Document:

Exhibit 10.1

 

		CONFIDENTIAL	EXECUTION VERSION

 

________________________________________________________

 

NOTE PURCHASE AGREEMENT AND GUARANTY

 

dated as of August 13, 2018

 

among

 

GAMING ACQUISITIONS LIMITED,

as Issuer

 

INSPIRED ENTERTAINMENT, INC.,

as Holdings

 

HOLDINGS AND CERTAIN SUBSIDIARIES OF
THE ISSUER,

as Guarantors,

 

VARIOUS PURCHASERS,

 

and

 

CORTLAND CAPITAL MARKET SERVICES LLC,

as Note Agent and Collateral Agent.

 

________________________________________________________

 

$140,000,000 Note Purchase Facility

 

________________________________________________________

 

     

    

    

 

TABLE
OF CONTENTS

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	SECTION 1.	 	DEFINITIONS AND INTERPRETATION	 	1
	 	1.1	 	Definitions	 	1
	 	1.2	 	Accounting Terms	 	35
	 	1.3	 	Interpretation, Etc.	 	36
	 	1.4	 	Pro Forma Calculations	 	36
	 	 	 	 	 	 
	SECTION 2.	 	ISSUANCE AND SALE OF NOTES; PAYMENTS	 	36
	 	2.1	 	Issuance and Sale of Notes	 	36
	 	2.2	 	Pro Rata Shares; Availability of Funds	 	37
	 	2.3	 	Use of Proceeds	 	38
	 	2.4	 	Evidence of Debt; Register; Purchasers’ Books and Records; Notes	 	38
	 	2.5	 	Interest on Notes	 	40
	 	2.6	 	Conversion/Continuation	 	41
	 	2.7	 	Default Interest	 	42
	 	2.8	 	Repayment of the Notes	 	42
	 	2.9	 	Voluntary Prepayments	 	42
	 	2.10	 	Mandatory Prepayments	 	43
	 	2.11	 	Prepayment Premium and Exit Premium	 	44
	 	2.12	 	Application of Prepayments	 	45
	 	2.13	 	General Provisions Regarding Payments	 	46
	 	2.14	 	Ratable Sharing	 	47
	 	2.15	 	Making or Maintaining Eurodollar Rate Credit Extensions	 	47
	 	2.16	 	Increased Costs; Capital Adequacy	 	49
	 	2.17	 	Taxes; Withholding, Etc.	 	51
	 	2.18	 	Obligation to Mitigate	 	54
	 	2.19	 	Fees	 	55
	 	2.20	 	Removal or Replacement of a Purchaser	 	55
	 	 	 	 	 	 
	SECTION 3.	 	CONDITIONS PRECEDENT	 	56
	 	3.1	 	Closing Date	 	56
	 	 	 	 	 	 
	SECTION 4.	 	REPRESENTATIONS AND WARRANTIES	 	59
	 	4.1	 	Organization; Requisite Power and Authority; Qualification	 	59
	 	4.2	 	Equity Interests and Ownership	 	59
	 	4.3	 	Due Authorization	 	59
	 	4.4	 	No Conflict	 	60
	 	4.5	 	Governmental Consents	 	60
	 	4.6	 	Binding Obligation	 	60
	 	4.7	 	Historical Financial Statements	 	60
	 	4.8	 	Projections	 	60
	 	4.9	 	No Material Adverse Effect	 	60
	 	4.10	 	Adverse Proceedings, Etc.	 	60
	 	4.11	 	Payment of Taxes	 	61
	 	4.12	 	Properties	 	61

 

    i

     

    

 

	 	4.13	 	Environmental Matters	 	62
	 	4.14	 	No Defaults	 	62
	 	4.15	 	Material Contracts	 	62
	 	4.16	 	Governmental Regulation	 	62
	 	4.17	 	Federal Reserve Regulations; Exchange Act	 	62
	 	4.18	 	Employee Matters	 	63
	 	4.19	 	Employee Benefit Plans	 	63
	 	4.20	 	Solvency	 	64
	 	4.21	 	Compliance with Laws	 	64
	 	4.22	 	Disclosure	 	65
	 	4.23	 	Use of Proceeds	 	65
	 	4.24	 	Collateral Documents	 	65
	 	4.25	 	Classification as Priority Lien Obligations; Etc.	 	66
	 	4.26	 	Certain Indebtedness	 	66
	 	4.27	 	Insurance	 	66
	 	4.28	 	Intellectual Property; Licenses, Etc.	 	66
	 	4.29	 	The Holding Companies	 	66
	 	4.30	 	Gaming Approvals	 	66
	 	4.31	 	No Directed Selling Efforts	 	67
	 	4.32	 	Offshore Transactions	 	67
	 	4.33	 	Commercial Activity; Absence of Immunity	 	67
	 	4.34	 	Intentionally Omitted	 	67
	 	4.35	 	Centre of Main Interests	 	67
	 	 	 	 	 	 
	SECTION 4A.	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS	 	68
	 	 	 	 	 	 
	SECTION 5.	 	AFFIRMATIVE COVENANTS	 	68
	 	5.1	 	Financial Statements and Other Reports	 	69
	 	5.2	 	Existence	 	73
	 	5.3	 	Payment of Taxes and Claims	 	73
	 	5.4	 	Maintenance of Properties	 	74
	 	5.5	 	Insurance	 	74
	 	5.6	 	Books and Records; Inspections	 	74
	 	5.7	 	Quarterly Calls	 	74
	 	5.8	 	Compliance with Laws and Contractual Obligations	 	74
	 	5.9	 	Environmental	 	75
	 	5.10	 	Covenant to Guarantee Obligations and Provide Security	 	76
	 	5.11	 	Additional Material Real Estate Assets	 	76
	 	5.12	 	Further Assurances	 	77
	 	5.13	 	Cash Management	 	77
	 	5.14	 	Post-Closing Obligations	 	78
	 	5.15	 	TISE Listing	 	78
	 	5.16	 	Financial Assistance	 	78
	 	5.17	 	Foreign Plans	 	78
	 	5.18	 	People with Significant Control Regime	 	79
	 	 	 	 	 	 
	SECTION 6.	 	NEGATIVE COVENANTS	 	79
	 	6.1	 	Indebtedness	 	79

 

    ii

     

    

 

	 	6.2	 	Liens	 	81
	 	6.3	 	No Further Negative Pledges	 	83
	 	6.4	 	Restricted Payments	 	84
	 	6.5	 	Restrictions on Subsidiary Distributions	 	84
	 	6.6	 	Investments	 	84
	 	6.7	 	Financial Covenants	 	86
	 	6.8	 	Fundamental Changes; Disposition of Assets; Acquisitions	 	87
	 	6.9	 	Disposal of Subsidiary Interests	 	89
	 	6.10	 	Sales and Lease-Backs	 	89
	 	6.11	 	Transactions with Shareholders and Affiliates	 	89
	 	6.12	 	Conduct of Business	 	89
	 	6.13	 	Permitted Activities of the Holding Companies	 	89
	 	6.14	 	Amendments or Waivers of Organizational Documents	 	90
	 	6.15	 	Amendments or Waivers of with respect to Certain Indebtedness	 	90
	 	6.16	 	Accounting Method	 	90
	 	6.17	 	Centre of Main Interests	 	90
	 	 	 	 	 	 
	SECTION 7.	 	GUARANTY	 	91
	 	7.1	 	Guaranty of the Obligations	 	91
	 	7.2	 	Contribution by Guarantors	 	91
	 	7.3	 	Payment by Guarantors	 	91
	 	7.4	 	Liability of Guarantors Absolute	 	92
	 	7.5	 	Waivers by Guarantors	 	93
	 	7.6	 	Guarantors’ Rights of Subrogation, Contribution, Etc.	 	94
	 	7.7	 	Subordination of Other Obligations	 	94
	 	7.8	 	Continuing Guaranty	 	95
	 	7.9	 	Authority of Guarantors or the Issuer	 	95
	 	7.10	 	Financial Condition of the Issuer	 	95
	 	7.11	 	Bankruptcy, Etc.	 	95
	 	7.12	 	Discharge of Guaranty Upon Sale of Guarantor	 	96
	 	7.13	 	Specific Limitations on UK Credit Parties	 	96
	 	7.14	 	Keepwell	 	96
	 	 	 	 	 	 
	SECTION 8.	 	EVENTS OF DEFAULT	 	96
	 	8.1	 	Events of Default	 	96
	 	8.2	 	Application of Proceeds	 	99
	 	 	 	 	 	 
	SECTION 9.	 	AGENTS	 	99
	 	9.1	 	Appointment of Agents	 	100
	 	9.2	 	Powers and Duties	 	100
	 	9.3	 	General Immunity	 	100
	 	9.4	 	Agents Entitled to Act as Purchaser	 	101
	 	9.5	 	Purchasers’ Representations, Warranties and Acknowledgment	 	102
	 	9.6	 	Right to Indemnity	 	102
	 	9.7	 	Successor Note Agent and Collateral Agent	 	102
	 	9.8	 	Collateral Documents and Guaranty	 	104
	 	9.9	 	Note Agent May File Bankruptcy Disclosure and Proofs of Claim	 	105
	 	9.10	 	Non-U.S. Law Collateral Matters	 	106

 

    iii

     

    

 

	SECTION 10.	 	MISCELLANEOUS	 	106
	 	10.1	 	Notices	 	106
	 	10.2	 	Expenses	 	107
	 	10.3	 	Indemnity	 	107
	 	10.4	 	Set-Off	 	108
	 	10.5	 	Amendments and Waivers	 	109
	 	10.6	 	Successors and Assigns; Participations	 	111
	 	10.7	 	Independence of Covenants	 	113
	 	10.8	 	Survival of Representations, Warranties and Agreements	 	114
	 	10.9	 	No Waiver; Remedies Cumulative	 	114
	 	10.10	 	Marshalling; Payments Set Aside	 	114
	 	10.11	 	Severability	 	114
	 	10.12	 	Obligations Several; Independent Nature of Purchasers’ Rights	 	114
	 	10.13	 	Headings	 	114
	 	10.14	 	APPLICABLE LAW	 	115
	 	10.15	 	CONSENT TO JURISDICTION	 	115
	 	10.16	 	WAIVER OF JURY TRIAL	 	115
	 	10.17	 	Confidentiality	 	116
	 	10.18	 	Usury Savings Clause	 	117
	 	10.19	 	Effectiveness; Counterparts	 	117
	 	10.20	 	Entire Agreement	 	117
	 	10.21	 	PATRIOT Act	 	117
	 	10.22	 	Electronic Execution of Assignments	 	117
	 	10.23	 	No Fiduciary Duty	 	118
	 	10.24	 	Judgment Currency	 	118
	 	10.25	 	Intercreditor Agreement	 	118
	 	10.26	 	Third-Party Beneficiary	 	119

 

    iv

     

    

 

	APPENDICES:	A	Commitments
	 	B	Notice Addresses
	 	 	 
	SCHEDULES:	1.1(c)	Material Leasehold Property
	 	3.1	Organizational and Capital Structure
	 	3.1(g)	Customer Consents
	 	4.1	Jurisdictions of Organization and Qualification
	 	4.2	Equity Interests and Ownership
	 	4.11	Payment of Taxes
	 	4.12	Real Estate Assets
	 	4.15	Material Contracts
	 	4.28	Intellectual Property
	 	4.30	Gaming Approvals
	 	5.11	Mortgaged Properties
	 	5.14	Post-Closing Obligations
	 	6.1	Certain Indebtedness
	 	6.2	Certain Liens
	 	6.3	Certain Negative Pledges
	 	6.5	Certain Restrictions on Subsidiary Distributions
	 	6.6	Certain Investments
	 	6.8	Inactive Subsidiaries
	 	6.11	Certain Affiliate Transactions
	 	 	 
	EXHIBITS:	A-1	Purchase Notice
	 	A-2	Conversion/Continuation Notice
	 	B	Form of Note
	 	C	Compliance Certificate
	 	D	Assignment Agreement
	 	E	Intercreditor Agreement
	 	F-1	Closing Date Certificate
	 	F-2	Solvency Certificate
	 	G	Counterpart Agreement
	 	H	UK Collateral Agreement
	 	I	[Reserved]
	 	J	Landlord Waiver and Personal Property Collateral Access Agreement
	 	K	Intercompany Note
	 	L	Joinder Agreement

 

    v

     

    

 

NOTE PURCHASE AGREEMENT AND GUARANTY

 

This NOTE PURCHASE
AGREEMENT AND GUARANTY, dated as of August 13, 2018, is entered into by and among GAMING ACQUISITIONS LIMITED, a limited
liability company formed under the laws of England and Wales (the “Issuer”), INSPIRED ENTERTAINMENT INC.,
a corporation formed under the laws of Delaware (“Holdings”), HOLDINGS AND CERTAIN SUBSIDIARIES OF ISSUER,
as Guarantors, the Purchasers party hereto from time to time, and CORTLAND CAPITAL MARKET SERVICES LLC, (“Cortland”),
as Note Agent (together with its permitted successors in such capacity, the “Note Agent”) and as the Collateral
Agent (together with its permitted successor in such capacity, the “Collateral Agent”).

 

RECITALS:

 

WHEREAS, capitalized
terms used in these recitals shall have the respective meanings set forth for such terms in Section 1.1 hereof;

 

WHEREAS, the Purchasers
have agreed to purchase notes from the Issuer in the aggregate principal amount of $140,000,000, the proceeds of which shall be
used on the Closing Date to fund, in part, the Refinancing Transactions;

 

WHEREAS, the Issuer
has agreed to secure all of its Obligations by granting to the Collateral Agent, for the benefit of the Secured Parties, a First
Priority Lien on substantially all of its assets in accordance with the Credit Documents; and

 

WHEREAS, the Guarantors
have agreed to guarantee the obligations of the Issuer hereunder and to secure their respective Obligations by granting to the
Collateral Agent, for the benefit of the Secured Parties, a First Priority Lien on substantially all of their respective assets
in accordance with the Credit Documents.

 

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

 

SECTION
1. DEFINITIONS AND INTERPRETATION

 

1.1       Definitions.
The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following
meanings:

 

“Accredited
Investor” means any Person that is an “accredited investor” within the meaning of Rule 501(a) under the Securities
Act.

 

“Additional
Amounts” as defined in Section 2.17(b).

 

“Adjusted Eurodollar
Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate Credit
Extension, the rate per annum obtained by dividing (i) the London interbank offered rate as administered by ICE Benchmark Administration
(or any other Person which takes over the administration of such rate) for deposits of Dollars for the applicable Interest Period
that is quoted by Bloomberg (or, to the extent such service ceases to be available, any successor to such service as determined
by Note Agent) at approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date by (ii) an amount equal
to (a) one minus (b) the Applicable Reserve Requirement; provided that, to the extent that an interest rate is not ascertainable
pursuant to the foregoing provisions of this definition, the rate per annum under clause (i) above shall be the interest rate per
annum determined by the Note Agent to be the average of the rates per annum at which deposits in Dollars are offered for such Interest
Period to three major banks in the London interbank market in London, England by the Note Agent at approximately 11:00 a.m. (London
time) on the date that is two Business Days prior to the beginning of such Interest Period; provided, further, that notwithstanding
the foregoing, the Adjusted Eurodollar Rate shall at no time be less than 1.00% per annum.

 

    1

     

    

 

“Adverse Proceeding”
means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise), governmental investigation
or arbitration (whether or not purportedly on behalf of Holdings or any of its Subsidiaries) at law or in equity, or before or
by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of
Holdings or any of its Subsidiaries, threatened in writing against or affecting Holdings or any of its Subsidiaries or any property
of Holdings or any of its Subsidiaries.

 

“Affected Purchaser”
as defined in Section 2.15(b).

 

“Affected Credit
Extensions” as defined in Section 2.15(b).

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power (i) solely for purposes of Section 6.11, to vote 5% or more of the Securities having ordinary voting
power for the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of
that Person, whether through the ownership of voting securities or by contract or otherwise.

 

“Agent”
means each of (i) the Note Agent and (ii) the Collateral Agent.

 

“Agent Fee Letter”
means the Agent Fee Letter dated on or about the date hereof, among the Issuer and each of the Agents, as it may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Agent
Indemnitee” as defined in Section 10.3(a).

 

“Aggregate Amounts
Due” as defined in Section 2.14.

 

“Aggregate Payments”
as defined in Section 7.2.

 

“Agreement”
means this Note Purchase Agreement and Guaranty, dated as of August 13, 2018, as it may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time.

 

“Anti-Corruption
Laws” means Laws relating to bribery or corruption, including the FCPA, the UK Bribery Act of 2010, and all national
and international Laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business
Transactions.

 

“Anti-Money
Laundering Laws” means Laws relating to terrorism or money laundering, including Executive Order No. 13224, the PATRIOT
Act and the Laws comprising or implementing the Bank Secrecy Act.

 

    2

     

    

 

“Applicable
Margin” means (a) with respect to any credit extension evidenced by the Notes comprising Eurodollar Rate Credit Extensions,
9.00% per annum, and (b) with respect to any credit extensions evidenced by the Notes comprising Base Rate Credit Extensions,
8.00% per annum.

 

“Applicable
Reserve Requirement” means, at any time, for any Eurodollar Rate Credit Extension, the maximum rate, expressed as a decimal,
at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained
with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations
issued from time to time by the Board of Governors or other applicable banking regulator. Without limiting the effect of the foregoing,
the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect
to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any
other interest rate in respect of the Notes is to be determined, or (ii) any category of extensions of credit or other assets which
include Eurodollar Rate Credit Extensions. A Eurodollar Rate Credit Extension shall be deemed to constitute Eurocurrency liabilities
and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that
may be available from time to time to the applicable Purchaser. The rate of interest on Eurodollar Rate Credit Extensions shall
be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

 

“Asset Sale”
means a sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor
or sublicensor), transfer or other disposition to, or any exchange of property with, any Person (other than Holdings, the Issuer
or any Guarantor Subsidiary), in one transaction or a series of related transactions, of all or any part of Holdings’ or
any of its Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible
or intangible, whether now owned or hereafter acquired, leased or licensed, including the Equity Interests of any of Holdings’
Subsidiaries, other than inventory sold, leased or licensed out in the ordinary course of business (excluding any such sales, leases
or licenses out by operations or divisions discontinued or to be discontinued).

 

“Assignment
Agreement” means an assignment and assumption agreement substantially in the form of Exhibit D, with such amendments
or modifications as may be approved by the Note Agent and the Issuer.

 

“Assignment
Effective Date” as defined in Section 10.6(b).

 

“Authorized
Officer” means, as applied to any Person, any individual holding the position of director, company secretary, chairman
of the board (if an officer), chief executive officer, president, vice president (or the equivalent thereof), chief financial officer
or treasurer of such Person or, with respect to any Person that is not a corporation and that does not have officers, any individual
holding any such position of the general partner, the sole member, managing member or similar governing body of such Person; provided
that the secretary or assistant secretary of such Person shall have delivered an incumbency certificate to the Note Agent as to
the authority of such Authorized Officer.

 

“Bank Charge”
means (a) any amount payable by any Purchaser, the Note Agent or any of their Affiliates on the basis of, or in relation to, its
balance sheet or capital base or any part of that person or its liabilities or minimum regulatory capital or any combination thereof
(including, without limitation, the United Kingdom bank levy as set out in Schedule 19 to the Finance Act 2011 (as amended) and
any other levy or Tax in any jurisdiction levied on a similar basis or for a similar purpose or any financial activities Taxes
(or other Taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February
2011 which has been enacted and which has been formally announced as proposed as at the date of this Agreement) and (b) any bank
surcharge or banking corporation Tax surcharge as set out in the Finance (No. 2) Act 2015 and any other surcharge or Tax of a similar
nature implemented in any other jurisdiction.

 

    3

     

    

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

“Base Rate”
means, for any day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal
Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (iii) the sum of (a) the Adjusted Eurodollar Rate (after
giving effect to any Adjusted Eurodollar Rate “floor”) that would be payable on such day for a Eurodollar Rate Credit
Extension with a one (1) month interest period plus (b) 1.00% per annum. Any change in the Base Rate due to a change
in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate
or the Federal Funds Effective Rate, respectively.

 

“Base Rate Credit
Extension” means a credit extension evidenced by the Notes bearing interest at a rate determined by reference to the
Base Rate.

 

“Beneficiary”
means each Agent and each Purchaser and Nomura (solely in its capacity as hedge counterparty under the Nomura Hedging Agreement),
and “Beneficiaries” means, collectively, the Agent, the Purchasers and Nomura (solely in its capacity as a hedge
counterparty).

 

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

 

“Budget”
as defined in Section 5.1(n).

 

“Business Day”
means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or London
or is a day on which banking institutions located in such jurisdiction are authorized or required by law or other governmental
action to close.

 

“Capital Lease”
means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in
conformity with GAAP in effect on the date hereof, is or should be accounted for as a capital lease on the balance sheet of that
Person.

 

“Cash”
means money, currency or a credit balance in any demand or Deposit Account.

 

“Cash Equivalents”
means, as at any date of determination, any of the following: (i) marketable securities (a) issued or directly and unconditionally
guaranteed as to interest and principal by the United States Government or the United Kingdom, (b) issued by any agency of the
United States or the United Kingdom, the obligations of which are backed by the full faith and credit of such country or member
state, in each case maturing within one (1) year after such date; (ii) marketable direct obligations issued by any state of the
United States or the United Kingdom or any political subdivision of any such country or member state or any public instrumentality
thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating
of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than three (3) months
from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or
at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within three (3) months after
such date and issued or accepted by any Purchaser or by any commercial bank organized under the laws of the United States or any
state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations
of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000;
and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types
of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest
rating obtainable from either S&P or Moody’s.

 

    4

     

    

 

“Casualty Event”
as defined in the definition of “Net Insurance/Condemnation Proceeds.”

 

“Change of Control”
means (i) any Person or “group” (within the meaning of Rules 13d 3 and 13d 5 under the Exchange Act), other than the
initial Purchaser of the Notes hereunder on the Closing Date or any Affiliate of such Purchaser, shall have acquired beneficial
ownership or control of 35% (or where such Person is, or such “group” is controlled by, Vitruvian Partners LLP or any
of its affiliates, 45%) or more on a fully diluted basis of the voting and/or economic interest in the Equity Interests of Holdings;
(ii) Holdings shall cease to directly or indirectly beneficially own and control 100% on a fully diluted basis of the economic
and voting interest in the Equity Interests of the Issuer and (except as permitted by Section 6.8(a)(ii)), each direct or indirect
parent entity thereof which is a Subsidiary of Holdings; (iii) any “change of control” or similar event under any documentation
evidencing material Indebtedness shall occur or (iv) any Lien (other than Liens granted in connection with the Revolving Credit
Facility and those arising by operation of law which constitute Permitted Liens) shall be created, incurred, assumed or suffered
to exist upon any of the Equity Interests of the Issuer or any direct or indirect parent entity thereof which is a Subsidiary of
Holdings.

 

“Closing Date”
means the date on which all of the conditions precedent in Section 3.1 are satisfied (or waived in accordance with Section 10.5),
the Notes are issued and the Refinancing Transactions are consummated.

 

“Closing Date
Certificate” means a Closing Date Certificate substantially in the form of Exhibit F-1.

 

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

 

“Collateral”
means, collectively, all of the real, personal and mixed property (including Equity Interests) in which Liens are purported to
be granted pursuant to the Collateral Documents as security for the Obligations.

 

“Collateral
Agent” as defined in the preamble hereto.

 

“Collateral
Documents” means the Security Agreements, the Mortgages, the Intellectual Property Security Agreements, the Landlord
Waiver and Personal Property Collateral Access Agreements, if any, the Control Agreements, if any, intercreditor agreements and
all other instruments, documents and agreements delivered by or on behalf of any Credit Party pursuant to this Agreement or any
of the other Credit Documents in order to grant to, or perfect in favor of, the Collateral Agent, for the benefit of Beneficiaries,
a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.

 

“Commitment”
means the commitment of a Purchaser to purchase a Note and “Commitments” means such commitments of all Purchasers
in the aggregate. The amount of each Purchaser’s Commitment is set forth on Appendix A. The aggregate amount of the Commitments
as of the Closing Date is $140,00,000.

 

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

 

    5

     

    

 

“Communications”
as defined in Section 5.1(q)(i).

 

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

 

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

 

“Consolidated
Adjusted EBITDA” means, for any period, an amount determined for Holdings and its Subsidiaries, on a consolidated basis
and without duplication equal to

 

(i) Consolidated Net
Income, plus, to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for

 

(a) Consolidated
Interest Expense,

 

(b) provisions
for taxes based on income,

 

(c) total depreciation
expense,

 

(d) total amortization
expense,

 

(e) other non-Cash
charges reducing Consolidated Net Income (excluding any such non-Cash charge to the extent that it represents an accrual or reserve
for potential Cash charge in any future period but including an amount not to exceed $2,000,000 in the relevant Test Period for
any amortization of a prepaid Cash charge that was paid in a prior period),

 

(f) (1) any
non-cash charges or expenses incurred pursuant to any management equity plan or stock option plan or other management or employee
benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement,
(2) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of equity interests
held by management, in each case under this clause (2), to the extent such charges, costs, expenses, accruals or reserves are funded
with net cash proceeds contributed to Holdings as a capital contribution or as a result of the sale or issuance of Equity Interests
(other than Disqualified Equity Interests) of Holdings utilized for purposes of funding such item and (3) any cash income taxes
paid by Holdings in respect of the management equity transactions described in clause (2),

 

(g) (1) the
fees, premiums, expenses and other transaction costs incurred in connection with this Agreement and the Refinancing Transactions
(including to fund any OID and upfront fees), (2) transaction fees, costs and expenses incurred in connection with incurrence (or
modification) of Indebtedness or Permitted Acquisitions (or any such transaction proposed and not consummated), (3) transaction
fees, costs and expenses incurred in connection with any other acquisitions in an amount not to exceed $500,000 in the aggregate
for the relevant Test Period, (4) transaction fees, costs and expenses incurred in connection with the consummation of any Investment
(other than Investments in Cash Equivalents or Permitted Acquisitions), Dispositions, Restricted Payments, Equity Issuances or
capital contributions in an amount not to exceed $500,000 in the aggregate for the relevant Test Period and (5) fees, costs and
expenses to the extent reimbursable by third parties pursuant to indemnification provisions or similar agreements or insurance;
provided, in respect of any fees, costs and expenses added back pursuant to this clause (5), the Issuer in good faith expects to
receive reimbursement for such fees, costs and expenses within the next four (4) Fiscal Quarters (it being understood that to the
extent not actually received within such Fiscal Quarters, such reimbursement amounts shall be deducted in calculating EBITDA for
such Fiscal Quarters,

 

    6

     

    

 

(h) any non-cash
charges, expenses or negative adjustments (or minus non-cash gains or positive adjustments) relating to any adjustments arising
by reason of the application of certain accounting principles with respect to ASC 805 (relating to changes in accounting for earn-out
obligations),

 

(i) any extraordinary,
unusual, one-time or non-recurring items, or any costs, charges, accruals, reserves or expenses attributable to the undertaking
and/or implementation of cost savings initiatives, operating expense reductions, transition, business optimization and other restructuring
and integration costs, charges, accruals, reserves and expenses, including inventory optimization programs, software development
costs, costs related to the closure or consolidation of facilities and curtailments (including the cessation of the Mexican server-based
gaming division), costs related to the entry into new markets, consulting fees, signing costs, retention or completion bonuses,
relocation expenses, and modifications to pension and post-retirement employee benefit plans, new systems design and implementation
costs and project startup costs) but excluding the costs, expenses and charges of any implemented severance program; provided that
the amounts added to the calculation of Consolidated Adjusted EBITDA pursuant to this clause (i) for the relevant Test Period shall
not exceed $2,000,000 in the aggregate,

 

(j) costs,
expenses and charges of any implemented severance program incurred in such Test Period,

 

(k) costs and
expenses associated with maintaining and administering Pension Plans in an amount not to exceed $250,000 in the relevant Test Period,
plus or minus amortization of pension scheme net loss,

 

(l) proceeds
of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended
to replace (whether or not then received, so long as the Issuer in good faith expects to receive the same within the next two (2)
Fiscal Quarters (it being understood that to the extent not actually received within such Fiscal Quarters, such reimbursement amounts
shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters), and

 

(m) one-time
gaming related taxes (other than on profits) or duties, or VAT payable in connection with a change in law, minus

 

(ii) non-Cash gains increasing
Consolidated Net Income for such period (excluding any such non-Cash gain to the extent it represents the reversal of an accrual
or reserve for potential Cash item in any prior period), plus (to the extent deducted in calculating Consolidated Net Income)
or minus (to the extent included in calculating Consolidated Net Income), as applicable, the sum of

 

(a) any non-cash
impairment charge or asset write-off (other than accounts receivable or inventory and the amortization of intangibles),

 

(b) the amount
of any expense or deduction (or any gain or income) associated with any Subsidiary attributable to non-controlling interests or
minority interests of third parties,

 

    7

     

    

  

(c) extraordinary,
unusual, one-time or non-recurring costs and payments, outside of the ordinary course of business, in respect of actual or prospective
legal settlements, fines, judgments or orders,

 

(d) net gains
or losses in the fair market value of any Hedging Agreements, and

 

(e) unrealized
or realized net foreign currency translation or transaction gains or losses impacting net income (including, without limitation,
currency remeasurements of indebtedness and any net gains or losses from Hedging Agreements for currency exchange risk associated
with the above or any other currency related risk).

 

“Consolidated
Excess Cash Flow” means, for any period, an amount (if positive) determined for Holdings and its Subsidiaries on a consolidated
basis equal to:

 

(i)       “Net
Cash Provided by Operating Activities” minus;

 

(ii)       the
sum, without duplication, of (a) the amounts for such period, paid from Internally Generated Cash, of the aggregate consideration
paid in cash in respect of Permitted Acquisitions made during such period in accordance with Section 6.8, plus, (b) Consolidated
Growth Capital Expenditures, plus (c) Consolidated Maintenance Capital Expenditures, plus (d) except to the extent
deducted pursuant to Section 2.10(e), amounts paid during such period in respect of the Obligations and the obligations under the
Revolving Credit Facility (to the extent permanently reducing availability under the Revolving Credit Facility), plus (e)
to the extent not already included in “Net Cash Provided by Operating Activities”, the amount of proceeds received
from business interruption insurance or similar insurance policy in respect of a covered loss thereunder.

 

“Consolidated
Fixed Charges” means, for any period, the sum, without duplication, of the amounts determined for Holdings and its Subsidiaries
on a consolidated basis equal to (i) “Cash Paid During the Period for Interest” plus (ii) “Cash Paid During
the Period for Income Taxes” plus (iii) cash payments made by Holdings and its Subsidiaries during the relevant Test
Period into a Foreign Plan in an amount not to exceed the mandatory contributions with respect to such Foreign Plan as are required
to be paid during such Test Period.

 

“Consolidated
Growth Capital Expenditures” means, for any period, the amounts for Holdings and its Subsidiaries on a consolidated basis
equal to (i) any expenditures during such period which constitute a Permitted Acquisition permitted under Section 6.8 plus
(ii) any expenditures during such period for Machines and Spares in connection with new customers of Holdings and its Subsidiaries
or expansion into new customer or geographical markets.

 

“Consolidated
Interest Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases
in accordance with GAAP and capitalized interest) of Holdings and its Subsidiaries on a consolidated basis with respect to all
outstanding Indebtedness of Holdings and its Subsidiaries, including all commissions, discounts and other fees and charges owed
with respect to letters of credit and net costs under Interest Rate Agreements.

 

    8

     

    

 

“Consolidated
Maintenance Capital Expenditures” means, for any period, the aggregate amount of all expenditures of Holdings and its
Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in
“purchase of property and equipment” or similar items, reflected in the consolidated statement of cash flows of Holdings
and its Subsidiaries; provided that Consolidated Maintenance Capital Expenditures shall not include (i) any expenditures for replacements
and substitutions for fixed assets, capital assets or equipment to the extent made with Net Insurance/Condemnation Proceeds invested
pursuant to Section 2.10(b) or with Net Asset Sale Proceeds invested pursuant to Section 2.10(a) or (ii) any expenditures which
constitute Consolidated Growth Capital Expenditures.

 

“Consolidated
Net Income” means, for any period, (i) the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis
for such period taken as a single accounting period determined in conformity with GAAP, minus (ii) (a) the income (or loss)
of any Person (other than a Subsidiary of Holdings) in which any other Person (other than Holdings or any of its Subsidiaries)
has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Holdings or any of
its Subsidiaries by such Person during such period, (b) except to the extent permitted to be included pursuant to Section 1.4,
the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Holdings or is merged into or consolidated
with Holdings or any of its Subsidiaries or that Person’s assets are acquired by Holdings or any of its Subsidiaries, (c)
the income of any Subsidiary of Holdings that is not a Credit Party to the extent that the declaration or payment of dividends
or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary,
(d) any after-tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan, (e) the income (or
loss) attributable to the early extinguishment of Indebtedness, and (f) other income/expenses representing the expected return
on Pension Plan assets less interest cost, shown within “All Other Income/Expense” in Holdings’ publicly filed
financial statements.

 

“Consolidated
Total Debt” means, at any time, the aggregate amount of all (i) indebtedness for borrowed money, (ii) that portion of
obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP
and (iii) all purchase money Indebtedness, at such time of Holdings and its Subsidiaries (determined on a consolidated basis).

 

“Contractual
Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or
any of its properties is bound or to which it or any of its properties is subject.

 

“Contributing
Guarantors” as defined in Section 7.2.

 

“Contribution
Notice” means a contribution notice issued by the Pensions Regulator under section 38 or section 47 of the UK Pensions
Act 2004.

 

“Control Agreement”
means an agreement, in form and substance reasonably satisfactory to the Collateral Agent, which provides for the Collateral Agent
to have “control” (as defined in Section 9-104 of the UCC of the State of New York or Section 8-106 of the UCC of the
State of New York, as applicable) of Deposit Accounts or Securities Accounts, as applicable, located in the United States.

 

“Conversion/Continuation
Date” means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation
Notice.

 

“Conversion/Continuation
Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit A-2.

 

“Copyrights”
as defined in the Security Agreement.

 

    9

     

    

 

“Cortland”
as defined in the preamble hereto.

 

“Counterpart
Agreement” means a Counterpart Agreement substantially in the form of Exhibit G delivered by a Credit Party pursuant
to Section 5.10.

 

“Credit Document”
means any of this Agreement, the Notes, if any, the Collateral Documents, the Agent Fee Letter, the Purchaser Fee Letter and all
other documents, certificates, instruments or agreements executed and delivered by or on behalf of a Credit Party for the benefit
of the Note Agent or any Purchaser in connection with this Agreement on or after the date hereof.

 

“Credit Party”
means the Issuer and each Guarantor and “Credit Parties” means, collectively, the Issuer and all Guarantors.

 

“Data Centres”
means all facilities used to house computer systems and associated components relating to any Machine.

 

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

 

“Default”
means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.

 

“Deposit Account”
means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization,
other than an account evidenced by a negotiable certificate of deposit.

 

“Disposition”
or “Dispose” means the conveyance, assignment, sale, lease or sublease (as lessor or sublessor), license, exchange,
transfer or other disposition (including any sale and leaseback transaction and any sale of Equity Interests held in another Person)
of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes
or accounts receivable or any rights and claims associated therewith, and, shall include any issuance by a Person (other than Holdings)
of any of its Equity Interests to another Person.

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or is
mandatorily redeemable (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), pursuant
to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity
Interests which are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments
or dividends in Cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that
would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Maturity
Date.

  

“DMWSL 632”
means DMWSL 632 Limited, a limited liability company incorporated in England and Wales with company number 07176582.

 

“DMWSL 633”
means DMWSL 633 Limited, a limited liability company incorporated in England and Wales with company number 07176544.

 

    10

     

    

 

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

 

“Earn Out Indebtedness”
as defined in Section 6.1(j).

 

“Eligible Assignee”
shall mean any Person (other than a natural person) that is (i) a Purchaser, (ii) an Affiliate of any Purchaser, (iii) a Related
Fund and (iv) any other Person approved by the Note Agent (such approval not to be unreasonably withheld or delayed); provided
that no Credit Party or Affiliate of a Credit Party shall be an Eligible Assignee and such Eligible Assignee shall also be an Accredited
Investor or a Qualified Institutional Buyer.

 

“Employee Benefit
Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was sponsored, maintained
or contributed to by, or required to be contributed by, Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates.

 

“Environmental
Claim” means any written notice, notice of violation, claim, action, suit, Governmental Authority proceeding, demand,
abatement order or other enforcement order or directive (conditional or otherwise), by any Governmental Authority or any other
Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection
with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged
damage, injury, threat or harm to health, safety, natural resources or the environment.

 

“Environmental
Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of either of them),
statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental
Authorities relating to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation,
use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land
use or the protection of human, plant or animal health or welfare, in any manner applicable to Holdings or any of its Subsidiaries
or any Facility.

 

“Equity Interests”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing,
but excluding (a) for purposes of Restricted Payments, any Indebtedness convertible into the foregoing unless and until so converted
or (b) for purposes of determining a Change of Control, any Indebtedness convertible into the foregoing if the holder of such Indebtedness
is not permitted to convert such Indebtedness at such time.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto and the rules
and regulations promulgated thereunder.

 

“ERISA Affiliate”
means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning
of Section 414(b) of the Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which
is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Code of which that
Person is a member; and (iii) for purposes relating to Section 412 of the Code only, any member of an affiliated service group
within the meaning of Section 414(m) or (o) of the Code of which that Person, any corporation described in clause (i) above or
any trade or business described in clause (ii) above is a member. Any former ERISA Affiliate of Holdings or any of its Subsidiaries
shall continue to be considered an ERISA Affiliate of Holdings or any such Subsidiary within the meaning of this definition with
respect to the period such entity was an ERISA Affiliate of Holdings or such Subsidiary and with respect to liabilities arising
after such period for which Holdings or such Subsidiary could be liable under the Code or ERISA.

 

    11

     

    

 

“ERISA Event”
means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with
respect to any Pension Plan (excluding those for which the provision for thirty (30) day notice to the PBGC has been waived by
regulation); (ii) the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Pension Plan
(whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment
under Section 430(j) of the Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer
Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent
to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of
its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the
termination of any such Pension Plan resulting in liability to Holdings or any of its Subsidiaries pursuant to Section 4063 or
Section 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan; (vi) the imposition of liability
on Holdings or any of its Subsidiaries pursuant to Section 4062(e) or Section 4069 of ERISA or by reason of the application of
Section 4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates
in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there
is any potential liability therefor, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates
of notice from any Multiemployer Plan that it is insolvent within the meaning of Section 4245 of ERISA, or that it intends to terminate
or has terminated under Section 4041A or Section 4042 of ERISA; (viii) the imposition of a Lien pursuant to Section 430(k) of the
Code or ERISA or a violation of Section 436 of the Code; or (ix) the occurrence of any Foreign Plan Event.

 

“Escrow Account”
means that certain account set forth on Exhibit A of the Escrow Agreement.

 

“Escrow Agent”
means Cortland Capital Market Services Limited in its capacity as escrow agent under the Escrow Agreement.

 

“Escrow Agreement”
means that certain “Escrow Agreement” dated as of August 13, 2018, by and among the Note Agent, the Escrow Agent and
the Purchasers party thereto.

 

“Eurodollar
Rate Credit Extension” means a credit extension evidenced by the Notes bearing interest at a rate determined by reference
to the Adjusted Eurodollar Rate.

 

“Event of Default”
means each of the conditions or events set forth in Section 8.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

  

“Excluded Account”
means, as to any account maintained at a financial institution located in the U.S., (i) any Deposit Account used solely for funding
payroll or segregating payroll taxes or funding other employee wage or benefit, (ii) zero balance accounts the entire balance of
which is swept each Business Day to a Deposit Account subject to a Control Agreement, (iii) any Deposit Account that does not have
a Cash balance at any time exceeding $250,000, provided that not more than a maximum aggregate amount of $1,000,000 of Cash shall
be maintained at Deposit Accounts not subject to a Control Agreement at any time, and (iv) any Securities Account that does not
have a balance of Cash or Cash Equivalents at any time exceeding $250,000, provided that not more than a maximum aggregate amount
of $1,000,000 of financial assets shall be maintained at Securities Accounts not subject to a Control Agreement at any time.

 

    12

     

    

 

“Excluded Subsidiary”
means (i) any Subsidiary that is prohibited by applicable law, rule or regulation (including financial assistance and/or corporate
benefit regulations or prohibitions and fraudulent preference rules and “thin capitalization” rules) from providing
a Guarantee, (ii) any Subsidiary formed or acquired after the Closing Date for which the providing of a Guaranty would result in
material adverse tax consequences to Holdings or any of its Subsidiaries (as reasonably agreed between the Note Agent and the Issuer),
(iii) any other Subsidiary with respect to which, the Note Agent and the Issuer reasonably agree that the cost or other consequences
of providing a Guarantee of or granting Liens to secure the Obligations are likely to be excessive in relation to the value to
be afforded thereby and (iv) Inspired Gaming Spain S.L., any Immaterial Subsidiary, and any Subsidiary set forth on Schedule 6.8
(subject to the provisions of Section 5.2); provided that no Subsidiary that is a borrower or guarantor under the Revolving Credit
Facility (or the document governing any Permitted Refinancing Indebtedness in respect thereof) shall be an Excluded Subsidiary
unless, at substantially the same time as it becomes an Excluded Subsidiary hereunder it ceases to be a guarantor or borrower,
as applicable, under such other Indebtedness (and does not become a borrower or guarantor thereunder for so long as it constitutes
an Excluded Subsidiary hereunder).

 

“Excluded Swap
Obligation” means, with respect to any Guarantor at any time, any obligation (a “Swap 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, if, and to the extent that, all or a portion of the guarantee of such Guarantor of, or the
grant by such Guarantor of a security interest to secure, such Swap Obligation (or any guarantee thereof) is illegal at such time
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 such guarantee
or grant of a security interest becomes effective with respect to such related Swap Obligation.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Purchaser, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Purchaser, UK and U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Purchaser with respect to an applicable interest in a Note or Commitment pursuant
to a law in effect on the date on which (i) such Purchaser acquires such interest in the Note or Commitment (other than pursuant
to an assignment request by the Issuer under Section 2.20) or (ii) such Purchaser changes its lending office, except in each case
to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Purchaser’s
assignor immediately before such Purchaser became a party hereto or to such Purchaser immediately before it changed its lending
office, (c) any Bank Charge and (d) any withholding Taxes imposed under FATCA.

  

“Existing Indebtedness”
means the Senior Term and Revolving Facilities Agreement, dated as of March 18, 2014, among DMWSL 631 Limited, the original borrowers
listed therein, the original guarantors listed therein, Ares Management Limited and Lloyds Bank PLC.

 

“Exit Premium”
as defined in Section 2.11.

 

    13

     

    

 

“Exposure”
means, with respect to any Purchaser, as of any date of determination, the outstanding principal amount of the Notes held by such
Purchaser; provided, at any time prior to the issuance of the Notes, the Exposure of any Purchaser shall be equal to such Purchaser’s
Commitment.

 

“Facility”
means any real property now, hereafter or heretofore owned, or leased (including all buildings, fixtures or other improvements
located thereon to the extent owned, leased or operated) by Holdings or any of its Subsidiaries or any of their respective predecessors
or Affiliates.

 

“Fair Market
Value” means, with respect to any asset (including any Equity Interests of any Person), the price at which a willing
buyer, not an Affiliate of the seller, and a willing seller who does not have to sell, would agree to purchase and sell such asset,
as determined in good faith by the board of directors (or equivalent governing body) or, pursuant to a specific delegation of authority
by such board of directors or a designated senior executive officer, of Holdings, or the Subsidiary of Holdings which is selling
or owns such asset.

 

“Fair Share”
as defined in Section 7.2.

 

“Fair Share
Contribution Amount” as defined in Section 7.2.

 

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

 

“FCPA”
means the U.S. Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§78dd-1 et seq.).

 

“Federal Funds
Effective Rate” means for any day, the rate per annum equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided, (i) if such day is not a Business Day, the Federal Funds Effective
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for
such day shall be the average rate of quotations received by the Note Agent from federal funds brokers of recognized standing selected
by it.

 

“Finance
Party” as defined in Section 2.17(h)(i).

 

“Financial Officer
Certification” means, with respect to the financial statements and budgets for which such certification is required,
the certification of the chief executive officer, chief financial officer or controller of Holdings that (i) such financial statements
fairly present, in all material respects, in accordance with GAAP, the financial condition of Holdings and its Subsidiaries as
at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting
from audit and normal year-end adjustments or (ii) such budgets are based on assumptions believed by such chief executive officer,
chief financial officer or controller of Holdings to be reasonable as of the date of delivery thereof.

