
Hard Rock License Agreement Matters.

 

(a)               
Notwithstanding anything to the contrary in this Agreement or in any other Credit Document, until such time as Collateral
Agent institutes an action to foreclose its Lien on the Hard Rock License Agreement in accordance with the terms of the Hard Rock
License Agreement or Borrower or Premier Entertainment becomes (either voluntarily or involuntarily) subject to a bankruptcy, revenues
from operation of the Hard Rock Hotel and Casino Biloxi shall be used first to satisfy the obligations of Premier Entertainment
under the Hard Rock License Agreement to Hard Rock Hotel Licensing, Inc. before payment of any other obligation (including any
obligation to the Secured Parties) of Premier Entertainment.

 

(b)               
Notwithstanding anything to the contrary in this Agreement or in any other Credit Document, in the event of an Event of
Default, a receiver may be appointed for Premier Entertainment and such receiver shall be authorized to cure all defaults of Premier
Entertainment under the Hard Rock License Agreement. The receiver shall be subject to the approval of Hard Rock Hotel Licensing,
Inc., which approval shall not be unreasonably withheld, conditioned or delayed.

 

SECTION 13.15. 
USA Patriot Act and Beneficial Ownership Regulation. Each Lender that is subject to the
Act (as hereinafter defined) or the Beneficial Ownership Regulation to the extent required hereby, notifies Borrower and the Guarantors
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
 “Act”) and/or the Beneficial Ownership Regulation, it is required to obtain, verify and record information that
identifies Borrower and the Guarantors, which information includes the name and address of Borrower and the Guarantors and other
information that will allow such Lender to identify Borrower and the Guarantors in accordance with the Act and/or the Beneficial
Ownership Regulation, and Borrower and the Guarantors agree to provide such information from time to time to any Lender.

 

SECTION 13.16. 
Waiver of Claims. Notwithstanding anything in this Agreement or the other Credit Documents
to the contrary, the Credit Parties hereby agree that Borrower shall not acquire any rights as a Lender under this Agreement as
a result of any Borrower Loan Purchase and may not make any claim as a Lender against any Agent or any Lender with respect to the
duties and obligations of such Agent or Lender pursuant to this Agreement and the other Credit Documents; provided, however,
that, for the avoidance of doubt, the foregoing shall not impair Borrower’s ability to make a claim in respect of a breach
of the representations or warranties or obligations of the relevant assignor in a Borrower Loan Purchase, including in the standard
terms and conditions set forth in the assignment agreement applicable to a Borrower Loan Purchase.

 

SECTION 13.17. 
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document),
Borrower and each other Credit Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by Administrative Agent, Collateral Agent, the Lead Arrangers, the
Syndication Agent and the Lenders are arm’s-length commercial transactions between Borrower, each other Credit Party and
their respective Affiliates, on the one hand, and Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent
and the Lenders, on the other hand, (B) each of Borrower and the other Credit Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) Borrower and each other Credit Party is capable
of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Credit Documents; (ii) (A) Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent and each
Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower, any other Credit Party or any of their respective
Affiliates, or any other Person (except as expressly set forth in any commitment letters or engagement letters between Administrative
Agent, Collateral Agent, such Lead Arranger, the Syndication Agent or such Lender and Borrower or such Credit Party or Affiliate
thereof) and (B) neither Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent nor any Lender
has any obligation to Borrower, any other Credit Party or any of their respective Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Credit Documents or in other written agreements between
Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent or any Lender on one hand and Borrower, any other
Credit Party or any of their respective Affiliates on the other hand; and (iii) Administrative Agent, Collateral Agent, the
Lead Arrangers, the Syndication Agent and the Lenders and their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from, or conflict with, those of Borrower, the other Credit Parties and their respective Affiliates,
and neither Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent, nor any Lender has any obligation
to disclose any of such interests to Borrower, any other Credit Party or any of their respective Affiliates. Each Credit Party
agrees that nothing in the Credit Documents will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between Administrative Agent, Collateral Agent, the Lead Arrangers, the Syndication Agent and the Lenders,
on the one hand, and such Credit Party, its stockholders or its Affiliates, on the other. To the fullest extent permitted by law,
each of Borrower and each other Credit Party hereby waives and releases any claims that it may have against Administrative Agent,
Collateral Agent, the Lead Arrangers, the Syndication Agent or any Lender with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated hereby (other than any agency or fiduciary duty
expressly set forth in any commitment letter or engagement letter referenced in clause (ii)(A)).