  

“Financial Support
Direction” means a financial support direction issued by the Pensions Regulator under section 43 of the UK Pensions Act
2004.

 

    14

     

    

 

“First Priority”
means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is
senior in priority to any other Lien to which such Collateral is subject, other than Permitted Liens applicable to such Collateral
which as a matter of law or contract have priority over the respective Liens on such Collateral created pursuant to the relevant
Collateral Document.

 

“Fiscal Quarter”
means a fiscal quarter of any Fiscal Year.

 

“Fiscal Year”
means the fiscal year of Holdings and its Subsidiaries ending on September 30 of each calendar year; provided that at the written
election of Holdings delivered to the Note Agent, such date may be changed to December 31.

 

“Fixed Charge
Coverage Ratio” means, as of any date of determination, the ratio of:

 

(i) the sum, without
duplication, of the amounts determined for Holdings and its Subsidiaries on a consolidated basis for the relevant Test Period equal
to (a) “Net Cash Provided by Operating Activities” in accordance with GAAP plus (b) in each case, to the extent
reducing “Net Cash Provided by Operating Activities”, (1) cash expenditures in respect of any extraordinary, exceptional
or unusual items in an amount not to exceed $2,000,000 in any Test Period, (2) the cash expenditures made with respect to the early
extinguishment or conversion of Indebtedness, obligations under Hedging Agreements or other derivative instruments, in each case,
to the extent approved by the Requisite Purchasers, (3) reasonable fees, expenses or charges incurred in connection with any Permitted
Acquisition, (4) cash payments made by Holdings and its Subsidiaries during the relevant Test Period into a Foreign Plan in an
amount not to exceed the mandatory contributions with respect to such Foreign Plan as are required to be paid during such Test
Period, (5) “Cash Paid During the Period for Income Taxes” in accordance with GAAP and (6) “Cash Paid During
the Period for Interest” in accordance with GAAP; minus (c) (1) Consolidated Maintenance Capital Expenditures and
(2) any upfront cash receipts received in respect of the expenditures described in clause (ii) of the definition of Consolidated
Growth Capital Expenditures; to

 

(ii) Consolidated Fixed
Charges for such Test Period.

 

“Foreign Plan”
means any employee benefit plan, pension plan, program, policy, arrangement or agreement maintained or contributed to by any Credit
Party or any of their respective Subsidiaries with respect to employees employed outside the United States.

 

“Foreign Plan
Event” means, with respect to any Foreign Plan, (a) the existence of unfunded liabilities in excess of the amount permitted
under any applicable law, (b) the failure to make the required contributions or payments, under any applicable law, on or before
the due date for such contributions or payments, (c) the receipt of a notice from a Governmental Authority relating to the intention
to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan, or alleging
the insolvency of any such Foreign Plan, (d) the incurrence of any liability by any Credit Party or any their respective Subsidiaries
under applicable law on account of the complete or partial termination of such Foreign Plan or the complete or partial withdrawal
of any participating employer therein, (e) the occurrence of any transaction that is prohibited under any applicable law and that
could reasonably be expected to result in the incurrence of any liability by any Credit Party or any of their respective Subsidiaries,
or the imposition on any Credit Party or any of their respective Subsidiaries of any fine, excise tax or penalty resulting from
any noncompliance with any applicable law, (f) the loss of approval thereof by the appropriate Governmental Authority, or (g) the
issuance by the UK Pensions Regulator (being the body corporate established as such under section 43 of the UK Pensions Act 2004)
of a Financial Support Direction or a Contribution Notice to any Credit Party or any of their respective Subsidiaries.

 

    15

     

    

 

“Funding Guarantors”
as defined in Section 7.2.

 

“GAAP”
means, subject to the provisions of Section 1.2, United States generally accepted accounting principles in effect as of the date
of determination thereof.

 

“Gaming Approval”
shall mean any and all approvals, authorizations, permits, consents, rulings, orders or directives of any Governmental Authority
(including, without limitation, any Gaming Authority) (a) necessary to enable Holdings or any of its Subsidiaries to engage in,
operate or manage any casino, gambling and/or gaming business (wheresoever or howsoever conducted) or otherwise continue to conduct,
operate or manage such business substantially as is presently conducted, operated or managed or contemplated to be conducted, operated
or managed following the Closing Date, (b) required by any Gaming Law or (c) necessary to accomplish the Refinancing Transactions
and other transactions contemplated hereby.

 

“Gaming Authority”
shall mean, in any jurisdiction in which Holdings or any of its Subsidiaries manages or conducts any casino, gambling and/or gaming
business or activities, the applicable gambling and/or gaming board, commission, authority or other governmental gaming regulatory
body or agency which (a) has, or may at any time after the Closing Date have, jurisdiction over the gambling and/or gaming activities
of Holdings or its Subsidiaries or their properties or any successor to such authority or (b) is, or may at any time after the
Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws.

 

“Gaming Laws”
shall mean all applicable constitutions, treaties, laws, rules, agreements, regulations and orders and statutes pursuant to which
any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and all rules,
rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino, gaming businesses or activities
of Holdings or any of its Subsidiaries or their properties in any jurisdiction, as in effect from time to time, including the policies,
interpretations and administration thereof by the Gaming Authorities. “Gaming License” shall mean any Gaming
Approval or other casino, gambling and/or gaming license issued by any Gaming Authority.

 

“Gibraltar Collateral
Agreement” shall mean the Gibraltar law governed debenture entered into pursuant to Section 5.14, as amended, restated,
supplemented or otherwise modified from time to time, entered into between each of the Gibraltar Credit Parties and the Collateral
Agent.

 

“Gibraltar Credit
Party” shall mean each Credit Party that is incorporated or organized under the laws of Gibraltar.

  

“Gibraltar Pledge
Agreement” shall mean each Gibraltar law governed pledge over shares, each as amended, restated, supplemented or otherwise
modified from time to time, entered into by the shareholder of each Gibraltar Credit Party charging the Equity Interests of such
Gibraltar Credit Party in favor of the Collateral Agent.

 

“Gibraltar Security
Documents” shall mean each agreement or instrument governed by the laws of Gibraltar (including without limitation the
Gibraltar Collateral Agreement and each Gibraltar Pledge Agreement) pursuant to or in connection with which any Credit Party grants
a security interest in any Collateral for any of the Obligations, each as amended, restated, amended and restated supplemented
or otherwise modified from time to time.

 

    16

     

    

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to any government, any court, any securities exchange
or any self-regulatory organization, in each case whether associated with a state of the United States, the United States, England
and Wales, or a foreign entity or government (including any supra-national body exercising such powers or functions, such as the
European Union or the European Central Bank). “Governmental Authority” shall include the National Association of Insurance
Commissioners and any Gaming Authority.

 

“Governmental
Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from
any Governmental Authority.

 

“Government
Official” includes, but is not limited to, any employee, agent, or instrumentality of any government, including departments
or agencies of a government and businesses that are wholly or partially government-owned, and any employees of such businesses,
as well as departments or agencies of public international organizations. This term includes, but is not limited to, all employees,
agents, and instrumentalities of state-owned or state-controlled entities or businesses, including hospitals, laboratories, universities,
and other research institutions. The term “Government Official” also applies to individuals who are members of political
parties or hold positions in political parties.

 

“Grantor”
as defined in the Security Agreements.

 

“Guaranteed
Obligations” as defined in Section 7.1.

 

“Guarantor”
means Holdings and each of its Subsidiaries (other than the Issuer) from time to time party to this Agreement.

 

“Guarantor Subsidiary”
means each Guarantor other than Holdings.

 

“Guaranty”
means the guaranty of each Guarantor set forth in Section 7.

 

“Hazardous Materials”
means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Environmental Law or which
could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the
indoor or outdoor environment.

 

“Hazardous Materials
Activity” means, with respect to acts or omissions of Holdings, any past, current, proposed or threatened activity, event
or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence,
location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement,
removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action
with respect to any of the foregoing as applied to Holdings or its Subsidiaries.

 

“Hedge Termination
Value” means, with respect to each relevant Hedging Agreement or other Indebtedness of the type described in clause (xi)
of the definition thereof, after taking into account the effect of any legally enforceable netting agreement relating to such Hedging
Agreement or Indebtedness, (i) for any date on or after the date such Hedging Agreement or Indebtedness have been closed out and
termination value(s) determined in accordance therewith, any such termination value(s) payable by the Issuer to the counterparty
on such Hedging Agreement, and (ii) for any date prior to the date referenced in clause (i), the amount, if any, that would be
payable by the Issuer to the counterparty of such Hedging Agreement pursuant to Section 6(e)(ii)(1) of the 2002 ISDA Master Agreement
as if the relevant Hedging Agreement were being terminated on such date and assuming that the Issuer is the sole Affected Party;
provided that the “Close-out Amount” will be determined by the counterparty to such Hedging Agreement, using its estimates
for the economic equivalent of the material terms of the relevant transactions, including the payments by the parties under Section
2(a)(i) of the Hedging Agreement that would, but for the occurrence of the relevant “Early Termination Date”, have
been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii) of the Hedging Agreement).

 

    17

     

    

 

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

 

“Highest Lawful
Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged,
or received under the laws applicable to any Purchaser which are presently in effect or, to the extent allowed by law, under such
applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws
now allow.

 

“Historical
Financial Statements” means as of the Closing Date, (i) the audited financial statements of Holdings and its Subsidiaries,
for the immediately preceding three (3) Fiscal Years, consisting of balance sheets and the related consolidated statements of income,
stockholders’ equity and cash flows for such Fiscal Years, and (ii) the unaudited financial statements of Holdings and its
Subsidiaries as of the most recent Fiscal Quarter ended after the date of the most recent audited financial statements and at least
45 days prior to the Closing Date, consisting of a balance sheet and the related consolidated statements of income, stockholders’
equity and cash flows for the three-, six- or nine-month period, as applicable, ending on such date, and, in the case of clauses
(i) and (ii), certified by the chief financial officer of Holdings that they fairly present, in all material respects in accordance
with GAAP, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations
and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

 

“Holding Companies”
means, collectively, Holdings and any other direct or indirect holding company of Issuer.

 

“Holdings”
as defined in the preamble hereto.

 

“Immaterial
Subsidiary” means any Subsidiary that is not a Material Subsidiary.

 

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“Increased-Cost
Purchasers” as defined in Section 2.20.

 

“Indebtedness”
means, as applied to any Person, without duplication, (i) all indebtedness for borrowed money; (ii) that portion of obligations
with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes
payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv)
any obligation owed for all or any part of the deferred purchase price of property or services, including any earn-out obligations,
purchase price adjustments and profit-sharing arrangements arising from purchase and sale agreements (excluding (A) trade payables,
accrued expenses, current accounts and similar obligations incurred in the ordinary course of business that are not overdue by
more than 90 days or, to the extent that the amounts payable thereunder are being contested by Holdings in good faith, 180 days,
(B) prepaid or deferred revenue arising in the ordinary course of business, and (C) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations
of the seller of such asset); (v) all indebtedness of others secured by any Lien on any property or asset owned or held by that
Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit
of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to which that Person is
otherwise liable for reimbursement of drawings; (vii) Disqualified Equity Interests; (viii) the direct or indirect guaranty, endorsement
(otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with
recourse by such Person of the obligation of another constituting Indebtedness of the type described in clauses (i)-(vii) above;
(ix) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation
constituting Indebtedness of the type described in clauses (i)-(vii) above of the obligor thereof will be paid or discharged, or
any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss
in respect thereof; (x) any liability of such Person for an obligation constituting Indebtedness of the type described in clauses
(i)-(vii) above of another through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such
obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of
loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item,
level of income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this
clause (x), the primary purpose or intent thereof is as described in clause (ix) above; (xi) net obligations of such Person in
respect of any exchange traded or over the counter derivative transaction, including under any Hedging Agreement, in each case,
whether entered into for hedging or speculative purposes or otherwise; and (xii) all obligations of such Person in respect of the
sale or factoring of receivables other than receivables Disposed of pursuant to Section 6.8(k). The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except (other than in the case of general partner liability) to the extent that terms of such Indebtedness expressly provide
that such Person is not liable therefor. The “amount” or “principal amount” of any guaranty or other contingent
liability referred to in clause (viii), (ix) or (x) above (I) shall be an amount equal to the stated or determinable amount of
the primary obligation in respect of which such guaranty or other contingent obligation is made or, (x) if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined
by such Person in good faith or (y) if the amount of the guaranty or other contingent liability is less than the determinable amount
of the primary obligation (e.g., because of limited recourse to the guarantor), the maximum amount of potential liability on account
of such guaranty or other contingent obligation as reasonably determined by such Person in good faith and (II) shall not include
endorsements for collection or deposit, in either case, in the ordinary course of business.

 

    19

     

    

 

“Indemnified
Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages),
penalties, claims (including Environmental Claims), actions, judgments, suits, costs (including the costs of any investigation,
study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean
up or abate any Hazardous Materials Activity), expenses and disbursements of any kind or nature whatsoever (but limited, in the
case of legal counsel, to the reasonable fees, disbursements and other charges of (i) one primary counsel for Agent Indemnitees,
taken as a whole, and one local or special counsel for Agent Indemnitees, taken as a whole, in each appropriate jurisdiction and
(ii) one primary counsel for Purchaser Indemnitees, taken as a whole, one local or special counsel in each appropriate jurisdiction
for Purchaser Indemnitees, taken as a whole, and, in the case of an actual or perceived conflict of interest, where such conflicted
party notifies Issuer of the existence of such conflict and retains its own counsel, of another firm of counsel for such affected
Purchaser Indemnitees) in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened
by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any fees or
expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect, special or consequential and whether based
on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules
or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred
by, or asserted against any such Indemnitee, in any manner relating to or arising out of (i) this Agreement or the other Credit
Documents or the transactions contemplated hereby or thereby (including use or intended use of the proceeds thereof, any amendments,
waivers or consents with respect to any provision of this Agreement or any of the other Credit Documents, or any enforcement of
any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement
of the Guaranty)); (ii) the Agent Fee Letter and the Purchaser Fee Letter (and any related fee letter or closing payment letter)
delivered by any Agent or any Purchaser to Issuer with respect to the transactions contemplated by this Agreement; or (iii) any
Environmental Claim or any Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present
activity, operation, land ownership, or practice of Holdings or any of its Subsidiaries.

 

“Indemnified
Taxes” means (a) any 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 any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Indemnitee”
as defined in Section 10.3(a).

 

“Institutional
Investor” means (a) any original Purchaser of a Note and any transferee that is an Affiliate of any original Purchaser,
(b) any holder of a Note holding more than 25% of the aggregate principal amount of the Notes then outstanding, and (c) any bank,
trust company, savings and loan association or other financial institution, any pension plan, any investment company or investment
fund, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form
organized under the laws of the United States or a state thereof, with capital and surplus in excess of $50,000,000.

 

“Intellectual
Property” has the meaning assigned to that term in each of the UK Collateral Agreement and the U.S. Security Agreement.

 

“Intellectual
Property Asset” means, at the time of determination, any interest (fee, license or otherwise) then owned by any Credit
Party in any Intellectual Property.

 

“Intellectual
Property Security Agreements” has the meaning assigned to that term in each of the UK Collateral Agreement and the U.S.
Security Agreement.

 

    20

     

    

 

“Intercompany
Note” means a promissory note substantially in the form of Exhibit K evidencing Indebtedness owed among Credit Parties
and their Subsidiaries.

 

“Intercreditor
Agreement” means an intercreditor agreement in the form of Exhibit E, dated on or about the date hereof, among the Purchasers,
Lloyds Bank PLC, each “Hedge Counterparty” (as defined thereunder) party thereto, the Note Agent, the Collateral Agent
and each of the Credit Parties.

 

“Interest Payment
Date” means (i) the last Business Day of March, June, September and December of each year, commencing on the first such
date to occur after the Closing Date; provided that, if on such first date the Notes do not satisfy the definition of a “quoted
Eurobond” for the purpose of section 987 of the United Kingdom Income Tax Act 2007, and so long as the Issuer is exercising
commercially reasonable efforts to procure “quoted Eurobond” status for the Notes, the Issuer shall have the right
to postpone the first Interest Payment Date until the earlier to occur of (x) the date that is six weeks following the date that
would otherwise be the first Interest Payment Date hereunder and (y) the date on which the Notes first satisfy the definition of
a “quoted Eurobond” for the purpose of section 987 of the United Kingdom Income Tax Act 2007 (provided, that the Issuer
shall provide written notice to the Note Agent not later than five (5) Business Days prior to the first Interest Payment Date notifying
the Note Agent of its election of either clause (x) or (y) as the payment date), and (ii) the final maturity date of a Base Rate
Credit Extension or a Eurodollar Rate Credit Extension, as applicable.

 

“Interest Period”
means, in connection with a Eurodollar Rate Credit Extension, an interest period of three months (i) initially, commencing on the
Purchase Date or applicable Conversion/Continuation Date thereof, as the case may be, and ending on the next Interest Payment Date;
and (ii) thereafter, from Interest Payment Date to Interest Payment Date; provided, that (a) if an Interest Period would otherwise
expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further
Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b)
any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall, subject to clause (c) of this definition, end on the last
Business Day of a calendar month; and (c) no Interest Period shall extend beyond the Maturity Date.

 

“Interest Rate
Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest
rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate
exposure associated with Holdings’ and its Subsidiaries’ operations and not for speculative purposes.

 

“Interest Rate
Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the first
day of such Interest Period.

 

“Internally
Generated Cash” means, with respect to any period, any Cash of Holdings or any Subsidiary generated from the business
operations of the Issuer and its Subsidiaries during such period, excluding the proceeds of any Asset Sale, Casualty Event and
any Cash that is generated from an incurrence of Indebtedness, an issuance of Equity Interests or a capital contribution.

 

“Investment”
means (i) any direct or indirect purchase or other acquisition by Holdings or any of its Subsidiaries of, or of a beneficial interest
in, any of the Securities of any other Person (other than the Issuer or any Guarantor Subsidiary); (ii) any direct or indirect
redemption, retirement, purchase or other acquisition for value, by any Subsidiary of Holdings from any Person (other than Holdings,
the Issuer or any Guarantor Subsidiary), of any Equity Interests of such Person; (iii) any direct or indirect loan, advance or
capital contributions by Holdings or any of its Subsidiaries to any other Person (other than Holdings, the Issuer or any Guarantor
Subsidiary), including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise
from sales to that other Person in the ordinary course of business; and (iv) all investments consisting of any exchange traded
or over the counter derivative transaction, including any Hedging Agreement, whether entered into for hedging or speculative purposes
or otherwise. The amount of any Investment of the type described in clauses (i), (ii) and (iii) shall be the original cost of such
Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups,
write-downs or write-offs with respect to such Investment.

 

    21

     

    

 

“Issuer”
as defined in the preamble hereto.

 

“Joint Venture”
means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form.

 

“Landlord Waiver
and Personal Property Collateral Access Agreement” means a Landlord Waiver and Personal Property Collateral Access Agreement
substantially in the form of Exhibit J with such amendments or modifications as may be approved by the Collateral Agent (such approval
not to be unreasonably withheld or delayed).

 

“Laws”
means, as applicable to any Person, (i) the common law and any federal, state, local, foreign, multinational or international statutes,
laws, treaties, judicial decisions, standards, rules and regulations, guidances, guidelines, ordinances, rules, judgments, writs,
orders, decrees, codes, plans, injunctions, permits, concessions, grants, franchises, governmental agreements and governmental
restrictions (including administrative or judicial precedents or authorities), in each case whether now or hereafter in effect,
and (ii) the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any
Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person
or any of its property or to which such Person or any of its property is subject.

 

“Leasehold Property”
means any leasehold interest of any Credit Party as lessee under any lease of real property.

 

“Lien”
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind in the nature of a security
interest (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any
lease or license in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of
any of the foregoing and (ii) in the case of Securities (other than in connection with an Asset Sale that will result in Payment
in Full), any purchase option, call or similar right of a third party with respect to such Securities.

 

“License Revocation”
shall mean the revocation, failure to renew or suspension of, or the appointment of a receiver, supervisor or similar official
with respect to, any Gaming License or similar Gaming Approval or Governmental Authorization held by Holdings or any of its Subsidiaries
or required for Holdings or any of its Subsidiaries in order to conduct its business.

 

“Machine Assets”
means all Machines, Spares and Data Centers.

 

“Machines”
means all betting, gaming and entertainment machines, vending machines, self service betting terminals and ATM machines operated
by Holdings and its Subsidiaries (including for the avoidance of doubt, all fixed odds betting terminals, bingo hand-held devices,
video lottery terminals, amusement-with-prizes machines, skill-with-prizes machines, pool machines and the like) together with
any other revenue generating machine operated by Holdings and its Subsidiaries in the ordinary course of business and including
all inputs and components of such machines.

 

    22

     

    

 

“Margin Stock”
as defined in Regulation U.

 

“Material Adverse
Effect” means a material adverse effect on and/or material adverse developments with respect to (i) the business, operations,
properties, assets or financial condition of Holdings and its Subsidiaries taken as a whole; (ii) the ability of the Issuer to
fully and timely perform its Obligations; (iii) the ability of the Credit Parties (taken a whole) to fully and timely perform their
Obligations; (iv) the legality, validity, binding effect or enforceability against a Credit Party of a Credit Document to which
it is a party; (v) the Collateral (taken as a whole) or the Collateral Agent’s Liens (on behalf of the Secured Parties) on
the Collateral or the priority of such Liens; or (vi) the rights, remedies and benefits available to, or conferred upon, any Agent
and any Purchaser or any Secured Party under any Credit Document (taken as a whole).

 

“Material Contract”
means each contract specified in Schedule 4.15.

 

“Material Leasehold
Property” means each Leasehold Property that is material to the operation of the business as currently conducted, each
of which is specified in Schedule 1.1(c).

 

“Material Real
Estate Asset” means any fee-owned Real Estate Asset having a Fair Market Value in excess of $500,000 as of the date of
the acquisition thereof; provided that that the Fair Market Value of all fee-owned Real Estate Assets that are not Material Real
Estate Assets shall not exceed $1,000,000 in the aggregate.

 

“Material Subsidiary”
means (a) each Subsidiary that, as of the last day of the Fiscal Quarter most recently ended for which financial statements are
available, had revenues or total assets (based on Fair Market Value, or valued in accordance with GAAP, whichever is greater) for
such quarter in excess of $250,000 (except to the extent of any intercompany assets consisting of obligations owed to such Subsidiary
as of the Closing Date and, intercompany liabilities incurred prior to the date hereof which are forgiven or equitized in connection
with the dissolution or liquidation of such Subsidiary) and (b) any group comprising Subsidiaries that each would not have been
a Material Subsidiary under clause (a) but that, taken together, as of the last day of the Fiscal Quarter most recently ended for
which financial statements are available, had revenues or total assets (based on Fair Market Value, or valued in accordance with
GAAP, whichever is greater) for such quarter in excess of $1,000,000 in the aggregate.

 

“Maturity Date”
means the earlier of (a) August 12, 2023 and (b) the date on which all Notes shall become due and payable in full hereunder, whether
by acceleration or otherwise.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgage”
means a mortgage substantially in form as reasonably agreed to by the Note Agent and the Issuer, as it may be amended, restated,
supplemented or otherwise modified from time to time.

 

“Mortgaged Property”
as defined in Section 5.11(d).

 

“Multiemployer
Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA.

 

    23

     

    

 

“Narrative Report”
means, with respect to the financial statements for which such narrative report is required, a customary management’s discussion
and analysis, describing the results of operations of Holdings and its Subsidiaries for the applicable period to which such financial
statements relate.

 

“Net Asset Sale
Proceeds” means, with respect to any Asset Sale pursuant to Section 6.8(c)(x), an amount equal to: (i) Cash payments
(including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but
only as and when so received) received by Holdings or any of its Subsidiaries from such Asset Sale, minus (ii) any bona
fide direct costs incurred in connection with such Asset Sale, including (a) income or gains taxes payable or reasonably estimated
to be payable by the seller (or Holdings, on a consolidated basis) as a result of any gain recognized in connection with such Asset
Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than
the Notes) that is secured by a priority Lien on the stock or assets in question and that is required to be repaid under the terms
thereof as a result of such Asset Sale and (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable
to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by Holdings
or any of its Subsidiaries in connection with such Asset Sale, provided that upon release of any such reserve, the amount released
shall be considered Net Asset Sale Proceeds.

 

“Net Insurance/Condemnation
Proceeds” means an amount equal to: (i) any Cash payments or proceeds received by Holdings or any of its Subsidiaries
(a) under any casualty insurance policy in respect of a covered loss thereunder or (b) as a result of the taking of any assets
of Holdings or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant
to a sale of any such assets to a purchaser with such power under threat of such a taking (any event of the type referenced in
clauses (a) and (b) above being referred to as a “Casualty Event”), minus (ii) (a) any actual and reasonable
costs incurred by Holdings or any of its Subsidiaries in connection with the adjustment or settlement of any claims of Holdings
or such Subsidiary in respect thereof, and (b) any bona fide direct costs incurred in connection with any sale of such assets as
referred to in clause (i)(b) of this definition, including income taxes payable or reasonably estimated to be payable as a result
of any gain recognized in connection therewith.

 

“Net Mark-to-Market
Exposure” of a Person means, as of any date of determination, the Hedge Termination Value of the relevant Hedging Agreements
or other Indebtedness of the types described in clause (xi) of the definition thereof.

 

“Nomura”
means Nomura Global Financial Products Inc., a Delaware corporation.

 

“Nomura Hedging
Agreement” means that certain ISDA 2002 Master Agreement dated as of August 13, 2018 between Nomura as counterparty thereto
and the Issuer, as in effect on the date hereof.

 

“Non-Consenting
Purchaser” as defined in Section 2.20.

 

“Non-Public
Information” means material non-public information (within the meaning of United States federal, state or other applicable
securities laws) with respect to the Issuer or its Affiliates or their Securities.

 

“Note”
means a promissory note in the form of Exhibit B, as it may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

    24

     

    

 

“Note Agent”
as defined in the preamble hereto.

 

“Obligations”
means (a) all obligations (whether now existing or hereafter arising, absolute or contingent, joint, several or independent) of
every nature of each Credit Party, including obligations from time to time owed to the Agents (including former Agents), the Purchasers
or any of them under any Credit Document, whether for principal, premium (including the Prepayment Premium and the Exit Premium),
interest (including interest and premium which, but for the filing of a petition in bankruptcy with respect to such Credit Party,
would have accrued on any Obligation, whether or not a claim is allowed against such Credit Party for such interest or premium
in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, excluding, with respect to any Guarantor,
Excluded Swap Obligations with respect to such Guarantor and (b) all obligations (whether now existing or hereafter arising, absolute
or contingent, joint, several or independent) of every nature of each Credit Party, including obligations from time to time owed
to Nomura under any Credit Document or the Nomura Hedging Agreement, whether for principal, premium, interest (including interest
and premium which, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any
Obligation, whether or not a claim is allowed against such Credit Party for such interest or premium in the related bankruptcy
proceeding), payments for early termination of the Nomura Hedging Agreement, fees, expenses, indemnification or otherwise, excluding,
with respect to any Guarantor, Excluded Swap Obligations with respect to such Guarantor.

 

“Obligee Guarantor”
as defined in Section 7.7.

 

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

 

“Organizational
Documents” means (i) with respect to any corporation or company, its certificate, memorandum or articles of incorporation,
organization or association, as amended, and its by-laws (or equivalent or comparable constitutive documents with respect to any
non-U.S. jurisdiction), as amended, (ii) with respect to any limited partnership, its certificate or declaration of limited partnership,
as amended, and its partnership agreement, as amended, (iii) with respect to any general partnership, its partnership agreement,
as amended, and (iv) with respect to any limited liability company, its articles or certificate of formation or organization, as
amended, and its operating agreement or limited liability company agreement, as amended. In the event any term or condition of
this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar
governmental official, the reference to any such Organizational Document shall only be to a document of a type customarily certified
by such governmental official.

 

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

 

“Other Taxes”
means any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from
any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.20).

 

    25

     

    

 

“Paid in Full”
or “Payment in Full” means:

 

(a)       payment
in full in cash of the principal of, premium (including the Prepayment Premium and the Exit Premium) and interest (including premium
and interest accruing on or after the commencement of any bankruptcy proceeding, whether or not such interest would be allowed
in such bankruptcy proceeding) constituting the Obligations (other than those specified in clause (b) of “Obligations”);

 

(b)       payment
in full in cash of all other amounts that are due and payable or otherwise accrued and owing at or prior to the time such principal
and interest are paid (other than any contingent indemnification obligations for which no claim or demand for payment, whether
oral or written, has been made at such time (such indemnification obligations, “Unmatured Surviving Obligations”)
with respect to the Obligations; and

 

(c)       termination
or expiration of all commitments of the holders of the Obligations, to extend credit or purchase notes or other credit accommodations
to any of the Credit Parties.

 

“Participant
Register” as defined in Section 10.6(g)(i).

 

“Patents”
as defined in the Security Agreement.

 

“PATRIOT Act”
as defined in Section 3.1(o).

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any successor thereto.

 

“Pension Plan”
means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Code or Section 302 or
Title IV of ERISA.

 

“Pensions Regulator”
means the body corporate called the Pensions Regulator established under Part I of the UK Pensions Act 2004.

 

“Perfection
Certificate” means a certificate in form reasonably satisfactory to the Collateral Agent that provides information with
respect to the personal or mixed property of each Credit Party.

 

“Permitted Acquisition”
means any acquisition, directly or indirectly, by the Issuer, U.S. Gaming or any of their respective wholly-owned Subsidiaries,
whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Equity Interests of, or a business
line or unit or a division of, any Person; provided that,

 

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

 

(ii)        all
transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and
in conformity with all applicable Governmental Authorizations;

 

(iii)       (A)
in the case of the acquisition of Equity Interests, all of the Equity Interests (except for any such Securities in the nature of
directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued, directly or indirectly, by
such Person or any newly formed Subsidiary of the Issuer in connection with such acquisition shall be owned, directly or indirectly,
100% by the Issuer, U.S. Gaming or a Guarantor Subsidiary thereof, and the Issuer shall have taken, or caused to be taken, as of
the date such Person becomes a Subsidiary of the Issuer or U.S. Gaming, each of the actions required pursuant to Sections 5.10
and/or 5.11, as applicable, as and to the extent required thereunder and (B) in the case of the acquisition of assets, the Issuer
shall have taken, or caused to be taken, each of the actions required pursuant to Sections 5.10 and/or 5.11, as applicable, as
and to the extent required thereunder;

 

    26

     

    

 

(iv)      after
giving effect to such acquisition, Holdings and its Subsidiaries shall be in Pro Forma Compliance with the financial covenants
set forth in Section 6.7 for the Test Period most recently ended;

 

(v)       the
Issuer shall have delivered to the Note Agent (A) at least 10 Business Days prior to such proposed acquisition (or such shorter
period as may be agreed by the Note Agent), (i) a Compliance Certificate evidencing Pro Forma Compliance with Sections 6.7(a) and
6.7(b) as required under clause (iv) above and (ii) all other relevant financial information with respect to such acquired assets,
including the aggregate consideration for such acquisition and any other information required to demonstrate compliance with Sections
6.7(a) and 6.7(b) and (B) promptly upon request by the Note Agent, (i) a copy of the purchase agreement related to the proposed
Permitted Acquisition (and any related documents reasonably requested by the Note Agent) and (ii) to the extent available to the
Issuer, monthly and annual financial statements of the Person whose Equity Interests or assets are being acquired for the three
(3) year period immediately prior to such proposed Permitted Acquisition, including any audited financial statements that are available;

 

(vi)       for
any acquisition with respect to which the consideration therefor is equal to or greater than $1,000,000, within a reasonable time
prior to the consummation of such acquisition, Issuer shall provide the Note Agent with a due diligence package relating to the
proposed acquisition, including to the extent available, forecasted balance sheets, profit and loss statements, and cash flow statements
of the Person or assets to be acquired;

 

(vii)     the
aggregate Permitted Acquisition Consideration for all Permitted Acquisitions shall not exceed $3,000,000 during the term of this
Agreement;

 

(viii)    any
Indebtedness assumed in connection with any Permitted Acquisition shall be permitted under Section 6.1;

 

(ix)       in
the case of the acquisition of Equity Interests of a Person, the board of directors (or similar governing body) of such Person
shall have consented to such acquisition; and

 

(x)        any
Person or assets or division as acquired in accordance herewith (y) shall be in same business or lines of business in which the
Issuer and/or its Subsidiaries are engaged as of the Closing Date or similar or related businesses and (z) shall have generated
positive cash flow for the four quarter period most recently ended prior to the date of such acquisition.

 

“Permitted Acquisition
Consideration” means the purchase consideration for any Permitted Acquisition and all other payments by Holdings or any
of its Subsidiaries in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in Cash or by
exchange of Equity Interest or of properties or otherwise and whether payable at or prior to the consummation of such Permitted
Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of
any contingency, and includes any and all payments representing the purchase price and any assumptions of Indebtedness, “earn-outs”
and other agreements to make any payment the amount of which is, or the terms of payment of which are, in any respect subject to
or contingent upon the revenues, income, cash flow or profits (or the like) of any Person or business, provided that in no event
shall Permitted Acquisition Consideration include any of the foregoing to the extent payable in Equity Interests of Holdings .

 

    27

     

    

 

“Permitted Liens”
means each of the Liens permitted pursuant to Section 6.2 (subject to the subordination and/or intercreditor provisions as contemplated
thereby, to the extent applicable).

 

“Permitted Refinancing
Indebtedness” means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of any
Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed
the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed or extended
except (i) by an amount equal to unpaid accrued interest and premium (including tender premiums) thereon plus underwriting
discounts, other amounts paid, and fees, commissions and expenses (including upfront fees, original issue discount or initial yield
payments) incurred, in connection with such modification, refinancing, refunding, renewal or extension and (ii) by an amount equal
to any existing revolving commitments unutilized thereunder to the extent that the portion of any existing and unutilized revolving
commitment being refinanced was permitted to be drawn (other than by reference to Permitted Refinancing Indebtedness) and such
drawing shall be deemed to have been made, (b) Indebtedness resulting from such modification, refinancing, refunding, renewal or
extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity
equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed
or extended, (c) if the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment
to the Obligations, Indebtedness resulting from such modification, refinancing, refunding, renewal or extension is subordinated
in right of payment to the Obligations on terms at least as favorable to the Purchasers as those contained in the documentation
governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (d) immediately after giving effect thereto,
no Event of Default shall have occurred and be continuing, (e) if the Indebtedness being modified, refinanced, refunded, renewed
or extended is the Revolving Credit Facility, (1) the terms and conditions (including Lien priority, but excluding as to subordination,
interest rate (including whether such interest is payable in cash or in kind), rate floors, fees, discounts and premiums) of the
Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are, taken as a whole, are not materially
more favorable to the investors providing such Indebtedness than the terms and conditions of the Indebtedness being modified, refinanced,
refunded, renewed or extended (except for covenants or other provisions applicable to periods after the Maturity Date at the time
such Indebtedness is incurred) and (2) the parties shall join or otherwise become subject to the Intercreditor Agreement or such
other intercreditor agreement as may be satisfactory to the Note Agent, and (f) the primary obligor in respect of, and/or the Persons
(if any) that guarantee, the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension shall
be the primary obligor in respect of, and/or Persons (if any) that guaranteed the Indebtedness being modified, refinanced, refunded,
renewed or extended.

 

“Person”
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

 

“Prepayment
Premium” as defined in Section 2.11.

 

“Prime Rate”
means the “U.S. Prime Lending Rate” as published in The Wall Street Journal.

 

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“Principal Office”
means, for the Note Agent’s “Principal Office” as set forth on Appendix B, or such other office or office of
a third party or sub-agent, as appropriate, as the Note Agent may from time to time designate in writing to the Issuer and each
Purchaser.

 

“Pro
Forma Basis” and “Pro Forma Compliance” means,
with respect to compliance with any test or covenant or calculation hereunder, the determination or calculation of such test, covenant
or ratio (including in connection with Subject Transactions) in accordance with Section 1.4.

 

“Pro Rata Share”
means, with respect to all payments, computations and other matters relating to the Notes held by any Purchaser, the percentage
obtained by dividing (a) the Exposure of that Purchaser by (b) the aggregate Exposure of all Purchasers; provided, that if Exposure
of all Purchasers shall have been Paid in Full, the “Pro Rata Share” shall be determined as of the last date prior
to which the Exposures were Paid in Full.

 

“Projections”
as defined in Section 4.8.

 

“PSC Notice”
means any of (a) warning notice issued under paragraph 1 of Schedule 1B of the Companies Act 2006; or (b) a restrictions notice
issued under paragraph 1of Schedule 1B of the Companies Act 2006.

 

“PSC Register”
means the register of people with significant control required to be maintained by an entity pursuant to Part 21A of the Companies
Act 2006 or the “central register” maintained by Companies House where an entity has elected that its register be kept
by Companies House.

 

“Purchase Date”
means the date on which a Note is issued.

 

“Purchase Notice”
means a notice substantially in the form of Exhibit A-1.

 

“Purchaser”
means each financial institution listed on the signature pages hereto as a Purchaser, and any other Person that becomes a party
hereto pursuant to an Assignment Agreement or a Joinder Agreement.

 

“Purchaser Fee
Letter” means the Purchaser Fee Letter dated on or about the date hereof, among the Issuer and the Purchasers party thereto,
as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Purchaser
Indemnitee” as defined in Section 10.3(a).

 

“Qualified ECP
Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at
the time such Swap Obligation is incurred.

 

“Qualified Institutional
Buyer” means any Person that is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act.

 

“Real Estate
Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party
in any real property.

 

“Recipient”
means the Note Agent or any Purchaser, and as defined in Section 2.17, as applicable.

 

    29

     

    

 

“Refinancing
Transactions” means, collectively, (a) the execution and delivery by the Credit Parties of the Credit Documents to which
they are a party and the purchase of Notes hereunder and the use of proceeds thereof, (b) the repayment and termination or defeasance,
as applicable, of the Existing Indebtedness, all other existing Indebtedness of the Issuer, the Guarantors and each of their respective
subsidiaries (other than Indebtedness expressly permitted to be outstanding under this Agreement) and (c) the payment of fees,
premiums, charges, costs and expenses in connection with the foregoing.

 

“Register”
as defined in Section 2.4(b).

 

“Regulation”
as defined in Section 4.35.

 

“Regulation
D” means Regulation D of the Board of Governors, as in effect from time to time and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
S-X” means Regulation S-X under the Securities Act.

 

“Regulation
S” means Regulation S under the Securities Act.

 

“Regulation
T” means Regulation T of the Board of Governors, as in effect from time to time and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
U” means Regulation U of the Board of Governors, as in effect from time to time and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
X” means Regulation X of the Board of Governors, as in effect from time to time and all official rulings and interpretations
thereunder or thereof.

 

“Related Fund”
means, with respect to any Purchaser that is an investment fund, any other investment fund that invests in commercial loans and
that is managed or advised by the same investment advisor as such Purchaser or by an Affiliate of such investment advisor.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of
any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous
Material through the air, soil, surface water or groundwater.

 

“Relevant Member
State” as defined in Section 4.36.

 

“Relevant
Party” as defined in Section 2.17(h)(ii).

 

“Relevant Taxing
Jurisdiction” as defined in Section 2.17(b).

 

“Replacement
Purchaser” as defined in Section 2.20.

 

“Required Prepayment
Date” as defined in Section 2.12(c).

 

“Requisite Purchasers”
means, at any time, one or more Purchasers having or holding Exposure and representing more than 50%
of the aggregate Exposure of all Purchasers at such time.

 

    30

     

    

 

“Responsible
Officer” means, as applied to any Person, any individual holding the position of director, company secretary, chief executive
officer, chief financial officer, chief development officer, controller or chief legal officer of such Person.

 

“Restricted
Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class
of stock of Holdings, the Issuer or any of their respective Subsidiaries now or hereafter outstanding, except a dividend payable
solely in shares of stock to the holders of that class (other than Disqualified Equity Interests); (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock
of Holdings or the Issuer or any of their respective Subsidiaries now or hereafter outstanding; (iii) any payment made to retire,
or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of Holdings,
the Issuer or any of their respective Subsidiaries; (iv) management or similar fees payable to any holders of Equity Interests
in Holdings, other than directors’ fees or other compensation payable to the management of Holdings in the ordinary course
of business; and (v) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement,
defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to (A) any Subordinated Indebtedness,
and (B) any Earn Out Indebtedness.

 

“Revolving Credit
Facility” means the revolving credit facility pursuant to that certain Revolving Facility Agreement dated as of August
13, 2018 by and between the Issuer, the Guarantors and Lloyds Bank plc.

 

“S&P”
means Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc.

 

“Sanctioned
Country” means, at any time, a country or territory which is the subject or target of any comprehensive Sanctions that
broadly prohibit or restrict dealings in, with or involving such country or territory.

 

“Sanctioned
Person” means any Person that is: (i) identified on a Sanctions List; (ii) domiciled, organized or resident in a Sanctioned
Country; (iii) owned or controlled by, or acting for or on behalf of, directly or indirectly, any Person described in the foregoing
clauses (i) or (ii); or (iv) otherwise the subject or target of Sanctions.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Sanctions Authority.

 

“Sanctions Authority”
means: (a) the U.S. government, including OFAC and the U.S. Department of State; (b) the United Nations Security Council; (c) the
European Union and each of its member states; (d) the United Kingdom, including the Office of Financial Sanctions Implementation
of Her Majesty’s Treasury; and (e) any other relevant national or supra-national Governmental Authority.

 

“Sanctions List”
means any Sanctions-related list of designated Persons maintained by any Sanctions Authority, including, without limitation, the
Specially Designated Nationals and Blocked Persons List maintained by OFAC.

 

“SEC”
means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Parties”
has the meaning assigned to that term in the Security Agreements.

 

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“Securities”
means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to
subscribe to, purchase or acquire, any of the foregoing.

 

“Securities
Account” as defined in the UCC.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Security Agreements”
means the UK Security Documents, Gibraltar Security Documents, and the U.S. Security Documents, as they may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time.

 

“Solvency Certificate”
means a Solvency Certificate of the chief financial officer of Holdings substantially in the form of Exhibit F-2.

 

“Solvent”
means that as of the date of determination, both (i) (a) the sum of Holdings and its Subsidiaries (on a consolidated basis) debt
(including contingent liabilities) does not exceed the present fair saleable value of Holdings and its Subsidiaries (on a consolidated
basis) present assets; (b) Holdings and its Subsidiaries (on a consolidated basis) capital is not unreasonably small in relation
to its business as contemplated on the Closing Date and reflected in the Projections or with respect to any transaction contemplated
to be undertaken after the Closing Date; and (c) Holdings and its Subsidiaries (on a consolidated basis) have not incurred and
do not intend to incur, or believe (nor should it reasonably believe) that they will incur, debts beyond their ability to pay such
debts as they become due (whether at maturity or otherwise); and (ii) Holdings and its Subsidiaries (on a consolidated basis) are
“solvent” within the meaning given that term and similar terms under the Bankruptcy Code and other applicable laws
relating to fraudulent transfers and conveyances or the insolvency law of any Credit Party’s jurisdiction of organization.
For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light
of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an
actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement
of Financial Accounting Standards No. 5).

 

“Spares”
means replacement components, inputs and parts relating to any Machine.

 

“Specified
Hedging Agreement” means any Hedging Agreement entered into between any Credit Party and a counterparty
that has duly acceded to the Intercreditor Agreement in accordance with the terms thereof (a
“Specified Hedging Counterparty”), including the Nomura Hedging Agreement. 

 

“Subject
Transaction” means any Investment that results in a Person becoming
a Subsidiary, any Permitted Acquisition, any Disposition that results in a Subsidiary of Holdings ceasing to be a Subsidiary of
Holdings , any Disposition of a business unit, line of business or division of Holdings or any of its Subsidiaries or any incurrence
or repayment of Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course
of business for working capital purposes) or Restricted Payment that by the terms of this Agreement requires such test to be calculated
on a “Pro Forma Basis” or subject to “Pro Forma Compliance.”

 

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“Subordinated
Indebtedness” means any unsecured Indebtedness incurred by the Issuer or any Guarantor Subsidiary that is expressly subordinated
in right of payment to the Obligations on terms reasonably acceptable to the Note Agent.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees
or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of
that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by
another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to
be outstanding.

 

“Supplier”
as defined in Section 2.17(h)(ii).

 

“Swap Obligation”
as defined in the definition of “Excluded Swap Obligation”.

 

“Tax”
means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding, including backup withholding
(together with interest, penalties and other additions thereto) of any nature imposed by any Governmental Authority.

 

“Terminated
Purchaser” as defined in Section 2.20.

 

“Test
Period” means, as of any date of determination, the four consecutive
fiscal quarters of the Issuer ending on or most recently ended as of such date of determination for which financial statements
have been or are required to be delivered pursuant to Sections 5.1(b) and 5.1(c), as applicable.

 

“TISE”
means the International Stock Exchange of the Channel Islands.

 

“Title Policy”
as defined in Section 5.11(d)(iii).

 

“Total Leverage
Ratio” means, as of any date of determination, the ratio of (i) the sum of (A) Consolidated Total Debt as of such date
to (ii) Consolidated Adjusted EBITDA for the Test Period.

 

“Trademarks”
as defined in the Security Agreements.

 

“Type of Credit
Extension” means, with respect to any credit extension evidence by the Notes, a Base Rate Credit Extension or a Eurodollar
Rate Credit Extension.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.

 

“UK Collateral
Agreement” shall mean the England and Wales law governed all asset debenture, dated as of the Closing Date as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, entered into between each UK Credit Party
and the Collateral Agent substantially in the form of Exhibit H.

 

“UK Credit Party”
shall mean each Credit Party that is incorporated or organized under the laws of England and Wales.

 

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“UK Share Charge
Agreement” shall mean each England and Wales law governed charge over shares, each as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, entered into by the shareholder of each UK Credit Party charging
the Equity Interests of such UK Credit Party in favor of the Collateral Agent.

 

“UK Security
Documents” shall mean each agreement or instrument governed by the laws of England and Wales (including without limitation
the UK Collateral Agreement and each UK Share Charge Agreement) pursuant to or in connection with which any Credit Party grants
a security interest in any Collateral for any of the Obligations, which agreements or instruments shall have terms that are consistent
with the Guaranteed Obligations, each as amended, restated, amended and restated, supplemented or otherwise modified from time
to time.

 

“Unmatured Surviving
Obligation” as defined in the definition of “Paid in Full” or “Payment in Full”.

 

“U.S.”
or “United States” means the United States of America.

 

“U.S. Credit
Party” shall mean each Credit Party that is incorporated or organized under the laws of the United States.

 

“U.S.
Gaming” means Inspired Gaming USA Inc.

 

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

 

“U.S. Security
Agreement” shall mean the U.S. law governed all asset security agreement, dated as of the Closing Date, entered into
between each of the U.S. Credit Parties, each direct parent of a U.S. Credit Party and the Collateral Agent, as amended, restated,
amended and restated, supplemented or otherwise modified from time to time.

 

“U.S. Security
Documents” shall mean each agreement or instrument governed by the laws of the U.S. (including the U.S. Security Agreement)
pursuant to or in connection with which any Credit Party grants a security interest in any Collateral for any of the Obligations,
each as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“VAT”
means (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax
as amended (Directive 2006/112/EC), and (b) any other tax of a similar nature, whether imposed in a member state of the European
Union in substitution for, or levied in addition to, such tax referred to in (a) or elsewhere.

 

“VAT Refund
Share” means the share of any credit, repayment or refund of VAT obtained by any customer of the Issuer or any Affiliate
of the Issuer to which the Issuer is entitled and which the Issuer has received.

 

“Withholding
Agent” means the Issuer and the Note Agent.

 

“Waivable Mandatory
Prepayment” as defined in Section 2.12(c).

 

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1.2       Accounting
Terms. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings
assigned to them in conformity with GAAP. As used in this Agreement, “Net Cash Provided by Operating Activities”,
“Cash Paid During the Period for Income Taxes” and “Cash Paid During the Period for Interest” shall refer
to “Net Cash Provided by Operating Activities”, “Cash Paid During the Period for Income Taxes” and “Cash
Paid During the Period for Interest” as each such amount is set forth in the consolidated financial statements of Holdings
for the relevant Test Period and delivered pursuant to Section 5.1(b) and 5.1(c), which amounts shall be determined (x) in accordance
with GAAP as in effect at the time of such determination, (y) consistent with past practices and (z) applying the same terms and
methodology under which such amounts and any applicable component amounts were determined in the Historical Financial Statements,
it being understood that, subject to the other provisions of this Section 1.2, if any change in GAAP requires a modification in
the determination of such amounts in a manner that results in non-compliance with clauses (y) or (z), then such modification shall
be permitted hereunder solely to the extent required in order for such determinations to be in compliance with GAAP, as in effect
at the time of such determination. Financial statements and other information required to be delivered by Holdings to the Purchasers
pursuant to Section 5.1(b) and 5.1(c) shall be prepared in accordance with GAAP as in effect at the time of such preparation (and
delivered together with the reconciliation statements provided for in Section 5.1(e), if applicable). If any change in GAAP results
in a change in the calculation of the financial covenants or interpretation of related provisions of this Agreement or any other
Credit Document, then if either Issuer or the Requisite Purchasers shall request an amendment to such provisions of this Agreement,
then the Issuer, the Note Agent and the Requisite Purchasers agree to negotiate an amendment to such provisions of this Agreement
so as to equitably reflect such changes in GAAP with the desired result that the criteria for evaluating the Issuer’s financial
condition shall be the same after such change in GAAP as if such change had not been made; provided that no change in the accounting
principles used in the preparation of any financial statement hereafter adopted by Holdings shall be given effect for purposes
of measuring compliance with financial covenants, unless the Issuer and the Requisite Purchasers agree to modify such provisions
to reflect such changes in GAAP and, unless such provisions are modified, all financial statements provided hereunder shall be
provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect
to such change in GAAP. Until the Issuer and the Requisite Purchasers have agreed to any amendment referred to in the prior sentence,
calculations in connection with the definitions, covenants and other provisions hereof shall utilize accounting principles and
policies in conformity with those used to prepare the financial statements prior to the applicable change in GAAP. Notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards
Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to
value any Indebtedness or other liabilities of the Issuer or any Subsidiary at “fair value”, as defined therein and
(ii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or
any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such
Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall
at all times be valued at the full stated principal amount thereof. Notwithstanding any other provision contained herein or in
the other Note Documents, any operating lease shall not be treated as a Capital Lease for any purpose and shall continue to be
treated as an operating (and any future operating lease, if it was in effect on the date hereof, that would be treated as an operating
lease for purposes of GAAP as of the date hereof shall be treated as an operating lease), in each case, for all purposes of this
Agreement, notwithstanding any actual or proposed change in GAAP after the date hereof. For purposes of determining compliance
with Section 6.7, the principal amount of the Notes outstanding at any time shall be calculated using a spot rate of exchange
in effect for exchanging U.S. Dollars into Pounds Sterling, with such spot rate of exchange being determined and agreed in writing
by the Issuer and the Purchaser at or prior to 5:00 p.m. (New York time) on the Closing Date. 

 

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1.3       Interpretation,
Etc. Any of the terms defined herein may, unless the context otherwise requires,
be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit
shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided.
The use herein of the word “include” or “including”, when following any general statement, term or matter,
shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following
such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but
not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other
items or matters that fall within the broadest possible scope of such general statement, term or matter. The terms lease and license
shall include sub-lease and sub-license, as applicable. Except as otherwise expressly provided herein, any reference in this Agreement
to any Credit Document shall mean such document as amended, restated, amended and restated, supplemented or otherwise modified
from time to time.

 

1.4       Pro
Forma Calculations

 

(a)       Notwithstanding
anything to the contrary herein, the Total Leverage Ratio shall be calculated in the manner prescribed by this Section 1.4. When
calculating the Total Leverage Ratio, any events described in this Section 1.4 that occurred subsequent to the end of the applicable
Test Period shall not be given pro forma effect.

 

(b)       For
purposes of calculating the Total Leverage Ratio, Subject Transactions (other than any incurrence or repayment of any Indebtedness)
that have been made during the applicable Test Period shall be calculated on a pro forma basis assuming that all such Subject Transactions
(and any increase or decrease in Consolidated Adjusted EBITDA and the component financial definitions used therein attributable
to any Subject 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 Subsidiary of the Issuer or was merged, amalgamated or consolidated with or into
any Subsidiary of the Issuer since the beginning of such Test Period shall have made any Subject Transaction that would have required
adjustment pursuant to this Section 1.4, then the Total Leverage Ratio shall be calculated to give pro forma effect thereto in
accordance with this Section 1.4.

 

(c)       In
the event that the Issuer or any Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption,
repayment, retirement or extinguishment) any Indebtedness (including in a connection with any Subject Transaction) included in
the calculations of the Total Leverage Ratio (in each case, other than Indebtedness incurred or repaid under any revolving credit
facility in the ordinary course of business for working capital purposes), during the applicable Test Period, then the Total Leverage
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 the last day of the applicable Test Period.

 

(d)       Pro
forma calculations made pursuant to this Section 1.4 shall be made in good faith by an Authorized Officer of Holdings.

 

SECTION
2. ISSUANCE AND SALE OF NOTES; PAYMENTS

 

2.1       Issuance
and Sale of Notes.

 

(a)       Authorization
and Commitments. The Issuer has authorized the issue and sale of Notes in the aggregate principal amount of $140,000,000.

 

Subject to the terms
and conditions hereof, each Purchaser severally agrees to purchase, on the Closing Date, notes issued by the Issuer in an amount
equal to such Purchaser’s Commitment.

 

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Any notes issued under
this Section 2.1(a) and subsequently redeemed, repaid or prepaid may not be reissued. Subject to Sections 2.8, 2.9(a) and 2.10,
all amounts owed hereunder with respect to the Notes shall be Paid in Full no later than the Maturity Date. Each Purchaser’s
Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such
Purchaser’s Commitment on such date.

 

(b)       Purchasing
Mechanics for Notes.

 

(i)       The
Issuer shall deliver to the Note Agent a fully executed Purchase Notice no later than three (3) Business Days prior to the Closing
Date (or such shorter period as may be acceptable to the Note Agent). Promptly upon receipt by the Note Agent of such Purchase
Notice, the Note Agent shall notify each Purchaser of the proposed purchase of Notes.

 

(ii)       Each
Purchaser shall make its funds available to the Note Agent not later than 11:00 a.m. (New York City time) one Business Day prior
to the Closing Date, by wire transfer of same day funds in Dollars, to the Escrow Account, and the Note Agent shall confirm that
the Escrow Agent is in receipt of all requested funds. Upon confirmation from the Purchasers to the Note Agent of the satisfaction
or waiver of the conditions precedent specified herein, and confirmation by the Note Agent that the Escrow Agent has received all
requested funds, the Note Agent shall direct the Escrow Agent to make the proceeds of the purchased Notes available to the Issuer
not later than 7:00 a.m. (New York City time) on the Closing Date by causing an amount of same day funds in Dollars equal to the
proceeds of all such purchased Notes received by the Note Agent from the Purchasers to be wired to the Issuer in accordance with
the Purchase Notice and the funds flow attached thereto.

 

2.2       Pro
Rata Shares; Availability of Funds.

 

(a)       Pro
Rata Shares. All Notes shall be purchased, and all participations therein shall be purchased, by the Purchasers simultaneously
and proportionately to their respective Pro Rata Shares, it being understood that no Purchaser shall be responsible for any default
by any other Purchaser in such other Purchaser’s obligation to purchase a Note pursuant to a request hereunder nor shall
any Commitment of any Purchaser be increased or decreased as a result of a default by any other Purchaser in such other Purchaser’s
obligation to purchase a Note pursuant to a request hereunder or purchase a participation required hereby.

 

(b)       Availability
of Funds. Unless the Note Agent shall have been notified in writing by any Purchaser prior to the Purchase Date that such Purchaser
does not intend to make available to the Note Agent, the amount of such Purchaser’s Commitment requested on the Purchase
Date, the Note Agent may assume that such Purchaser has made such amount available to the Note Agent on the Purchase Date and the
Note Agent may, in its sole discretion, but shall not be obligated to, make available to the Issuer a corresponding amount on the
Purchase Date. If such corresponding amount is not in fact made available to the Note Agent by such Purchaser, the Note Agent shall
be entitled to recover such corresponding amount on demand from such Purchaser together with interest thereon, for each day from
the Purchase Date until the date such amount is paid to the Note Agent at the Base Rate. If such Purchaser does not pay such corresponding
amount forthwith upon the demand of the Note Agent, the Note Agent shall promptly notify the Issuer and the Issuer shall immediately
pay such corresponding amount to the Note Agent, together with interest thereon, for each day from the Purchase Date until the
date such amount is paid to the Note Agent at the rate payable hereunder for Base Rate Credit Extensions. Nothing in this Section
2.2(b) shall be deemed to relieve any Purchaser from its obligation to fulfill its Commitments hereunder or to prejudice any rights
that the Issuer may have against any Purchaser as a result of any default by such Purchaser hereunder.

 

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2.3       Use
of Proceeds. The proceeds of the Notes issued on the Closing Date shall be applied by the Issuer to fund, in part, the Refinancing
Transactions. No part of the proceeds from the Notes issued hereunder constitutes or will constitute funds obtained on behalf
of any Sanctioned Person or will otherwise be used by the Issuer or any of its Affiliates, directly or indirectly, (i) in connection
with any investment in, or any transactions or dealings with, any Sanctioned Person, or (ii) otherwise in violation of applicable
Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions.

 

2.4       Evidence
of Debt; Register; Purchasers’ Books and Records; Notes.

 

(a)       Purchasers’
Evidence of Debt. Each Purchaser shall maintain on its internal records an account or accounts evidencing the Obligations of
the Issuer to such Purchaser, including the amounts of the Notes purchased by it and each redemption, repayment and prepayment
in respect thereof. Any such recordation shall be conclusive and binding on the Issuer, absent manifest error; provided, that the
failure to make any such recordation, or any error in such recordation, shall not affect the Issuer’s Obligations in respect
of any applicable Notes; and provided further, in the event of any inconsistency between the Register and any Purchaser’s
records, the recordations in the Register shall govern.

 

(b)       Register.
The Note Agent (or its agent or sub-agent appointed by it), as a non-fiduciary agent of the Issuer, shall maintain at its Principal
Office a register for the recordation of the names and addresses of the Purchasers and Notes (including both principal and stated
interest) issued to each Purchaser from time to time (the “Register”). There shall be no more than one Purchaser
for each Note, including all beneficial interests therein. The Register shall be available for inspection by the Issuer or any
Purchaser (with respect to (i) any entry relating to such Purchaser’s Notes and (ii) the identity of the other Purchasers
(but not any information with respect to such other Purchasers’ Notes)) at any reasonable time and from time to time upon
reasonable prior written notice. The Note Agent shall record, or shall cause to be recorded, in the Register the Notes in accordance
with the provisions of Section 10.6, and each redemption, repayment or prepayment in respect of the principal amount of the Notes,
and any such recordation shall be conclusive and binding on the Issuer and each Purchaser, absent manifest error; provided that
failure to make any such recordation, or any error in such recordation, shall not affect the Issuer’s Obligations in respect
of any Note. The Issuer hereby designates the Note Agent to serve as the Issuer’s non-fiduciary agent solely for purposes
of maintaining the Register as provided in this Section 2.4, and the Issuer hereby agrees that, to the extent the Note Agent serves
in such capacity, the Note Agent and its officers, directors, employees, agents, sub-agents and affiliates shall constitute “Agent
Indemnitees.” Upon its receipt of a duly completed Assignment Agreement, all requested “know your customer” documentation”,
and the processing and registration fee referred to in Section 10.6, the Note Agent shall accept such Assignment Agreement and
record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this Section 2.4.

 

(c)       Notes,
Terms of Notes and Form of Legend. (i) Each Note issued on the Closing Date shall be in the form of Exhibit B hereto. The Notes
shall be executed on behalf of the Issuer by a director. The signature of any director on the Notes may be manual or facsimile.
Notes bearing the manual or facsimile signatures of individuals who were at any time the proper directors of the Issuer shall bind
the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of such Notes.

 

(ii)       The
Notes shall bear interest on their principal amount and overdue interest as provided therein and as otherwise provided in this
Agreement, with a stated maturity as provided therein and as otherwise provided in this Agreement. The Notes shall be issuable
only in registered form without coupons and only in denominations of $5,000,000 and any integral multiples of $1,000,000 in excess
thereof.

 

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(iii)       Unless
otherwise permitted by this Agreement, every Note issued and delivered hereunder shall bear a legend in substantially the following
form:

 

THE SECURITY
REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE
A REGISTRATION STATEMENT IS IN EFFECT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS. THE HOLDER OF THIS SECURITY IS SUBJECT TO THE TERMS OF THE NOTE PURCHASE AGREEMENT AND GUARANTY, DATED AS
OF AUGUST 13, 2018 (THE “NOTE PURCHASE AGREEMENT”), AMONG GAMING ACQUISITIONS LIMITED (THE “ISSUER”), INSPIRED
ENTERTAINMENT INC. (“HOLDINGS”), THE PURCHASERS NAMED THEREIN (THE “PURCHASERS”) AND CORTLAND CAPITAL MARKET
SERVICES LLC (THE “NOTE AGENT AND COLLATERAL AGENT”). A COPY OF SUCH NOTE PURCHASE AGREEMENT IS AVAILABLE AT THE OFFICES
OF THE ISSUER.

 

The legend set forth
above shall be removed and the Issuer shall upon return of the prior Note issue a Note without such legend to the holder of the
Notes upon which it is stamped, if, unless otherwise required by state securities laws, (A) upon a resale of such Notes that is
registered under the Securities Act, or (B) in connection with a sale, assignment or other transfer, in which such holder provides
the Issuer with an opinion of counsel, in a form reasonably acceptable to the Issuer, to the effect that such sale, assignment
or transfer of the Notes may be made without registration under the applicable requirements of the Securities Act in reliance upon
Regulation S, Rule 144 or Rule 144A or another available exemption.

 

(d)       Mutilated,
Destroyed, Lost and Stolen Notes.

 

(i)         If
any mutilated Note is surrendered to the Issuer, the Issuer shall execute and deliver in exchange therefor a new Note of the same
principal amount and bearing a number not contemporaneously outstanding. If there shall be delivered to the Issuer (a) evidence
to its satisfaction of the destruction, loss or theft of any Note and (b) such security or indemnity as may be required by it to
save each of it and any of the Purchasers harmless, then, in the absence of notice that such Note has been acquired by a bona fide
purchaser, the Issuer shall execute and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of a like principal
amount and bearing a number not contemporaneously outstanding.

 

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

 

(iii)       Upon
the issuance of any new Note pursuant to this Section 2.4(d), the Issuer may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith.

 

(iv)       Every
new Note issued pursuant to this Section 2.4(d) in lieu of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Notes duly issued
hereunder.

 

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(v)       The
provisions of this Section 2.4(d) are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 

(e)       Persons
Deemed Owners. Prior to due presentment of a Note for registration of transfer, the Issuer and any of the Purchasers may treat
the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of
and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer nor
any the Purchasers shall be affected by notice to the contrary.

 

(f)       Cancellation.
All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than
the Issuer, be delivered to the Issuer and shall be promptly cancelled by it. The Issuer shall cancel any Notes previously issued
and delivered hereunder which the Issuer may have reacquired.

 

(g)       Home
Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained
in this Agreement or such Note to the contrary, the Issuer shall pay all sums becoming due on such Note for principal, premium,
if any, and interest in accordance with this Agreement, without the presentation or surrender of such Note or the making of any
notation thereon, except that upon written request of the Issuer made concurrently with or reasonably promptly after payment or
redemption in full of any Note, such Issuer shall surrender such Note for cancellation reasonably promptly after any such request
to the Issuer at its principal executive office. Prior to any sale or other disposition of any Note held by such Purchaser or its
nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to
which interest has been paid thereon or surrender such Note to the Issuer in exchange for a new Note or Notes. The Issuer shall
afford the benefits of this Section 2.4(g) to any Institutional Investor that is the direct or indirect transferee of any
Note purchased by such Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser
made in this Section 2.4(g).

 

2.5       Interest
on Notes.

 

(a)       Except
as otherwise set forth herein, the Notes shall bear interest on the unpaid principal amount thereof from the date issued through
redemption (whether by acceleration or otherwise) thereof as follows:

 

(i)        if
a Base Rate Credit Extension, at the Base Rate plus the Applicable Margin; or

 

(ii)       if
a Eurodollar Rate Credit Extension, at the Adjusted Eurodollar Rate plus the Applicable Margin.

 

(b)       The
basis for determining the rate of interest shall be selected by the Issuer and notified to each Agent and the Purchasers pursuant
to the Purchase Notice or applicable Conversion/Continuation Notice, as the case may be.

 

(c)       In
connection with Eurodollar Rate Credit Extensions there shall be no more than three (3) Interest Periods outstanding at any time.
In the event the Issuer fails to specify between a Base Rate Credit Extension or a Eurodollar Rate Credit Extension in the applicable
Purchase Notice or Conversion/Continuation Notice, such credit extension (if outstanding as a Eurodollar Rate Credit Extension)
will be automatically continued as a Eurodollar Rate Credit Extension on the last day of then-current Interest Period for such
credit extension (or if outstanding as a Base Rate Credit Extension will remain as, or (if not then outstanding) will be made as,
a Base Rate Credit Extension). The Note Agent shall, promptly on each Interest Rate Determination Date, determine (which determination
shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the Eurodollar
Rate Credit Extensions for which an interest rate is then being determined for the applicable Interest Period and shall promptly
give notice thereof (in writing) to the Issuer and each Purchaser holding Notes.

 

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(d)       Interest
payable pursuant to Section 2.5(a) shall be computed (i) in the case of Base Rate Credit Extensions on the basis of a 365-day or
366-day year, as the case may be, and (ii) in the case of Eurodollar Rate Credit Extensions, on the basis of a 360-day year, in
each case for the actual number of days elapsed in the period during which it accrues. In computing interest on any Note, the date
of the original issuance of such Note or the first day of an Interest Period applicable to any Eurodollar Rate Credit Extension
or Base Rate Credit Extension, the last Interest Payment Date with respect to such Eurodollar Rate Credit Extension or Base Rate
Credit Extension or, with respect to a Base Rate Credit Extension being converted from a Eurodollar Rate Credit Extension, the
date of conversion of such Eurodollar Rate Credit Extension to such Base Rate Credit Extension, as the case may be, shall be included,
and the date of payment with respect to such Eurodollar Rate Credit Extension or Base Rate Credit Extension or the expiration date
of an Interest Period applicable to such Eurodollar Rate Credit Extension or Base Rate Credit Extension or, with respect to a Base
Rate Credit Extension being converted to a Eurodollar Rate Credit Extension, the date of conversion of such Base Rate Credit Extension
to such Eurodollar Rate Credit Extension, as the case may be, shall be excluded; provided, if a Eurodollar Rate Credit Extension
or Base Rate Credit Extension is redeemed or repaid on the same day on which it is made, one day’s interest shall be paid
on that Eurodollar Rate Credit Extension or Base Rate Credit Extension.

 

(e)       Except
as otherwise set forth herein, interest on each Eurodollar Rate Credit Extension and each Base Rate Credit Extension (i) shall
accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to
each such payment date; (ii) shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Eurodollar
Rate Credit Extension or Base Rate Credit Extension, whether voluntary or mandatory, to the extent accrued on the amount being
prepaid; and (iii) shall accrue on a daily basis and shall be payable in arrears at maturity of the Notes, including final maturity
of the Notes; provided, however, with respect to any voluntary prepayment of a Base Rate Credit Extension, accrued interest shall
instead be payable on the applicable Interest Payment Date.

 

2.6       Conversion/Continuation.

 

(a)       Subject
to Section 2.15 and so long as no Event of Default shall have occurred and then be continuing and neither the Note Agent nor the
Requisite Purchasers have otherwise delivered a written notice to the Issuer to the contrary, the Issuer shall have the option:

 

(i)       to
convert at any time all or any part of any Note equal to $2,000,000 and integral multiples of $500,000 in excess of that amount
from one Type of Credit Extension to another Type of Credit Extension; provided, a Eurodollar Rate Credit Extension may only be
converted on the expiration of the Interest Period applicable to such Eurodollar Rate Credit Extension unless the Issuer shall
pay all amounts due under Section 2.15 in connection with any such conversion; or

 

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(ii)        upon
the expiration of any Interest Period applicable to any Eurodollar Rate Credit Extension, to continue all or any portion of such
credit extension equal to $2,000,000 and integral multiples of $500,000 in excess of that amount as a Eurodollar Rate Credit Extension.

 

(b)       The
Issuer shall deliver a Conversion/Continuation Notice to the Note Agent no later than 10:00 a.m. (New York City time) at least
one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Credit Extension) and at
least three Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation
of, a Eurodollar Rate Credit Extension). Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to,
or continuation of, any Eurodollar Rate Credit Extensions shall be irrevocable on and after the related Interest Rate Determination
Date, and the Issuer shall be bound to effect a conversion or continuation in accordance therewith. If on any day a Eurodollar
Rate Credit Extension or Base Rate Credit Extension is outstanding with respect to which a Purchase Notice or Conversion/Continuation
Notice has not been delivered to the Note Agent in accordance with the terms hereof specifying the applicable basis for determining
the rate of interest, then for that day such credit extension shall be a Base Rate Credit Extension.

 

2.7       Default
Interest. Upon the occurrence and during the continuance of an Event of Default, the principal amount of all Notes and other
Obligations outstanding and, to the extent permitted by applicable law, any interest payments on the Notes or any fees or other
amounts owed hereunder, shall thereafter, after as well as before judgment, bear interest (including post-petition interest in
any proceeding under Debtor Relief Laws) payable on demand at a rate that is 2.0% per annum in excess of the interest rate
otherwise payable hereunder with respect to the applicable Notes (or, in the case of any such fees and other amounts, at a rate
which is 2.0% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Credit Extensions); provided,
in the case of Eurodollar Rate Credit Extensions, upon the expiration of the Interest Period in effect at the time any such increase
in interest rate is effective such Eurodollar Rate Credit Extensions shall thereupon become Base Rate Credit Extensions and shall
thereafter bear interest payable upon demand at a rate which is 2.0% per annum in excess of the interest rate otherwise
payable hereunder for Base Rate Credit Extensions so long as the Issuer shall have received written notice of such increased rate
from the Note Agent or the Required Purchasers (it being understood that, in the case of an Event of Default described in Section
8.1(f) or 8.1(g), such increased rate shall be effective immediately and without requirement of any notice); provided, further,
that the effective date of any increased interest rate provided for in this Section 2.7 may if specified in such notice, notwithstanding
the date of any applicable notice, be retroactive to the first date on which such Event of Default occurred. Payment or acceptance
of the increased rates of interest provided for in this Section 2.7 is not a permitted alternative to timely payment and shall
not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Note Agent or any
Purchaser.

 

2.8       Repayment
of the Notes. The outstanding principal amount of the Notes, together with all other amounts owed hereunder with respect thereto,
shall be Paid in Full no later than the Maturity Date.

 

2.9       Voluntary
Prepayments.

 

(a)       At
any time and from time to time:

 

(b)       with
respect to Base Rate Credit Extensions, the Issuer may prepay any such credit extension on any Business Day in whole or in part,
in an aggregate minimum amount of $2,000,000 and integral multiples of $500,000 in excess of that amount; and

 

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(c)       with
respect to Eurodollar Rate Credit Extensions, the Issuer may prepay any such credit extensions on any Business Day in whole or
in part in an aggregate minimum amount of $2,000,000 and integral multiples of $500,000 in excess of that amount.

 

(d)       All
such prepayments shall be made:

 

(i)        upon
not less than one Business Day’s prior written notice in the case of Base Rate Credit Extensions; and

 

(ii)       upon
not less than three Business Days’ prior written notice in the case of Eurodollar Rate Credit Extensions;

 

in each case given to the Note Agent by
12:00 p.m. (New York City time) on the date required. Upon the giving of any such notice, the principal amount of the Notes specified
in such notice shall become due and payable on the prepayment date specified therein. Any such voluntary prepayment pursuant to
this Section 2.9 shall be applied as specified in Section 2.12(a) and be subject to Section 2.11.

 

2.10       Mandatory
Prepayments

 

(a)       Asset
Sales. Not later than the fifth Business Day following the date of receipt by Holdings or any of its Subsidiaries of any Net
Asset Sale Proceeds, the Issuer shall prepay the Notes in an aggregate amount equal to such Net Asset Sale Proceeds; provided,
so long as no Default or Event of Default shall have occurred and be continuing and (ii) to the extent that aggregate Net Asset
Sale Proceeds from the Closing Date through the applicable date of determination do not exceed $1,000,000, the Issuer shall have
the option, directly or through one or more of its Subsidiaries, to invest such Net Asset Sale Proceeds within one hundred eighty
(180) days of receipt thereof (or legally committed to be applied within 180 days after receipt and actually applied within 365
days of receipt thereof) in long-term productive assets of the general type (including capitalized software) used or useful in
the business of Holdings and its Subsidiaries.

 

(b)       Insurance/Condemnation
Proceeds. Not later than the fifth Business Day following the date of receipt by Holdings or any of its Subsidiaries, or the
Note Agent as loss payee, of any Net Insurance/Condemnation Proceeds, the Issuer shall prepay the Notes in an aggregate amount
equal to such Net Insurance/Condemnation Proceeds; provided, (i) so long as no Default or Event of Default shall have occurred
and be continuing and (ii) to the extent that aggregate Net Insurance/Condemnation Proceeds` from the Closing Date through the
applicable date of determination do not exceed $1,000,000, the Issuer shall have the option, directly or through one or more of
its Subsidiaries to invest such Net Insurance/Condemnation Proceeds within (180) days of receipt thereof (or legally committed
to be applied within 180 days after receipt and actually applied within 365 days of receipt thereof) in long term productive assets
of the general type (including capitalized software) used or useful in the business of Holdings and its Subsidiaries, which investment
may include the repair, restoration or replacement of the applicable assets thereof.

 

(c)       [Reserved]

 

(d)       Issuance
of Debt. Within one (1) business day of the date of receipt by Holdings or any of its Subsidiaries of any Cash proceeds from
the incurrence of any Indebtedness of Holdings or any of its Subsidiaries (other than with respect to any Indebtedness permitted
to be incurred pursuant to Section 6.1), the Issuer shall prepay the Notes in an aggregate amount equal to 100% of such proceeds,
net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable
legal fees and expenses.

 

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(e)       Excess
Cash Flow. In the event that there shall be Consolidated Excess Cash Flow for any Fiscal Year, commencing with the Fiscal Year
ending September 30, 2019 (or the period from October 1, 2018 to December 31, 2019 if a Fiscal Year change is made pursuant to
Section 6.16 prior to December 31, 2019), the Issuer shall, within 5 Business Days following the date on which financial statements
are required to be delivered pursuant to Section 5.1(c) with respect to such Fiscal Year, prepay the Notes in an aggregate amount
equal to 50% of such Consolidated Excess Cash Flow (provided that (i) such prepayment percentage shall be 25% if, as of the last
day of the most recently ended Fiscal Year, the Total Leverage Ratio (determined for any such period by reference to the Compliance
Certificate delivered pursuant to Section 5.1(d) calculating the Total Leverage Ratio as of the last day of such Fiscal Year) shall
be 2.5:1.00 or less, but greater than 2.0:1.00, and (ii) no such prepayment shall be required by this clause (e) if the foregoing
Total Leverage Ratio as of the last day of such Fiscal Year shall be 2.0:1.00 or less) minus voluntary repayments of the Notes
made during such Fiscal Year and (without duplication of amounts deducted in prior years) after the end of such Fiscal Year and
prior to the date of such Consolidated Excess Cash Flow prepayment with Internally Generated Cash.

 

(f)       [Reserved]

 

(g)       Prepayment
Certificate. Concurrently with any prepayment of the Notes pursuant to Sections 2.10(a) through 2.10(e), the Issuer shall deliver
to the Note Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of the applicable net proceeds
or Consolidated Excess Cash Flow, as the case may be and specifying the applicable subsection of this Section 2.10 pursuant to
which such prepayment is being made. In the event that the Issuer shall subsequently determine that the actual amount received
exceeded the amount set forth in such certificate, the Issuer shall promptly make an additional prepayment of the Notes in an amount
equal to such excess, and the Issuer shall concurrently therewith deliver to the Note Agent a certificate of an Authorized Officer
demonstrating the derivation of such excess.

 

(h)       Application.
Any such prepayments pursuant to this Section 2.10 shall be applied as specified in Section 2.12(b) and be subject to Section 2.11.

 

2.11       Prepayment
Premium and Exit Premium. (a) In the event that all or any portion of the Notes is redeemed, repaid or prepaid for any reason
(including as a result of any mandatory prepayments, voluntary prepayments, payments made following acceleration of the Notes
or after an Event of Default but excluding payments of the purchase price in connection with an assignment of any Notes made pursuant
to Section 2.20(b)) prior to the Maturity Date, such repayments or prepayments will be made together with a premium equal to 3.00%
of the amount repaid or prepaid provided, that solely to the extent that any such repayment or prepayment is made by the Issuer
using the proceeds of a VAT Refund Share within 10 days of receipt by Holdings or its applicable Subsidiary of such proceeds of
a VAT Refund Share, such repayment or prepayment shall be made (A) at par and without premium, if such repayment or prepayment
occurs on or prior to the date that is six (6) months following the Closing Date, (B) together with a premium equal to 1.00% of
the amount repaid or prepaid, if such repayment or prepayment occurs after the date that is six (6) months following the Closing
Date but on or prior to the first anniversary of the Closing Date, (C) together with a premium equal to 2.00% of the amount repaid
or prepaid, if such repayment or prepayment occurs after the first anniversary of the Closing Date but on or prior to the second
anniversary of the Closing Date (the foregoing premium, the “Prepayment Premium”); provided that the Prepayment
Premium shall not apply to mandatory prepayments by Issuer pursuant to Sections 2.10(b) and 2.10(e) and (b) upon the repayment
of all or any portion of the Notes on or after the Maturity Date, such repayment will be together with a premium equal to 3.00%
of the amount repaid (the foregoing premium, the “Exit Premium”). If the Notes are accelerated or otherwise
become due prior to their maturity date, in each case, as a result of an Event of Default (including upon the occurrence of a
bankruptcy or insolvency event (including the acceleration of claims by operation of law)), the amount of principal of and premium
on the Notes that becomes due and payable shall equal 100% of the aggregate principal amount of the Notes plus the Prepayment
Premium, as if such acceleration or other occurrence were a voluntary prepayment of the Notes accelerated or otherwise becoming
due, and, upon the Notes becoming due at the maturity date, the amount of principal of and premium on the Notes that becomes due
and payable shall equal 100% of the aggregate principal amount of the Notes plus the Exit Premium. Without limiting the
generality of the foregoing, it is understood and agreed that (1) if the Notes are accelerated or otherwise become due prior to
their maturity date, in each case, in respect of any Event of Default (including upon the occurrence of a bankruptcy or insolvency
event (including the acceleration of claims by operation of law)), the Prepayment Premium applicable with respect to a prepayment
of the Notes will also be due and payable on the date of such acceleration or such other prior due date as though the Notes were
voluntarily prepaid as of such date, (2) upon the Notes becoming due at the maturity date, the Exit Premium will also be due and
payable on such date and (3) the Prepayment Premium or Exit Premium, as the case may be, shall constitute part of the Obligations,
in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as
to a reasonable calculation of each Purchaser’s loss as a result thereof. Any premium payable above shall be presumed to
be the liquidated damages sustained by each Purchaser and the Issuer hereby agrees that it is reasonable under the circumstances
currently existing. THE ISSUER EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR
FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE PREPAYMENT PREMIUM OR THE EXIT PREMIUM IN CONNECTION
WITH ANY SUCH ACCELERATION OR WITH THE NOTES OTHERWISE BECOMING DUE. The Issuer expressly agrees (to the fullest extent it may
lawfully do so) that: (A) each of the Prepayment Premium and the Exit Premium is reasonable and is the product of an arm’s
length transaction between sophisticated business people, ably represented by counsel; (B) each of the Prepayment Premium and
the Exit 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 the Purchasers and the Issuer giving specific consideration in this transaction for such agreement
to pay the Prepayment Premium and the Exit Premium; and (D) the Issuer shall be estopped hereafter from claiming differently than
as agreed to in this paragraph.

 

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2.12       Application
of Prepayments.

 

(a)       Application
of Voluntary Prepayments. Any prepayment of the Notes pursuant to Section 2.9(a) shall be applied to reduce the outstanding
principal amount of the Notes.

 

(b)       Application
of Mandatory Prepayments. Any amount required to be paid pursuant to Sections 2.10(a) through 2.10(e) shall be applied to reduce
the outstanding principal amount of the Notes.

 

(c)       Waivable
Mandatory Prepayment. Anything contained herein to the contrary notwithstanding, so long as any Notes are outstanding, in the
event the Issuer is required to make any mandatory prepayment other than a prepayment required under Section 2.10(d) (a “Waivable
Mandatory Prepayment”) of the Notes, not less than five Business Days prior to the date (the “Required Prepayment
Date”) on which the Issuer is required to make such Waivable Mandatory Prepayment, the Issuer shall notify the Note Agent
of the amount of such prepayment, and the Note Agent will promptly thereafter notify each Purchaser holding an outstanding Note
of the amount of such Purchaser’s Pro Rata Share of such Waivable Mandatory Prepayment and such Purchaser’s option
to refuse such amount. Each such Purchaser may exercise such option by giving written notice to the Issuer and the Note Agent of
its election to do so on or before the third Business Day prior to the Required Prepayment Date (it being understood that any Purchaser
which does not notify the Issuer and the Note Agent of its election to exercise such option on or before the third Business Day
prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required
Prepayment Date, the Issuer shall pay to the Note Agent the amount of the Waivable Mandatory Prepayment, which amount shall (i)
be applied in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Purchasers that have elected
not to exercise such option, to prepay the Notes held by such Purchasers, and (ii) with respect to any remaining balance, be returned
to the Issuer (in which event the Issuer may use the proceeds for any purpose not prohibited by the Credit Documents).

 

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(d)       [Reserved].

 

(e)       Application
of Prepayments to Base Rate Credit Extensions and Eurodollar Rate Credit Extensions. Any prepayment of Notes shall be applied
first to Base Rate Credit Extensions to the full extent thereof before application to Eurodollar Rate Credit Extensions, in each
case in a manner which minimizes the amount of any payments required to be made by the Issuer pursuant to Section 2.15(c).

 

2.13       General
Provisions Regarding Payments.

 

(a)       All
payments by the Issuer of principal, interest, fees and other Obligations shall be made in Dollars in same day funds, without defense,
recoupment, set-off or counterclaim, free of any restriction or condition, and delivered to the Note Agent not later than 12:00
p.m. (New York City time) on the date due to the account designated in writing from time to time of the Note Agent for the account
of the Purchasers; for purposes of computing interest and fees, funds received by the Note Agent after that time on such due date
may (at the discretion of the Note Agent) be deemed to have been paid by the Issuer on the next succeeding Business Day.

 

(b)       All
payments in respect of the principal amount of any Note shall be accompanied by payment of accrued interest on the principal amount
being repaid or prepaid, and all such payments (and, in any event, any payments in respect of any Note on a date when interest
is due and payable with respect to such Note) shall be applied to the payment of interest then due and payable before application
to principal.

 

(c)       The
Note Agent (or its agent or sub-agent appointed by it) shall promptly distribute to each Purchaser at such address as such Purchaser
shall indicate in writing, such Purchaser’s applicable Pro Rata Share of all payments and prepayments of principal and interest
due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received
by the Note Agent.

 

(d)       Notwithstanding
the foregoing provisions hereof, if any Conversion/ Continuation Notice is withdrawn as to any Affected Purchaser or if any Affected
Purchaser makes Base Rate Credit Extensions in lieu of its Pro Rata Share of any Eurodollar Rate Credit Extensions, the Note Agent
shall give effect thereto in apportioning payments received thereafter.

 

(e)       The
Issuer hereby authorizes the Note Agent to charge the Issuer’s accounts with the Note Agent in order to cause timely payment
to be made to the Note Agent of all principal, interest, fees and expenses due hereunder (subject to sufficient funds being available
in its accounts for that purpose).

 

(f)       The
Note Agent may (at its discretion) deem any payment by or on behalf of the Issuer hereunder that is not made in same day funds
prior to 12:00 p.m. (New York City time) to be a non-conforming payment. Any such payment may (at the discretion of the Note Agent)
be deemed to have been received by the Note Agent until the later of (i) the time such funds become available funds, and (ii) the
applicable next Business Day. The Note Agent shall give prompt notice to the Issuer and each applicable Purchaser if any payment
is non-conforming. Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms
of Section 8.1(a). Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds
become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business
Day) at the rate determined pursuant to Section 2.7 from the date such amount was due and payable until the date such amount is
Paid in Full.

 

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(g)       If
an Event of Default shall have occurred and not otherwise been waived or cured, and the maturity of the Obligations shall have
been accelerated pursuant to Section 8.1 or pursuant to any sale of, any collection from, or other realization upon all or any
part of the Collateral, all payments or proceeds received by the Agents in respect of any of the Obligations, shall be applied
in accordance with the application arrangements described in Section 8.2.

 

2.14       Ratable
Sharing. The Purchasers hereby agree among themselves that, except as otherwise provided in the Collateral Documents with
respect to amounts realized from the exercise of rights with respect to Liens on the Collateral, if any of them shall, whether
by voluntary payment (other than a voluntary prepayment of the Notes made and applied in accordance with the terms hereof), through
the exercise of any right of set-off or banker’s lien, by counterclaim or cross action or by the enforcement of any right
under the Credit Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy
Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then
due and owing to such Purchaser hereunder or under the other Credit Documents (collectively, the “Aggregate Amounts Due”
to such Purchaser) which is greater than the proportion received by any other Purchaser in respect of the Aggregate Amounts Due
to such other Purchaser, then the Purchaser receiving such proportionately greater payment shall (a) notify the Note Agent and
each other Purchaser of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which
it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its
portion of such payment) in the Aggregate Amounts Due to the other Purchasers so that all such recoveries of Aggregate Amounts
Due shall be shared by all Purchasers in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately
greater payment received by such purchasing Purchaser is thereafter recovered from such Purchaser upon the bankruptcy or reorganization
of the Issuer or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned
to such purchasing Purchaser ratably to the extent of such recovery, but without interest. The Issuer expressly consents to the
foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s
lien, consolidation, set-off or counterclaim with respect to any and all monies owing by the Issuer to that holder with respect
thereto as fully as if that holder were owed the amount of the participation held by that holder. The provisions of this Section
2.14 shall not be construed to apply to (a) any payment made by the Issuer pursuant to and in accordance with the express terms
of this Agreement, (b) any payment obtained by any Purchaser as consideration for the assignment or sale of a participation in
any of its Notes or other Obligations owed to it or (c) acceptance of the Waivable Mandatory Prepayment.

 

2.15       Making
or Maintaining Eurodollar Rate Credit Extensions.

 

(a)       Inability
to Determine Applicable Interest Rate. In the event that the Note Agent shall have determined (which determination shall be
final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar
Rate Credit Extensions, that by reason of circumstances affecting the London interbank market adequate and fair means do not exist
for ascertaining the interest rate applicable to such Notes on the basis provided for in the definition of “Adjusted Eurodollar
Rate” or the rates referenced in the definition of “Adjusted Eurodollar Rate” are otherwise not available, the
Note Agent shall on such date give notice (by telefacsimile or e-mail) to the Issuer and each Purchaser of such determination,
whereupon (i) no Notes may be issued or purchased as, or converted to, Eurodollar Rate Credit Extensions until such time as the
Note Agent notifies the Issuer and the Purchasers that the circumstances giving rise to such notice no longer exist, and (ii) any
Purchase Notice or Conversion/Continuation Notice given by the Issuer with respect to the Notes in respect of which such determination
was made shall be deemed to be rescinded by the Issuer.