 

    	 	-224-	 

     

    

 

SECTION 13.18. 
Lender Action. Each Lender agrees that it shall not take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy against any Credit Party or any other obligor under any of the Credit Documents
or the Swap Contracts or (with respect to the exercise of rights against the collateral) Cash Management Agreements (including
the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help),
or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other
property of any such Credit Party, without the prior written consent of Administrative Agent. The provisions of this Section 13.18
are for the sole benefit of the Agents and Lenders and shall not afford any right to, or constitute a defense available to, any
Credit Party.

 

SECTION 13.19. 
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Credit
Document, the interest paid or agreed to be paid under the Credit Documents (collectively, the “Charges”) shall
not exceed the maximum rate of non-usurious interest permitted by applicable Law which a court of competent jurisdiction shall,
in a final determination, deem applicable hereto (the “Maximum Rate”). If any Agent or any Lender shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted for, charged, or received
by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and
the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest
throughout the contemplated term of the Obligations hereunder. To the extent permitted by applicable Law, the interest and other
Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section 13.19
shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective
Rate to the date of repayment, shall have been received by such Lender. Thereafter, interest hereunder shall be paid at the rate(s)
of interest and in the manner provided in this Agreement, unless and until the rate of interest again exceeds the Maximum Rate,
and at that time this Section 13.19 shall again apply. In no event shall the total interest received by any Lender pursuant
to the terms hereof exceed the amount that such Lender could lawfully have received had the interest due hereunder been calculated
for the full term hereof at the Maximum Rate. If the Maximum Rate is calculated pursuant to this Section 13.19, such interest
shall be calculated at a daily rate equal to the Maximum Rate divided by the number of days in the year in which such calculation
is made. If, notwithstanding the provisions of this Section 13.19, a court of competent jurisdiction shall finally determine
that a Lender has received interest hereunder in excess of the Maximum Rate, Administrative Agent shall, to the extent permitted
by applicable Law, promptly apply such excess in the order specified in this Agreement and thereafter shall refund any excess to
Borrower or as a court of competent jurisdiction may otherwise order.

 

    	 	-225-	 

     

    

 

SECTION 13.20. 
Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made
to any Agent, any L/C Lender or any Lender, or any Agent, any L/C Lender or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by such Agent, such L/C Lender or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise,
then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not occurred and the Agents’,
the L/C Lender’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each
Credit Document shall continue in full force and effect, and (b) each Lender severally agrees to pay to Administrative Agent
upon demand its applicable share of any amount so recovered from or repaid by any Agent or L/C Lender, plus interest thereon
from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from
time to time in effect. In such event, each Credit Document shall be automatically reinstated (to the extent that any Credit Document
was terminated) and Borrower shall take (and shall cause each other Credit Party to take) such action as may be requested by Administrative
Agent, the L/C Lenders and the Lenders to effect such reinstatement. 

 

SECTION 13.21. 
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document may be subject
to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees
to be bound by:

 

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

 

    	 	-226-	 

     

    

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable (i) a reduction in full or in part or
cancellation of any such liability, (ii) a conversion of all, or a portion of, such liability into shares or other instruments
of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect
to any such liability under this Agreement or any other Credit Document or (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

[Signature Pages Follow]

 

    	 	-227-	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices for Borrower and each Subsidiary
	 	Guarantor:
	 	 	 
	 	Twin River Worldwide Holdings, Inc.
	 	100 Twin River Road
	 	Lincoln, Rhode Island 02865
	 	Attention: General Counsel
	 	Facsimile No.: (401) 727-4770

 

 

[Signature Page to Twin River Credit Agreement]

 

     

     

    

 

	 	SUBSIDIARY GUARANTORS:
	 	 	 
	 	[  ̃ ]
	 	 	 
	 	 	 
	 	By:       	                  
	 	Name:
	 	Title:

  

 

[Signature Page to Twin River Credit Agreement]

 

     

     

    

 

	 	CITIZENS BANK, N.A., as Administrative Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	Citizens Bank, N.A.
	 	[ ]
	 	Attn: [ ]
	 	[ ]
	 	[ ]
	 	Facsimile No.: [ ]
	 	Telephone No.: [ ]
	 	Email: [ ]@citizens.com

  

 

[Signature Page to Twin River Credit Agreement]

 

     

     

    

 

	 	CITIZENS BANK, N.A., as Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	Citizens Bank, N.A.
	 	[ ]
	 	[ ]
	 	[ ]
	 	[ ]
	 	Email: [ ]@citizens. com

   

 

[Signature Page to Twin River Credit Agreement]

     

     

    

 

	 	CITIZENS BANK, N.A., as Swingline Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	Citizens Bank, N.A.
	 	[ ]
	 	Attn: [ ]
	 	[ ]
	 	[ ]
	 	Facsimile No.: [ ]
	 	Telephone No.: [ ]
	 	Email: [ ]@citizens.com

  

 

[Signature Page to Twin River Credit Agreement]

 

     

     

    

 

	 	CITIZENS BANK, N.A., as a L/C Lender and a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	Citizens Bank, N.A.
	 	Attn: [ ]
	 	[ ]
	 	[ ]
	 	Facsimile No.: [ ]
	 	Telephone No.: [ ]
	 	Email: [ ]@citizens.com

 

[Signature Page to Twin River Credit Agreement]

     

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address for Notices:
	 	 	 
	 	Credit Suisse AG, Cayman Islands Branch
	 	Attn: [ ]
	 	[ ]
	 	[ ]
	 	Facsimile No.: [ ]
	 	Telephone No.: [ ]
	 	Email: [ ]@credit-suisse.com

  

 

[Signature Page to Twin River Credit Agreement]

     

     

    

 

	 	[ ], as a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Address for Notices:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Contact Person:	 
	 	Facsimile No.:	 
	 	Telephone No.:	 
	 	Email:	 

 

 

[Signature Page to Twin River Credit Agreement]

 

     

     

    

 

	 	[ ], as a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Address for Notices:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Contact Person:	 
	 	Facsimile No.:	 
	 	Telephone No.:	 
	 	Email:	 

 

 

[Signature Page to Twin River Credit Agreement]

  

     

     

    

 

ANNEX A-1

 

REVOLVING COMMITMENTS

 

	Lender	Revolving Commitment	L/C Commitment
	Citizens Bank, N.A.	$37,500,000	$20,000,000
	Credit Suisse AG, Cayman Islands Branch	$37,500,000	n/a
	Deutsche Bank AG New York Branch	$25,000,000	n/a
	Fifth Third Bank, National Association	$25,000,000	n/a
	Goldman Sachs Bank USA	$25,000,000	n/a
	Bank of America, N.A.	$25,000,000	n/a
	SunTrust Bank	$25,000,000	n/a
	Capital One, National Association	$25,000,000	n/a
	The Washington Trust Company	$25,000,000	n/a
	Total Revolving Commitments:	$250,000,000	$20,000,000

 

     

     

    

 

ANNEX A-2

 

TERM B FACILITY COMMITMENTS

 

	Lender	Term B Facility Commitment
	Citizens Bank, N.A.	$300,000,000
	Total Term B Facility Commitments:	$300,000,000

 

     

     

    

 

ANNEX
A-3

 

TERM
B-1 FACILITY COMMITMENTS

 

	Lender	Term B-1 Facility Commitment
	Citizens Bank, N.A.	$275,000,000
	Total Term B-1 Facility Commitments:	$275,000,000

 

     

     

    

 

ANNEX B-1

 

Applicable
Fee Percentage FOR REVOLVING LOANS

  

	Pricing Level	Consolidated Total Net Leverage Ratio	Applicable Fee Percentage
	Level I	Greater than or equal to 3.00 to 1.00	0.50%
	Level II	Less than 3.00 to 1.00 	0.375%

  

;
provided, that at all times during the Leverage Covenant Relief Period the Applicable Fee Percentage for Revolving Loans
shall be based on Level I

 

     

     

    

 

ANNEX B-2

 

Applicable
Margin for Revolving Loans and

Swingline Loans 

 

	Pricing Level	Consolidated Total Net Leverage Ratio	   Applicable Margin
	Revolving Loans

and Swingline Loans
	LIBOR	ABR
	Level I	Greater than or equal to 3.00 to 1.00	2.75%	1.75%
	Level II	Less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00	2.50%	1.50%
	Level III	Less than 2.50  to 1.00	2.25%	1.25%

 

;
provided, that at all times during the Leverage Covenant Relief Period the Applicable Margin for Revolving Loans and Swingline
Loans shall be based on Level I.

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