 

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(b)       Illegality
or Impracticability of Eurodollar Rate Credit Extensions. In the event that on any date (i) any Purchaser shall have determined
(which determination shall be final and conclusive and binding upon all parties hereto) that the making, maintaining, converting
to or continuation of its Eurodollar Rate Credit Extensions has become unlawful as a result of compliance by such Purchaser in
good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental
rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful),
or (ii) the Note Agent is advised by the Requisite Purchasers (which determination shall be final and conclusive and binding upon
all parties hereto) that the making, maintaining, converting to or continuation of its Eurodollar Rate Credit Extensions has become
impracticable, as a result of contingencies occurring after the date hereof which materially and adversely affect the London interbank
market or the position of the Purchasers in that market, then, and in any such event, such Purchasers (or in the case of the preceding
clause (i), such Purchaser) shall be an “Affected Purchaser” and such Affected Purchaser shall on that day give
notice (by e-mail) to the Issuer and the Note Agent of such determination (which notice the Note Agent shall promptly transmit
to each other Purchaser). If (A) the Note Agent receives a notice from (x) any Purchaser pursuant to clause (i) of the preceding
sentence or (y) a notice from Purchasers constituting Requisite Purchasers pursuant to clause (ii) of the preceding sentence or
(B) the circumstances set forth in this clause (b)(i) or (ii) have not arisen but the supervisor for the administrator of the Adjusted
Eurodollar Rate or a Governmental Authority having jurisdiction over the Note Agent has made a public statement identifying a specific
date after which the Adjusted Eurodollar Rate shall not longer be used for determining interest rates for credit extensions, then
(1) the obligation of the Purchasers (or, in the case of any notice pursuant to clause (i) of the preceding sentence, such Purchaser)
to purchase Notes as, or to convert the credit extension evidenced by such Notes to, Eurodollar Rate Credit Extensions shall be
suspended until such notice shall be withdrawn by each Affected Purchaser, (2) to the extent such determination by the Affected
Purchaser relates to a Eurodollar Rate Credit Extension then being requested by the Issuer pursuant to a Purchase Notice or a Conversion/Continuation
Notice or the circumstances in clause (B) have arisen, the Purchasers (or in the case of any notice pursuant to clause (i) of the
preceding sentence, such Purchaser) shall purchase such Note as (or continue or convert the credit extension evidenced by such
Note to, as the case may be) a Base Rate Credit Extension, (3) the Purchasers’ (or in the case of any notice pursuant to
clause (i) of the preceding sentence, such Purchaser’s) obligations to maintain their respective outstanding Eurodollar Rate
Credit Extensions (the “Affected Credit Extensions”) shall be terminated at the earlier to occur of the expiration
of the Interest Period then in effect with respect to the Affected Credit Extensions or when required by law, and (4) the Affected
Credit Extensions shall automatically convert into Base Rate Credit Extensions on the date of such termination. Notwithstanding
the foregoing, to the extent a determination by an Affected Purchaser as described above relates to a Eurodollar Rate Credit Extension
then being requested by the Issuer pursuant to a Purchase Notice or a Conversion/Continuation Notice, the Issuer shall have the
option, subject to the provisions of Section 2.15(c), to rescind such Purchase Notice or Conversion/Continuation Notice as to all
Purchasers by giving written notice to the Note Agent of such rescission on the date on which the Affected Purchaser gives notice
of its determination as described above (which notice of rescission the Note Agent shall promptly transmit to each other Purchaser).

 

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(c)       Compensation
for Breakage or Non-Commencement of Interest Periods. The Issuer shall compensate each Purchaser, upon written request by such
Purchaser (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities
(including any interest paid or payable by such Purchaser to Purchasers of funds borrowed by it to make or carry its Eurodollar
Rate Credit Extensions and any loss, expense or liability sustained by such Purchaser in connection with the liquidation or re-employment
of such funds but excluding loss of anticipated profits) which such Purchaser may sustain: (i) if for any reason (other than a
default by such Purchaser) a borrowing of any Eurodollar Rate Credit Extension does not occur on a date specified therefor in a
Purchase Notice, or a conversion to or continuation of any Eurodollar Rate Credit Extension does not occur on a date specified
therefor in a Conversion/Continuation Notice; (ii) if any prepayment or other principal payment of, or any conversion of, any of
its Eurodollar Rate Credit Extensions occurs on a date prior to the last day of an Interest Period applicable to that Eurodollar
Rate Credit Extension; or (iii) if any prepayment of any of its Eurodollar Rate Credit Extensions is not made on any date specified
in a notice of prepayment given by the Issuer.

 

(d)       Booking
of Eurodollar Rate Credit Extensions. Any Purchaser may make, carry or transfer Eurodollar Rate Credit Extensions at, to, or
for the account of any of its branch offices or the office of an Affiliate of such Purchaser.

 

(e)       Assumptions
Concerning Funding of Eurodollar Rate Credit Extensions. Calculation of all amounts payable to a Purchaser under this Section
2.15 and under Section 2.16 shall be made as though such Purchaser had actually funded each of its relevant Eurodollar Rate Credit
Extensions through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to clause (i) of the definition
of “Adjusted Eurodollar Rate” in an amount equal to the amount of such Eurodollar Rate Credit Extension and having
a maturity comparable to the relevant Interest Period and through the transfer of such Eurodollar deposit from an offshore office
of such Purchaser to a domestic office of such Purchaser in the United States; provided, however, each Purchaser may fund each
of its Eurodollar Rate Credit Extensions in any manner it sees fit and the foregoing assumptions shall be utilized only for the
purposes of calculating amounts payable under this Section 2.15 and under Section 2.16.

 

2.16       Increased
Costs; Capital Adequacy.

 

(a)       Compensation
For Increased Costs and Taxes. Subject to the provisions of Section 2.17 (which shall be controlling with respect to the matters
covered thereby), in the event that any Purchaser shall determine (which determination shall, absent manifest error, be final and
conclusive and binding upon all parties hereto) that (A) any law, treaty or governmental rule, regulation or order, or any change
therein or in the interpretation, administration or application thereof (regardless of whether the underlying law, treaty or governmental
rule, regulation or order was issued or enacted prior to the date hereof), including the introduction of any new law, treaty or
governmental rule, regulation or order but excluding solely proposals thereof, or any determination of a court or Governmental
Authority, in each case that becomes effective after the date hereof, or (B) any guideline, request or directive by any central
bank or other governmental or quasi-governmental authority (whether or not having the force of law) or any implementation rules
or interpretations of previously issued guidelines, requests or directives, in each case that is issued or made after the date
hereof: (i) subjects any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d)
of the definition of Excluded Taxes, (C) Connection Income Taxes and (D) VAT) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or; (ii) imposes,
modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit,
liquidity, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or
for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such
Purchaser (other than any such reserve or other requirements with respect to Eurodollar Rate Credit Extensions that are reflected
in the definition of “Adjusted Eurodollar Rate”) or any company controlling such Purchaser; or (iii) imposes
any other condition (other than with respect to a Tax matter) on or affecting such Purchaser (or its applicable lending office)
or any company controlling such Purchaser or such Purchaser’s obligations hereunder or the London interbank market; and the
result of any of the foregoing is to increase the cost to such Purchaser of agreeing to purchase or hold Notes hereunder or to
reduce any amount received or receivable by such Purchaser (or its applicable lending office) with respect thereto; then, in any
such case, the Issuer shall promptly pay to such Purchaser, upon receipt of the statement referred to in the next sentence, such
additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or in a lump
sum or otherwise as such Purchaser in its sole discretion shall determine) as may be necessary to compensate such Purchaser for
any such increased cost or reduction in amounts received or receivable hereunder. Such Purchaser shall deliver to the Issuer (with
a copy to the Note Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts
owed to such Purchaser under this Section 2.16(a), which statement shall be conclusive and binding upon all parties hereto absent
manifest error.

 

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(b)       Capital
Adequacy Adjustment. In the event that any Purchaser shall have determined (which determination shall, absent manifest error,
be final and conclusive and binding upon all parties hereto) that (A) the adoption, effectiveness, phase-in or applicability of
any law, rule or regulation (or any provision thereof) regarding capital adequacy, or any change therein or in the interpretation
or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or (B) compliance by any Purchaser (or its applicable lending office) or any company controlling such Purchaser with any
guideline, request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such Governmental
Authority, central bank or comparable agency, in each case after the date hereof, has or would have the effect of reducing the
rate of return on the capital of such Purchaser or any company controlling such Purchaser as a consequence of, or with reference
to, such Purchaser’s Notes, or participations therein or other obligations hereunder with respect to the Notes to a level
below that which such Purchaser or such controlling company could have achieved but for such adoption, effectiveness, phase-in,
applicability, change or compliance (taking into consideration the policies of such Purchaser or such controlling company with
regard to capital adequacy), then from time to time, within ten days after receipt by the Issuer from such Purchaser of the statement
referred to in the next sentence, the Issuer shall pay to such Purchaser such additional amount or amounts as will compensate such
Purchaser or such controlling company on an after-tax basis for such reduction. Such Purchaser shall deliver to the Issuer (with
a copy to the Note Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts
owed to Purchaser under this Section 2.16(b), which statement shall be conclusive and binding upon all parties hereto absent manifest
error. For the avoidance of doubt, subsections (a) and (b) of this Section 2.16 shall apply to all requests, rules, guidelines
or directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection
with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation
of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory
Practices (or any successor or similar authority), regardless of the date adopted, issued, promulgated or implemented.

 

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2.17       Taxes;
Withholding, Etc.

 

(a)       Defined
Terms. For purposes of this Section 2.17, the term “applicable law” includes FATCA.

 

(b)       Payments
Free and Clear of Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Credit Document
shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such
payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law.
In addition, if any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of:

 

(i)        any
jurisdiction from or through which payment on any such Note or Credit Document is made by or on behalf of a Credit Party, or any
political subdivision or governmental authority thereof or therein having the power to tax; or

 

(ii)       any
other jurisdiction in which a Credit Party is organized, engaged in business for tax purposes, or otherwise considered to be a
resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each
of clause (i) and (ii), a “Relevant Taxing Jurisdiction”), will at any time be required by law to be made from any
payments made by or on behalf of a Credit Party or the Note Agent with respect to any Note or Credit Document, including payments
of principal, redemption price, interest or premium, if any, the relevant Credit Party will pay (together with such payments) such
additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in
respect of such payments, after such withholding, or deduction (including any such deduction or withholding from such Additional
Amounts), will not be less than the amounts which would have been received in respect of such payments on any such Note or Credit
Document in the absence of such withholding or deduction; provided, that no such Additional Amounts will be payable for or on account
of:

 

(A)       any
Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Purchaser
or beneficial owner (or between a fiduciary, settlor, beneficiary, member, partner or shareholder of, or possessor of power over
the relevant Purchaser or beneficial owner, if the relevant Purchaser or beneficial owner is an estate, nominee, trust, partnership
limited liability company or corporation) and the jurisdiction imposing the Tax (including, without limitation, being resident
for tax purposes, or being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment
in, or being physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely
from the acquisition, ownership or holding of such Note or the receipt of any payment or the exercise or enforcement of rights
under such Note, this Agreement or a Credit Document;

 

(B)       any
Tax that is imposed or withheld by reason of the failure by the Purchaser or the beneficial owner of the Note to comply with a
written request of the relevant Credit Party addressed to the Purchaser, after reasonable notice (at least 30 days before any such
withholding or deduction would be made), to provide certification, information, documents or other evidence concerning the nationality,
residence or identity of the Purchaser or such beneficial owner or to make any declaration or similar claim or satisfy any other
reporting requirement relating to such matters, which is required by a statute, treaty, regulation or administrative practice of
the jurisdiction imposing the Tax as a precondition to exemption from all or part of such Tax, but, only to the extent the Purchaser
or beneficial owner is legally entitled to provide such certification or documentation;

 

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(C)       any
Taxes, to the extent that such Taxes were imposed as a result of the presentation of the Note for payment (where presentation is
required) more than 30 days after the relevant payment is first made available for the Purchaser,

 

		(D)	any Taxes required to be deducted or withheld pursuant to FATCA;

 

		(E)	any Taxes to the extent that such Taxes would not have been imposed had the Purchaser (the “Original
Purchaser”) not assigned, transferred or otherwise disposed of any of its rights under this Agreement or designated a
new lending office; save in each case to the extent the withholding Tax arises as a result of any change in (or in the interpretation,
application or administration of) any law or any double taxation treaty or any published practice or concession of any relevant
taxing authority after the date the Original Purchaser sells assigns, transfers or otherwise disposes of its rights under this
Agreement or designates a new lending office; or

 

		(F)	any combination of the items (A) through (E) above.

 

(c)          Payments
of Other Taxes by a Credit Party. The Credit Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Note Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)          Indemnification
by the Credit Parties. The Credit Parties shall jointly and severally indemnify each Recipient, within 10 days after written
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Issuer by a Purchaser (with a copy to the Note Agent), or by the Note Agent on its own behalf or
on behalf of a Purchaser, shall be conclusive absent manifest error.

 

(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to
this Section 2.17, such Credit Party shall deliver to the Note Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Note Agent.

 

(f)          FATCA.
If a payment made to any Purchaser under any Credit Document would be subject to withholding Tax imposed by FATCA if such Purchaser
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 Purchaser shall deliver to the Issuer and the Note Agent at the time or times prescribed by applicable
law and at such time or times reasonably requested by the Issuer or the Note Agent such documentation as is prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and may be necessary for the Issuer and the Note Agent to
comply with their obligations under FATCA, to determine whether such Purchaser has complied with such Purchaser’s obligations
under FATCA or to determine the amount, if any, to deduct and withhold from such payment.

 

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(g)       Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts
pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which would place the indemnified party in
a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

(h)       VAT.

 

(i)       All
amounts set out or expressed in a Credit Document to be payable by any party to this agreement (for purposes of this clause (h),
a “Party”) to any Purchaser or any Agent (for purposes of this clause (h), each, a “Finance Party”)
which (in whole or in part) constitute the consideration for any supply or supplies for VAT purposes shall be deemed to be exclusive
of any VAT which is chargeable on such supply or supplies, and accordingly, subject to Section 2.17(h)(ii) below, if VAT is or
becomes chargeable on any supply made by any Finance Party to any Party under a Credit Document and such Finance Party is required
to account to the relevant tax authority for the VAT, that Party shall pay to such Finance Party, as applicable (in addition to
and at the same time as paying any other consideration for such supply), an amount equal to the amount of such VAT (and such Finance
Party, as applicable, shall promptly provide an appropriate VAT invoice to such Party).

 

(ii)       If
VAT is or becomes chargeable on any supply made by any Finance Party (for purposes of this clause (h), the “Supplier”)
to any other Finance Party (for purposes of this clause (h), the “Recipient”) under a Credit Document, and any
Party other than the Recipient (for purposes of this clause (h), the “Relevant Party”) is required by the terms
of any Credit Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required
to reimburse or indemnify the Recipient in respect of that consideration):

 

(A) (where
the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the
Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient will (where
this Section 2.17(h)(ii)(A) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient
receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply;
and

 

(B)       (where
the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following
demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that
the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of
that VAT.

 

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(iii)       Where
a Credit Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse
or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as
represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in
respect of such VAT from the relevant tax authority.

 

(iv)       Any
reference in this Section 2.17(h) to any Party shall, at any time when such Party is treated as a member of a group or unity (or
fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person
who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided
for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any
other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a Party shall
be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for
VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the
relevant time (as the case may be).

 

(v)       In
relation to any supply made by a Finance Party to any Party under a Credit Document, if reasonably requested by such Finance Party,
that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other information
as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply.

 

(j)       Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Note Agent or any assignment
of rights by, or the replacement of, a Purchaser, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Credit Document.

 

(k)       Indemnification
by the Purchasers. Each Purchaser shall severally indemnify the Note Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Purchaser (but only to the extent that the Issuer has not already indemnified the Note Agent
for such Indemnified Taxes and without limiting the obligation of the Issuer to do so), (ii) any Taxes attributable to such Purchaser’s
failure to comply with the provisions of Section 10.6(g) relating to the maintenance of a Participant Register and (iii) any Excluded
Taxes attributable to such Purchaser, in each case, that are payable or paid by the Note Agent in connection with any Credit Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Purchaser by the Note Agent shall be conclusive absent manifest error. Each Purchaser hereby authorizes the Note Agent to set off
and apply any and all amounts at any time owing to such Purchaser under any Credit Document or otherwise payable by the Note Agent
to the Purchaser from any other source against any amount due to the Note Agent under this paragraph (k).

 

2.18       Obligation
to Mitigate. Each Purchaser agrees that, as promptly as practicable after the officer of such Purchaser responsible for administering
its Notes becomes aware of the occurrence of an event or the existence of a condition that would cause such Purchaser to become
an Affected Purchaser or that would entitle such Purchaser to receive payments under Section 2.15, 2.16 or 2.17 (but in any event
no later than one hundred eighty (180) days after such occurrence or existence, except that, if the condition giving rise to such
increased costs is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the
period of retroactive effect thereof), it will, to the extent not inconsistent with the internal policies of such Purchaser and
any applicable legal or regulatory restrictions, use reasonable efforts to (a) purchase, fund or hold its Notes, including any
Affected Credit Extensions, through another office of such Purchaser, or (b) take such other measures as such Purchaser may deem
reasonable, if as a result thereof the circumstances which would cause such Purchaser to be an Affected Purchaser would cease
to exist or the additional amounts which would otherwise be required to be paid to such Purchaser pursuant to Section 2.15, 2.16
or 2.17 would be materially reduced and if, as determined by such Purchaser in its sole discretion, the purchasing, funding or
holding of such Notes through such other office or in accordance with such other measures, as the case may be, would not otherwise
adversely affect such Notes or the interests of such Purchaser; provided, such Purchaser will not be obligated to utilize such
other office pursuant to this Section 2.18 unless the Issuer agrees to pay all incremental, reasonably incurred expenses of such
Purchaser as a result of utilizing such other office as described above. A certificate as to the amount of any such expenses payable
by the Issuer pursuant to this Section 2.18 (setting forth in reasonable detail the basis for requesting such amount) submitted
by such Purchaser to the Issuer (with a copy to the Note Agent) shall be conclusive absent manifest error.

 

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2.19       Fees.
The Issuer agrees to pay each Agent such other fees in the amounts and at the times separately agreed upon (including pursuant
to the Agent Fee Letter).

 

2.20       Removal
or Replacement of a Purchaser. Anything contained herein to the contrary notwithstanding, in the event that: (a) (i) any Purchaser
(an “Increased-Cost Purchaser”) shall give notice to the Issuer that such Purchaser is an Affected Purchaser
or that such Purchaser is entitled to receive payments under Section 2.15, 2.16 or 2.17, (ii) the circumstances which have caused
such Purchaser to be an Affected Purchaser or which entitle such Purchaser to receive such payments shall remain in effect, and
(iii) such Purchaser shall fail to withdraw such notice within five Business Days after the Issuer’s request for such withdrawal;
or (b) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions
hereof as contemplated by Section 10.5(b), the consent of Requisite Purchasers shall have been obtained but the consent of one
or more of such other Purchasers (each a “Non-Consenting Purchaser”) whose consent is required shall not have
been obtained; then, with respect to each such Increased-Cost Purchaser or Non-Consenting Purchaser (the “Terminated
Purchaser”), the Issuer may, by giving written notice to the Note Agent and any Terminated Purchaser of its election
to do so, elect to cause such Terminated Purchaser (and such Terminated Purchaser hereby irrevocably agrees) to assign its outstanding
Notes in full to one or more Eligible Assignees (each, a “Replacement Purchaser”) in accordance with the provisions
of Section 10.6 and the Issuer shall pay the fees, if any, payable thereunder in connection with any such assignment from an Increased-Cost
Purchaser, a Non-Consenting Purchaser; provided, (1) on the date of such assignment, the Replacement Purchaser shall pay to Terminated
Purchaser an amount equal to the sum of an amount equal to the principal of, and all accrued interest on, all outstanding Notes
of the Terminated Purchaser; (2) on the date of such assignment, the Issuer shall pay any amounts payable to such Terminated Purchaser
pursuant to Section 2.15(c), 2.16 or 2.17 and otherwise as if it were a prepayment pursuant to Section 2.9; and (3) in the event
such Terminated Purchaser is a Non-Consenting Purchaser, each Replacement Purchaser shall consent, at the time of such assignment,
to each matter in respect of which such Terminated Purchaser was a Non-Consenting Purchaser. Each Purchaser agrees that if the
Issuer exercises its option hereunder to cause an assignment by such Purchaser as a Non-Consenting Purchaser or Terminated Purchaser,
such Purchaser shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary
to effectuate such assignment in accordance with Section 10.6. In the event that a Purchaser does not comply with the requirements
of the immediately preceding sentence within one Business Day after receipt of such notice, each Purchaser hereby authorizes and
directs the Note Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance
with Section 10.6 on behalf of a Non-Consenting Purchaser or Terminated Purchaser and any such documentation so executed by the
Note Agent shall be effective for purposes of documenting an assignment pursuant to Section 10.6.

  

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SECTION
3. CONDITIONS PRECEDENT

 

3.1       Closing
Date. The effectiveness of this Agreement and the obligation of each Purchaser to purchase Notes on the Closing Date are subject
to satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date:

 

(a)       Credit
Documents. The Note Agent shall have received copies of (i) this Agreement, (ii) the Security Agreements, (iii) each of the
Notes, (iv) each of the Intellectual Property Security Agreements, (v) the Intercreditor Agreement, (vi) the Agent Fee Letter and
(vii) the Purchaser Fee Letter, in each case executed and delivered by each Credit Party which is a party thereto.

 

(b)       Organizational
Documents; Incumbency; Resolutions; Good Standing Certificates. The Note Agent shall have received, in respect of each Credit
Party, (i) a copy of each Organizational Document of each Credit Party, and, to the extent applicable, certified as of the Closing
Date or a recent date prior thereto by the appropriate Governmental Authority or, solely in the case of a UK Credit Party, certified
as of the Closing Date or a recent date by an authorized signatory; (ii) signature and incumbency certificates of the officers
of such Credit Party, or the managing member or general partner of such Credit Party; (iii) resolutions of the board of directors
or similar governing body of such Credit Party and (to the extent required by its Organizational Documents) a copy of the resolution
signed by all the holders of the issued shares in a Credit Party (other than Holdings), in each case approving and authorizing
the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party or by which it
or its assets may be bound as of the Closing Date, certified as of the Closing Date by an authorized signatory as being in full
force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority
of any U.S. Credit Party’s jurisdiction of incorporation, organization or formation; and (v) a certificate of an authorized
signatory of the applicable Credit Party certifying that (x) each document relating to it specified in this Section 3.1(b) is correct,
complete and in full force and effect and has not been amended or superseded as at the date no earlier than the date of this Agreement
and (y) issuing the Notes or guaranteeing or securing, as appropriate, the Notes would not cause any limitation on indebtedness,
guarantee, security or similar limit binding on that Credit Party to be exceeded..

 

(c)       Organizational
and Capital Structure. The organizational structure and capital structure of Holdings and its Subsidiaries shall be as set
forth on Schedule 4.2.

 

(d)       TISE
Listing. The Issuer shall have submitted the initial listing application and all supporting documentation, each in proper form,
to the relevant authority at TISE for the purpose of effecting the listing of the Notes on TISE.

 

(e)       No
Indebtedness. On the Closing Date, after giving effect to the Refinancing Transactions, Holdings and its Subsidiaries shall
have outstanding no existing Indebtedness (other than the Indebtedness permitted to be outstanding under Section 6.1 of this Agreement)
and the Note Agent shall have received reasonably satisfactory evidence of the termination of the Existing Indebtedness (including
any and all commitments relating thereto, and the release of all Liens in connection therewith, in each case on terms reasonably
satisfactory to the Note Agent.

 

(f)       Lien
and Judgment Searches. The Note Agent shall have received:

 

(i)       (A)
the results of a Lien search (including a search as to judgments, pending litigation, bankruptcy and Tax matters), in form and
substance reasonably satisfactory to the Note Agent, made against the Credit Parties under the UCC (or applicable judicial docket)
as in effect in each jurisdiction in which filings or recordations under the UCC should be made to evidence or perfect security
interests in all assets of such Credit Party, indicating among other things that the assets of each such Credit Party are free
and clear of any Lien (except for Permitted Liens) and (B) other applicable Lien recording and filing offices with respect to the
Credit Parties in any applicable jurisdictions for which Lien searches are reasonably available after the exercise of commercially
reasonable efforts by the Credit Parties and customarily delivered in secured financings of the nature of this Agreement in each
of the United States, England and Wales and Gibraltar; and

 

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(ii)       searches
of ownership of intellectual property in the appropriate governmental offices and such patent, trademark and/or copyright filings
as may be requested by the Note Agent to the extent necessary or reasonably advisable to perfect the Collateral Agent’s security
interest in intellectual property Collateral.

 

(g)       Personal
Property Collateral. Each Credit Party (as applicable) shall have delivered to the Collateral Agent:

 

(i)        as
to any party to a U.S. Security Document, UCC-1 financing statements in respect of security interests granted by each Credit Party
for filing in all applicable jurisdictions;

 

(ii)       in
connection with the pledge of the Equity Interest owned by each Credit Party, an original stock certificate representing such pledged
Equity Interests (to the extent such Equity Interests are certificated), together with customary blank stock or unit transfer powers
and irrevocable powers duly executed in blank;

 

(iii)      a
completed Perfection Certificate dated the Closing Date and executed by an Authorized Officer of each Credit Party, together with
all attachments contemplated thereby;

 

(iv)      fully
executed Intellectual Property Security Agreements, in proper form for filing or recording in all appropriate places in all applicable
jurisdictions, memorializing and recording the encumbrance of the Intellectual Property Assets listed in Annex 4 to the Security
Agreement; and

 

(v)       in
relation to any UK Collateral Documentation, (x) copies of all notices required to be sent under the UK Collateral Documents executed
by the relevant Credit Parties and (y) to the extent required, evidence that any process agent referred to in the UK Collateral
Documents has accepted its appointment.

 

(h)       Financial
Statements; Projections. The Note Agent shall have received from Holdings (i) the Historical Financial Statements, (ii) pro
forma consolidated balance sheets of Holdings and its Subsidiaries as at the Closing Date, the related financings and the other
transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, which pro forma financial statements
shall be in form and substance reasonably satisfactory to the Note Agent, and (iii) the Projections.

 

(i)       Evidence
of Insurance. The Collateral Agent shall have received a certificate from the applicable Credit Party’s insurance broker
or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to Section 5.5 is in full
force and effect.

 

(j)       Opinions
of Counsel to Credit Parties. Agents and Purchasers and their respective counsel shall have received originally executed copies
of the favorable written opinions, each dated the Closing Date, of (i) Sidley Austin LLP, special New York, Delaware and UK counsel
for the Credit Parties and (ii) Milbank, Tweed, Hadley & McCloy LLP, special UK counsel for the Purchasers, in each case as
to such matters as the Note Agent may reasonably request and in form and substance reasonably satisfactory to the Note Agent (and
each Credit Party hereby instructs such counsel to deliver such opinions to the Agents and Purchasers).

 

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(k)       Fees.
All closing payments, costs, fees, expenses (including reasonable, documented, out-of-pocket legal fees and expenses, including
legal fees and expenses of Milbank, Tweed, Hadley and McCloy LLP as counsel for Purchasers, Holland & Knight LLP as counsel
for Agents and local counsel in the Channel Islands and Gibraltar and the fees and expenses of any other advisors) and other compensation
payable to each Agent and the Purchasers, including pursuant to the Agent Fee Letter and the Purchaser Fee Letter, shall have been
paid (or shall concurrently be paid) to the extent then due; provided that, in the case of costs and expenses, an invoice of such
costs and expenses shall have been presented not less than two Business Days prior to the Closing Date.

 

(l)       Solvency
Certificate. On the Closing Date, the Note Agent shall have received a Solvency Certificate from the chief financial officer,
treasurer or similar officer of Holdings , demonstrating that after giving effect to the consummation of the Refinancing Transactions
Holdings and its Subsidiaries are, on a consolidated basis, Solvent.

 

(m)       Closing
Date Certificate. Holdings and the Issuer shall have delivered to the Note Agent an executed Closing Date Certificate, together
with all attachments thereto.

 

(n)       Intentionally
Omitted.

 

(o)       “Know-Your-Customer”.
To the extent requested in writing at least 10 Business Days prior to the Closing Date, the Purchasers shall have received at least
5 Business Days prior to the Closing Date all documentation and other information required by bank regulatory authorities under
applicable “know-your-customer” and anti-money laundering rules and regulations, including the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001) the “PATRIOT Act”).

 

(p)       Purchase
Notice. The Note Agent shall have received a fully executed and delivered Purchase Notice as required pursuant to Section 2.1(b),
which Purchase Notices may be delivered on or prior to the Closing Date, together with a flow of funds memorandum attached thereto
with respect to the Refinancing Transactions; provided that all certifications made under such Purchase Notice shall be made (or
deemed made) as of the Closing Date.

 

(q)       Representations
and Warranties. Each of the representations and warranties contained in Article IV shall be true and correct in all material
respects (or, if qualified by “materiality”, “Material Adverse Effect” or similar language, in all respects
(after giving effect to such qualification)) on and as of the Closing Date.

 

(r)       Intentionally
Omitted.

 

(s)       Governmental
Authorizations and Consents. Each Credit Party shall have obtained all Governmental Authorizations (including all foreign exchange
approvals), Gaming Approvals and all consents of other Persons, in each case that are required in connection with the transactions
contemplated by the Credit Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably
satisfactory to Note Agent.

 

(t)       No
Litigation. There shall not exist any action, suit, investigation, litigation, proceeding, hearing or other legal or regulatory
developments, pending or threatened in writing in any court or before any arbitrator or Governmental Authority that, in the reasonable
opinion of Note Agent, singly or in the aggregate, materially impairs any of the other transactions contemplated by the Credit
Documents, or that could have a Material Adverse Effect.

 

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(u)       UK
PSC Certificate. The Note Agent shall have received on the Closing Date a certificate signed by an authorized signatory of
the Issuer certifying that each shareholder of a UK Credit Party has complied within the relevant timeframe with any notice it
has received pursuant to Part 21A of the Companies Act 2006 from that UK Credit Party; and no “warning notice” or “restrictions
notice” (in each case as defined in Schedule 1B of the Companies Act 2006) has been issued in respect of the shares of a
UK Credit Party, together with a copy of the “PSC Register” (within the meaning of section 790C(1) of the Companies
Act 2006) of that UK Credit Party, which is certified by an authorized signatory of such UK Credit Party to be correct, complete
and not amended or superseded as at the date no earlier than the date of this Agreement.

 

SECTION
4. REPRESENTATIONS AND WARRANTIES

 

In order to induce the
Note Agent and the Purchasers to enter into this Agreement, each Credit Party represents and warrants to the Note Agent and the
Purchasers, on the Closing Date, that the following statements are true and correct (it being understood and agreed that the representations
and warranties made on the Closing Date are deemed to be made concurrently with, and after giving effect to, the consummation of
the Refinancing Transactions):

 

4.1       Organization;
Requisite Power and Authority; Qualification. Each of Holdings and its Subsidiaries (a) is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization as identified in Schedule 4.1, (b) has all requisite power
and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to
enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified
to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its
business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could
not be reasonably expected to have, a Material Adverse Effect.

 

4.2       Equity
Interests and Ownership. The Equity Interests of each of Holdings and its Subsidiaries has been duly authorized and validly
issued and is fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing
option, warrant, call, right, commitment or other agreement to which Holdings or any of its Subsidiaries is a party requiring,
and there is no membership interest or other Equity Interests of Holdings or any of its Subsidiaries outstanding which upon conversion
or exchange would require, the issuance by Holdings or any of its Subsidiaries of any additional membership interests or other
Equity Interests of Holdings or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the
right to subscribe for or purchase, a membership interest or other Equity Interests of Holdings or any of its Subsidiaries. Schedule
4.2 correctly sets forth the ownership interest of Holdings and each of its Subsidiaries in their respective Subsidiaries as of
the Closing Date both before and after giving effect to the Refinancing Transactions. Schedule 6.8 correctly sets forth each of
Holdings’ inactive Subsidiaries as of the Closing Date and none of the Subsidiaries set forth thereon owns or maintains
assets with Fair Market Value, or as valued in accordance with GAAP, whichever is greater, in excess of $250,000 (other than intercompany
assets consisting of obligations payable to such Subsidiaries as of the Closing Date).

 

4.3       Due
Authorization. The execution, delivery and performance of the Credit Documents have been duly authorized by all necessary
action on the part of each Credit Party that is a party thereto.

 

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4.4       No
Conflict. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and
the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate (i) any provision of
any law or any governmental rule or regulation applicable to Holdings or any of its Subsidiaries, (ii) any of the Organizational
Documents of Holdings or any of its Subsidiaries, or (iii) any order, judgment or decree of any court or other agency of government
binding on Holdings or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute (with due notice or lapse
of time or both) a default under any Contractual Obligation of Holdings or any of its Subsidiaries; (c) result in or require the
creation or imposition of any Lien upon any of the properties or assets of Holdings or any of its Subsidiaries (other than any
Liens created under any of the Credit Documents in favor of the Collateral Agent, for the benefit of the Secured Parties); or
(d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation
of Holdings or any of its Subsidiaries, except in the case of clauses (a)(i), (a)(iii), and (c) as would not reasonably be expected
to have a Material Adverse Effect.

 

4.5       Governmental
Consents. The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and
the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent
or approval (including Gaming Approval) of, or notice to, or other action to, with or by, any Governmental Authority (including
any foreign exchange approval), except for filings and recordings with respect to the Collateral to be made, or otherwise delivered
to the Collateral Agent for filing and/or recordation, as of the Closing Date and except for filings with TISE in connection with
the listing of the Notes.

 

4.6       Binding
Obligation. Each Credit Document has been duly executed and delivered by each Credit Party that is a party thereto and is
the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability.

 

4.7       Historical
Financial Statements. The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all
material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at
the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described
therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting
from audit and normal year-end adjustments.

 

4.8       Projections.
On and as of the Closing Date, the projections of Holdings and its Subsidiaries for the Fiscal Year ending on September 30,
2018 through and including the Fiscal Year ending September 30, 2024 (the “Projections”) are based on good
faith estimates and assumptions made by the management of Holdings (which as of delivery thereof, management of Holdings believed
were reasonable and attainable); provided, the Projections are not to be viewed as facts and that actual results during the period
or periods covered by the Projections may differ from such Projections and that the differences may be material.

 

4.9       No
Material Adverse Effect. Since September 30, 2017, no event, circumstance or change has occurred that has caused or evidences,
or could reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.

 

4.10       Adverse
Proceedings, Etc. There are no Adverse Proceedings, individually or in the aggregate, that
could reasonably be expected to have a Material Adverse Effect. Neither Holdings nor any of its Subsidiaries (a) is in
violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final judgments, writs,
injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

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4.11       Payment
of Taxes. Except as otherwise permitted under Section 5.3 or as disclosed against in Schedule 4.11 (a) all
Tax returns and reports of Holdings and its Subsidiaries required to be filed by any of them have been timely filed, and all Taxes
shown on such tax returns to be due and payable, and all other taxes, assessments, fees and other governmental charges upon Holdings
and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are due and payable
have been paid when due and payable; (b) there is no Tax assessment against Holdings or any of its Subsidiaries which is not being
actively contested by Holdings or such Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other
appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor; and (c)
there is no Tax imposed by the jurisdiction of organization of Holdings and its Subsidiaries (or any municipality or other political
subdivision or taxing authority thereof or therein that exercises de facto or de jure power to impose such Tax or fee) either
(i) on or by virtue of the execution or delivery of the Credit Documents or (ii) on any payment to be made by the Issuer pursuant
to the Credit Documents other than, as regards (i) only, any Excluded Taxes, as regards (ii) only, any Tax that is imposed on
any Person as a result of such Person being organized under the laws of the Issuer’s jurisdiction of organization or by
virtue of having a permanent establishment therein to which income under this Agreement or Notes is attributable and, as regards
both (i) and (ii), any deduction or withholding for, or on account of, Taxes which is imposed or levied by or on behalf of a Relevant
Taxing Jurisdiction.

 

4.12       Properties.

 

(a)      Title.
Each of Holdings and its Subsidiaries has (i) good, sufficient and legal title to (in the case of fee interests in real property),
(ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), (iii) valid licensed rights
in (in the case of licensed interests in intellectual property) and (iv) good title to (in the case of all other personal property),
all of their respective properties and assets reflected in their respective Historical Financial Statements referred to in Section
4.7 and in the most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since
the date of such financial statements in the ordinary course of business or as otherwise permitted under Section 6.8. Except as
permitted by this Agreement, all such properties and assets are free and clear of Liens.

 

(b)      Real
Estate. As of the Closing Date, Schedule 4.12 contains a true, accurate and complete list of (i) all Real Estate Assets, and
(ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions
of any thereof) affecting each Real Estate Asset of any Credit Party, regardless of whether such Credit Party is the landlord or
tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment. Each agreement listed
in clause (ii) of the immediately preceding sentence is in full force and effect and Holdings does not have knowledge of any material
default that has occurred and is continuing thereunder, and each such agreement constitutes the legally valid and binding obligation
of each applicable Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforcement may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles.

 

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4.13       Environmental
Matters. Neither Holdings nor any of its Subsidiaries nor any of their respective Facilities or operations are subject to
any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental
Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. Neither Holdings nor any of its Subsidiaries has received any written request for information under Section 104
of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law.
There are and, to each of Holdings’ and its Subsidiaries’ knowledge, have been, no conditions, occurrences, or Hazardous
Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against Holdings or any of
its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither
Holdings nor any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of Holdings or any of its Subsidiaries
has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility,
and none of Holdings’ or any of its Subsidiaries’ operations involves the generation, transportation, treatment, storage
or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state equivalent (excepting in both circumstances,
recycling or recovery of Hazardous Materials used in office equipment or applications in the ordinary course of business). Compliance
with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably
expected to have, individually or in the aggregate, a Material Adverse Effect. No event or condition has occurred or is occurring
with respect to Holdings or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or
any Hazardous Materials Activity which individually or in the aggregate has had, or could reasonably be expected to have, a Material
Adverse Effect.

 

4.14       No
Defaults. Neither Holdings nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any
of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with
the giving of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect,
of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect.

 

4.15       Material
Contracts. Schedule 4.15 contains a true, correct and complete list of all the Material Contracts in effect on the Closing
Date, and all such Material Contracts are in full force and effect and to the knowledge of Holdings and the Issuer there are no
material defaults currently existing thereunder as of the Closing Date.

 

4.16       Governmental
Regulation. Neither Holdings nor any of its Subsidiaries is subject to regulation under the Federal Power Act or the Investment
Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness
or which may otherwise render all or any portion of the Obligations unenforceable. Neither Holdings nor any of its Subsidiaries
is a “registered investment company” or a company “controlled” by a “registered investment company”
or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment
Company Act of 1940.

 

4.17       Federal
Reserve Regulations; Exchange Act.

 

(a)       None
of Holdings, the Issuer or any of their Subsidiaries is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose of buying or carrying Margin Stock.

 

(b)       No
portion of the proceeds of any Note issuance shall be used in any manner, whether directly or indirectly, that causes or could
reasonably be expected to cause, such Note or the application of the proceeds from the issuance of such Note to violate Regulation
T, Regulation U or Regulation X of the Board of Governors or any other regulation thereof or to violate the Exchange Act.

 

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4.18       Employee
Matters. Neither Holdings nor any of its Subsidiaries is engaged in any unfair labor practice that could reasonably be expected
to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending against Holdings or any of its Subsidiaries,
or to the knowledge of Holdings and the Issuer, threatened against any of them in writing before the National Labor Relations
Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending
against Holdings or any of its Subsidiaries or to the best knowledge of Holdings and the Issuer, threatened in writing against
any of them, (b) no strike or work stoppage in existence or threatened involving Holdings or any of its Subsidiaries, and (c)
to the knowledge of Holdings and the Issuer, no union representation question existing with respect to the employees of Holdings
or any of its Subsidiaries and, to the knowledge of Holdings and the Issuer, no union organization activity that is taking place,
except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as
is not reasonably likely to have a Material Adverse Effect.

 

4.19       Employee
Benefit Plans. Holdings, each of its Subsidiaries and each of their respective ERISA Affiliates are in material compliance
with all applicable provisions and requirements of ERISA and the Code and the regulations and published interpretations thereunder
with respect to each Employee Benefit Plan. Each Employee Benefit Plan which is intended to qualify under Section 401(a) of the
Code has received a favorable determination letter or favorable opinion from the Internal Revenue Service indicating that such
Employee Benefit Plan is so qualified and nothing has occurred subsequent to the issuance of such determination letter or opinion
letter which would cause such Employee Benefit Plan to lose its qualified status. No material liability to the PBGC (other than
required premium payments) has been incurred by Holdings or any of its Subsidiaries. No ERISA Event has occurred or is reasonably
expected to occur that would result in a Material Adverse Effect. Except to the extent required under Section 4980B of the Code
or similar state laws, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise)
for any retired or former employee of Holdings or any of its Subsidiaries. The present value of the aggregate benefit liabilities
under each Pension Plan sponsored, maintained or contributed to by Holdings or any of its Subsidiaries or any of their ERISA Affiliates
(determined as of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes
in the most recent actuarial valuation for such Pension Plan), did not exceed the aggregate current value of the assets of such
Pension Plan by an amount that would reasonably be expected and result in a Material Adverse Effect. As of the most recent valuation
date for each Multiemployer Plan for which the actuarial report is available, the potential liability of Holdings, its Subsidiaries
and their respective ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203
of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, based on information
available pursuant to Section 4221(e) of ERISA would not reasonably be expected to result in a Material Adverse Effect. Each Foreign
Plan has been maintained in material compliance with its terms and with the requirements of any and all applicable laws, rules,
regulations and orders of any Governmental Authority and has been maintained, where required, in good standing with applicable
regulatory authorities. For each Foreign Plan which is not funded or which is not required to be fully funded under all applicable
laws, rules, regulations and orders of any Governmental Authority, the unfunded obligations of such Foreign Plan are properly
accrued and/or reflected on the books and records of Holdings and its Subsidiaries in all material respects. No Credit Party nor
any of its Subsidiaries is or has at any time been (a) an employer (for the purposes of sections 38 to 51 of the UK Pensions Act
2004) of an occupational pension scheme which is not a money purchase scheme (both terms as defined in the UK Pensions Act 1993)
or (b) “connected” with or an “associate” of (as those terms are used in sections 38 and 43 of the UK
Pensions Act 2004) such an employer.

 

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4.20       Solvency.
The Credit Parties are, after giving effect to the issuance of the Notes and the other transactions contemplated to occur on the
Closing Date, on a consolidated basis, Solvent.

 

4.21       Compliance
with Laws.

 

(a)      Generally.
Each of Holdings and its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable
restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property
(including compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and
the requirements of any permits issued under such Environmental Laws with respect to any such Real Estate Asset or the operations
of Holdings or any of its Subsidiaries), except such non-compliance that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

(b)      Anti-Money
Laundering Laws, Etc. None of the Credit Parties or any of their respective Subsidiaries or any of the directors or officers
of the Credit Parties or any of their respective Subsidiaries, or to the knowledge of each Credit Party, any of the Affiliates,
employees or agents of the Credit Parties or any of their respective Subsidiaries: (i) has taken or will take any action that would
constitute or give rise to a violation of Anti-Money Laundering Laws; or (ii) is or has been, in the past five (5) years, subject
to any action, proceeding, litigation, claim or investigation with regard to any actual or alleged violation of Anti-Money Laundering
Laws. Each Credit Party has implemented and maintains in effect policies and procedures designed to promote and achieve compliance
by such Credit Party and its Subsidiaries, and their respective directors, officers, employees and agents, with applicable Anti-Money
Laundering Laws.

 

(c)      Anti-Corruption
Laws, Etc.

 

(i)       None
of the Credit Parties or any of their respective Subsidiaries or any of the directors or officers of the Credit Parties or any
of their respective Subsidiaries, or to the knowledge of each Credit Party, any of the Affiliates, employees or agents of the Credit
Parties or any of their respective Subsidiaries: (A) has taken or will take any action in furtherance of an offer, payment, promise
to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or
indirectly, to any Government Official or commercial counterparty to influence official action or secure an improper advantage
or in other any manner that would constitute or give rise to a violation of applicable Anti-Corruption Laws; or (B) is or has been,
in the past five (5) years, subject to any action, proceeding, litigation, claim or investigation with regard to any actual or
alleged violation of Anti-Corruption Laws.

 

(ii)       Each
Credit Party has implemented and maintains in effect policies and procedures designed to promote and achieve compliance by such
Credit Party and its Subsidiaries, and their respective directors, officers, employees and agents, with applicable Anti-Corruption
Laws. None of the Credit Parties or any of their respective Subsidiaries has conducted or initiated any internal investigation
or made a voluntary, directed, or involuntary disclosure to any Governmental Authority with respect to any alleged act or omission
arising under or relating to any noncompliance with any applicable Anti-Corruption Law; and

 

(iii)       The
Issuer will not use, directly or indirectly, any part of the proceeds from the issuance of the Notes: (A) in furtherance of an
offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else
of value, directly or indirectly, to any Government Official or commercial counterparty to influence official action or secure
an improper advantage; or (B) in any manner that would constitute or give rise to a violation of applicable Anti-Corruption Laws.

 

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(d)       Sanctions.
None of the Credit Parties or any of their respective Subsidiaries or any of the directors or officers of the Credit Parties or
any of their respective Subsidiaries, or to the knowledge of each Credit Party, any of the Affiliates, employees or agents of the
Credit Parties or any of their respective Subsidiaries (i) is a Sanctioned Person; (ii) has engaged in the past five (5) years
or intends to engage in the future in any dealings with, involving or for the benefit of, any Sanctioned Person; (iii) has taken
any action, directly or indirectly, that would constitute or give rise to a violation of applicable Sanctions or (iv) is or has
been, in the past five (5) years, subject to any action, proceeding, litigation, claim or investigation with regard to any actual
or alleged violation of Sanctions. Each Credit Party has implemented and maintains in effect policies and procedures designed to
promote and achieve compliance by such Credit Party and its Subsidiaries, and their respective directors, officers, employees and
agents, with applicable Sanctions. None of the Credit Parties or any of their respective Subsidiaries has conducted or initiated
any internal investigation or made a voluntary, directed, or involuntary disclosure to OFAC or any other Governmental Authority
with respect to any alleged act or omission arising under or relating to any noncompliance with any applicable Sanctions. The Issuer
will not use, directly or indirectly, any part of any proceeds from the issuance of the Notes: (A) to fund or facilitate any activities
or business of, with or involving any Sanctioned Person; or (B) in any manner that would constitute or give rise to a violation
of Sanctions by Holdings or any of its Subsidiaries.

 

4.22       Disclosure.
No representation or warranty of any Credit Party contained in any Credit Document or in any other documents, certificates or
written statements furnished to any Agent or Purchaser by or on behalf of Holdings or any of its Subsidiaries for use in connection
with the transactions contemplated hereby (other than projections and other forward looking statements or information of a general
economic or industry specific nature) contains any untrue statement of a material fact or omits to state a material fact (known
to Holdings or the Issuer, in the case of any document not furnished by either of them) necessary in order to make the statements
contained herein or therein (when taken as a whole) not materially misleading in light of the circumstances in which the same
were made. Any projections, budgets and forward looking information and pro forma financial information contained in such materials
are based upon good faith estimates and assumptions believed by Holdings or the Issuer to be reasonable at the time made, it being
recognized by Purchasers that such projections as to future events are not to be viewed as facts and that actual results during
the period or periods covered by any such projections may differ from the projected results. There are no facts known (or which
should upon the reasonable exercise of diligence be known) to Holdings or the Issuer (other than matters of a general economic
nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have
not been disclosed herein or in such other documents, certificates and statements furnished to Purchasers for use in connection
with the transactions contemplated hereby.

 

4.23       Use
of Proceeds. The proceeds from the issuance of the Notes shall be used for the purposes set forth in Section 2.3.

 

4.24       Collateral
Documents. The provisions of each of the Collateral Documents (whether executed and delivered prior to or on the Closing Date
or thereafter) are and will be effective to create in favor of the Collateral Agent, for its benefit and the benefit of the Secured
Parties, a valid and enforceable security interest in and Lien upon all right, title and interest of each Credit Party in and
to the Collateral purported to be pledged, charged, mortgaged or assigned by it thereunder and described therein, except as may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability, and upon (i) the purchase of Notes hereunder, (ii) the filing
of appropriately completed UCC financing statements and continuations thereof in the jurisdictions specified therein, (iii) with
respect to United States Copyright registrations, the recordation of an appropriately completed short-form Intellectual Property
Security Agreement in the United States Copyright Office, and (iv) with respect to Deposit Accounts maintained at financial institutions
located in the U.S., when the Collateral Agent has “control” within the meaning of Section 9-104 of the applicable
UCC and (v) with respect to any Collateral Document entered into by a UK Credit Party, the registration of such Collateral Document
with the Companies Registration Office in England and Wales and to the extent relevant, the Trade Marks Registry at the Patent
Office in England and Wales and the Land Registry in England and Wales, such security interest and Lien shall constitute a fully
perfected and First Priority security interest in and Lien upon such right, title and interest of such Credit Party, in and to
such Collateral, to the extent that such security interest and Lien can be perfected by such actions.

 

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4.25       Classification
as Priority Lien Obligations; Etc. Subject to the Intercreditor Agreement, the Obligations
constitute First Priority senior secured obligations of the Credit Parties.

 

4.26       Certain
Indebtedness. As of the Closing Date, the only Indebtedness for borrowed money, Capital Leases and purchase money Indebtedness
of Holdings and its Subsidiaries (other than intercompany Indebtedness) consists of the Obligations and other Indebtedness listed
on Schedule 6.1, other than Indebtedness, the outstanding principal amount of which does not exceed $1,000,000 in the aggregate.

 

4.27       Insurance.
Holdings and its Subsidiaries maintains the insurance required by Section 5.5. All insurance maintained by Holdings and its Subsidiaries
on the Closing Date has been disclosed to the Collateral Agent in writing prior to the Closing Date.

 

4.28       Intellectual
Property; Licenses, Etc. Except as set forth on Schedule 4.28, each of Holdings and its
Subsidiaries owns or licenses or otherwise has the right to use all Patents, Patent applications, Trademarks, Trademark
applications, service marks, trade names, Copyrights, Copyright applications and other Intellectual Property rights that are
necessary in all material respects for the operation of its business, without infringement upon or conflict with the rights
of any other Person with respect thereto, and all such Intellectual Property owned by a Credit Party is subsisting and, to
the knowledge of such party, valid and enforceable, has not been abandoned, and is not subject to any outstanding order,
judgment or decree restricting its use or adversely affecting such party’s rights thereto, except, in each case, for
such failure to possess such rights, infringements, conflicts, nonsubsistence, invalidity, unenforceability, abandonment or
outstanding orders, judgments or decrees, which, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. Except as set forth in Schedule 4.28, no such Intellectual Property is the subject of any material
licensing agreement as to which any of Holdings or its Subsidiaries is a party. To the knowledge of any of Holdings or its
Subsidiaries, no slogan or other advertising device, product, process, method, substance or other Intellectual Property or
goods bearing or using any Intellectual Property presently contemplated to be sold by or employed by any of Holdings or its
Subsidiaries infringes any Patent, Trademark, service mark, trade name, Copyright, license or other Intellectual Property
owned by any other Person in any material respect, and no claim or litigation regarding any of the foregoing is pending or,
to the knowledge of any Credit Party, threatened in writing, except for such infringements and conflicts which could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.29       The
Holding Companies. None of the Holding Companies is in violation of the terms of Section 6.13.

 

4.30       Gaming
Approvals. Holdings and its Subsidiaries have (a) all applicable Gaming Licenses necessary for the operation of their business
as currently conducted and all such Gaming Licenses are valid and in full force and effect and (b) all other applicable governmental
approvals necessary for the operation of their business as currently conducted and all such other governmental approvals are valid
and in full force and effect. As of the Closing Date, Schedule 4.30 contains a true, accurate and complete list of all Gaming
Licenses, each of which is in full force and effect, and none of Holdings, the Issuer nor any of their Subsidiaries have any knowledge
of any default that has occurred and is continuing thereunder, or of any action, suit, investigation, litigation, proceeding,
hearing or other legal or regulatory developments, pending or threatened in any court or before any arbitrator, Gaming Authority
or other Governmental Authority with respect to any such Gaming License.

 

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4.31       No
Directed Selling Efforts. None of the Holding Companies, the Issuer or any of their respective Subsidiaries or “affiliates”
(as defined in Rule 405 under the Securities Act) or any persons acting on its or their behalf will engage in any directed selling
efforts (as defined in Regulation S under the Securities Act) in respect of the Notes.

 

4.32       Offshore
Transactions. Each of the Holding Companies, the Issuer, and their respective Subsidiaries and “affiliates” (as
defined in Rule 405 under the Securities Act) and any person acting on its or their behalf have complied with and will comply
with the offering restrictions requirement of Regulation S under the Securities Act in connection with the issuance and sale of
the Notes.

 

4.33       Commercial
Activity; Absence of Immunity. The Issuer is subject to civil and commercial law with respect to its obligations under the
Credit Documents, and the making and performance of the Credit Documents by the Issuer constitute private and commercial acts
rather than public or governmental acts. The Issuer is not entitled to any immunity on the ground of sovereignty or the like from
the jurisdiction of any court or from any action, suit, set-off or proceeding, or the service of process in connection therewith,
arising under the Credit Documents.

 

4.34       Intentionally
Omitted.

 

4.35       Centre
of Main Interests. For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings
(the “Regulation”), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is
situated in its jurisdiction of incorporation and it has no “establishment” (as that term is used in Article 2(h)
of the Regulations) in any other jurisdiction.

 

4.36       Relevant
Member State. In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a “Relevant Member State”), the Issuer represents and agrees that with effect from and including the
date on which the Prospectus Directive is implemented in that Relevant Member State (i) it has not made and will not make an offer
of Notes to the public in that Relevant Member State and (ii) the issue of the Notes hereunder does not and shall not require the
publication by the Issuer or any other entity of a prospectus pursuant to Article 3 of the Prospectus Directive. For the purposes
of this provision, the expression an ‘offer of the Notes to the public’ in relation to any Notes in any Relevant Member
State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to
be offered so as to enable an investor to decide to purchase or subscribe for the Notes, as the same may be varied in that Relevant
Member State by any measure implementing the Prospectus Directive in that Relevant Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (and amendments thereto
including by Directive 2010/73 EU, to the extent implemented in the Relevant Member State) and includes any relevant implementing
measure in each Relevant Member State.

 

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SECTION
4A. REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

Each Purchaser party
hereto on the Closing Date severally and not jointly represents and warrants to the Issuer as of the date hereof and as of the
Closing Date as follows:

 

(a)       Such
Purchaser is acquiring the Notes on the Purchase Date for its own account, for investment and not with a view to any distribution
thereof within the meaning of the Securities Act.

 

(b)       Such
Purchaser understands that the Notes have not been and the Notes, when issued, will not be registered under the Securities Act
or any state or other securities law, that the Initial Notes are being issued by the Issuer in transactions exempt from, or not
subject to, the registration requirements of the Securities Act, that it must not offer or sell the Notes except pursuant to an
effective registration statement under the Securities Act or pursuant to an applicable exemption from registration under the Securities
Act, or in a transaction not subject to the registration requirements of the Securities Act, and in compliance with applicable
State laws.

 

(c)       Such
Purchaser has been furnished with or has had access to the information it has requested from the Issuer and its Subsidiaries and
Affiliates and has had an opportunity to discuss with the management of the Issuer and its Subsidiaries and Affiliates the business
and financial affairs of the Issuer and its Subsidiaries and Affiliates, and has generally such knowledge and experience in business
and financial matters and with respect to investments in securities of privately held companies so as to enable it to understand
and evaluate the risks of such investment and form an investment decision with respect thereto.

 

(d)       Except
as otherwise disclosed by such Purchaser to the Issuer, such Purchaser did not employ any broker or finder in connection with the
transactions contemplated in this Agreement and no fees or commissions are payable to the Purchasers except as otherwise provided
for in the Agreement.

 

(e)       Such
Purchaser is either:

 

(i)       a
Qualified Institutional Buyer or an “institutional accredited investor” (within the meaning of Regulation D under the
Securities Act); or

 

(ii)       a
non-U.S. Person (as defined in Regulation S of the Securities Act) that did not become aware of the transactions contemplated by
this Agreement by means of any directed selling efforts (within the meaning of Regulation S of the Securities Act) and, to the
knowledge of such Purchaser the transactions contemplated by this Agreement are not part of a plan or scheme to evade the registration
requirements of the Securities Act.

 

SECTION
5. AFFIRMATIVE COVENANTS

 

Each Credit Party covenants
and agrees that, so long as any Commitment is in effect and until Payment in Full of all Obligations, each Credit Party shall perform,
and shall cause each of its Subsidiaries to perform, all covenants in this Section 5.

 

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5.1       Financial
Statements and Other Reports. Holdings and the Issuer will deliver to each Agent and Purchasers:

 

(a)       [Reserved]

 

(b)       Quarterly
Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each of the first
three Fiscal Quarters of each Fiscal Year commencing with the Fiscal Quarter ending June 30, 2018, the consolidated balance sheets
of Holdings and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’
equity and cash flows of Holdings and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the current
Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the
corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal
Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto (it
being understood that the delivery by Holdings of quarterly reports on Form 10-Q of Holdings shall satisfy the requirements of
this Section 5.1(b) unless delivery to the Note Agent is requested by the Required Purchasers in writing);

 

(c)       Annual
Financial Statements. As soon as available, and in any event within ninety (90) days after the end of each Fiscal Year ending
after the Closing Date (i) the consolidated balance sheets of Holdings and its Subsidiaries as at the end of such Fiscal Year and
the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such
Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year and (if requested
by the Required Purchasers in writing) the corresponding figures from the Budget for the Fiscal Year covered by such financial
statements, in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto;
and (ii) with respect to such consolidated financial statements a report thereon by independent certified public accountants of
recognized national standing selected by Holdings, and reasonably satisfactory to the Note Agent (which report and/or the accompanying
financial statements shall be unqualified as to going concern and scope of audit, (except for any such qualification pertaining
to the maturity of any Indebtedness occurring within the four Fiscal Quarter period following the relevant audit opinion or any
actual anticipated breach of any financial covenant under any Indebtedness),and shall state that such consolidated financial statements
fairly present, in all material respects, the consolidated financial position of Holdings and its Subsidiaries as at the dates
indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on
a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such
accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing
standards) together with a written statement by such independent certified public accountants stating (1) that their audit examination
has included a review of the terms of Section 6.7 of this Agreement and the related definitions, (2) whether, in connection therewith,
any condition or event that constitutes a Default or an Event of Default under Section 6.7 has come to their attention and, if
such a condition or event has come to their attention, specifying the nature and period of existence thereof, and (3) that nothing
has come to their attention that causes them to believe that the information contained in any Compliance Certificate is not correct
or that the matters set forth in such Compliance Certificate are not stated in accordance with the terms hereof;

 

(d)       Compliance
Certificate. Together with each delivery of financial statements of Holdings and its Subsidiaries pursuant to Sections 5.1(b)
and 5.1(c), a duly executed and completed Compliance Certificate;

 

(e)       Statements
of Reconciliation after Change in Accounting Principles. If, as a result of any change in accounting principles and policies
from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and
its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial
statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies
been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation
for all such prior financial statements in form and substance reasonably satisfactory to the Note Agent;

 

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(f)       Notice
of Default. Promptly upon any Responsible Officer of Holdings or the Issuer obtaining knowledge (i) of any condition or event
that constitutes a Default or an Event of Default under any Credit Document; (ii) that any Person has given any notice to Holdings
or any of its Subsidiaries or taken any other action with respect to any event or condition set forth in Section 8.1(b); or (iii)
of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse
Effect, a certificate of an Authorized Officer specifying the nature and period of existence of such condition, event or change,
or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, default,
event or condition, and what action the Issuer has taken, is taking and proposes to take with respect thereto;

 

(g)       Notice
of Litigation, Gaming Authority Action. Promptly upon any Responsible Officer of Holdings or the Issuer obtaining knowledge
of (i) any Adverse Proceeding not previously disclosed in writing by the Issuer to Purchasers, including any Adverse Proceeding
by any Gaming Authority or with respect to any Gaming License, or (ii) any development in any Adverse Proceeding (including any
Adverse Proceeding by any Gaming Authority or with respect to any Gaming License) that, in the case of either clause (i) or (ii),
if adversely determined could be reasonably expected to have a Material Adverse Effect, or seeks to enjoin or otherwise prevent
the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice
thereof together with such other information as may be reasonably available to Holdings or the Issuer (including delivery of copies
of notices received by the Issuer) to enable Purchasers and their counsel to evaluate such matters;

 

(h)       Pension
Plans; ERISA.

 

(i)       Upon
reasonable request from the Note Agent, copies of any actuarial reports relating to the Pension Plans that are prepared in order
to comply with then statutory or auditing requirements;

 

(ii)       (x)
Promptly (but in any event within fifteen (15) days) upon a Responsible Officer becoming aware of the occurrence of or forthcoming
occurrence of (i) any ERISA Event, (ii) the adoption of any new Pension Plan by any Credit Party, any of its Subsidiaries or any
of their ERISA Affiliates or the adoption of any new Foreign Plan that provides pension benefits by any Credit Party or any of
its Subsidiaries, or (iii) the commencement of contributions by any Credit Party, any of its Subsidiaries or any of their respective
ERISA Affiliates to a Multiemployer Plan, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries
or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any
action taken by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (y) (1) upon reasonable
request from the Note Agent, copies of each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by
Holdings or, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect
to each Pension Plan; and (2) within fifteen (15) days of receipt, copies of any notices received by Holdings or any of its Subsidiaries
from a Multiemployer Plan sponsor concerning an ERISA Event applicable to such Multiemployer Plan; and (3) copies of such other
documents or governmental reports or filings relating to any Employee Benefit Plan and any Foreign Plan as the Note Agent shall
reasonably request;

 

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(i)       Reserved.

 

(j)       Reserved.

 

(k)       Information
Regarding Collateral. Prompt written notice of any change (i) in any Credit Party’s corporate name, (ii) in any Credit
Party’s identity or corporate structure, (iii) in any Credit Party’s jurisdiction of organization or (iv) in any Credit
Party’s Federal Taxpayer Identification Number or state organizational identification number. The Issuer agrees not to effect
or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are
required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected
security interest in all the Collateral as contemplated in the Collateral Documents. The Issuer also agrees promptly to notify
the Collateral Agent if any material portion of the Collateral is damaged or destroyed;

 

(l)       Annual
Collateral Verification. Concurrently with the delivery of the financial statements under Section 5.1(c) for each Fiscal Year,
a certificate of its Authorized Officer (i) either confirming that there has been no change in such information since the date
of the Perfection Certificate delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this
Section 5.1 and/or identifying such changes and (ii) certifying that all UCC financing statements (including fixture filings, as
applicable) and all supplemental intellectual property security agreements or other appropriate filings, recordings or registrations,
have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant
to clause (i) above (or in such Perfection Certificate) to the extent necessary to effect, protect and perfect the security interests
under the Collateral Documents for a period of not less than eighteen (18) months after the date of such certificate (except as
noted therein with respect to any continuation statements to be filed within such period);

 

(m)       Anti-Corruption
Laws; Anti-Money Laundering Laws; Sanctions. The Issuer shall immediately notify the Note Agent in the event that any Responsible
Officer becomes aware that it or any Credit Party or any of their respective Subsidiaries, directors, officers or employees becomes
subject to any action, proceeding, litigation, claim or investigation with regard to any actual or alleged violation of Sanctions,
Anti-Corruption Laws or Anti-Money Laundering Laws. Promptly following any request therefor, the Issuer shall provide any information
and documentation reasonably requested by the Note Agent or any Purchaser for purposes of compliance with applicable “know-your-customer”
and anti-money laundering rules and regulations, including the PATRIOT Act;

 

(n)       Budget.
As soon as practicable and in any event no later than forty-five (45) days after the beginning of each Fiscal Year, a reasonably
detailed consolidated annual budget for such fiscal year (the “Budget”); which Budget shall in each case be
accompanied by a Financial Officer Certification and a Narrative Report with respect thereto;

 

(o)       Board
Reports. Promptly upon their becoming available, copies of all presentations, reports, notices and statements delivered by
management to the board of directors (or similar governing body) of Holdings; provided that Holdings shall not be required to disclose
or provide any information that would reasonably be expected (as determined by Holdings) to create a conflict of interest for the
Credit Parties or any of their Subsidiaries to the extent made available to the Note Agent or any Purchaser; provided, further,
that Holdings shall not be required to disclose or provide any information pursuant to this Section 5.1(o) (i) in respect of which
disclosure to the Note Agent or any Purchaser (or any of their respective representatives) is prohibited by any applicable Law,
(ii) that is subject to attorney-client or similar privilege or constitutes attorney work product, or (iii) in respect of which
Holdings or any Subsidiary is a party to an agreement with a third party that imposes confidentiality obligations on such member
of Holdings or such Subsidiary and would violate the applicable confidentiality provisions of such agreement; provided, further
that in the event that Holdings does not provide information in reliance on the preceding clause (ii) or (iii) due to confidentiality
or waiver concerns, Holdings shall provide notice to the Note Agent that such information is being withheld and shall use its commercially
reasonable efforts to communicate the applicable information in a way that would not violate the applicable obligation or risk
waiver of such privilege.

 

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(p)       Other
Information. (A) Promptly upon their becoming available, copies of (i) all financial statements, reports, notices and proxy
statements or other items required by the SEC or TISE which are sent or made available generally by Holdings or the Issuer to their
respective board of directors or security holders acting in such capacity or by any Subsidiary of Holdings to its equity holders,
bondholders or holders of any other of its securities acting in such capacity or by any Subsidiary of Holdings to its security
holders other than another Subsidiary of Holdings, (ii) all regular and periodic reports and all registration statements and prospectuses,
if any, filed by Holdings or any of its Subsidiaries with any securities exchange, TISE, SEC or any other Governmental Authority,
(iii) all press releases and other statements made available generally by Holdings or any of its Subsidiaries to the public concerning
material developments in the business of Holdings or any of its Subsidiaries, and (B) such other information and data with respect
to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by any Agent or any Purchaser; provided
that Holdings shall not be required to disclose or provide any information that would reasonably be expected (as determined by
Holdings in good faith) to create a conflict of interest for the Credit Parties or any of their Subsidiaries to the extent made
available to the Note Agent or any Purchaser; provided, further, that Holdings shall not be required to disclose or provide any
information pursuant to this Section 5.1(p) (i) in respect of which disclosure to the Note Agent or any Purchaser (or any of their
respective representatives) is prohibited by any applicable Law, (ii) that is subject to attorney-client or similar privilege or
constitutes attorney work product, or (iii) in respect of which Holdings or any Subsidiary is a party to an agreement with a third
party that imposes confidentiality obligations on such member of Holdings or such Subsidiary and would violate the applicable confidentiality
provisions of such agreement; provided, further that in the event that Holdings does not provide information in reliance on the
preceding clause (ii) or (iii) due to confidentiality or waiver concerns, Holdings shall provide notice to the Note Agent that
such information is being withheld and shall use its commercially reasonable efforts to communicate the applicable information
in a way that would not violate the applicable obligation or risk waiver of such privilege. In addition to the foregoing, the Issuer
shall furnish to the Purchasers and prospective investors, upon the written request of such parties, any information required to
be delivered pursuant to Rule 144A under the Securities Act so long as the Notes are not freely transferable by persons who are
not “affiliates” under the Securities Act.

 

(q)       Electronic
Delivery.

 

(i)       Notwithstanding
anything in any Credit Document to the contrary, each Credit Party hereby agrees that it will use its reasonable best efforts to
provide to the Note Agent all information, documents and other materials that it is obligated to furnish to the Note Agent pursuant
to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial and other reports,
certificates and other information materials, but excluding any such communication that (A) relates to a request for an extension
of credit (including any election of an interest rate or Interest Period relating thereto), (B) relates to the payment of any principal
or other amount due under any Credit Document prior to the scheduled date therefor, (C) provides notice of any Default or Event
of Default under any Credit Document or (D) is required to be delivered to satisfy any condition set forth in Sections 3.1 (all
such non-excluded communications being referred to herein collectively as the “Communications”), by transmitting
the Communications in accordance with Section 10.1(c).

 

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(ii)       The
Note Agent agrees that the receipt of the Communications in accordance with Section 10.1(c) shall constitute effective delivery
of the Communications to the Note Agent for purposes of this Section 5.1(q) unless otherwise requested by the Note Agent pursuant
to Section 10.1(c).

 

(iii)       Nothing
in this Section 5.1(q) shall prejudice the right of any Agent or any Purchaser to give any notice or other communication pursuant
to any Credit Document in any other manner specified in such Credit Document.

 

(iv)       Documents
required to be delivered pursuant to Section 5.1 (to the extent any such documents are included in materials otherwise filed with
the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Holdings
(A) files any such document with the SEC’s EDGAR system (or any successor thereto) in a manner accessible to the public at
large or (B) posts such documents, or provides a link thereto on Holdings’ website on the Internet at the website address
listed on Appendix B; or (ii) on which such documents are posted on Holdings’ behalf on an Internet or intranet website,
if any, to which each Purchaser and the Note Agent have access (whether a commercial, third-party website or whether sponsored
by the Note Agent). The Note Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents
referred to above.

 

5.2       Existence.
Except as otherwise permitted under Section 6.8, each Credit Party will, and will cause each of its Subsidiaries to, at all times
preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business
(including, without limitation all Gaming Approvals); provided, no Credit Party (other than the Issuer with respect to existence)
or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such
Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable
in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in
any material respect to such Person or to Purchasers. Each Credit Party will, and will cause each of its Subsidiaries to, ensure
that none of the Subsidiaries set forth on Schedule 6.8, individually, owns or maintains assets which have Fair Market Value,
or as determined in accordance with GAAP, whichever is greater, in excess of $250,000 at any time, unless such Subsidiary becomes
a Guarantor hereunder and a Grantor under the Security Agreements (or any similar document) in accordance with Section 5.10.

 

5.3       Payment
of Taxes and Claims. Each Credit Party will, and will cause each of its Subsidiaries to, pay all Taxes imposed upon it or
any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues
thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable
and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall
be incurred with respect thereto; provided, no such Tax or claim need be paid if (a) it is being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted, so long as (i) adequate reserve or other appropriate provision, as shall
be required in conformity with GAAP shall have been made therefor, and (ii) in the case of a Tax or claim which has or may become
a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral
to satisfy such Tax or claim or (b) the failure to so pay any such Tax or claim would not reasonably be expected to have a Material
Adverse Effect. No Credit Party will, nor will it permit any of its Subsidiaries to, (x) file or consent to the filing of any
consolidated income tax return with any Person (other than Holdings or any of its Subsidiaries) or (y) change its residence for
Tax purposes.

 

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5.4       Maintenance
of Properties. Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good
repair, working order and condition (ordinary wear and tear and casualty and condemnation excepted) all material properties used
or useful in the business of Holdings and its Subsidiaries and from time to time will make or cause to be made all appropriate
repairs, renewals and replacements thereof.

 

5.5       Insurance.
Holdings will maintain or cause to be maintained, with financially sound and reputable insurers, such liability insurance, business
interruption insurance and property insurance with respect to liabilities, losses or damage in respect of the assets, properties
and businesses of Holdings and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons
of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with
such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. Without
limiting the generality of the foregoing, Holdings will maintain or cause to be maintained (a) flood insurance in compliance with
any applicable regulations with respect to each Real Estate Asset which is subject to a mortgage in favor of the Collateral Agent,
for the benefit of Secured Parties, and located in an area designated by any Governmental Authority as having special flood or
mud slide hazards, and (b) replacement value casualty insurance (or reasonably equivalent policy) on the Collateral under such
policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at
all times carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses.
Each such policy of insurance payable to Holdings or any of its Subsidiaries shall (i) name the Collateral Agent, for the benefit
of the Secured Parties, as an additional insured thereunder as its interests may appear, (ii) in the case of each property insurance
policy, contain a lender’s loss payable endorsement, satisfactory in form and substance to the Collateral Agent, that names
the Collateral Agent, for the benefit of the Secured Parties, as lender loss payee thereunder and provide for at least thirty
(30) days’ (or ten (10) days in the case of non-payment) prior written notice to the Collateral Agent of any modification
or cancellation of such policy.

 

5.6       Books
and Records; Inspections. Each Credit Party will, and will cause each of its Subsidiaries to, keep proper books of record
and accounts in which full, true and correct entries in conformity in all material respects with GAAP shall be made of all dealings
and transactions in relation to its business and activities. Each Credit Party will, and will cause each of its Subsidiaries to,
permit any authorized representatives designated by any Purchaser (including the right to appoint third party agents) to visit
and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts
from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and
their officers and independent public accountants (but only to the extent a Responsible Officer has been provided a bona fide
opportunity to attend such meeting), all upon reasonable notice and at such reasonable times during normal business hours and
as often as may reasonably be requested; provided, that so long as no Event of Default has occurred and is continuing, the Credit
Parties shall not be required to permit or reimburse the Purchasers, taken as a whole, for more than one such visit or inspection
in any calendar year.

 

5.7       Quarterly
Calls. Holdings and the Issuer will, upon the request of the Note Agent or the Requisite Purchasers, participate in quarterly
conference calls of the Note Agent and Purchasers in connection with the delivery of the financial statements of Holdings and
its Subsidiaries pursuant to Sections 5.1(b) and (c) at such time as may be agreed to by the Issuer and the Note Agent.

 

5.8       Compliance
with Laws and Contractual Obligations.

 

(a)       Each
Credit Party will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities
to comply (i) with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including
all applicable ERISA and all Environmental Laws, Gaming Laws, OFAC, the PATRIOT Act, the FCPA, and/or any Anti-Terrorism Law and
Anti-Corruption Law) and (ii) Contractual Obligations, in each case, noncompliance with which could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

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(b)       Each
Credit Party will comply, and shall cause its Subsidiaries and any of their respective directors, officers and employees to comply,
with applicable Anti-Money Laundering Laws, Anti-Corruption Laws and Sanctions in all material respects. Each Credit Party shall
continue to maintain in effect and enforce, and shall procure that each of its Subsidiaries continues to maintain in effect and
enforce, policies and procedures designed to promote and achieve compliance by such Credit Party and its Subsidiaries and their
respective directors, officers and employees with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

5.9       Environmental.

 

(a)       Environmental
Disclosure. Holdings will deliver to the Note Agent (who will supply copies to the Purchasers if requested):

 

(i)       as
soon as practicable following receipt thereof, copies of all environmental audits, investigations, analyses and reports of any
kind or character, whether prepared by personnel of Holdings or any of its Subsidiaries or by independent consultants, Governmental
Authorities or any other Persons, with respect to material environmental matters at any Facility or with respect to any Environmental
Claims;

 

(ii)       promptly
upon the occurrence thereof, written notice describing in reasonable detail (1) any Release required to be reported by Holdings
or any of its Subsidiaries to any Governmental Authority under any applicable Environmental Laws, (2) any remedial action taken
by Holdings or any other Person in response to (A) any Hazardous Materials Activities the existence of which has a reasonable possibility
of resulting in one or more Environmental Claims having, individually or in the aggregate, a Material Adverse Effect, or (B) any
Environmental Claims that, individually or in the aggregate, have a reasonable possibility of resulting in a Material Adverse Effect,
and (3) Holdings or the Issuer’s discovery of any occurrence or condition on any real property adjoining or in the vicinity
of any Facility that could cause such Facility or any part thereof to be subject to any material restrictions on the ownership,
occupancy, transferability or use thereof under any Environmental Laws;

 

(iii)       as
soon as practicable following the sending or receipt thereof by Holdings or any of its Subsidiaries, a copy of any and all written
communications with respect to (1) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility
of giving rise to a Material Adverse Effect, (2) any Release required to be reported by Holdings or any of its Subsidiaries to
any Governmental Authority, and (3) any written request for information from any Governmental Authority that suggests such Governmental
Authority is investigating whether Holdings or any of its Subsidiaries may be potentially responsible for any Hazardous Materials
Activity;

 

(iv)       prompt
written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property by Holdings or any of
its Subsidiaries that could reasonably be expected to (A) expose Holdings or any of its Subsidiaries to, or result in, Environmental
Claims that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (B) affect the
ability of Holdings or any of its Subsidiaries to maintain in full force and effect all material Governmental Authorizations required
under any Environmental Laws for their respective operations and (2) any proposed action to be taken by Holdings or any of its
Subsidiaries to modify current operations in a manner that could reasonably be expected to subject Holdings or any of its Subsidiaries
to any additional material obligations or requirements under any Environmental Laws; and

 

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(v)       with
reasonable promptness, such other documents and information as from time to time may be reasonably requested by the Note Agent
in relation to any matters disclosed pursuant to this Section 5.9(a).

 

(b)       Hazardous
Materials Activities, Etc. Each Credit Party shall promptly take, and shall cause each of its Subsidiaries promptly to take,
any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such Credit Party or its Subsidiaries
that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (ii) make an appropriate
response to any Environmental Claim against such Credit Party or any of its Subsidiaries and discharge any obligations it may have
to any Person thereunder where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

5.10       Covenant
to Guarantee Obligations and Provide Security. In the event that any Person becomes a Subsidiary (other than an Excluded Subsidiary)
of Issuer, Issuer shall (a) promptly cause such Subsidiary to become a Guarantor hereunder and a Grantor under the Security Agreements
by executing and delivering to the Note Agent and the Collateral Agent a Counterpart Agreement or in respect of a Subsidiary which
is incorporated in England and Wales, enter into a UK Security Document on the same terms as the UK Collateral Agreement and its
shares charged on the same terms as the UK Share Charge Agreement, or in respect of a Subsidiary which is incorporated in the
U.S. or Gibraltar, enter into, as applicable, a U.S. Security Document or Gibraltar Security Document on the same terms as the
U.S. Security Agreement or the Gibraltar Collateral Agreement and its shares pledged or charged on the same terms as the U.S.
Security Agreement or the Gibraltar Pledge Agreement, and (b) take all such actions and execute and deliver, or cause to be executed
and delivered, all such documents (including, where customary and appropriate, collateral and security documentation in additional
applicable jurisdictions), instruments, agreements, legal opinions and certificates reasonably requested by the Collateral Agent.
With respect to each such Subsidiary, the Issuer shall promptly send to the Note Agent written notice setting forth with respect
to such Person (i) the date on which such Person became a Subsidiary of the Issuer, and (ii) all of the data required to be set
forth in Schedules 4.1 and 4.2 with respect to all Subsidiaries of the Issuer; and such written notice shall be deemed to supplement
Schedule 4.1 and 4.2 for all purposes hereof.

 

5.11       Additional
Material Real Estate Assets.

 

(a)       In
the event that any Credit Party acquires a Material Real Estate Asset, then such Credit Party shall promptly take all such actions
and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions
and certificates, including the items specified in Section 5.11(d), that the Collateral Agent shall reasonably request to create
in favor of the Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred
to herein, perfected First Priority security interest in such Material Real Estate Assets, subject to Permitted Liens.

 

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(b)       [Reserved].

 

(c)       The
Issuer shall, at the request of the Collateral Agent, deliver, from time to time, to the Collateral Agent such appraisals as are
required by law or regulation of Real Estate Assets with respect to which the Collateral Agent has been granted a Mortgage.

 

(d)       In
the case of any Material Real Estate Asset referred to in Section 5.11(a), the applicable Credit Party shall provide, the Collateral
Agent with Mortgages with respect to such Real Estate Asset (each, a “Mortgaged Property”), as the case may
be, within sixty (60) days of the acquisition of such Real Estate Asset (or such longer period as to which the Collateral Agent
may agree) together with:

 

(i)       evidence
that counterparts of any such Mortgage has been duly executed, acknowledged and delivered and is in form suitable for filing or
recording in all filing or recording offices that the Collateral Agent may deem reasonably necessary or desirable in order to create
a valid and subsisting perfected Lien on the property and/or rights described therein in favor of the Collateral Agent for the
benefit of the Secured Parties and that all filing and recording taxes and fees that are due and payable have been paid or otherwise
provided for in a manner reasonably satisfactory to the Note Agent;

 

(ii)       an
opinion of counsel (which counsel shall be reasonably satisfactory to the Collateral Agent) in each state in which a Mortgaged
Property is located with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and such other
matters as the Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Collateral
Agent;

 

(iii)       mortgagee
title insurance policies or unconditional commitments therefor issued by one or more title companies reasonably satisfactory to
the Collateral Agent with respect to each Mortgaged Property (each, a “Title Policy”), in amounts not less than
the Fair Market Value of each Mortgaged Property, together with a title report issued by a title company with respect thereto and
copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably
satisfactory to the Collateral Agent and (B) evidence satisfactory to the Collateral Agent that such Credit Party has paid to the
title company or to the appropriate Governmental Authorities all expenses and premiums of the title company and all other sums
required in connection with the issuance of each Title Policy and all recording and stamp taxes (including mortgage recording and
intangible taxes) payable in connection with recording the Mortgages for each Mortgaged Property in the appropriate real estate
records; and

 

(iv)       such
surveys, abstracts, appraisals and other documents as the Collateral Agent may reasonably request.

 

5.12       Further
Assurances. At any time or from time to time upon the reasonable request of the Note Agent, each Credit Party will, at its
expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as the Note Agent
or the Collateral Agent may reasonably request in order to effect fully the purposes of the Credit Documents. In furtherance and
not in limitation of the foregoing, each Credit Party shall take such actions as the Note Agent or the Collateral Agent may reasonably
request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured by substantially all
of the assets of the Credit Parties.

 

5.13       Cash
Management. Any Credit Party which holds a Deposit Account or Securities Account maintained at a financial institution in
the U.S. shall maintain at all times Cash and Cash Equivalents at Deposit Accounts or Securities Accounts with any financial institution
that has entered into a Control Agreement other than Cash or Cash Equivalents held in Excluded Accounts; provided that Control
Agreements required to be delivered under this Section 5.13 with respect to Deposit Accounts and Securities Accounts existing
as of the Closing Date shall be subject to the post-closing delivery period set forth in Section 5.14.

 

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5.14       Post-Closing
Obligations.

 

(a)       Within
thirty (30) days of the Closing Date (or such later date as the Note Agent shall approve), the Credit Parties shall deliver to
the Collateral Agent, with respect to the insurance required to be maintained pursuant to Section 5.5, the endorsements required
by Section 5.5.

 

(b)       Within
ten (10) days of the Closing Date (or such later date as the Note Agent shall approve), the Credit Parties shall deliver to the
Collateral Agent a copy of a Counterpart Agreement executed and delivered by Inspired Gaming (Gibraltar) Ltd. (together with any
other customary deliverables in connection with such document), in each case in form and substance reasonably satisfactory to the
Note Agent.

 

(c)       Within
thirty (30) days of the Closing Date (or such later date as the Note Agent shall approve), the Credit Parties shall deliver to
the Collateral Agent copies of the Gibraltar Security Documents, in each case executed and delivered by each Credit Party which
is a party thereto (together with customary legal opinions and any other customary deliverables in connection with such documents),
in each case in form and substance reasonably satisfactory to the Note Agent.

 

5.15       TISE
Listing. The Issuer shall obtain, prior to the first Interest Payment Date following the Closing Date, and thereafter shall
maintain, for so long as the Notes are outstanding, the listing of the Notes on TISE, which action may include submission of information,
documentation and statements, making required disclosures in respect of the terms of the Notes or the financial condition of the
Issuer, and assuming responsibility for information and statements and payment of related fees, costs and expenses.

 

5.16       Financial
Assistance. Each Credit Party shall (and shall ensure that each of its Subsidiaries shall) comply in all respects with sections
678 and 679 of the Companies Act 2006 and any equivalent legislation in other jurisdictions including in relation to the execution
of the Collateral Documents and payments of amounts due under this Agreement.

 

5.17       Foreign
Plans.

 

(a)        Each
Credit Party shall ensure that neither it nor any of its Subsidiaries are or have been at any time an employer (for the purposes
of sections 38 to 51 of the Pensions Act 2004) of an occupation pension scheme which is not a money purchase scheme (both terms
as defined in the Pensions Schemes Act 1993) or a “connected” with or an “associate” of (as those terms
are used in sections 38 or 43 of the Pensions Act 2004) such an employer.

 

(b)        Each
Credit Party shall immediately notify the Note Agent (i) of any investigation or proposed investigation by the Pensions Regulator
which may lead to the issue of a Financial Support Direction or a Contribution Notice it or any of its Subsidiaries; and (ii) if
it receives a Financial Support Direction or a Contribution Notice form the Pensions Regulator.

 

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5.18       People
with Significant Control Regime.

 

(a)        Each
UK Credit Party agrees that: (i) it shall not issue a PSC Notice to any person unless required to do so by law; and (ii) it shall
send a copy of any PSC Notice issued to any person to the Note Agent within two Business Days of sending it to that person.

 

(b)        If
at any time any Credit Party receives a PSC Notice from a UK Credit Party it shall (i) within 2 Business Days send a copy of that
PSC Notice to the Note Agent; (ii) where applicable, promptly respond with the information which it is required by that PSC Notice
to give to that UK Credit Party (and in any event, such UK Credit Party shall respond not later than five Business Days prior to
the end of the period prescribed by law for so doing); and (iii) send a copy of such response to the Note Agent at the same time
as it sends such response to the applicable UK Credit Party.

 

SECTION
6.    NEGATIVE COVENANTS

 

Each Credit Party covenants
and agrees that, so long as any Commitment is in effect and until Payment in Full of all Obligations, such Credit Party shall perform,
and shall cause each of its Subsidiaries to perform, all covenants in this Section 6.

 

6.1       Indebtedness.
No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or guaranty,
or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except:

 

(a)       the
Obligations;

 

(b)       Indebtedness
of any Credit Party to any other Credit Party or of Inspired Gaming Spain SL to any other Credit Party; provided, (i) all such
Indebtedness shall be evidenced by the Intercompany Note, and shall be subject to a First Priority Lien pursuant to the Security
Agreement, (ii) all such Indebtedness shall be unsecured and subordinated in right of payment to the Payment in Full of the Obligations
pursuant to the terms of the Intercompany Note, (iii) any payment by any Guarantor Subsidiary under any guaranty of the Obligations
shall result in a pro tanto reduction of the amount of any Indebtedness owed by such Subsidiary to the Credit Party for whose benefit
such payment is made and (iv) such Indebtedness is permitted as an Investment under Section 6.6(d) or Section 6.6(n);

 

(c)       Indebtedness
of any Credit Party owing to Inspired Gaming Spain SL; provided that (i) such Indebtedness shall be unsecured and subordinated
in right of payment to the Payment in Full of the Obligations pursuant to the terms of the Intercompany Note and (ii) the aggregate
principal amount of Indebtedness outstanding pursuant to this clause (c) shall not exceed $250,000 at any time;

 

(d)       Indebtedness
which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar obligations incurred
in the ordinary course of business;

 

(e)       Indebtedness
in respect of netting services, overdraft protections and otherwise in connection with deposit accounts and/or securities accounts;

 

(f)       guaranties
in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of Holdings and its Subsidiaries;

 

(g)       (i)
guaranties by Holdings or any of its Subsidiaries of the Obligations and the Indebtedness in respect of the Revolving Credit Facility
and (ii) guaranties by the Issuer of Indebtedness of a Guarantor Subsidiary or guaranties by a Guarantor Subsidiary of Indebtedness
of the Issuer or another Guarantor Subsidiary with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant
to this Section 6.1; provided, that if the Indebtedness that is being guarantied is unsecured and/or subordinated to the Obligations,
the guaranty shall also be unsecured and/or subordinated to the Obligations;

 

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(h)       Indebtedness
described in Schedule 6.1, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals and extensions
expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date of this Agreement
and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less favorable to the
obligor thereon or to Purchasers than the Indebtedness being refinanced or extended, and the average life to maturity thereof is
greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness permitted under the
immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not an obligor with respect
to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended
or refinanced plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with
the refinancing (provided that the principal amount of such Indebtedness shall not include any principal constituting interest
paid in kind) or (C) be incurred, created or assumed if any Default or Event of Default has occurred and is continuing or would
result therefrom;

 

(i)       Indebtedness
of the Issuer or its Subsidiaries and U.S. Gaming with respect to Capital Lease Obligations and purchase money Obligations in an
aggregate amount not to exceed at any time $5,000,000; provided that any such Indebtedness (i) is issued and any Liens securing
such Indebtedness are created within 180 days after the acquisition, construction, lease or improvement of the asset financed and
(ii) shall be secured only by the asset acquired in connection with the incurrence of such Indebtedness;

 

(j)       (i)
Indebtedness of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Subsidiary or Indebtedness
attaching to assets that are acquired by the Issuer or any of its Subsidiaries, in each case after the Closing Date as the result
of a Permitted Acquisition, (ii) any refinancing, refunding, renewal or extension of any Indebtedness specified in subclause (i)
of this Section 6.1(j), so long as (1) the principal amount of any such Indebtedness is not increased above the principal amount
thereof outstanding immediately prior to such refinancing, refunding, renewal or extension, plus accrued interest, fees
and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing, (2) the direct and contingent obligors
with respect to such Indebtedness are not changed and (3) such Indebtedness shall not be secured by any assets other than the assets
securing the Indebtedness being renewed, extended or refinanced, and (iii) Indebtedness incurred by Holdings or any of its Subsidiaries
arising from agreements providing for indemnification, adjustment of purchase price or similar obligations (including, Indebtedness
consisting of the deferred purchase price of property, in each case. acquired in a Permitted Acquisition) (“Earn Out Indebtedness”),
or from guaranties or letters of credit, surety bonds or performance bonds securing the performance of the Issuer or any such Subsidiary
pursuant to such agreements, in connection with Permitted Acquisitions or permitted dispositions of any business, assets or Subsidiary
of Holdings or any of its Subsidiaries; provided that (A) Indebtedness which is permitted under this Section 6.1(j) (other than
Earn Out Indebtedness, the terms of which require that payment therefor be made solely in the form of Equity Interests of Holdings),
shall not exceed an aggregate amount of $1,000,000 at any one time outstanding and (B) in the case of Indebtedness referred to
in subclause (i) of this Section 6.1(j), (x) such Indebtedness existed at the time such Person became a Subsidiary or at the time
such assets were acquired and, in each case, was not created in anticipation thereof and (y) such Indebtedness is not guaranteed
in any respect by Holdings or any Subsidiary (other than by any such Person that so becomes a Subsidiary and its acquired Subsidiaries);

 

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(k)      Indebtedness
owing under Hedging Agreements entered into in the ordinary course in order to manage existing or anticipated interest rate, exchange
rate or commodity price risks and not for speculative purposes;

 

(l)       Indebtedness
representing deferred compensation to employees, officers and consultants or former employees or directors and consultants of Holdings
and its Subsidiaries, in each case, payable in the ordinary course of business and in an aggregate amount not to exceed $2,000,000
in any Fiscal Year and $3,000,000 at any one time outstanding (excluding any such deferred compensation which is solely payable
in Equity Interests or which will be, and is, extinguished within 15 months of the first day of the fiscal year in which such compensation
is awarded).

 

(m)     Indebtedness
under the Revolving Credit Facility not to exceed GBP 7,500,000 and any Permitted Refinancing Indebtedness in respect thereof;

 

(n)      Indebtedness
consisting of unpaid insurance premiums owing to insurance companies and insurance brokers incurred in connection with the financing
of insurance premiums in the ordinary course of business;

 

(o)      Indebtedness
incurred in respect of corporate credit cards, credit card processing services, debit cards, purchase cards (including p-cards)
or other similar cash management services incurred in the ordinary course of business;

 

(p)      Indebtedness
incurred in the ordinary course of business in respect of obligations to pay the deferred purchase price of goods or services or
progress payments in connection with such goods and services;

 

(q)      intercompany
cash management obligations, royalty fees, “cost-plus” and/or transfer pricing arrangements in the ordinary course
of business and consistent with past practice; and

 

(r)       unfunded
pension fund and other employee benefit plan obligations and liabilities incurred in the ordinary course of business to the extent
that the unfunded amounts would not otherwise cause an Event of Default.

 

6.2       Liens.
No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit
to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of
goods or accounts receivable) of Holdings or any of its Subsidiaries, whether now owned or hereafter acquired or licensed, or
any income, profits or royalties therefrom, or file or permit the filing of, or permit to remain in effect, any effective financing
statement or other similar notice of any Lien with respect to any such property, asset, income, profits or royalties under the
UCC of any State or under any similar recording or notice statute or under any applicable intellectual property laws, rules or
procedures, except:

 

(a)       Liens
in favor of the Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document;

 

(b)       Liens
for Taxes if (i) obligations with respect to such Taxes are being contested as required by Section 5.3 or (ii) the amount of obligations
with respect to such Taxes does not exceed $750,000 in the aggregate;

 

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(c)      statutory
Liens of landlords, banks (and rights of set-off), of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and
other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Code or ERISA or a violation of
Section 436 of the Code), in each case incurred in the ordinary course of business (i) for amounts not yet overdue or (ii) for
amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of thirty (30) days) are being
contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall
be required by GAAP shall have been made for any such contested amounts;

 

(d)      Liens
incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types
of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government
contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the
payment of borrowed money), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion
of the Collateral on account thereof;

 

(e)      easements,
rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case which do not and will
not interfere in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries;

 

(f)       any
interest or title of a lessor or sublessor under any lease of real estate permitted hereunder;

 

(g)      Liens
solely on any cash earnest money deposits made by Holdings or any of its Subsidiaries in connection with any letter of intent or
purchase agreement permitted hereunder;

 

(h)      purported
Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property
entered into, consignment and/or the sale of accounts receivable, in each case, in the ordinary course of business;

 

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

 

(j)       any
zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any
real property;

 

(k)      non-exclusive
outbound licenses of patents, copyrights, trademarks and other intellectual property rights granted by Holdings or any of its Subsidiaries
in the ordinary course of business and not interfering in any respect with the ordinary conduct of or materially detracting from
the value of the business of the Issuer or such Subsidiary or exclusive licenses of such type to the extent permitted under 6.8(h);

 

(l)       Liens
described in Schedule 6.2;

 

(m)     Liens
securing Indebtedness permitted pursuant to Section 6.1(i); provided, any such Lien shall encumber only the asset acquired, constructed,
leased or improved with the proceeds of such Indebtedness;

 

(n)      Liens
securing Indebtedness permitted by subclause (i) of Section 6.1(j), provided any such Lien shall encumber only those assets which
secured such Indebtedness at the time such assets were acquired by the Issuer or its Subsidiaries;

 

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(o)       other
Liens not exceeding $1,000,000; provided that immediately prior to, and after giving effect to the creation of such Lien, no Default
or Event of Default shall have occurred and be continuing or would result therefrom;

 

(p)       Liens
securing Indebtedness permitted under Section 6.1(k) and incurred under (i) the Nomura Hedging Agreement, and (ii) any other Specified
Hedging Agreement so long as the aggregate Net Mark-to-Market Exposure in respect of all such Specified Hedging Agreements entered
into pursuant to this clause (ii) shall not exceed $2,000,000 and all such Liens shall be subject to the Intercreditor Agreement;

 

(q)       attachments,
appeal bonds, judgments and other similar Liens not resulting in an Event of Default arising in connection with court proceedings;
provided that the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively
contested in good faith and by appropriate proceedings;

 

(r)       Liens
securing the obligations under the Revolving Credit Facility and any Permitted Refinancing Indebtedness in respect thereof, in
each case, subject to the Intercreditor Agreement;

 

(s)       Liens
securing Indebtedness permitted under Section 6.1(n) hereof on the policies being financed, including in respect thereof, all returns
of premium, dividend payments and loss payments which reduce unearned premiums;

 

(t)       Liens
(i) that are contractual rights of setoff relating to (A) the establishment of depositary relations with banks, (B) pooled deposit
or sweep accounts to permit satisfaction of overdraft, cash pooling or similar obligations incurred in the ordinary course of business,
(C) purchase orders and other agreements entered into with customers of Holdings or any Subsidiary in the ordinary course of business
and (D) commodity trading or other brokerage accounts incurred in the ordinary course of business, (ii) encumbering reasonable
customary initial deposits and margin deposits and (iii) securing Indebtedness permitted by Section 6.1(c);

 

(u)       Liens
in favor of collecting banks arising under Section 4-210 of the UCC and other banker’s Liens arising by operation of law;

 

(v)       Liens
or rights of setoff against credit balances with any credit card issuer or credit card processor or amounts owing by credit card
issues or credit card processers to Holdings or any of its Subsidiaries in the ordinary course of business to secure the obligations
of to such credit card issuer or credit card processor as a result of any fees and chargebacks; and

 

(w)       Liens
(i) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in
the ordinary course of business or arising out of Article 2 of the UCC, or (ii) on inventory or other goods and proceeds securing
obligations in respect of letters of credit and bankers’ acceptances issued or created to facilitate the purchase, shipment
or storage of such inventory or other goods.

 

6.3       No
Further Negative Pledges. Except with respect to (a) specific property encumbered to secure payment of particular Indebtedness
or to be sold pursuant to an executed agreement with respect to a permitted Asset Sale (or an Asset Sale that will result in Payment
in Full), (b) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained
in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are
limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar
agreements, as the case may be) and (c) restrictions identified on Schedule 6.3, no Credit Party nor any of its Subsidiaries shall
enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now
owned or hereafter acquired, to secure the Obligations.

 

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6.4       Restricted
Payments. No Credit Party shall, nor shall it permit any of its Subsidiaries or Affiliates through any manner or means or
through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay,
make or set apart, any sum for any Restricted Payment, except that (a) any Subsidiary of Holdings may declare and pay dividends
or make other distributions ratably on its equity holders, (b) with respect to Subordinated Indebtedness, Holdings or any Subsidiary
may (i) in each case to the extent due and payable on a non-accelerated basis and permitted under the subordination agreement
or subordination provisions applicable thereto (the terms of which are reasonably satisfactory to the Note Agent) make regularly
scheduled payments of principal and interest and payment of fees, expenses and indemnification obligations in respect of Subordinated
Indebtedness (including customary “AHYDO catch-up payments” permitted by such subordination agreement or subordination
provisions applicable thereto) and (ii) so long as no Event of Default shall have occurred and be continuing, consummate incurrence
of any Permitted Refinancing Indebtedness in respect thereof, (c) with respect to any Earn Out Indebtedness (other than Earn Out
Indebtedness which requires or permits that payment therefor be made solely in the form of Equity Interests of Holdings), so long
as no Event of Default shall have occurred and be continuing and the Issuer is in pro forma compliance with Section 6.7, Holdings
or any Subsidiary may make payments thereof as and when due and owing thereunder and (d) with respect to any Subordinated Indebtedness
or Earn-Out Indebtedness, Holdings or any Subsidiary may convert or exchange any such Indebtedness or make payments thereunder
by the issuance of Equity Interests (other than Disqualified Equity Interests) of Holdings.

 

6.5       Restrictions
on Subsidiary Distributions. Except as provided herein or under the Revolving Credit Facility, no Credit Party shall, nor
shall it permit any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or restriction of any kind on the ability of any Subsidiary of the Issuer to (a) pay dividends or make any other distributions
on any of such Subsidiary’s Equity Interests owned by the Issuer or any other Subsidiary of the Issuer, (b) repay or prepay
any Indebtedness owed by such Subsidiary to the Issuer or any other Subsidiary of the Issuer, (c) make loans or advances to the
Issuer or any other Subsidiary of the Issuer, or (d) transfer, lease or license any of its property or assets to the Issuer or
any other Subsidiary of the Issuer other than restrictions (i) in agreements evidencing Indebtedness permitted by Sections 6.1(i)
and 6.1(j) that impose restrictions on the property so acquired, (ii) by reason of customary provisions restricting assignments,
subletting, other transfers or requirements in net worth contained in leases, licenses, joint venture agreements and similar agreements
entered into in the ordinary course of business, (iii) that are or were created by virtue of any transfer of, agreement to transfer
or option or right with respect to any property, assets or Equity Interests not otherwise prohibited under this Agreement, (iv)
described on Schedule 6.5 or (v) in agreements relating to Asset Sales permitted hereunder (or an Asset Sale that will result
in Payment in Full).

 

6.6       Investments.
No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make or own any Investment in any
Person, including any Joint Venture, except:

 

(a)       Investments
in Cash and Cash Equivalents;

 

(b)       equity
Investments owned as of the Closing Date in any Subsidiary and Investments made after the Closing Date in the Issuer and any wholly-owned
Guarantor Subsidiary of Holdings;

 

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(c)       Investments
(i) in any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors or suppliers
and (ii) deposits, prepayments and other credits to suppliers made in the ordinary course of business of Holdings and its Subsidiaries;

 

(d)       intercompany
loans to Credit Parties to the extent permitted under Section 6.1(b);

 

(e)       (i)
Consolidated Maintenance Capital Expenditures with respect to the Issuer and the Guarantors and (ii) Consolidated Growth Capital
Expenditures (excluding, for the avoidance of doubt, expenditures for labor, or in respect of purchased software, internally developed
software and software enhancements that, in each case, in conformity with GAAP, are or are required to be reflected as capitalized
costs, and excluding Permitted Acquisitions) in an aggregate amount under this clause (ii) not to exceed $10,000,000 in any Fiscal
Year;

 

(f)       loans
and advances to employees of Holdings and its Subsidiaries made in the ordinary course of business in an aggregate principal amount
not to exceed $100,000;

 

(g)       Permitted
Acquisitions;

 

(h)       Investments
described in Schedule 6.6 or permitted by Section 6.1(q);

 

(i)       Hedging
Agreements which constitute Investments entered into in order to manage existing or anticipated interest rate, exchange rate or
commodity price risks and not for speculative purposes;

 

(j)       Investments
acquired in connection with the settlement of delinquent accounts or disputes in the ordinary course of business, upon foreclosure
with respect to any secured Investment or other transfer of title or as a result of the settlement, compromise, resolution of litigation,
arbitration or other disputes;

 

(k)       promissory
notes and other non-cash consideration received in connection with dispositions permitted pursuant to Section 6.8;

 

(l)       Investments
(i) consisting of extensions of trade credit and (ii) consisting of endorsement of negotiable instruments in the ordinary course;

 

(m)       Investments
to the extent that payment therefor is made solely with Equity Interests of Holdings (other than Disqualified Equity Interests);

 

(n)       Investments
in Inspired Gaming Spain SL after the Closing Date in an aggregate amount not to exceed $250,000 outstanding at any time, less
any cash returns thereon; and

 

(o)       Holdings
and its Subsidiaries may make additional Investments in an aggregate amount not to exceed $1,000,000 during the term of this Agreement.

 

Notwithstanding the
foregoing, in no event shall any Credit Party make any Investment which results in or facilitates in any manner any Restricted
Payment not otherwise permitted under the terms of Section 6.4.

 

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6.7       Financial
Covenants.

 

(a)       Total
Leverage Ratio. The Issuer shall not permit the Total Leverage Ratio as of the last day of any Fiscal Quarter to exceed the
corresponding ratio set forth:

 

	Fiscal Quarter	Total Leverage Ratio
	September 30, 2018	3.50:1.00
	December 31, 2018	3.50:1.00
	March 31, 2019	3.50:1.00
	June 30, 2019	3.50:1.00
	September 30, 2019	3.25:1.00
	December 31, 2019	3.25:1.00
	March 31, 2020	3.25:1.00
	June 30, 2020	3.25:1.00
	September 30, 2020	3.00:1.00
	December 31, 2020	3.00:1.00
	March 31, 2021	3.00:1.00
	June 30, 2021	3.00:1.00
	September 30, 2021

 and thereafter	2.75:1.00

 

(b)       Fixed
Charge Coverage Ratio. Holdings shall not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter,
beginning with the Fiscal Quarter ending September 30, 2019, to be less than the correlative ratio indicated:

 

	Fiscal Quarter	Fixed Charge Coverage Ratio
	September 30, 2019	1.15:1.00
	December 31, 2019	1.15:1.00
	March 31, 2020	1.15:1.00
	June 30, 2020	1.15:1.00
	September 30, 2020	1.25:1.00
	December 31, 2020	1.25:1.00
	March 31, 2021	1.25:1.00
	June 30, 2021	1.25:1.00
	September 30, 2021	1.30:1.00
	December 31, 2021	1.30:1.00
	March 31, 2022	1.30:1.00
	June 30, 2022	1.30:1.00
		

 

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	Fiscal Quarter	Fixed Charge Coverage Ratio

	September 30, 2022 and thereafter	1.35:1.00

 

(c)       Minimum
Liquidity. Holdings shall not permit, as of the last day of any Fiscal Quarter (commencing with the Fiscal Quarter ending September
30, 2018), the aggregate amount of unrestricted Cash and Cash Equivalents included in the consolidated balance sheet of Holdings
and its Subsidiaries as of such date that, in each case, are free and clear of all Liens (other than Liens in favor of Collateral
Agent for the benefit of Secured Parties, Liens pursuant to the Revolving Credit Facility and nonconsensual Liens permitted by
Section 6.2) to be less than $5,000,000.

 

6.8       Fundamental
Changes; Disposition of Assets; Acquisitions. No Credit Party shall, nor shall it permit any of its Subsidiaries to, enter
into any transaction of merger or consolidation, or consummate a Disposition, or liquidate, wind-up or dissolve itself (or suffer
any liquidation or dissolution), or convey, sell, lease or license, exchange, transfer or otherwise dispose of, in one transaction
or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal
or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed, or acquire by purchase
or otherwise (other than purchases or other acquisitions of inventory, materials and equipment and capital expenditures in the
ordinary course of business) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of,
any Person or any division or line of business or other business unit of any Person, except:

 

(a)       (i)
any Subsidiary of the Issuer (including those listed on Schedule 6.8) may be merged with or into the Issuer or any Guarantor Subsidiary,
or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased,
transferred or otherwise disposed of, in one transaction or a series of transactions, to the Issuer or any Guarantor Subsidiary;
provided, in the case of such a merger, the Issuer or such Guarantor Subsidiary, as applicable shall be the continuing or surviving
Person; or (ii) subject to the requirements of Section 6.13 any Subsidiary of Holdings that is a direct or indirect parent entity
of the Issuer may be merged with or into another Guarantor that is a direct or indirect parent entity of the Issuer, or be liquidated,
wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise
disposed of, in one transaction or a series of transactions, to another Guarantor that is a direct or indirect parent entity of
the Issuer, so long as Holdings remains the direct or indirect parent entity of the Issuer;

 

(b)       sales
or other dispositions of assets that do not constitute Asset Sales;

 

(c)       (x)
Asset Sales, including the sale of Machine Assets, the proceeds of which (valued at the principal amount thereof in the case of
non-Cash proceeds consisting of notes or other debt Securities and valued at Fair Market Value in the case of other non-Cash proceeds)
(i) are less than $1,000,000 with respect to any single Asset Sale or series of related Asset Sales, (ii) when aggregated with
the proceeds of all other Asset Sales made within the same Fiscal Year, are less than $2,500,000 and (iii) when aggregated with
the proceeds of all other Asset Sales made during the term of this Agreement, are less than $5,000,000; provided (1) the consideration
received for such assets shall be in an amount at least equal to the Fair Market Value thereof (determined in good faith by the
board of directors of the Issuer (or similar governing body)), (2) no less than 100% thereof shall be paid in Cash, and (3) the
Net Asset Sale Proceeds thereof shall be applied as required by Section 2.10(a); and (y) Asset Sales of Machine Assets in the ordinary
course of business following the expiration or termination of the applicable customer contract or other arrangement with respect
to such Machine Assets, provided that the net book value of all Machine Assets so sold shall not exceed $3,000,000 in the aggregate
in any Fiscal Year;

 

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(d)       disposals
of obsolete, worn out or surplus property;

 

(e)       Permitted
Acquisitions;

 

(f)       Investments
made in accordance with Section 6.6 or Dispositions of Subsidiary Interests made in accordance with Section 6.9;

 

(g)       the
use of cash or Cash Equivalents in a manner not prohibited by the Loan Documents;

 

(h)       (i)
non-exclusive licenses, sublicenses, leases or subleases granted to third parties in the ordinary course of business not interfering
with the business of the Holdings and its Subsidiaries, taken as a whole and (ii) exclusive licenses created after the Closing
Date of assets or Intellectual Property with respect to any particular country or geographic region, where (x) the aggregate revenues
generated by such country or geographic region does not represent more than 3% (or, in the case of the U.S., 10%) of the total
revenues of Holding and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters on or prior to the date
of the granting of such license and (y) such exclusive licenses do not interfere in any respect with the ordinary course of business,
or materially detract from the value of, the business of Holdings and its Subsidiaries;

 

(i)       the
lapse, abandonment or other dispositions of Intellectual Property that is, in the reasonable good faith judgment of a Credit Party,
no longer economically practicable or commercially desirable to maintain or useful in the conduct of the business of Holdings and
its Subsidiaries;

 

(j)       dispositions
resulting from Casualty Events upon receipt of the Net Insurance/Condemnation Proceeds of such Casualty Event;

 

(k)       sales,
forgiveness or discounting, on a non-recourse basis and in the ordinary course of business, of past due accounts in connection
with the collection or compromise thereof or the settlement of delinquent accounts or in connection with the bankruptcy or reorganization
of suppliers or customers;

 

(l)       the
granting of Permitted Liens and the making of Restricted Payments otherwise permitted under Section 6.4;

 

(m)       (i)
the expiration of any option held Holdings or any Subsidiary, (ii) the termination of any lease in the ordinary course of business
and (iii) any surrender, termination or waiver of contractual rights or the settlement, release or surrender of contractual rights
or litigation claims (including in tort) in the ordinary course of business;

 

(n)       any
disposition of assets consummated in connection with the liquidation, winding up or dissolution of any Inactive Subsidiary set
forth on Schedule 6.8;

 

(o)       to
the extent that (i) the relevant property is exchanged for credit against the purchase price of similar replacement property or
(ii) the proceeds of the relevant disposition are promptly applied to the purchase price of such replacement property; provided
that no Machine Assets shall be exchanged or otherwise Disposed pursuant to this clause (n);

 

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(p)       termination
of Hedging Agreements in the ordinary course of business; and

 

(q)       dispositions
of condemned property as a result of the exercise of “eminent domain” or other similar powers to the respective Governmental
Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of property
arising from foreclosure or similar action or that have been subject to a casualty to the respective insurer of such real property
as part of an insurance settlement.

 

6.9         Disposal
of Subsidiary Interests. Except for any sale of all of its interests in the Equity Interests of any of its Subsidiaries in
compliance with the provisions of Section 6.8, no Credit Party shall, nor shall it permit any of its Subsidiaries to, (a) directly
or indirectly issue, sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Subsidiaries,
except to qualify directors if required by applicable law; or (b) permit any of its Subsidiaries directly or indirectly to issue,
sell, assign, pledge or otherwise encumber or dispose of any Equity Interests of any of its Subsidiaries, except, in each case,
to another Credit Party or any Subsidiary thereof to the extent permitted by Section 6.8, or to qualify directors if required
by applicable law.

 

6.10       Sales
and Lease-Backs. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or
remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or
mixed), whether now owned or hereafter acquired, which such Credit Party (a) has sold or transferred or is to sell or to transfer
to any other Person (other than Holdings or any of its Subsidiaries), or (b) intends to use for substantially the same purpose
as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than Holdings or
any of its Subsidiaries) in connection with such lease , in each case, except to the extent effectuated to enter into a Capital
Lease permitted in Section 6.1.

 

6.11       Transactions
with Shareholders and Affiliates. No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly,
enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate of Holdings on terms that are materially less favorable to Holdings or that Subsidiary, as
the case may be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; provided,
the foregoing restriction shall not apply to (i) any transaction between or among (x) a Credit Party and any non-Guarantor Subsidiary
in the ordinary course of business and consistent with past practice or (y) any Credit Parties; (ii) reasonable and customary
fees and indemnities paid to members of the board of directors (or similar governing body) of Holdings and its Subsidiaries; (iii)
compensation arrangements for officers and other employees of Holdings and its Subsidiaries entered into in the ordinary course
of business; and (iv) transactions described in Schedule 6.11 (but not any changes thereto).

 

6.12       Conduct
of Business. From and after the Closing Date, no Credit Party shall, nor shall it permit any of its Subsidiaries to, engage
in any business other than (i) the businesses engaged in by such Credit Party on the Closing Date and similar or reasonably related
or ancillary businesses and (ii) such other lines of business as may be consented to by Requisite Purchasers.

 

6.13       Permitted
Activities of the Holding Companies. Holdings shall not, nor shall it permit any other Holding Company to, (a) incur, directly
or indirectly, any Indebtedness other than the Indebtedness under (i) this Agreement and the other Credit Documents, (ii) the
Revolving Credit Facility and any Permitted Refinancing Indebtedness in respect thereof, (iii) any Specified Hedging Agreement,
and (iv) intercompany Indebtedness permitted hereunder; (b) create or suffer to exist any Lien upon any property or assets now
owned or hereafter acquired, leased or licensed by it other than the Liens created under the Collateral Documents to which it
is a party or permitted pursuant to Section 6.2; (c) engage in any business or activity or own any assets other than (i) holding
the Equity Interests of its Subsidiaries, (ii) issuing and selling its own Equity Interests, (iii) in the case of Holdings, maintaining
its existence as a public company and preparing reports to, and preparing and making notices to and filings with, Governmental
Authorities and to its holders of Equity Interests, (iv) receiving, and holding proceeds of, Restricted Payments from its Subsidiaries,
(v) as necessary to consummate any Permitted Acquisition in accordance with the terms of this Agreement, (vi) making Restricted
Payments and Investments to the extent permitted by this Agreement, (vii) providing administrative services to its Subsidiaries
and (viii) activities incidental to any of the foregoing; (d) consolidate with or merge with or into, or convey, transfer, lease
or license all or substantially all its assets to, any Person; or (e) fail to hold itself out to the public as a legal entity
separate and distinct from all other Persons; provided that notwithstanding the foregoing, (x) Holdings shall not hold Equity
Interests or Investments in any Person other than DMWSL 633; and (y) DMWSL 633 shall not hold Equity Interests or Investments
in any Person other than DMWSL 632.

 

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6.14       Amendments
or Waivers of Organizational Documents. No Credit Party shall nor shall it permit any of its Subsidiaries to, agree to any
amendment, restatement, supplement or other modification to, or waiver of, any of its Organizational Documents after the Closing
Date in a manner materially adverse to the Purchasers without in each case obtaining the prior written consent of the Requisite
Purchasers to such amendment, restatement, supplement or other modification or waiver.

 

6.15       Amendments
or Waivers of with respect to Certain Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to,
amend or otherwise change the terms of any Subordinated Indebtedness, or make any payment consistent with an amendment thereof
or change thereto, if the effect of such amendment or change is to increase the interest rate on such Subordinated Indebtedness,
change (to earlier dates) any dates upon which payments of principal or interest are due thereon, change any event of default
or condition to an event of default with respect thereto (other than to eliminate any such event of default or increase any grace
period related thereto), change the redemption, prepayment or defeasance provisions thereof, change the subordination provisions
of such Subordinated Indebtedness (or of any guaranty thereof). No Credit Party shall, nor shall it permit any of its Subsidiaries
to, amend or otherwise change the terms of any Specified Hedging Agreement or Subordinated Indebtedness, or make any payment consistent
with an amendment thereof or change thereto, if the effect of such amendment or change, together with all other amendments or
changes made, is to increase materially the obligations of the obligor thereunder or to confer any additional rights on the counterparty
under such Specified Hedging Agreement or the holders of such Subordinated Indebtedness (or a trustee or other representative
on their behalf) which would be adverse to any Credit Party or Purchasers.

 

6.16       Accounting
Method. No Credit Party shall, nor shall it permit any of its Subsidiaries to modify or change its fiscal year, Fiscal Quarter
or its method of accounting (other than as may be required to conform to GAAP), unless such change shall be to move its Fiscal
Year end to December 31.

 

6.17       Centre
of Main Interests. No Credit Party whose jurisdiction of incorporation is in a member state
of the European Union shall change its “centre of main interests” (as that term is used in Regulation (EU) 2015/848
of 20 May 2015 on insolvency proceedings (recast), as amended and updated) where that change would materially and adversely affect
the interests of the Purchasers as a whole.

 

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SECTION
7. GUARANTY

 

7.1       Guaranty
of the Obligations. Subject to the provisions of Section 7.2, Guarantors jointly and severally hereby irrevocably and unconditionally
guaranty to the Note Agent, for the ratable benefit of the Beneficiaries, the due and punctual Payment in Full of all Obligations
when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise
(including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code,
11 U.S.C. § 362(a)) (collectively, the “Guaranteed Obligations”).

 

7.2       Contribution
by Guarantors. All Guarantor Subsidiaries desire to allocate among themselves (collectively, the “Contributing Guarantors”),
in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly, in the event any payment or distribution
is made on any date by a Guarantor Subsidiary (a “Funding Guarantor”) under this Guaranty such that its Aggregate
Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other
Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair
Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination,
an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to (ii)
the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by (b) the aggregate
amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the Guaranteed Obligations.
“Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination,
the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations
hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United
States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair
Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or
liabilities of such Contributing Guarantor 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 Contributing Guarantor.
“Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount
equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor
in respect of this Guaranty (including in respect of this Section 7.2), minus (2) the aggregate amount of all payments
received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this
Section 7.2. 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 Guarantor. The allocation among Contributing Guarantors of their obligations as
set forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder.
Each Guarantor Subsidiary is a third party beneficiary to the contribution agreement set forth in this Section 7.2.

 

7.3       Payment
by Guarantors. Subject to Section 7.2, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and
not in limitation of any other right which any Beneficiary may have at law or in equity against any Guarantor by virtue hereof,
that upon the failure of the Issuer to pay any of the Guaranteed Obligations when and as the same shall become due, whether at
stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due
but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), Guarantors
will upon demand pay, or cause to be paid, in Cash, to the Note Agent for the ratable benefit of Beneficiaries, an amount equal
to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on
such Guaranteed Obligations (including interest which, but for the Issuer’s becoming the subject of a case under the Bankruptcy
Code, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against the Issuer for such interest
in the related bankruptcy case) and all other Guaranteed Obligations then owed to Beneficiaries as aforesaid.

 

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7.4       Liability
of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional
and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other
than Payment in Full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting the generality thereof,
each Guarantor agrees as follows:

 

(a)       this
Guaranty is a guaranty of payment when due and not of collectability. Subject to Section 7.3, this Guaranty is a primary obligation
of each Guarantor and not merely a contract of surety;

 

(b)       the
Note Agent may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any dispute between
the Issuer and any Beneficiary with respect to the existence of such Event of Default;

 

(c)       the
obligations of each Guarantor hereunder are independent of the obligations of the Issuer and the obligations of any other guarantor
(including any other Guarantor) of the obligations of the Issuer, and a separate action or actions may be brought and prosecuted
against such Guarantor whether or not any action is brought against the Issuer or any of such other guarantors and whether or not
the Issuer is joined in any such action or actions;

 

(d)       payment
by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any
Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality
of the foregoing, if the Note Agent is awarded a judgment in any suit brought to enforce any Guarantor’s covenant to pay
a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the
portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied
by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in respect of the Guaranteed
Obligations;

 

(e)       any
Beneficiary, upon such terms as it deems appropriate, without notice or demand and without affecting the validity or enforceability
hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder,
from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner
or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer
of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate
the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations
and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute,
compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the
Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any
other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for
the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof,
or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary
in its discretion may determine consistent herewith or the Nomura Hedging Agreement and any applicable security agreement, including
foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such
sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation
or other right or remedy of any Guarantor against any other Credit Party or any security for the Guaranteed Obligations; and (vi)
exercise any other rights available to it under the Credit Documents or the Nomura Hedging Agreement; and

 

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(f)       this
Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason (other than Payment in Full of the Guaranteed Obligations), including
the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any
failure or omission to assert or enforce or agreement or election not to assert or enforce, 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 the 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
or the Nomura Hedging Agreement; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any
of the terms or provisions (including provisions relating to events of default) hereof, any of the other Credit Documents, the
Nomura Hedging Agreement or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the
Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document, the Nomura Hedging
Agreement or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating
thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received
from any source (other than payments received pursuant to the other Credit Documents or the Nomura Hedging Agreement or from the
proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness
other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though any Beneficiary
might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) any Beneficiary’s consent
to the change, reorganization or termination of the corporate structure or existence of Holdings or any of its Subsidiaries and
to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security
interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which
the Issuer may allege or assert against any Beneficiary in respect of the Guaranteed Obligations, including failure of consideration,
breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other
act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk
of any Guarantor as an obligor in respect of the Guaranteed Obligations.

 

7.5       Waivers
by Guarantors. Each Guarantor hereby waives, for the benefit of Beneficiaries: (a) any right to require any Beneficiary, as
a condition of payment or performance by such Guarantor, to (i) proceed against the Issuer, any other guarantor (including any
other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from the
Issuer, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account
or credit on the books of any Beneficiary in favor of any Credit Party or any other Person, or (iv) pursue any other remedy in
the power of any Beneficiary whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability
or other defense of the Issuer or any other Guarantor including any defense based on or arising out of the lack of validity or
the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation
of the liability of the Issuer or any other Guarantor from any cause other than Payment in Full of the Guaranteed Obligations;
(c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in other respects more burdensome than that of the principal; (d) any defense based upon any Beneficiary’s errors
or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e)(i) any principles
or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable
discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s
liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness,
diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property
subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action
or inaction, including acceptance hereof, notices of default hereunder, under the Nomura Hedging Agreement or any agreement or
instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related
thereto, notices of any extension of credit to the Issuer and notices of any of the matters referred to in Section 7.4 and any
right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the
liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof.

 

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7.6       Guarantors’
Rights of Subrogation, Contribution, Etc. Until the Guaranteed Obligations shall have been
indefeasibly Paid in Full in Cash, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such
Guarantor now has or may hereafter have against the Issuer or any other Guarantor or any of its assets in connection with
this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such claim, right or
remedy arises in equity, under contract, by statute, under common law or otherwise and including (a) any right of
subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against the Issuer with
respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any
Beneficiary now has or may hereafter have against the Issuer, and (c) any benefit of, and any right to participate in, any
collateral or security now or hereafter held by any Beneficiary. In addition, until the Guaranteed Obligations shall have
been indefeasibly Paid in Full in Cash, each Guarantor shall withhold exercise of any right of contribution such Guarantor
may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including any such right
of contribution as contemplated by Section 7.2. Each Guarantor further agrees that, to the extent the waiver or agreement to
withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is
found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or
indemnification such Guarantor may have against the Issuer or against any collateral or security, and any rights of
contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any
Beneficiary may have against the Issuer, to all right, title and interest any Beneficiary may have in any such collateral or
security, and to any right any Beneficiary may have against such other guarantor. If any amount shall be paid to any
Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all
Guaranteed Obligations shall not have been finally and indefeasibly Paid in Full in Cash, such amount shall be held in trust
for the Note Agent on behalf of Beneficiaries and shall forthwith be paid over to the Note Agent for the benefit of
Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with
the terms hereof.

 

7.7       Subordination
of Other Obligations. Any Indebtedness of the Issuer or any Guarantor now or hereafter held by any Guarantor (the “Obligee
Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected
or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Note
Agent on behalf of Beneficiaries and shall forthwith be paid over to the Note Agent for the benefit of Beneficiaries to be credited
and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the
Obligee Guarantor under any other provision hereof.

 

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7.8        Continuing
Guaranty . This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have
been Paid in Full in Cash. Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions
giving rise to any Guaranteed Obligations.

 

7.9        Authority
of Guarantors or the Issuer. It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor
or the Issuer or the officers, directors or any agents acting or purporting to act on behalf of any of them.

 

7.10      Financial
Condition of the Issuer. Any credit extension evidenced by a Note may be continued from time to time may be entered into from
time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other condition
of the Issuer at the time of any such grant or continuation. No Beneficiary shall have any obligation to disclose or discuss with
any Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of the Issuer. Each Guarantor has
adequate means to obtain information from the Issuer on a continuing basis concerning the financial condition of the Issuer and
its ability to perform its obligations under the Credit Documents, and each Guarantor assumes the responsibility for being and
keeping informed of the financial condition of the Issuer and of all circumstances bearing upon the risk of nonpayment of the
Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any
matter, fact or thing relating to the business, operations or conditions of the Issuer now known or hereafter known by any Beneficiary.

 

7.11      Bankruptcy,
Etc.

 

(a)         So
long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of the Note Agent
acting pursuant to the instructions of Requisite Purchasers, commence or join with any other Person in commencing any bankruptcy,
reorganization or insolvency case or proceeding of or against the Issuer or any other Guarantor. The obligations of Guarantors
hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary
or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of the Issuer or
any other Guarantor or by any defense which the Issuer or any other Guarantor may have by reason of the order, decree or decision
of any court or administrative body resulting from any such proceeding.

 

(b)         Each
Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement
of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases
to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on
such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed
Obligations because it is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations which are guaranteed by
Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve the Issuer or any
of its Subsidiaries of any portion of such Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver,
debtor in possession, assignee for the benefit of creditors or similar Person to pay the Note Agent, or allow the claim of the
Note Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced.

 

(c)         In
the event that all or any portion of the Guaranteed Obligations are paid by the Issuer or any of its Subsidiaries, the obligations
of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that
all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent
transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all
purposes hereunder.

 

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7.12      Discharge
of Guaranty Upon Sale of Guarantor. If all of the Equity Interests of any Guarantor or any of its successors in interest hereunder
shall be Disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of
such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without
any further action by any Beneficiary or any other Person effective as of the time of such Disposition.

 

7.13      Specific
Limitations on UK Credit Parties. This guarantee does not apply to any liability to the extent (and solely to the extent)
that it would result in this guarantee constituting unlawful financial assistance within the meaning of sections 678 or 679 of
the Companies Act 2006.

 

7.14      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 any other Credit Party hereunder to honor all of such Credit
Party’s obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor
shall only be liable under this Section 7.14 for the maximum amount of such liability that can be hereby incurred without rendering
its obligations under this Section 7.14, or otherwise under this Guaranty, 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 7.14 shall remain in full force and effect until the Guaranteed Obligations shall have
been indefeasibly Paid in Full in Cash. Each Qualified ECP Guarantor intends that this Section 7.14 constitute, and this Section
7.14 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.

 

SECTION
8. EVENTS OF DEFAULT

 

8.1        Events
of Default. If any one or more of the following conditions or events shall occur:

 

(a)         Failure
to Make Payments When Due. Failure by the Issuer to pay (i) when due any principal amount of any Note, whether at stated maturity,
by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any interest on any Note, any
fee, premium (including Prepayment Premium and Exit Premium) or any other amount due hereunder, in the case of this clause (ii),
within three Business Days after the date due; or

 

(b)         Default
in Other Agreements. (i) Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal
of or interest on or any other amount, including any payment in settlement, payable in respect of one or more items of Indebtedness
(other than Indebtedness referred to in Section 8.1(a)) in an individual principal amount (or Net Mark-to-Market Exposure) of $2,000,000
or more or with an aggregate principal amount (or Net Mark-to-Market Exposure) of $2,000,000 or more, in each case beyond the grace
period, if any, provided therefor; or (ii) breach or default by any Credit Party with respect to any other term of (1) one or more
items of Indebtedness in the individual or aggregate principal amounts (or Net Mark-to-Market Exposure) referred to in clause (i)
above or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case
beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder
or holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be
declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity
of any underlying obligation, as the case may be; or

 

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(c)         Breach
of Certain Covenants. Failure of any Credit Party to perform or comply with any term or condition contained in (i) Section
2.3, Section 5.2 (solely as to the Issuer), Section 5.14, Section 5.15 or Section 6, (ii) Section 5.1(d), Section 5.1(f)(i), Section
5.6 or Section 5.13 and such default under this clause (ii) shall not have been remedied or waived within five Business Days or
(iii) Section 5.1(b) or Section 5.1(c) and such default under this clause (iii) shall not have been remedied or waived within ten
Business Days; or

 

(d)         Breach
of Representations, Etc. Any representation, warranty, certification or other statement made or deemed made by any Credit Party
in any Credit Document or in any statement or certificate at any time given by any Credit Party or any of its Subsidiaries in writing
pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or
deemed made; or

 

(e)         Other
Defaults Under Credit Documents. Any Credit Party shall default in the performance of or compliance with any term contained
herein or any of the other Credit Documents, other than any such term referred to in any other paragraph of this Section 8.1, and
such default shall not have been remedied or waived within thirty (30) days after the earlier of (i) a Responsible Officer of such
Credit Party becoming aware of such default or (ii) receipt by the Issuer of notice from the Note Agent or any Purchaser of such
default; or

 

(f)          Involuntary
Bankruptcy; Appointment of Receiver, Etc. (i) A court of competent jurisdiction shall enter a decree or order for relief in
respect of Holdings or any of its Subsidiaries (in an involuntary case under any Debtor Relief Laws now or hereafter in effect,
which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; (ii)
a moratorium is declared in respect of any indebtedness of any UK Credit Party and if such a moratorium occurs, the ending of the
moratorium will not remedy any Event of Default caused by that moratorium, or (iii) an involuntary case shall be commenced against
Holdings or any of its Subsidiaries under any Debtor Relief Laws now or hereafter in effect; or a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having
similar powers over Holdings or any of its Subsidiaries, or over all or a substantial part of its property, shall have been entered;
or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Holdings or any
of its Subsidiaries for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall
have been issued against any substantial part of the property of Holdings or any of its Subsidiaries, or any other corporate action,
legal proceedings or other formal procedure or step is taken in relation to (A) the suspension of payments, moratorium of any indebtedness,
winding-up, dissolution, administration or reorganization of Holdings or any of its Subsidiaries (other than an inactive Subsidiary
listed on Schedule 6.8), (B) a composition, compromise, assignment or arrangement with any creditor of Holdings or any of its Subsidiaries
or (C) the appointment of liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer
in respect of Holdings or any of its Subsidiaries (other than an inactive Subsidiary listed on Schedule 6.8) or (D) enforcement
of any Lien over the assets of Holdings or any of its Subsidiaries and any such event described in this clause (iii) shall continue
for sixty (60) days without having been dismissed, bonded or discharged; or

 

(g)         Voluntary
Bankruptcy; Appointment of Receiver, Etc. (i) Holdings or any of its Subsidiaries shall have an order for relief entered with
respect to it or shall commence a voluntary case under any Debtor Relief Laws now or hereafter in effect, or shall consent to the
entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any
such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial
part of its property; or Holdings or any of its Subsidiaries shall make any assignment for the benefit of creditors; or (ii) Holdings
or any of its Subsidiaries shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts
as such debts become due or suspends or threatens to suspend making payments on any of its debts or, by reason of actual or anticipated
financial difficulties, commences negotiations with one or more of its creditors with a view to restructuring any of its indebtedness;
or the board of directors (or similar governing body) of Holdings or any of its Subsidiaries, or any committee thereof, shall adopt
any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 8.1(f); or

 

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(h)         Judgments
and Attachments; Proceedings. Any money judgment, writ or warrant of attachment or similar process involving (A) in any individual
case an amount in excess of $2,000,000 or (B) in the aggregate at any time an amount in excess of $2,000,000 (in either case to
the extent not adequately covered by insurance as to which the Issuer’s insurance company has not denied coverage) shall
be entered or filed against Holdings or any of its Subsidiaries or any of their respective assets and shall remain undischarged,
unvacated, unbonded or unstayed for a period of sixty (60) days (or in any event later than five (5) days prior to the date of
any proposed sale thereunder); or

 

(i)          Dissolution.
Any order, judgment or decree shall be entered against any Credit Party decreeing the dissolution or split up of such Credit Party
and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or

 

(j)          Employee
Benefit Plans. There shall occur one or more ERISA Events which individually or in the aggregate results in or might reasonably
be expected to result in a Material Adverse Effect; or

 

(k)         Change
of Control. A Change of Control shall occur; or

 

(l)          Guaranties,
Collateral Documents and other Credit Documents. At any time after the execution and delivery thereof, (i) the Guaranty for
any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance
with its terms) or shall be declared to be null and void or any Guarantor shall repudiate in writing its obligations thereunder,
(ii) this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral
in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof)
or shall be declared null and void, or the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in
any material portion of the Collateral purported to be covered by the Collateral Documents with the priority required by the relevant
Collateral Document, in each case for any reason other than the failure of the Collateral Agent or any Secured Party to take any
action within its control, (iii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing
or deny in writing that it has any further liability, including with respect to future advances by Purchasers, under any Credit
Document to which it is a party or shall contest in writing the validity or perfection of any Lien in any Collateral purported
to be covered by the Collateral Documents or (iv) the Obligations shall cease to constitute (subject to the terms of the Intercreditor
Agreement) First Priority obligations of the Credit Parties ; or

 

(m)        Subordinated
Indebtedness. Any Subordinated Indebtedness permitted hereunder or the guarantees thereof shall cease, for any reason, to be
validly subordinated to the Obligations of the Credit Parties hereunder, as provided in the documents governing such Subordinated
Indebtedness; or

 

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(n)         Gaming
License Revocation. There shall have occurred a License Revocation by any Gaming Authority in one or more jurisdictions in
which Holdings or any of its Subsidiaries operates or provides gaming services (whether online or otherwise), which License Revocation
(in the aggregate with any other License Revocations then in existence) relates to operations of Holdings and/or the Subsidiaries
that in the most recent Test Period accounted for five percent (5%) or more of the gross revenues of Holdings and its Subsidiaries
on a consolidated basis and such License Revocation continues for a period of fifteen (15) consecutive days;

 

THEN, (1) upon the occurrence of
any Event of Default described in Section 8.1(f) or 8.1(g), automatically, and (2) upon the occurrence and during the continuance
of any other Event of Default, at the request of (or with the consent of) Requisite Purchasers, upon notice to the Issuer by the
Note Agent, (A) each of the following shall immediately become due and payable, in each case without presentment, demand, protest
or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (I) the unpaid principal amount
of and accrued interest and premium (including the Prepayment Premium and the Exit Premium) on the Notes, and (II) all other Obligations;
and (B) the Note Agent may cause the Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral
Documents.

 

8.2        Application
of Proceeds. Notwithstanding anything to the contrary contained in this Agreement or any Credit Document, upon the occurrence
and during the continuance of an Event of Default and after the acceleration of the principal amount
of any of the Notes hereunder, any and all payments received by the Note Agent, including proceeds of Collateral, shall be applied
subject to the Intercreditor Agreement:

 

(i)           first,
to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to the Note Agent and the Collateral
Agent with respect to this Agreement, the other Credit Documents or the Collateral;

 

(ii)         second,
to all fees, premium (including the Prepayment Premium and the Exit Premium), costs, indemnities, liabilities, obligations and
expenses incurred by or owing to any Purchaser with respect to this Agreement, the other Credit Documents or the Collateral;

 

(iii)        third,
to accrued and unpaid interest on the Obligations (including any interest which, but for the provisions of the Bankruptcy Code,
would have accrued on such amounts);

 

(iv)         fourth,
to the principal amount of the Obligations;

 

(v)          fifth,
to any other Indebtedness or obligations of any Credit Party owing to the Note Agent, any Purchaser or any other Secured Party
under the Credit Documents for which the Note Agent has received written notice of such Obligations as being outstanding; and

 

(vi)        sixth,
to the Issuer or to whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.

 

In carrying out the foregoing,
(x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding
category and (y) each of the Persons entitled to receive a payment in any particular category shall receive an amount equal to
its pro rata share of amounts available to be applied pursuant thereto for such category.

 

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SECTION
9. AGENTS

 

9.1        Appointment
of Agents. Cortland is hereby appointed the Note Agent and the Collateral Agent hereunder and under the other Credit Documents
and each Purchaser hereby authorizes Cortland to act as the Note Agent and the Collateral Agent in accordance with the terms hereof
and the other Credit Documents. Each Agent hereby agrees to act in its capacity as such upon the express conditions contained
herein and the other Credit Documents, as applicable. The provisions of this Section 9 are solely for the benefit of the Agents
and Purchasers and no Credit Party shall have any rights as a third party beneficiary of any of the provisions thereof (except
as to Sections 9.1, 9.7 and 9.8). In performing its functions and duties hereunder, each Agent shall act solely as an agent of
Purchasers and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust
with or for the Issuer or any of its Subsidiaries.

 

9.2        Powers
and Duties. Each Purchaser irrevocably authorizes each Agent to take such action on such Purchaser’s behalf and to exercise
such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such
Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Each
Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents. Each
Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No Agent shall
have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Purchaser or any other
Person; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed
as to impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth
herein or therein.

 

9.3        General
Immunity.

 

(a)         No
Responsibility for Certain Matters. No Agent shall be responsible to any Purchaser for the execution, effectiveness, genuineness,
validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties,
recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements,
instruments, reports or certificates or any other documents furnished or made by any Agent to Purchasers or by or on behalf of
any Credit Party to any Agent or any Purchaser in connection with the Credit Documents and the transactions contemplated thereby
or for the financial condition or business affairs of any Credit Party or any other Person liable for the payment of any Obligations,
nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions,
covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds from the issuance of the Notes
or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the
foregoing. No Agent shall be deemed to have any knowledge of any Default or Event of Default unless and until such Agent has received
written notice (conspicuously identified as a “notice of default”) providing sufficient detail of such default is given
to such Agent by Issuer or any Purchaser, and promptly upon such receipt, the Note Agent shall so notify each Purchaser, the Collateral
Agent and the Issuer of such default. Anything contained herein to the contrary notwithstanding, the Note Agent shall not have
any liability arising from confirmations of the amount of outstanding Notes or the component amounts thereof.

 

(b)         Exculpatory
Provisions. No Agent nor any of its officers, partners, directors, employees or agents shall be liable to Purchasers for any
action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such
Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent
jurisdiction. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an
action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority
vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite
Purchasers (or such other Purchasers as may be required to give such instructions under Section 10.5) and, upon receipt of such
instructions from Requisite Purchasers (or such other Purchasers, as the case may be), such Agent shall be entitled to act or (where
so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions, including
for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in violation of
the automatic stay under any Debtor Relief Law. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled
to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and
correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in
relying on opinions and judgments of attorneys (who may be attorneys for Holdings and its Subsidiaries), accountants, experts and
other professional advisors selected by it; and (ii) no Person shall have any right of action whatsoever against any Agent as a
result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance
with the instructions of Requisite Purchasers (or such other Purchasers as may be required to give such instructions under Section
10.5).

 

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(c)          Delegation
of Duties. The Note Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or
under any other Credit Document by or through any one or more sub-agents appointed by the Note Agent. The Note 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 Affiliates. The
exculpatory, indemnification and other provisions of this Section 9.3 and of Section 9.6 shall apply to any the Affiliates of the
Note 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 the Note Agent. All of the rights, benefits, and privileges (including the exculpatory and
indemnification provisions) of this Section 9.3 and of Section 9.6 shall apply to any such sub-agent and to the Affiliates of any
such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein.
Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Note Agent, (i) such sub-agent
shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory
rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an
independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification)
directly, without the consent or joinder of any other Person, against any or all of Credit Parties and the Purchasers, (ii) such
rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without
the consent of such sub-agent, and (iii) such sub-agent shall only have obligations to the Note Agent and not to any Credit Party,
Purchaser or any other Person and no Credit Party, Purchaser or any other Person shall have any rights, directly or indirectly,
as a third party beneficiary or otherwise, against such sub-agent.

 

9.4        Agents
Entitled to Act as Purchaser. The agency hereby created shall in no way impair or affect any of the rights and powers of,
or impose any duties or obligations upon, any Agent in its individual capacity as a Purchaser hereunder. With respect to its participation
in the Notes, each Agent shall have the same rights and powers hereunder as any other Purchaser and may exercise the same as if
it were not performing the duties and functions delegated to it hereunder, and the term “Purchaser” shall, unless
the context clearly otherwise indicates, include each Agent in its individual capacity. Any Agent and its Affiliates may accept
deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other
business with Holdings or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees
and other consideration from the Issuer for services in connection herewith and otherwise without having to account for the same
to Purchasers.

 

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9.5        Purchasers’
Representations, Warranties and Acknowledgment.

 

(a)          Each
Purchaser represents and warrants that it has made its own independent investigation of the financial condition and affairs of
Holdings and its Subsidiaries in connection with the Notes hereunder and that it has made and shall continue to make its own appraisal
of the creditworthiness of Holdings and its Subsidiaries. No Agent shall have any duty or responsibility, either initially or on
a continuing basis, to make any such investigation or any such appraisal on behalf of Purchasers or to provide any Purchaser with
any credit or other information with respect thereto, whether coming into its possession before the purchase of the Notes or at
any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of
any information provided to Purchasers.

 

(b)         Each
Purchaser, by delivering its signature page to this Agreement, an Assignment Agreement or a Joinder Agreement and funding its purchase
of Notes on the Closing Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document
and each other document required to be approved by any Agent, Requisite Purchasers or Purchasers, as applicable on the Closing
Date.

 

9.6        Right
to Indemnity. Each Purchaser, in proportion to its Pro Rata Share, severally agrees to indemnify the Note Agent and the Collateral
Agent, to the extent that such Agent shall not have been timely reimbursed by any Credit Party, for and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements)
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising
its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity
as such Agent in any way relating to or arising out of this Agreement or the other Credit Documents, to include, without limitation,
all Indemnified Liabilities; provided, no Purchaser shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence
or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction. If any indemnity
furnished to the Note Agent or the Collateral 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; provided, in no event shall this sentence require any Purchaser to indemnify the Note Agent
or the Collateral Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement
in excess of such Purchaser’s Pro Rata Share thereof; and provided further, this sentence shall not be deemed to require
any Purchaser to indemnify the Note Agent or the Collateral Agent against any liability, obligation, loss, damage, penalty, action,
judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.

 

9.7        Successor
Note Agent and Collateral Agent.

 

(a)          The
Note Agent shall have the right to resign at any time by giving prior written notice thereof to Purchasers and the Issuer. The
Note Agent shall have the right to appoint a financial institution to act as the Note Agent and/or the Collateral Agent hereunder,
subject to the reasonable satisfaction of the Issuer and the Requisite Purchasers, and the Note Agent’s resignation shall
become effective on the earliest of (i) thirty (30) days after delivery of the notice of resignation (regardless of whether a successor
has been appointed or not), (ii) the acceptance of such successor Note Agent by the Issuer and the Requisite Purchasers or (iii)
such other date, if any, agreed to by the Requisite Purchasers. Upon any such notice of resignation, if a successor Note Agent
has not already been appointed by the retiring Note Agent, Requisite Purchasers shall have the right, upon five Business Days’
notice to the Issuer, to appoint a successor Note Agent. If neither Requisite Purchasers nor the Note Agent have appointed a successor
Note Agent, Requisite Purchasers shall be deemed to have succeeded to and become vested with all the rights, powers, privileges
and duties of the retiring Note Agent; provided that, until a successor Note Agent is so appointed by Requisite Purchasers or the
Note Agent, any collateral security held by the Note Agent in its role as the Collateral Agent on behalf of the Purchasers under
any of the Credit Documents shall continue to be held by the retiring the Collateral Agent as nominee until such time as a successor
the Collateral Agent is appointed. Upon the acceptance of any appointment as the Note Agent hereunder by a successor Note Agent,
that successor Note Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring or removed Note Agent and the retiring or removed Note Agent shall promptly (i) transfer to such successor Note Agent
all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents
necessary or appropriate in connection with the performance of the duties of the successor Note Agent under the Credit Documents,
and (ii) execute and deliver to such successor Note Agent such amendments to financing statements, and take such other actions,
as may be necessary or appropriate in connection with the assignment to such successor Note Agent of the security interests created
under the Collateral Documents, whereupon such retiring Note Agent shall be discharged from its duties and obligations hereunder.
Except as provided above, any resignation of Cortland or its successor as the Note Agent pursuant to this Section 9.7 shall also
constitute the resignation of Cortland or its successor as the Collateral Agent. After any retiring Note Agent’s resignation
hereunder as the Note Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was the Note Agent hereunder. Any successor Note Agent appointed pursuant to this Section 9.7 shall, upon
its acceptance of such appointment, become the successor Collateral Agent for all purposes hereunder.

 

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(b)         In
addition to the foregoing, the Collateral Agent may resign at any time by giving prior written notice thereof to the Purchasers
and the Grantors, and the Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments
in writing delivered to the Grantors and the Collateral Agent signed by Requisite Purchasers. The Note Agent shall have the right
to appoint a financial institution as the Collateral Agent hereunder, subject to the reasonable satisfaction of the Issuer and
the Requisite Purchasers and the Collateral Agent’s resignation shall become effective on the earliest of (i) thirty (30)
days after delivery of the notice of resignation (regardless of whether a successor has been appointed or not), (ii) the acceptance
of such successor Collateral Agent by the Issuer and the Requisite Purchasers or (iii) such other date, if any, agreed to by the
Requisite Purchasers. Upon any such notice of resignation, Requisite Purchasers shall have the right, upon five Business Days’
notice to the Note Agent, to appoint a successor Collateral Agent. Until a successor Collateral Agent is so appointed by Requisite
Purchasers or the Note Agent, any collateral security held by the Collateral Agent on behalf of the Purchasers under any of the
Credit Documents shall continue to be held by the retiring Collateral Agent as nominee until such time as a successor Collateral
Agent is appointed. Upon the acceptance of any appointment as the Collateral Agent hereunder by a successor Collateral Agent, that
successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring or removed Collateral Agent under this Agreement and the Collateral Documents, and the retiring Collateral Agent under
this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral
held hereunder or under the Collateral Documents, together with all records and other documents necessary or appropriate in connection
with the performance of the duties of the successor Collateral Agent under this Agreement and the Collateral Documents, and (ii)
execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements,
and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral
Agent of the security interests created under the Collateral Documents, whereupon such retiring or removed Collateral Agent shall
be discharged from its duties and obligations under this Agreement and the Collateral Documents. After any retiring Collateral
Agent’s resignation hereunder as the Collateral Agent, the provisions of this Agreement and the Collateral Documents shall
inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the Collateral Documents while
it was the Collateral Agent hereunder.

 

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9.8        Collateral
Documents and Guaranty.

 

(a)          Agents
under Collateral Documents and Guaranty. Each Secured Party hereby further authorizes the Note Agent or the Collateral Agent,
as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with
respect to the Guaranty, the Collateral and the Collateral Documents; provided that neither the Note Agent nor the Collateral Agent
shall owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder
of Obligations with respect to any Specified Hedging Agreement. Subject to Section 10.5, without further written consent or authorization
from any Secured Party, the Note Agent or the Collateral Agent, as applicable may (and, provided that all the conditions to any
such transaction required by the Loan Documents shall have been satisfied or waived in writing on or prior to such date, at the
written request of the Issuer, shall) execute any documents or instruments necessary to (i) in connection with a sale or disposition
of assets permitted by this Agreement, release any Lien encumbering any item of Collateral that is the subject of such sale or
other disposition of assets or to which Requisite Purchasers (or such other Purchasers as may be required to give such consent
under Section 10.5) have otherwise consented or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect
to which Requisite Purchasers (or such other Purchasers as may be required to give such consent under Section 10.5) have otherwise
consented.

 

(b)         Right
to Realize on Collateral and Enforce Guaranty. Anything contained in any of the Credit Documents to the contrary notwithstanding,
the Issuer, the Note Agent, the Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right
individually to realize upon any of the Collateral or to enforce the Guaranty, it being understood and agreed that all powers,
rights and remedies hereunder and under any of the Credit Documents may be exercised solely by the Note Agent or the Collateral
Agent, as applicable, for the benefit of the Secured Parties in accordance with the terms hereof and thereof and all powers, rights
and remedies under the Collateral Documents may be exercised solely by the Collateral Agent for the benefit of the Secured Parties
in accordance with the terms thereof, and (ii) in the event of a foreclosure or similar enforcement action by the Collateral Agent
on any of the Collateral pursuant to a public or private sale or other disposition (including, without limitation, pursuant to
Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code), the Collateral Agent (or any Purchaser, except
with respect to a “credit bid” pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy
Code,) may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral
Agent, as agent for and representative of Secured Parties (but not any Purchaser or the Purchasers in its or their respective individual
capacities) shall be entitled, upon instructions from Requisite Purchasers, for the purpose of bidding and making settlement or
payment of the purchase price for all or any portion of the Collateral sold at any such sale or disposition, to use and apply any
of the Obligations as a credit on account of the purchase price for any collateral payable by the
Collateral Agent at such sale or other disposition.

 

(c)         Rights
under the Nomura Hedging Agreement. The Nomura Hedging Agreement will not create (or be deemed to create) in favor of Nomura
any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Credit
Documents except as expressly provided in Section 10.5(c)(ii) of this Agreement and Section 9.2 of the Security Agreement. By accepting
the benefits of the Collateral, Nomura shall be deemed to have appointed the Collateral Agent as its agent and agreed to be bound
by the Credit Documents as a Secured Party, subject to the limitations set forth in this clause (c).

 

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(d)         Release
of Collateral and Guarantees, Termination of Credit Documents. Notwithstanding anything to the
contrary contained herein or any other Credit Document, when all Obligations (other than obligations in respect of any Nomura Hedging
Agreement) have been Paid in Full, all Commitments have terminated or expired, upon request of the Issuer, the Note Agent shall
(without notice to, or vote or consent of, any Purchaser, or any affiliate of any Purchaser that is a party to any Nomura Hedging
Agreement) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee
obligations provided for in any Credit Document, whether or not on the date of such release there may be outstanding Obligations
in respect of Nomura Hedging Agreements. Any such release of guarantee obligations shall be deemed subject to the provision
that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations
guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of the Issuer or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, the Issuer or any Guarantor or any substantial part of its property, or otherwise, all as
though such payment had not been made.

 

(e)          The
Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s
Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Collateral Agent be responsible
or liable to the Purchasers for any failure to monitor or maintain any portion of the Collateral.

 

9.9        Note
Agent May File Bankruptcy Disclosure and Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief
Laws relative to any Credit Party, the Note Agent (irrespective of whether the principal of any Note shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective of whether the Note Agent shall have made any demand on the
Issuer) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(a)          to
file a verified statement pursuant to rule 2019 of the Federal Rules of Bankruptcy Procedure that, in its sole opinion, complies
with such rule’s disclosure requirements for entities representing more than one creditor;

 

(b)         to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Notes 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 Purchasers and the Note Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Note Agent and its respective agents and counsel and all other amounts due to the Note Agent under Sections 2.10 and 10.3
allowed in such judicial proceeding; and

 

(c)          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 Purchaser
to make such payments to the Note Agent and, in the event that the Note Agent shall consent to the making of such payments directly
to the Purchasers, to pay to the Note Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of the Note Agent and its agents and counsel, and any other amounts due the Note Agent under Sections 2.19, 10.2 and 10.3. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Note Agent, its agents and counsel,
and any other amounts due to the Note Agent under Sections 2.19, 10.2 and 10.3 out of the estate in any such proceeding, shall
be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Purchasers may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise.

 

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Nothing contained herein
shall be deemed to authorize the Note Agent to authorize or consent to or accept or adopt on behalf of any Purchaser any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Purchaser or to authorize
the Note Agent to vote in respect of the claim of any Purchaser in any such proceeding.

 

9.10      Non-U.S.
Law Collateral Matters.

 

(a) The Collateral Agent
declares that it shall hold any Collateral created by the UK Security Documents on trust for the Secured Parties, on the terms
contained in the Credit Documents; and (b) each Secured Party hereby authorizes the Collateral Agent (whether or not by or through
employees or agents) to (i) exercise such rights, remedies, powers and discretions as are specifically delegated to or conferred
upon the Collateral Agent under this Agreement and the Collateral Documents together with such powers and discretions as are reasonably
incidental thereto, and (ii) take such action on its behalf as may from time to time be authorized under or in accordance with
the Collateral Documents.

 

SECTION
10. MISCELLANEOUS

 

10.1      Notices.

 

(a)          Notices
Generally. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to
be given to a Credit Party or the Agents shall be sent, in writing, or by any telecommunication device capable of creating a written
record (including electronic mail), and addressed to such Person at its address as set forth on Appendix B or in the other relevant
Credit Document or at such other address as shall be notified in writing (x) in the case of the Issuer, the Note Agent or the Collateral
Agent, to the other parties, (y) in the case of any Purchaser, to the Note Agent and (z) in the case of all other parties, to the
Issuer and the Note Agent.

 

(b)          Effectiveness
of Notice. All notices, demands, requests, consents and other communications described in clause (a) above shall be effective
(i) if delivered by hand, including any overnight courier service, upon personal delivery, (ii) if delivered by mail, when deposited
in the mails, (iii) if delivered by posting to an Internet website or a similar telecommunication device requiring that a user
have prior access to such website or other device (to the extent permitted by Section 9.10 to be delivered thereunder), when such
notice, demand, request, consent and other communication shall have been made generally available on such Internet website or similar
device to the class of Person being notified (regardless of whether any such Person must accomplish, and whether or not any such
Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure of contact
information, compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person has been notified
that such communication has been posted to such Internet website or similar device and (iv) if delivered by electronic mail or
any other telecommunications device, when transmitted to an electronic mail address (or by another means of electronic delivery)
as provided in clause (a) above; provided that notices and communications to any Agent shall not be effective until received by
such Agent and all notices from or to a Credit Party shall be sent through the applicable Agent.

 

(c)          Communications
to Agent. Notwithstanding clauses (a) and (b) above (unless the Note Agent requests that the provisions of clauses (a) and
(b) above be followed) and any other provision in this Agreement or any other Credit Document providing for the delivery of any
Communication by any other means, the Credit Parties shall deliver all Communications to the Note Agent by properly transmitting
such Communications in an electronic/soft medium in a format acceptable to the Note Agent to such electronic mail address (or similar
means of electronic delivery) as the Note Agent may notify the Issuer. Nothing in this clause (c) shall prejudice the right of
the Note Agent or any of the Purchasers to deliver any Communication to any Credit Party in any manner authorized in this Agreement
or to request that the Issuer effects delivery in such manner.

 

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10.2      Expenses.
Whether or not the transactions contemplated hereby shall be consummated, the Issuer agrees to pay promptly (a) all the reasonable
and documented out-of-pocket costs and expenses of the Agents and Purchasers incurred in connection with the negotiation, preparation
and execution of the Credit Documents and any consents, amendments, waivers or other modifications thereto; (b) all the reasonable
and documented out-of-pocket costs of furnishing all opinions by counsel for the Issuer and the other Credit Parties; (c) the
reasonable and documented fees, expenses and disbursements of external counsel to the Agents and of counsel to the Purchasers
in connection with the negotiation, preparation, delivery, execution and administration of the Credit Documents and any consents,
amendments, waivers or other modifications thereto and any other documents or matters requested by the Issuer; (d) all the reasonable
and documented expenses of creating, perfecting, recording, maintaining and preserving Liens in favor of the Collateral Agent,
for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search
fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Agent and of counsel providing
any opinions that any Agent or Requisite Purchasers may request in respect of the Collateral or the Liens created pursuant to
the Collateral Documents; (e) all the reasonable and documented fees, expenses and disbursements of any auditors, accountants,
consultants or appraisers; (f) all the actual costs and reasonable expenses (including the reasonable fees, expenses and disbursements
of any appraisers, consultants, advisors and agents employed or retained by the Collateral Agent and its counsel) in connection
with the custody or preservation of any of the Collateral; (g) all other reasonable costs and expenses incurred by each Agent
in connection with the Notes and the transactions contemplated by the Credit Documents and any consents, amendments, waivers or
other modifications thereto and (h) after the occurrence of a Default or an Event of Default, all reasonable and documented out-of-pocket
costs and expenses, including reasonable attorneys’ fees and costs of settlement, incurred by any Agent and the Purchasers
in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other Credit Documents
by reason of such Default or Event of Default (including in connection with the sale, lease or license of, collection from, or
other realization upon any of the Collateral or the enforcement of the Guaranty) or in connection with any refinancing or restructuring
of the credit arrangements provided hereunder in the nature of a “work-out” or pursuant to any insolvency or bankruptcy
cases or proceedings. Notwithstanding the foregoing, in no event shall the Credit Parties be obligated to pay for the reasonable
and documented fees and expenses of more than one firm of legal counsel to the Note Agent and Collateral Agent (taken as a whole)
and the Purchasers (taken as a whole) and one firm of legal counsel to each such group of Persons in any relevant local jurisdiction

 

10.3      Indemnity.

 

(a)          In
addition to the payment of expenses pursuant to Section 10.2, whether or not the transactions contemplated hereby shall be consummated,
each Credit Party agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless (i) each
Agent and their Affiliates and each of their respective officers, partners, members, directors, trustees, advisors, employees,
shareholders, attorneys, controlling persons, agents, sub-agents and each of their respective heirs, successors and assigns (each,
an “Agent Indemnitee”) and each Purchaser and their Affiliates and each of their respective officers, partners, members,
directors, trustees, advisors, employees, shareholders, attorneys, controlling persons, agents, sub-agents and each of their respective
heirs, successors and assigns (each, a “Purchaser Indemnitee”; together with each Agent Indemnitee, each an “Indemnitee”),
from and against any and all Indemnified Liabilities; provided, no Credit Party shall have any obligation to an Indemnitee hereunder
with respect to (i) any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence, bad
faith or willful misconduct of such Indemnitee, in each case, as determined by a final, non-appealable judgment of a court of competent
jurisdiction or (ii) claims brought by an Indemnitee solely against another Indemnitee and not arising out of any act or omission
of any Credit Party or any of their respective Affiliates other than claims against any Agent (or any of their respective Affiliates)
in fulfilling their respective roles as Agent or any similar role in respect of the Notes. To the extent that the undertakings
to defend, indemnify, pay and hold harmless set forth in this Section 10.3 may be unenforceable in whole or in part because they
are violative of any law or public policy then, subject to the proviso to the immediately preceding sentence, the applicable Credit
Party shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction
of all Indemnified Liabilities incurred by Indemnitees or any of them.

 

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(b)         To
the extent permitted by applicable law, no Credit Party shall assert, and each Credit Party hereby waives, any claim against each
Purchaser, each Agent and their respective Affiliates, directors, employees, attorneys, agents or sub-agents, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the
claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with,
as a result of, or in any way related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby
or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Note or the use of the proceeds
from the issuance thereof or any act or omission or event occurring in connection therewith, and Holdings and the Issuer hereby
waive, release and agree not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

 

(c)          Each
Credit Party also agrees that no Purchaser, Agent nor their respective Affiliates, directors, employees, attorneys, agents or sub-agents
will have any liability to any Credit Party or any person asserting claims on behalf of or in right of any Credit Party or any
other person in connection with or as a result of this Agreement or any Credit Document or any agreement or instrument contemplated
hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Note or the use of the
proceeds from the issuance thereof or any act or omission or event occurring in connection therewith, in each case, except in the
case of any Credit Party to the extent that any losses, claims, damages, liabilities or expenses incurred by such Credit Party
or its affiliates, shareholders, partners or other equity holders have been found by a final, non-appealable judgment of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Purchaser, Agent or their respective
Affiliates, directors, employees, attorneys, agents or sub-agents in performing its obligations under this Agreement or any Credit
Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein; provided, however, that
in no event will such Purchaser, Agent, or their respective Affiliates, directors, employees, attorneys, agents or sub-agents have
any liability for any indirect, consequential, special or punitive damages in connection with or as a result of such Purchaser’s,
Agent’s or their respective Affiliates’, directors’, employees’, attorneys’, agents’ or sub-agents’
activities related to this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred
to herein or therein.

 

10.4      Set-Off.
In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, each
Purchaser is hereby authorized by each Credit Party at any time or from time to time subject to the consent of the Note Agent
(such consent not to be unreasonably withheld or delayed), without notice to any Credit Party or to any other Person (other than
the Note Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits
(general or special, including Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including
trust accounts) and any other Indebtedness at any time held or owing by such Purchaser to or for the credit or the account of
any Credit Party against and on account of the obligations and liabilities of any Credit Party to such Purchaser hereunder and
under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto or with
any other Credit Document, irrespective of whether or not such Purchaser shall have made any demand hereunder. The rights of each
Purchaser and its Affiliates under this Section 10.4 are in addition to other rights and remedies (including other rights of set-off)
that such Purchaser or its Affiliates may have.

 

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10.5      Amendments
and Waivers.

 

(a)          Requisite
Purchasers’ Consent. Subject to the additional requirements of Sections 10.5(b) and 10.5(c), no amendment, modification,
termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall
in any event be effective without the written concurrence of Requisite Purchasers and, to the extent required by Section 10.5(c),
the Note Agent or Collateral Agent, as applicable, except for any such amendment, modification, termination or waiver with respect
to the Agent Fee Letter or the Purchaser Fee Letter, which shall only require the consent of the parties thereto.

 

(b)          Affected
Purchasers’ Consent. Without the written consent of each Purchaser that would be directly and adversely affected thereby,
no amendment, modification, termination, or consent shall be effective if the effect thereof would:

 

(i)          extend
the scheduled final maturity of any Note of such Purchaser;

 

(ii)         extend
any Commitment of such Purchaser;

 

(iii)        waive,
reduce or postpone any scheduled repayment (but not prepayment) owed to such Purchaser;

 

(iv)        [Reserved];

 

(v)         reduce
the rate of interest on any Note (other than any waiver of any increase in the interest rate applicable to any Note pursuant to
Section 2.7) of such Purchaser;

 

(vi)        extend
the time for payment of any such interest owed to such Purchaser;

 

(vii)       reduce
the principal amount of any Note of such Purchaser;

 

(viii)     amend,
modify, terminate or waive any provision of this Section 10.5(b), Section 10.5(c) or any other provision of this Agreement that
expressly provides that the consent of all Purchasers is required;

 

(ix)        amend
Section 8.2 or the definition of “Requisite Purchasers” or the relevant substance of any other provision in the Agreement
referencing the pro rata share of a Purchaser (including the definition of “Pro Rata Share”);

 

(x)         release
all or substantially all of the Collateral or all or substantially all of the Guarantors from the Guaranty except as expressly
provided in the Credit Documents and except in connection with a “credit bid” undertaken by the Collateral Agent at
the direction of the Requisite Purchasers pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy
Code or other sale or disposition of assets in connection with an enforcement action with respect to the Collateral permitted pursuant
to the Credit Documents (in which case only the consent of the Requisite Purchasers will be needed for such release);

 

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(xi)        consent
to the assignment or transfer by any Credit Party of any of its rights and obligations under any Credit Document (other than in
connection with mergers permitted by Section 6.8); or

 

(xii)       amend
the definition of “Eligible Assignee” or change any provision of Section 10.6 in any manner that makes assignments
or transfers by any Purchaser more restrictive;

 

provided that, for the avoidance of doubt,
all Purchasers shall be deemed directly and adversely affected thereby with respect to any amendment described in clauses (viii),
(ix), (x), (xi) and (xii).

 

(c)          Other
Consents.

 

(i)          No
amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit
Party therefrom, shall amend, modify, terminate or waive any provision of the Credit Documents as the same applies to any Agent,
or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of
such Agent, as applicable.

 

(ii)         No
amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit
Party therefrom, shall amend, modify or waive this Agreement or the Security Agreements so as to alter the ratable treatment of
Obligations arising under the Credit Documents and Obligations arising under the Nomura Hedging Agreement, the definition of “Nomura
Hedging Agreement,” “Specified Hedging Agreement,” “Obligations,” or “Secured Obligations”
(as defined in any applicable Collateral Document) in each case in a manner materially adverse to Nomura (so long as Obligations
are outstanding in respect of the Nomura Hedging Agreement) without the written consent of Nomura.

 

(d)         Execution
of Amendments, Etc. The Note Agent may, but shall have no obligation to, with the concurrence of any Purchaser, execute amendments,
modifications, waivers or consents on behalf of such Purchaser. Any waiver or consent shall be effective only in the specific instance
and for the specific purpose for which it was given. No notice to or demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver
or consent effected in accordance with this Section 10.5 shall be binding upon each Purchaser at the time outstanding, each future
Purchaser and, if signed by a Credit Party, on such Credit Party.

 

(e)         Corrections.
Notwithstanding anything to the contrary contained in this Section 10.5, the Note Agent and the Issuer may amend or modify this
Agreement and any other Credit Document to (i) grant a new Lien for the benefit of the Secured Parties, extend an existing Lien
over additional assets or property for the benefit of the Secured Parties or join additional Persons as Credit Parties, and (ii)
if the Note Agent and the Issuer shall have jointly identified an obvious error or any error or omission of a technical or immaterial
nature, in each case, in any provision of the Credit Documents, then Note Agent and the Issuer shall be permitted to amend such
provision and such amendment shall become effective without any further action or consent of any other party to any Credit Document
if the same is not objected to in writing by the Requisite Purchasers within five (5) Business Days following receipt of notice
thereof.

 

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10.6      Successors
and Assigns; Participations.

 

(a)          Generally.
This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit
of the parties hereto and the successors and assigns of the Purchasers. Except in connection with any merger permitted by Section
6.8, no Credit Party’s rights or obligations hereunder nor any interest therein may be assigned or delegated by any Credit
Party without the prior written consent of all Purchasers. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the
extent expressly contemplated hereby, Affiliates of each of the Agents and the Purchasers and other Indemnitees) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

(b)         Register.
The Issuer, the Note Agent and the Purchasers shall deem and treat the Persons listed as Purchasers in the Register as the holders
and owners of the corresponding Commitments and Notes listed therein for all purposes hereof, and no assignment or transfer of
any such Commitment or Note shall be effective, in each case, unless and until recorded in the Register following receipt of a
fully executed Assignment Agreement effecting the assignment or transfer thereof, together with any required forms and certificates
(to include all “know your customer” documentation requested by an Agent and any applicable IRS Forms) and any fees
payable in connection with such assignment, in each case, as provided in Section 10.6(d). Each assignment shall be recorded in
the Register promptly following receipt by the Note Agent of the fully executed Assignment Agreement, the registration and processing
fee, if applicable, and all other necessary documents and approvals, prompt notice thereof shall be provided to the Issuer and
a copy of such Assignment Agreement shall be maintained, as applicable. The date of such recordation of a transfer shall be referred
to herein as the “Assignment Effective Date.” Any request, authority or consent of any Person who, at the time of making
such request or giving such authority or consent, is listed in the Register as a Purchaser shall be conclusive and binding on any
subsequent holder, assignee or transferee of the corresponding Commitments or Notes.

 

(c)          Right
to Assign. Each Purchaser shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations
under this Agreement, including all or a portion of its Commitment or Notes owing to it or other Obligations (provided, that each
assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable
Note and any related Commitments) to any Person meeting the criteria of the definition of the term “Eligible Assignee”
upon the giving of notice to Note Agent and, with respect to any Person included in clause (iv) of the definition of “Eligible
Assignee”, so long as no Event of Default has occurred and is continuing, obtaining the prior the written consent of the
Issuer (not to be unreasonably withheld or delayed).

 

(d)         Mechanics.
Assignments and assumptions of Notes and Commitments by the Purchasers shall be effected by manual execution and delivery to the
Note Agent of an Assignment Agreement. Assignments made pursuant to the foregoing provision shall be effective as of the Assignment
Effective Date. In connection with all assignments there shall be paid to the Note Agent a registration and processing fee of $3,500
(except that no such registration and processing fee shall be payable in the case of an assignee which is already a Purchaser or
is an Affiliate or Related Fund of a Purchaser or a Person under common management with a Purchaser) by the assignee or assignor.

 

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(e)          Representations
and Warranties of Assignee. Each Purchaser, upon execution and delivery hereof or upon succeeding to an interest in the Commitments
and Notes, as the case may be, represents and warrants as of the Closing Date or as of the Assignment Effective Date that (i) it
is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or Notes such as the
applicable Commitments or Notes, as the case may be; (iii) it will make or invest in, as the case may be, its Commitments or Notes
for its own account in the ordinary course and without a view to distribution of such Commitments or Notes within the meaning of
the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of
this Section 10.6, the disposition of such Commitments or Notes or any interests therein shall at all times remain within its exclusive
control); (iv) it agrees to be bound by the provisions of this Section 10.6 and (v) each of the representations and warranties
contained in Section 4A is true and correct as if such representations and warranties were being made as of the Assignment Effective
Date.

 

(f)          Effect
of Assignment. Subject to the terms and conditions of this Section 10.6, as of the Assignment Effective Date (i) the assignee
thereunder shall have the rights and obligations of a “Purchaser” hereunder to the extent of its interest in the Notes
and Commitments as reflected in the Register and shall thereafter be a party hereto and a “Purchaser” for all purposes
hereof; (ii) the assigning Purchaser thereunder shall, to the extent that rights and obligations hereunder have been assigned to
the assignee, relinquish its rights (other than any rights which survive the termination hereof under Section 10.8) and be released
from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Purchaser’s
rights and obligations hereunder, such Purchaser shall cease to be a party hereto on the Assignment Effective Date; provided, anything
contained in any of the Credit Documents to the contrary notwithstanding, such assigning Purchaser shall continue to be entitled
to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of
such assigning Purchaser as a Purchaser hereunder); (iii) the Commitments shall be modified to reflect any Commitment of such assignee;
and (iv) if any such assignment occurs after the issuance of any Note hereunder, the assigning Purchaser shall, upon the effectiveness
of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to the Note Agent for cancellation,
and thereupon the Issuer shall issue and deliver new Notes, if so requested by the assignee and/or assigning Purchaser, to such
assignee and/or to such assigning Purchaser, with appropriate insertions, to reflect the new outstanding Notes of the assignee
and/or the assigning Purchaser.

 

(g)         Participations.

 

(i)          Each
Purchaser shall have the right at any time to sell one or more participations to any Person (other than Holdings, any of its Subsidiaries
or any of its Affiliates) in all or any part of its Commitments, Notes or in any other Obligation. Each Purchaser that sells a
participation pursuant to this Section 10.6(g) shall, acting as a non-fiduciary agent of the Issuer, maintain a register on which
it records the name and address of each participant and the principal amounts (and stated interest) of each participant’s
participation interest with respect to the Note (each, a “Participant Register”); provided that no Purchaser
shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any
participant or any information relating to a participant’s interest in any Commitments, Notes or its other obligations under
this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure
is necessary to establish that such Commitment, Note or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulation. Unless otherwise required
by the Internal Revenue Service, any disclosure required by the foregoing sentence shall be made by the relevant Purchaser directly
and solely to the Internal Revenue Service. The entries in the Participant Register shall be conclusive absent manifest error,
and such Purchaser shall treat each Person whose name is recorded in the Participant Register as the owner of a participation with
respect to the Note for all purposes under this Agreement, notwithstanding any notice to the contrary.

 

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(ii)         The
holder of any such participation shall not be entitled to require such Purchaser to take or omit to take any action hereunder except
with respect to any amendment, modification or waiver that would (A) extend the final scheduled maturity of any Note in which such
participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection
with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase
the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of
any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such
participation, and that an increase in any Commitment or Note shall be permitted without the consent of any participant if the
participant’s participation is not increased as a result thereof), (B) except in connection with a merger permitted by Section
6.8, consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement or (C)
release all or substantially all of the Collateral under the Collateral Documents or all or substantially all of the Guarantors
from the Guaranty (in each case, except as expressly provided in the Credit Documents) supporting the Notes hereunder in which
such participant is participating.

 

(iii)        The
Issuer agrees that each participant shall be entitled to the benefits of Sections 2.15(c), 2.16 and 2.17 (subject to the requirements
and limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required
under Section 2.17(f) shall be delivered to the participating Purchaser)) to the same extent as if it were a Purchaser and had
acquired its interest by assignment pursuant to paragraph (c) of this Section 10.6; provided, (x) a participant shall not be entitled
to receive any greater payment under Section 2.16 or 2.17 than the applicable Purchaser would have been entitled to receive with
respect to the participation sold to such participant, except to the extent such entitlement to receive a greater payment results
from a change in applicable law that occurs after the Participant acquired the applicable participation. To the extent permitted
by law, each participant also shall be entitled to the benefits of Section 10.4 as though it were a Purchaser, provided such participant
agrees to be subject to Section 2.14 as though it were a Purchaser.

 

(h)         Certain
Other Assignments and Participations. In addition to any other assignment or participation permitted pursuant to this Section
10.6 any Purchaser may assign, pledge and/or grant a security interest in all or any portion of its Notes, the other Obligations
owed by or to such Purchaser, and its Notes, if any, to secure obligations of such Purchaser including any Federal Reserve Bank
as collateral security pursuant to Regulation A of the Board of Governors and any operating circular issued by such Federal Reserve
Bank; provided, that no Purchaser, as between the Issuer and such Purchaser, shall be relieved of any of its obligations hereunder
as a result of any such assignment and pledge, and provided further, that in no event shall the applicable Federal Reserve Bank,
pledgee or trustee, be considered to be a “Purchaser” or be entitled to require the assigning Purchaser to take or
omit to take any action hereunder.

 

10.7      Independence
of Covenants. 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 would otherwise be within the limitations
of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

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10.8      Survival
of Representations, Warranties and Agreements. All representations, warranties and agreements made herein shall survive the
execution and delivery hereof and the purchase of the Notes. Notwithstanding anything herein or implied by law to the contrary,
the agreements of each Credit Party set forth in Sections 2.15(c), 2.16, 2.17, 10.2, 10.3 and 10.4 and the agreements of the Purchasers
set forth in Sections 2.14, 9.3(b), 9.6 and 10.17 shall survive the redemption of the Notes and the termination hereof.

 

10.9      No
Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or any Purchaser in the exercise of any power, right
or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a
waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to
each Agent and each Purchaser hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies
existing by virtue of any statute or rule of law or in any of the other Credit Documents or any of the Specified Hedging Agreements.
Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any
such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right,
power or remedy.

 

10.10    Marshalling;
Payments Set Aside. Neither any Agent nor any Purchaser shall be under any obligation to marshal any assets in favor of any
Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Credit Party
makes a payment or payments to the Note Agent or the Purchasers (or to the Note Agent, on behalf of the Purchasers), or any Agent
or Purchaser enforces any security interests or exercises any right of set-off, and such payment or payments or the proceeds of
such enforcement or set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law,
common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to
be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and
effect as if such payment or payments had not been made or such enforcement or set-off had not occurred.

 

10.11    Severability.
In case any provision in or obligation hereunder or under any other Credit Document shall be invalid, illegal or unenforceable
in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision
or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

10.12    Obligations
Several; Independent Nature of Purchasers’ Rights. The obligations of the Purchasers hereunder are several and no Purchaser
shall be responsible for the obligations or Commitment of any other Purchaser hereunder. Nothing contained herein or in any other
Credit Document, and no action taken by the Purchasers pursuant hereto or thereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each
Purchaser shall be a separate and independent debt, and subject to the other terms of this Agreement, each Purchaser shall be
entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Purchaser to be joined
as an additional party in any proceeding for such purpose.

 

10.13    Headings.
Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any
other purpose or be given any substantive effect.

 

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10.14    APPLICABLE
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST)
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

10.15    CONSENT
TO JURISDICTION.

 

(a)       SUBJECT
TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR
ANY OTHER CREDIT DOCUMENTS, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING
IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY
AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (OTHER THAN WITH RESPECT
TO ACTIONS BY ANY AGENT IN RESPECT OF RIGHTS UNDER ANY SECURITY AGREEMENT GOVERNED BY A LAWS OTHER THAN THE LAWS OF THE STATE OF
NEW YORK OR WITH RESPECT TO ANY COLLATERAL SUBJECT THERETO); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE
OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.1; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE
(C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND
OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT EACH PARTY HERETO RETAINS THE RIGHT TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY PARTY IN THE COURTS OF ANY OTHER JURISDICTION
IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT.

 

(b)       Each
Credit Party that is organized under the laws of a jurisdiction outside the United States hereby appoints Holdings as its agent
for service of process in any matter related to this Agreement or the other Credit Documents and shall provide written evidence
of acceptance of such appointment by such agent on or before the Closing Date.

 

10.16    WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO
THE SUBJECT MATTER OF THIS NOTE PURCHASE TRANSACTION OR THE PURCHASER/ISSUER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE
OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER
IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER
IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
TO THE NOTES PURCHASED HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

 

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10.17    Confidentiality.
Each Agent and each Purchaser shall hold all Non-Public Information regarding Holdings, the Issuer and their respective Subsidiaries,
Affiliates and their businesses identified as such by the Issuer and obtained by such Agent or such Purchaser pursuant to the
requirements of the Credit Documents in accordance with such Agent’s and such Purchaser’s customary procedures for
handling confidential information of such nature, it being understood and agreed by the Issuer that, in any event, the Note Agent
may disclose such information to the Purchasers and each Agent and each Purchaser and each Agent may make (i) disclosures of such
information to Affiliates of such Purchaser or Agent and to their respective officers, directors, partners, members, employees,
legal counsel, independent auditors, leverage facility providers and other advisors, experts or agents who need to know such information
and on a confidential basis (and to other Persons authorized by a Purchaser or Agent to organize, present or disseminate such
information in connection with disclosures otherwise made in accordance with this Section 10.17), (ii) disclosures of such information
reasonably required by any potential or prospective assignee, transferee or participant in connection with the contemplated assignment,
transfer or participation of any Notes or any participations therein or by any direct or indirect contractual counterparties (or
the professional advisors thereto) to any swap or derivative transaction relating to the Issuer and its obligations (provided,
such assignees, transferees, participants, counterparties and advisors are advised of and agree to be bound by either the provisions
of this Section 10.17 or other provisions at least as restrictive as this Section 10.17), (iii) disclosure to any rating agency
when required by it, provided that, prior to any disclosure, such rating agency shall undertake in writing to preserve
the confidentiality of any confidential information relating to Credit Parties received by it from any Agent or any Purchaser,
(iv) disclosure on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers with respect to the Notes, (v) disclosures in connection with the exercise of any remedies hereunder
or under any other Credit Document, (vi) disclosures made pursuant to the order of any court or administrative agency or in any
pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case
such Person agrees to inform the Issuer promptly thereof to the extent not prohibited by law) and (vii) disclosures made upon
the request or demand of any regulatory or quasi-regulatory authority purporting to have jurisdiction over such Person or any
of its Affiliates (including any self-regulatory authority, such as the National Association of Insurance Commissioners) in which
case such Person, except with respect to any audit or examination conducted by such regulatory or quasi-regulatory authority exercising
examination or regulatory authority, to the extent practicable and permitted by law, (A) informs the Issuer promptly in advance
thereof and (B) uses commercially reasonable efforts to ensure than any information so disclosed is accorded confidential treatment.
In addition, each Agent and each Purchaser may disclose the existence of this Agreement and the information about this Agreement
to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Purchasers
in connection with the administration and management of this Agreement and the other Credit Documents. Notwithstanding anything
to the contrary herein, any Agent or Purchaser may place promotional materials on the Internet or World Wide Web in the form of
a “tombstone” or otherwise describing the name and logo of the Issuer and its Subsidiaries (or any of them), and the
amount, type and closing date of the transactions.

 

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10.18     Usury
Savings Clause. Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the
Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall
not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement
at any time exceeds the Highest Lawful Rate, the outstanding amount of the Notes made hereunder shall bear interest at the Highest
Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder
if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Notes purchased
hereunder are Paid in Full the total interest due hereunder (taking into account the increase provided for above) is less than
the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had
at all times been in effect, then to the extent permitted by law, the Issuer shall pay to the Note Agent an amount equal to the
difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate
had at all times been in effect. Notwithstanding the foregoing, it is the intention of the Purchasers and the Issuer to conform
strictly to any applicable usury laws. Accordingly, if any Purchaser contracts for, charges, or receives any consideration which
constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously
paid, shall at such Purchaser’s option be applied to the outstanding amount of the Notes purchased hereunder or be refunded
to the Issuer.

 

10.19    Effectiveness;
Counterparts. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto
and receipt by the Issuer and the Note Agent of written notification of such execution and authorization of delivery thereof.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile or in electronic format (i.e., “pdf” or “tif” shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

10.20    Entire
Agreement. This Agreement and the other Credit Documents represent the entire agreement of the Credit Parties, the Agent and
the Purchasers with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations
or warranties by the Agents or any Purchaser relative to the subject matter hereof not expressly set forth or referred to herein
or in the other Credit Documents. If and to the extent that any provision of any Credit Document limits, qualifies or conflicts
with a provision of this Agreement, such provision of this Agreement shall control.

 

10.21    PATRIOT
Act. Each Purchaser and the Note Agent (for itself and not on behalf of any Purchaser) hereby notifies each Credit Party that
pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies each
Credit Party, which information includes the name and address of each Credit Party and other information that will allow such
Purchaser or the Note Agent, as applicable, to identify such Credit Party in accordance with the PATRIOT Act.

 

10.22    Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

    117

     

    

 

10.23    No
Fiduciary Duty. Each Agent, each Purchaser and their Affiliates (collectively, solely for purposes of this paragraph, the
“Purchasers”), may have economic interests that conflict with those of the Credit Parties, their stockholders
and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Purchaser, on the one hand, and such
Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions
contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length
commercial transactions between the Purchasers, on the one hand, and the Credit Parties, on the other, and (ii) in connection
therewith and with the process leading thereto, (x) no Purchaser has assumed an advisory or fiduciary responsibility in favor
of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise
of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Purchaser has advised,
is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation
to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Purchaser is acting solely
as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person.
Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate
and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.
Each Credit Party agrees that it will not claim that any Purchaser has rendered advisory services of any nature or respect, or
owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

 

10.24    Judgment
Currency. In respect of any judgment or order given or made for any amount due under this Agreement or any other Credit Document
that is expressed and paid in a currency (the “judgment currency”) other than Dollars, the Credit Parties will indemnify
Note Agent and the Purchaser against any loss incurred by them as a result of any variation as between (i) the rate of exchange
at which the Dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii) the rate
of exchange, as quoted by Note Agent or by a known dealer in the judgment currency that is designated by Note Agent, at which
Note Agent or the Purchaser is able to purchase Dollars with the amount of the judgment currency actually received by Note Agent
or the Purchaser. The foregoing indemnity shall constitute a separate and independent obligation of the Credit Parties and shall
survive any termination of this Agreement and the other Credit Documents, and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange
payable in connection with the purchase of or conversion into Dollars.

 

10.25    Intercreditor
Agreement. Each Person that benefits from the Liens created hereunder, by accepting the benefits of the Liens provided hereby,
(i) consents (or is deemed to consent), to the intercreditor arrangements and alterations of the priority of Liens and payments
provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions
contrary to, the provisions of the Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the Note Agent and Collateral
Agent on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and (iv) acknowledges (or is deemed
to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person.

 

    118

     

    

 

Notwithstanding any other
provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided
for herein are subject in all respects to the provisions of the Intercreditor Agreement. In the event of any conflict with respect
to the Collateral and the Liens thereon or inconsistency between the provisions of this Agreement and the Intercreditor Agreement,
the provisions of the Intercreditor Agreement shall control.

 

10.26    Third-Party
Beneficiary. Solely for purposes of Section 10.5(c)(ii), and no other provision hereof, Nomura shall be a third-party beneficiary
to this Agreement and shall be entitled to the rights and benefits of such section and may enforce the provisions thereof as if
it were a direct party hereto.

 

[Remainder
of page intentionally left blank]

 

    119

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above. 

 

	 	GAMING ACQUISITIONS LIMITED, as Issuer
	 	 	 
	 	By:	/s/ Stewart Baker
	 	 	Name: Stewart Baker
	 	 	Title: Director

 

	 	INSPIRED ENTERTAINMENT, INC., as Holdings
	 	 	 
	 	By:	/s/ Stewart Baker
	 	 	Name: Stewart Baker
	 	 	Title: Chief Financial Officer

 

	 	DMWSL 633 LIMITED

                    DMWSL 632 LIMITED

                    DMWSL 631 LIMITED

                    INSPIRED GAMING GROUP LIMITED

                    INSPIRED GAMING (HOLDINGS) LIMITED

                    INSPIRED GAMING (INTERNATIONAL) LIMITED

                    INSPIRED GAMING (UK) LIMITED

                    INSPIRED GAMING (COLUMBIA) LIMITED

                    INSPIRED GAMING (ITALY)
LIMITED 

                    INSPIRED GAMING (GREECE) LIMITED, each as Guarantor

	 	 	 
	 	By:	/s/ Stewart Baker
	 	 	Name: Stewart Baker
	 	 	Title: Director

 

Credit
and Guaranty Agreement

 

    

     

    

 

	 	INSPIRED GAMING (USA) INC, as Guarantor
	 	 	 
	 	By:	/s/ Carys Damon
	 	 	Name: Carys Damon
	 	 	Title: Secretary 

 

	 	CORTLAND CAPITAL MARKET SERVICES LLC,

as the Note Agent and the Collateral Agent
	 	 	 
	 	By:	/s/ Emily Ergang Pappas
	 	 	Name: Emily Ergang Pappas
	 	 	Title: Associate Councel

  

Credit
and Guaranty Agreement

 

    

     

    

 

	 	HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD., as
Purchaser
	 	 	 
	 	By:	/s/ Gary Moross
	 	 	Name: Gary Moross
	 	 	Title: Partner

 

Credit
and Guaranty Agreement

 

    

     

    

 

APPENDIX A

TO CREDIT AND GUARANTY AGREEMENT

 

Commitments

 

	Purchaser	Commitment
	HG Vora Special Opportunities Master Fund, Ltd. 	$140,000,000
	Total	$140,000,000

 

    APPENDIX A-1

     

    

 

FINAL VERSION

 

APPENDIX B

TO CREDIT AND GUARANTY AGREEMENT

 

Notice Addresses

 

Gaming Acquisitions Limited

3 The Maltings; Ground Floor

Wetmore Road

Burton On Trent Staffordshire

DE14 1SE

	Attention:	General Counsel

	Email:	carys.damon@inseinc.com

 

    EXHIBIT A-1-2

     

    

 

Cortland Capital Market Services LLC, 

as the Note Agent and the Collateral Agent

 

Note Agent’s Principal
Office:

225 West Washigton St., 9th Floor 

Chicago, IL 60606

 

		Attention:	Legal Department and Ryan Morick

		Fax:	(312) 376-0751

		Email:	legal@cortlandglobal.com and ryan.morick@cortlandglobal.com

 

With a copy to:

 

Holland & Knight LLP 

131 S. Dearborn St., 30th Floor 

Chicago, IL 60603 

Attention: Joshua Spencer 

Email: joshua.spencer@hklaw.com

 

[Signature Page to Funding Notice]

 

    

     

    

EXHIBIT A-1 TO

NOTE PURCHASE AGREEMENT

 

PURCHASE NOTICE

 

[_____ __], 20[__]1

 

Reference is made to
the Note Purchase Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended, supplemented or otherwise modified
from time to time, the “Note Purchase Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined), by and among GAMING ACQUISITIONS LIMITED, a limited liability company formed under
the laws of England and Wales (the “Issuer”), INSPIRED ENTERTAINMENT, INC., a corporation formed under
the laws of Delaware (“Holdings”), HOLDINGS AND CERTAIN SUBSIDIARIES OF HOLDINGS as Guarantors, the Purchasers
party thereto from time to time and CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as the Collateral Agent (the
“Agent”).

 

Pursuant to Section
2.1(b) of the Note Purchase Agreement, the Issuer desires that the Purchasers purchase notes issued by the Issuer in accordance
with the applicable terms and conditions of the Note Purchase Agreement on [mm/dd/yy] (the “Purchase Date”):

 

	☐            Base Rate Credit Extensions:
	$[___,___,___]
	☐            Eurodollar Rate Credit Extensions, with an initial Interest Period of 3 month(s):
	$[___,___,___]

 

Proceeds from the purchase of the Notes
requested on the Purchase Date are to be made available to the Issuer at the following account:

 

	 	Bank Name:	 	 
	 	Bank Address:	 	 
	 	ABA Number:	 	 
	 	Account Number:	 	 
	 	Attention:	 	 
	 	Reference:	 	 

 

[Signature Page Follows]

 

 

1
Pursuant to Section 2.1(b)(i), to be delivered to the Note Agent no later than three Business Days prior to the Closing Date (or
such shorter period as may be acceptable to the Note Agent).

 

[Signature Page to Funding Notice]

 

    

     

    

 

Date: [mm/dd/yy]

 

	 	GAMING ACQUISITIONS LIMITED
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Funding Notice]

 

    

     

    

 

EXHIBIT A-2 TO

NOTE PURCHASE AGREEMENT

 

CONVERSION/CONTINUATION NOTICE

 

[_____ __], 20[__]2

 

Reference is made to
the Note Purchase Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended, supplemented or otherwise modified
from time to time, the “Note Purchase Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined), by and among GAMING ACQUISITIONS LIMITED, a limited liability company formed under the laws
of England and Wales (the “Issuer”), INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware
(“Holdings”), HOLDINGS AND CERTAIN SUBSIDIARIES OF HOLDINGS] as Guarantors, the Purchasers party thereto
from time to time and CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as the Collateral Agent (the “Agent”).

 

Pursuant to Section
2.6 of the Note Purchase Agreement, the Issuer hereby irrevocably notifies the Agent that the Issuer desires to convert or to continue
the following Notes, each such conversion and/or continuation to be effective as of [mm/dd/yy]:

 

	$[___,___,___]	 	Eurodollar Rate Credit Extensions to be continued with Interest Period of 3 month(s)
	$[___,___,___]	 	Base Rate Credit Extensions to be converted to Eurodollar Rate Credit Extensions with Interest Period of 3 month(s)
	$[___,___,___]	 	Eurodollar Rate Credit Extensions to be converted to Base Rate Credit Extensions

 

The Issuer hereby certifies
that as of the date hereof, no event has occurred and is continuing or would result from the consummation of the conversion and/or
continuation contemplated hereby that would constitute an Event of Default.

 

[Signature Page Follows]

 

 

2
Pursuant to Section 2.6(b), to be delivered to the Agents no later than 10:00 (a.m.) (New York City time) at least one Business
Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Credit Extension) and at least three
Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation of, a
Eurodollar Rate Credit Extension).

 

    EXHIBIT A-2-1

     

    

 

Date: [mm/dd/yy]

 

	 	GAMING ACQUISITIONS LIMITED
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Conversion/Continuation Notice]

 

    

     

    

 

EXHIBIT B TO

NOTE PURCHASE AGREEMENT

 

FORM OF NOTE

 

THE SECURITY REPRESENTED BY THIS CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER
ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT IS IN
EFFECT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. THE
HOLDER OF THIS SECURITY IS SUBJECT TO THE TERMS OF THE NOTE PURCHASE AGREEMENT AND GUARANTY, DATED AS OF AUGUST 13, 2018 (THE “NOTE
PURCHASE AGREEMENT”), AMONG GAMING ACQUISITIONS LIMITED, A LIMITED LIABILITY COMPANY FORMED UNDER THE LAWS OF ENGLAND AND
WALES (THE “ISSUER”), INSPIRED ENTERTAINMENT, INC., A CORPORATION FORMED UNDER THE LAWS OF DELAWARE (“HOLDINGS”),
THE PURCHASERS NAMED THEREIN (THE “PURCHASERS”) AND CORTLAND CAPITAL MARKET SERVICES LLC (THE “NOTE AGENT AND
COLLATERAL AGENT”). A COPY OF SUCH NOTE PURCHASE AGREEMENT IS AVAILABLE AT THE OFFICES OF THE ISSUER.

 

THIS NOTE HAS BEEN ISSUED WITH ORIGINAL
ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND
YIELD TO MATURITY OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE COMPANY (AS DEFINED BELOW) AT 966 CRAFTS RUN ROAD, MAIDSVILLE,
WV 26541.

 

	$[___,___,___]1	 
	[____], 20[__]	New York, New York

 

FOR VALUE RECEIVED,
the Issuer promises to pay [________], a [________] (the “Payee”) or its registered assigns the principal
amount of [_][DOLLARS] ($[___,___,___][_]) or, if less, the aggregate unpaid principal amount owing
hereunder.

 

The Issuer also promises
to pay interest (computed (i) in the case of Base Rate Credit Extensions on the basis of a 365 day or 366 day year, as the case
may be, and (ii) in the case of Eurodollar Rate Credit Extensions, on the basis of a 360 day year, in each case for the actual
number of days elapsed in the period during which it accrues) on the unpaid principal amount hereof and any overdue interest, from
the date hereof until Paid in Full, at the rates set forth below and at the times which shall be determined in accordance with
the provisions of that certain Note Purchase Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended, supplemented
or otherwise modified, the “Note Purchase Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined), by and among the Issuer, Holdings, Holdings and certain subsidiaries of Holdings, as Guarantors,
the Purchasers party thereto from time to time and CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as the Collateral
Agent.

 

This Note shall bear
interest as follows: (i) if a Base Rate Extension, at the Base Rate plus 8.00% per annum or (ii) if a Eurodollar Rate Credit
Extension, at the Adjusted Eurodollar Rate plus at 9.00% per annum. This Note (this “Note”) is
in the aggregate principal amount set forth above and is issued pursuant to and entitled to the benefits of the Note Purchase Agreement,
to which reference is hereby made for a more complete statement of the terms and conditions under which the Note evidenced hereby
was made and is to be repaid.

 

 

1
NTD: Purchaser’s Commitment.

 

    EXHIBIT B-1

     

    

 

All payments of principal
and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal
Office of the Note Agent or at such other place as shall be designated in writing for such purpose in accordance with the terms
of the Note Purchase Agreement. Unless and until an Assignment Agreement effecting the assignment or transfer of the obligations
evidenced hereby shall have been accepted by the Note Agent and recorded in the Register, the Issuer, each Agent and the Purchasers
shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby.

 

Payee hereby agrees,
by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal
payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation
of any payment made on this Note shall not limit or otherwise affect the obligations of the Issuer hereunder with respect to payments
of principal of or interest on this Note.

 

This Note is subject
to mandatory prepayment and to prepayment at the option of Issuer, each as provided in the Note Purchase Agreement, with such Prepayment
Premium and Exit Premium as provided therein.

 

THIS NOTE AND THE RIGHTS
AND OBLIGATIONS OF THE ISSUER AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

Upon the occurrence
of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest
thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions, at the default rates and with
the effect provided in the Note Purchase Agreement.

 

The terms of this Note
are subject to amendment only in the manner provided in the Note Purchase Agreement.

 

No reference herein
to the Note Purchase Agreement and no provision of this Note or the Note Purchase Agreement shall alter or impair the obligations
of the Issuer, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective
times, and in the currency herein prescribed.

 

The Issuer promises
to pay all reasonable and documented out-of-pocket costs and expenses, including reasonable and documented out-of-pocket attorneys’
fees, all as provided in the Note Purchase Agreement, incurred in the collection and enforcement of this Note. The Issuer and any
endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby
waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead
any statute of limitations as a defense to any demand hereunder.

 

To the extent any provisions
of the Note is inconsistent or conflicts with the Note Purchase Agreement, the Note Purchase Agreement shall control.

 

[Signature Page Follows]

 

    EXHIBIT B-2

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date
first written above.

 

	 	GAMING ACQUISITIONS LIMITED	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Note]

 

    

     

    

 

EXHIBIT C TO

NOTE PURCHASE AGREEMENT

 

COMPLIANCE CERTIFICATE

 

[_____ __], 20[__]

 

THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:

 

1.       I
am the Chief Financial Officer of INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware (“Holdings”).

 

2.       I
have reviewed the terms of that certain Note Purchase Agreement and Guaranty dated as of August 13, 2018 (as it may be amended,
supplemented or otherwise modified, the “Note Purchase Agreement”), by and among GAMING ACQUISITIONS LIMITED,
a limited liability company formed under the laws of England and Wales (the “Issuer”), Holdings, HOLDINGS
AND CERTAIN SUBSIDIARIES OF HOLDINGS as Guarantors, the Purchasers party thereto from time to time and CORTLAND CAPITAL
MARKET SERVICES LLC as the Note Agent and as the Collateral Agent and I have made, or have caused to be made under my supervision,
a review in reasonable detail of the transactions and condition of Holdings and its Subsidiaries during the accounting period covered
by the attached financial statements.

 

3.       The
examination described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event
which constitutes an Event of Default or Default during or at the end of the accounting period covered by the attached financial
statements or as of the date of this Compliance Certificate, except as set forth in a separate attachment, if any, to this Compliance
Certificate, describing in reasonable detail, the nature of the condition or event, the period during which it existed and the
action which Issuer has taken, is taking, or proposes to take with respect to each such condition or event.

 

4.        The
foregoing certifications, together with the computations set forth in the Annex A hereto and the financial statements delivered
with this Compliance Certificate in support hereof, are made and delivered on the date first written above pursuant to Section
5.1(d) of the Note Purchase Agreement.

 

5. [There has been
no change in the information provided in the Perfection Certificate delivered on [___].][Attached hereto as Annex B are changes
to the information provided in the Perfection Certificate delivered on [___].]

 

[Signature Page Follows]

 

    EXHIBIT C-1

     

    

	 	 	 
	 	INSPIRED ENTERTAINMENT, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title: Chief Financial Officer

 

[Signature Page to Compliance Certificate]

 

    

     

    

 

ANNEX A TO

COMPLIANCE CERTIFICATE1

 

FOR THE FISCAL [QUARTER] [YEAR]
ENDING [mm/dd/yy].

 

	1.	Total Leverage Ratio

 

	A.          Calculation of Consolidated Total Debt	 	 
	 	 	 
	“Consolidated Total Debt” means, at any time, the aggregate amount of all:
	 
	(i)     indebtedness for borrowed money
	 	$____________
	 	 	 
	(ii)    that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP and 
	 	$____________
	 	 	 
	(iii)   all purchase money Indebtedness, at such time of Holdings and its Subsidiaries (determined on a consolidated basis)
	 	$____________
	 	 	 
	Consolidated Total Debt (i) + (ii) + (iii) =	 	$____________
	 	 	 
	B.          Calculation of Consolidated Adjusted EBITDA	 	 
	 	 	 
	“Consolidated Adjusted EBITDA” means, for any period, an amount determined for Holdings and its Subsidiaries, on a consolidated basis and without duplication equal to: 	 	 
	 	 	 
	(i) “Consolidated Net Income”, which means, for any period	 	 
	 	 	 
	the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus	 	$____________
	 	 	 
	2.           (a) the income (or loss) of any Person (other than a Subsidiary of Holdings) in which any other Person (other than Holdings or any of its Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Holdings or any of its Subsidiaries by such Person during such period	 	$____________
	 	 	 
	3.           (b) except to the extent permitted to be included pursuant to Section 1.4, the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Holdings or is merged into or consolidated with Holdings or any of its Subsidiaries or that Person’s assets are acquired by Holdings or any of its Subsidiaries	 	$____________
	 	 	 
	4.           (c) the income of any Subsidiary of Holdings that is not a Credit Party to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary	 	$____________

 

 

1
This Annex A to the Compliance Certificate has been prepared for convenience only, and is not to affect, or to be taken into consideration
in interpreting the terms of the Note Purchase Agreement. In the event of any conflict between the terms of this Annex A and the
terms of the Note Purchase Agreement, the terms of the Note Purchase Agreement shall govern and control, and the terms of this
Annex A are to be modified accordingly.

 

    EXHIBIT C-3

     

    

 

	 	 	 
	5.           (d) any after-tax gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan	 	$____________
	 	 	 
	6.           (e) the income (or loss) attributable to the early extinguishment of Indebtedness, and 	 	$____________
	 	 	 
	7.           (f) other income/expenses representing the expected return on Pension Plan assets less interest cost, shown within “All Other Income/Expense” in Holdings’ publicly filed financial statements	 	$____________
	 	 	 
	8.           Total sum for Consolidated Net Income =	 	$____________
	 	 	 
	plus, to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for:	 	 
	 	 	 
	(a) Consolidated Interest Expense	 	$____________
	 	 	 
	(b) provisions for taxes based on income	 	$____________
	 	 	 
	(c) total depreciation expense	 	$____________
	 	 	 
	(d) total amortization expense 	 	$____________
	 	 	 
	(e) other non-Cash charges reducing Consolidated Net Income (excluding any such non-Cash charge to the extent that it represents an accrual or reserve for potential Cash charge in any future period but including an amount not to exceed $2,000,000 in the relevant Test Period for any amortization of a prepaid Cash charge that was paid in a prior period)	 	$____________
	 	 	 
	(f) (1) any non-cash charges or expenses incurred pursuant to any management equity plan or stock option plan or other management or employee benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement, (2) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of equity interests held by management, in each case under this clause (2), to the extent such charges, costs, expenses, accruals or reserves are funded with net cash proceeds contributed to Holdings as a capital contribution or as a result of the sale or issuance of Equity Interests (other than Disqualified Equity Interests) of Holdings utilized for purposes of funding such item and (3) any cash income taxes paid by Holdings in respect of the management equity transactions described in clause (2)	 	$____________
	 	 	 
	(g) (1) the fees, premiums, expenses and other transaction costs incurred in connection with this Agreement and the Refinancing Transactions (including to fund any OID and upfront fees), (2) transaction fees, costs and expenses incurred in connection with incurrence (or modification) of Indebtedness or Permitted Acquisitions (or any such transaction proposed and not consummated), (3) transaction fees, costs and expenses incurred in connection with any other acquisitions in an amount not to exceed $500,000 in the aggregate for the relevant Test Period, (4) transaction fees, costs and expenses incurred in connection with the consummation of any Investment (other than Investments in Cash Equivalents or Permitted Acquisitions), Dispositions, Restricted Payments, Equity Issuances or capital contributions in an amount not to exceed $500,000 in the aggregate for the relevant Test Period and (5) fees, costs and expenses to the extent reimbursable by third parties pursuant to indemnification provisions or similar agreements or insurance; provided, in respect of any fees, costs and expenses added back pursuant to this clause (5), the Issuer in good faith expects to receive reimbursement for such fees, costs and expenses within the next four (4) Fiscal Quarters (it being understood that to the extent not actually received within such Fiscal Quarters, such reimbursement amounts shall be deducted in calculating EBITDA for such Fiscal Quarters	 	$____________

 

    EXHIBIT C-B-1

     

    

 

	 	 	 
	 (h) any non-cash charges, expenses or negative adjustments (or minus non-cash gains or positive adjustments) relating to any adjustments arising by reason of the application of certain accounting principles with respect to ASC 805 (relating to changes in accounting for earn-out obligations)	 	$____________
	 	 	 
	(i) any extraordinary, unusual, one-time or non-recurring items, or any costs, charges, accruals, reserves or expenses attributable to the undertaking and/or implementation of cost savings initiatives, operating expense reductions, transition, business optimization and other restructuring and integration costs, charges, accruals, reserves and expenses, including inventory optimization programs, software development costs, costs related to the closure or consolidation of facilities and curtailments (including the cessation of the Mexican server-based gaming division), costs related to the entry into new markets, consulting fees, signing costs, retention or completion bonuses, relocation expenses, and modifications to pension and post-retirement employee benefit plans, new systems design and implementation costs and project startup costs) but excluding the costs, expenses and charges of any implemented severance program; provided that the amounts added to the calculation of Consolidated Adjusted EBITDA pursuant to this clause (i) for the relevant Test Period shall not exceed $2,000,000 in the aggregate	 	$____________
	 	 	 
	(j) costs, expenses and charges of any implemented severance program incurred in such Test Period	 	$____________
	 	 	 
	(k) costs and expenses associated with maintaining and administering Pension Plans in an amount not to exceed $250,000 in the relevant Test Period, plus or minus amortization of pension scheme net loss	 	$____________
	 	 	 
	(l) proceeds of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended to replace (whether or not then received, so long as the Issuer in good faith expects to receive the same within the next two (2) Fiscal Quarters (it being understood that to the extent not actually received within such Fiscal Quarters, such reimbursement amounts shall be deducted in calculating Consolidated Adjusted EBITDA for such Fiscal Quarters), and	 	$____________
	 	 	 
	(m) one-time gaming related taxes (other than on profits) or duties, or VAT payable in connection with a change in law	 	$____________

 

    EXHIBIT C-B-1

     

    

 

	 	 	 
	Total sum for (i) =	 	$____________
	 	 	 
	minus	 	 
	 	 	 
	(ii) non-Cash gains increasing Consolidated Net Income for such period (excluding any such non-Cash gain to the extent it represents the reversal of an accrual or reserve for potential Cash item in any prior period)	 	$____________
	 	 	 
	plus (to the extent deducted in calculating Consolidated Net Income) or minus (to the extent included in calculating Consolidated Net Income), as applicable, the sum of:	 	 
	 	 	 
	(a) any non-cash impairment charge or asset write-off (other than accounts receivable or inventory and the amortization of intangibles)	 	$____________
	 	 	 
	(b) the amount of any expense or deduction (or any gain or income) associated with any Subsidiary attributable to non-controlling interests or minority interests of third parties	 	$____________
	 	 	 
	(c) extraordinary, unusual, one-time or non-recurring costs and payments, outside of the ordinary course of business, in respect of actual or prospective legal settlements, fines, judgments or orders	 	$____________
	 	 	 
	(d) net gains or losses in the fair market value of any Hedging Agreements, and	 	$____________
	 	 	 
	(e) unrealized or realized net foreign currency translation or transaction gains or losses impacting net income (including, without limitation, currency remeasurements of indebtedness and any net gains or losses from Hedging Agreements for currency exchange risk associated with the above or any other currency related risk) 	 	$____________

         

	 	 	 
	Total sum for (ii) =	 	$____________
	 	 	 
	Consolidated Adjusted EBITDA = (i) - (ii)	 	$____________
	 	 	 
	Total Leverage Ratio: the ratio of A:B	 	______:______
	 	 	 
	Required to be tested pursuant to Section 6.7(a)	 	[Yes/No]
	 	 	 
	If required to be tested, in compliance	 	[Yes/No]
	

    EXHIBIT C-B-1

     

    

	  	 	 

9.       Fixed
Charge Coverage Ratio

 

	A. (i) the
    sum, without duplication, of the amounts determined for Holdings and its Subsidiaries on a consolidated basis for the relevant
    Test Period equal to: 
	 
	(a) “Net
    Cash Provided by Operating Activities” in accordance with GAAP plus	 	$____________
	 	 	 
	(b) in each case, to the extent reducing “Net Cash Provided by Operating Activities”  	 	$____________
	 	 	 
	 (1) cash expenditures in respect of any extraordinary, exceptional or unusual items in an amount not to exceed $2,000,000 in any Test Period          	 	$____________
	 	 	 
	(2) the cash expenditures made with respect to the early extinguishment or conversion of Indebtedness, obligations under Hedging Agreements or other derivative instruments, in each case, to the extent approved by the Requisite Purchasers 	 	$____________
	 	 	 
	(3) reasonable fees, expenses or charges incurred in connection with any Permitted Acquisition 	 	$____________
	 	 	 
	(4) cash payments made by Holdings and its Subsidiaries during the relevant Test Period into a Foreign Plan in an amount not to exceed the mandatory contributions with respect to such Foreign Plan as are required to be paid during such Test Period   	 	$____________
	 	 	 
	(5) “Cash Paid During the Period for Income Taxes” in accordance with GAAP and (6) “Cash Paid During the Period for Interest” in accordance with GAAP and	 	$____________
	 	 	 
	(6) “Cash Paid During the Period for Interest” in accordance with GAAP  	 	$____________
	 	 	 
	minus	 	 
	 	 	 
	(c) 	 	 
	 	 	 
	(1) Consolidated Maintenance Capital Expenditures and 	 	$____________
	 	 	 
	(2) any upfront cash receipts received in respect of the expenditures described in clause (ii) of the definition of Consolidated Growth Capital Expenditures                       	 	$____________
	 	 	 
	Total
sum for “A” =	 	$____________
	 	 	 
	B.          Calculation
    of Consolidated Fixed Charges	 	 
	 	 	 
	“Consolidated Fixed Charges” means for any period, the sum, without duplication, of the amounts determined for Holdings and its Subsidiaries on a consolidated basis equal to	 	 
	 	 	 
	(i) “Cash Paid During the Period for Interest” plus	 	$____________
	 	 	 
	(ii) “Cash Paid During the Period for Income Taxes” plus	 	$____________

 

    EXHIBIT C-B-1

     

    

 

	(iii) cash payments made by Holdings and its Subsidiaries during the relevant Test Period into a Foreign Plan in an amount not to exceed the mandatory contributions with respect to such Foreign Plan as are required to be paid during such Test Period.	 	$ ____________
	 	 	 
	Total sum for “B” =	 	$ ____________
	 	 	 
	Fixed Charge Coverage Ratio: the ratio of A:B	 	______:______
	 	 	 
	Required to be tested pursuant to Section 6.7(b)	 	[Yes/No]
	 	 	 
	If required to be tested, in compliance	 	[Yes/No]

 

    EXHIBIT C-B-1

     

    

 

ANNEX B TO

COMPLIANCE CERTIFICATE

 

[CHANGES TO PERFECTION CERTIFICATE]

 

[None.][Describe changes]

 

    EXHIBIT C-B-1

     

    

 

EXHIBIT D TO

NOTE PURCHASE AGREEMENT

 

ASSIGNMENT AGREEMENT

 

This Assignment Agreement
(this “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between [Insert
Name of Assignor] (the “Assignor”) and [Insert Name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Note Purchase Agreement and Guaranty
identified below, receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set
forth herein in full.

 For an agreed
consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Note Purchase Agreement,
as of the Effective Date inserted by the Agent as contemplated below, (i) all of the Assignor’s rights and obligations in
its capacity as a Purchaser under the Note Purchase Agreement and any other documents or instruments delivered pursuant thereto
to the extent related to the amount and percentage interest identified below of all of the Assignor’s outstanding rights
and obligations under the Note Purchase Agreement identified below, and (ii) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Purchaser) against any Person,
whether known or unknown, arising under or in connection with the Note Purchase Agreement, any other documents or instruments
delivered pursuant thereto or the note transactions governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law
or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively
as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment, without representation or warranty by the Assignor.

 

	1.	Assignor:	______________________	 
	2.	Assignee:	
        ______________________ [and is an
        Affiliate/Related Fund1 of [identify
        the Purchaser]] [Assignor is not a Defaulting Purchaser]

         

        Markit Entity Identifier (if any): ______________________

         

	3.	Issuer:	Gaming Acquisitions Limited, a limited liability company formed under the laws of England and Wales
	4.	Agent:	Cortland Capital Market Services LLC, as the note agent and collateral agent under the Note Purchase Agreement
	5.	Note Purchase Agreement and Guaranty:	Note Purchase Agreement and Guaranty dated as of August 13, 2018, by and among the Issuer, Inspired Entertainment, Inc., a corporation formed under the laws of Delaware (“Holdings”), Holdings and certain subsidiaries of Holdings, as Guarantors, the Purchasers party thereto from time to time and the Agent, as amended, restated, supplemented or otherwise modified from time to time.

 

 

		1	Select
as applicable.

 

     EXHIBIT D-1

    

    

 

		6.	Assigned Interest:

 

	Aggregate Amount of Notes for all Purchasers	Amount of Notes Assigned	Percentage of Notes Assigned2
	$______________	$______________	____________%

 

Effective Date: [______________], 20[__]
[TO BE INSERTED BY THE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

		7.	Notice and Wire Instructions:

 

	[NAME OF ASSIGNOR]	 	[NAME OF ASSIGNEE]	 
	 	 	 	 
	Notices:	 	 	Notices:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Attention:	 	 	Attention:	 
	 	Telecopier:	 	 	Telecopier:	 
	 	 	 	 	 	 
	with a copy to:	 	with a copy to:	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Attention:	 	 	Attention:	 
	 	Telecopier:	 	 	Telecopier:	 
	 	 	 	 	 	 
	Wire Instructions:	 	Wire Instructions:	 

 

[Signature Page Follows]

 

 

		2	Set
forth, to at least 9 decimals, as a percentage of the Commitment/Notes of all the Purchasers thereunder.

 

     EXHIBIT D-2

    

    

 

The terms set forth
in this Assignment are hereby agreed to:

 

	 	ASSIGNOR	 
	 	[NAME OF ASSIGNOR]	 
	 	 	 
	 	By:	 	 
	 	Title:	 
	 	 	 	 
	 	ASSIGNEE	 
	 	[NAME OF ASSIGNEE]	 
	 	 	 	 
	 	By:	 	 
	 	Title:	 

  

[Consented to and Accepted:

 

CORTLAND CAPITAL MARKET
SERVICES LLC

 as Agent

 

	By:	 	 
	Title:]1	 
	 	 	 
	[GAMING ACQUISITIONS LIMITED]	 
	as Issuer	 
	 	 	 
	By:	 	 
	Title:]2	 

 

 

1        To
be added only if the assignment is not to (i) an existing Purchaser, (ii) an Affiliate of an existing Purchaser or (iii)
a Related Fund.

2        To
be added only if the assignment is there is no existing Event of Default.

 

[Signature Page to Assignment and Assumption Agreement]

 

 

     

    

    

 

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT

AND ASSUMPTION AGREEMENT

 

Representations
and Warranties.

 

1.1 Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest
is free and clear of any lien, encumbrance or other adverse claim, and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes
no responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Note Purchase Agreement and Guaranty
or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the “Credit
Documents”), or any collateral thereunder, (iii) the financial condition of Issuer, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by Issuer, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under any Credit Document.

 

1.2 Assignee. The Assignee
(a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and to consummate the transactions contemplated hereby and to become a Purchaser under the Note Purchase Agreement
and Guaranty, (ii) it meets all requirements of an Eligible Assignee under the Note Purchase Agreement and Guaranty, (iii) from
and after the Effective Date, it shall be bound by the provisions of the Note Purchase Agreement and Guaranty and the other Credit
Documents as a Purchaser thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Purchaser thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either
it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets
of such type, (v) it has received a copy of the Note Purchase Agreement and Guaranty, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements and other reports delivered pursuant to Section 5.1 thereof,
as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to
enter into this Assignment and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Agent
or any other Purchaser and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Assignment and to purchase the Assigned Interest, (vii) if the Assignee is not a Purchaser, it has
delivered to the Agent all documentation and other information required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, an Administrative
Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information will be made
available and who may receive such information in accordance with the assignee’s compliance procedures and requirements of
applicable law, including federal, state and foreign securities laws and, if applicable, the processing and registration fee referred
to in Section 10.6(d) of the Note Purchase Agreement and Guaranty, and (viii) each of the representations and warranties contained
in Section 4A of the Note Purchase Agreement and Guaranty is true and correct as if such representations and warranties were being
made as of the Assignment Effective Date; and (b) agrees that (i) it will, independently and without reliance on the Agent, the
Assignor or any other Purchaser, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Purchaser;
and (c) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Note
Purchase Agreement and Guaranty and the other Credit Documents as are delegated to the Agent by the terms thereof, together with
such powers as are reasonably incidental thereto.

 

    EXHIBIT D-A-1 

    

    

 

Payments.
All payments with respect to the Assigned Interests shall be made on the Effective Date as follows:

 

From and after the Effective Date,
the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other
amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which
have accrued from and after the Effective Date. Notwithstanding the foregoing, the Agent shall make all payments of interest, fees
or other amounts paid or payable in kind from and after the Effective Date to the Assignee.

 

General
Provisions. This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery
of an executed counterpart of a signature page of this Assignment by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the internal laws of the
State of New York without regard to conflict of laws principles thereof.

 

    EXHIBIT D-A-2 

    

    

 

EXHIBIT E TO

NOTE PURCHASE AGREEMENT

 

[RESERVED]

 

    EXHIBIT E-4 

    

    

 

EXHIBIT F-1 TO

NOTE PURCHASE AGREEMENT

 

CLOSING DATE CERTIFICATE

 

[______], 20[__]

 

THE UNDERSIGNED
HEREBY CERTIFIES AS FOLLOWS:

 

1.             I
am the [_________] of INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware (“Holdings”)
and GAMING ACQUISITIONS LIMITED, a company formed under the laws of England and Wales (the “Issuer”).

 

2.             I
have reviewed the terms of Section 3 of the Note Purchase Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended,
supplemented or otherwise modified, the “Note Purchase Agreement”; the terms defined therein and not otherwise
defined herein being used herein as therein defined), by and among the Issuer, Holdings, Holdings and certain subsidiaries of Holdings,
as Guarantors, the Purchasers party thereto from time to time and CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as
the Collateral Agent (the “Agent”), and the definitions and provisions contained in such Note Purchase Agreement
relating thereto, and in my opinion I have made, or have caused to be made under my supervision, such examination or investigation
as is necessary to enable me to express an informed opinion as to the matters referred to herein.

 

3.             Based
upon my review and examination described in Paragraph 2 above, I certify, in my capacity as an officer of Holdings and the Issuer
and not in any individual capacity, on behalf of Holdings and the Issuer, that as of the date hereof:

 

(i)       the
representations and warranties contained in each of the Credit Documents are true and correct in all material respects (or, if
qualified by “materiality”, “Material Adverse Effect” or similar language, in all respects (after giving
effect to such qualification)) on and as of the Closing Date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case such representations and warranties are true and correct in all respects on and as of
such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof;

 

(ii)       since
September 30, 2017, there has not have occurred any event that has resulted in or could reasonably be expected to result in a Material
Adverse Effect.

 

[Signature Page Follows]

 

    EXHIBIT F-1-1 

    

    

 

The foregoing certifications
are made and delivered as of the first date written above.

 

	 	INSPIRED ENTERTAINMENT, INC.
	 	GAMING ACQUISITIONS LIMITED
	 	 
	 	 
	 	Name:
	 	Title:

 

    EXHIBIT F-1-1 

    

    

 

EXHIBIT F-2 TO

NOTE PURCHASE AGREEMENT

 

SOLVENCY CERTIFICATE

 

[______], 20[__]

 

THE UNDERSIGNED
HEREBY CERTIFIES AS FOLLOWS:

 

1.       I
am the [chief financial officer][treasurer] of INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware (“Holdings”)
and GAMING ACQUISITIONS LIMITED, a limited liability company formed under the laws of England and Wales (the “Issuer”).

 

2.       Reference
is made to that certain Note Purchase Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended, supplemented or
otherwise modified, the “Note Purchase Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined), by and among the Issuer, Holdings, Holdings and certain subsidiaries of Holdings, as Guarantors,
the Purchasers party thereto from time to time, CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as the Collateral Agent
(the “Agent”).

 

3.       I
have reviewed the terms of Sections 3 and 4 of the Note Purchase Agreement and the definitions and provisions contained in the
Note Purchase Agreement relating thereto, and, in my opinion, have made, or have caused to be made under my supervision, such examination
or investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein.

 

4.       Based
upon my review and examination described in paragraph 3 above, I certify, in my capacity as an officer of Holdings and the Issuer
and not in any individual capacity, that as of the date hereof, after giving effect to the consummation of the Refinancing Transactions
the Credit Parties are, on a consolidated basis, Solvent.

 

[Signature Page Follows]

 

    EXHIBIT F-2-1 

    

    

 

The foregoing certifications
are made and delivered as of the date first written above.

  

	 	INSPIRED ENTERTAINMENT, INC.
	 	GAMING ACQUISITIONS LIMITED
	 	 
	 	 
	 	Name:
	 	Title:

 

[Signature Page to Solvency Certificate]

  

     

    

    

 

EXHIBIT G TO

NOTE PURCHASE AGREEMENT

 

COUNTERPART AGREEMENT

 

This COUNTERPART
AGREEMENT, dated [mm/dd/yy] (this “Counterpart Agreement”) is delivered pursuant to that certain Note Purchase
Agreement and Guaranty, dated as of August 13, 2018 (as it may be amended, supplemented or otherwise modified, the “Note
Purchase Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined),
by and among GAMING ACQUISITIONS LIMITED, a limited liability company formed under the laws of England and Wales (the “Issuer”),
INSPIRED ENTERTAINMENT, INC. a corporation formed under the laws of Delaware (“Holdings”), HOLDINGS AND CERTAIN
SUBSIDIARIES OF HOLDINGS as Guarantors, the Purchasers party thereto from time to time and CORTLAND CAPITAL MARKET SERVICES
LLC as the Note Agent and as the Collateral Agent (the “Agent”).

 

Section 1. Pursuant
to Section 5.10 of the Note Purchase Agreement, the undersigned hereby:

 

(a)       agrees
that this Counterpart Agreement may be attached to the Note Purchase Agreement and that by the execution and delivery hereof, the
undersigned becomes a Guarantor under the Note Purchase Agreement and agrees to be bound by all of the terms thereof;

 

(b)       represents
and warrants that each of the representations and warranties set forth in the Note Purchase Agreement and each other Credit Document
and applicable to the undersigned is true and correct in all material respects both before and after giving effect to this Counterpart
Agreement, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such
representation and warranty is true and correct in all material respects as of such earlier date; provided that, in each
case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof;

 

(c)       no
event has occurred or is continuing as of the date hereof, or will result from the transactions contemplated hereby on the date
hereof, that would constitute an Event of Default or a Default;

 

(d)       agrees
to irrevocably and unconditionally guaranty the due and punctual Payment in Full of all Obligations when the same shall become
due, whether at stated maturity, upon required prepayment, declaration, acceleration, demand or otherwise (including amounts that
would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a))
in accordance with and pursuant to Section 7 of the Note Purchase Agreement;

 

(e)       (i)
agrees that this counterpart may be attached to the Security Agreement, (ii) agrees that the undersigned will become an [Obligor/Grantor]
under the Security Agreements (as applicable) and will comply with all the terms and conditions of the Security Agreements (as
applicable) as if it were an original signatory thereto, (iii) grants to the Collateral Agent, for the benefit of the Secured Parties,
a security interest in all of the undersigned’s right, title and interest in and to all “Collateral” (as such
term is defined in the Security Agreements (as applicable)) of the undersigned, in each case whether now or hereafter existing
or in which the undersigned now has or hereafter acquires an interest and wherever the same may be located and (iv) delivers to
the Collateral Agent supplements to all schedules attached to the Security Agreements (as applicable). All such Collateral shall
be deemed to be part of the “Collateral” and hereafter subject to each of the terms and conditions of the Security
Agreement; and

 

[Signature Page to Solvency Certificate]

 

     

    

    

 

(f)       
agrees that (i) this counterpart may be attached to the Intercreditor Agreement and (ii) the undersigned will become a party to
the Intercreditor Agreement and will comply with all the terms and conditions of the Intercreditor Agreement as if it were an original
signatory thereto.

 

Section 2. The
undersigned agrees from time to time, upon the reasonable request of the Agent, to take such additional actions and to execute
and deliver such additional documents and instruments as the Agent may request to effect the transactions contemplated by, and
to carry out the intent of, this Counterpart Agreement. Neither this Counterpart Agreement nor any term hereof may be changed,
waived, discharged or terminated, except by an instrument in writing signed by the Agent and the party (including, if applicable,
any party required to evidence its consent to or acceptance of this Counterpart Agreement) against whom enforcement of such change,
waiver, discharge or termination is sought. Any notice or other communication herein required or permitted to be given shall be
given pursuant to Section 10.1 of the Note Purchase Agreement, and all for purposes thereof, the notice address of the undersigned
shall be the address as set forth on the signature page hereof. In case any provision in or obligation under this Counterpart Agreement
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions
or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

THIS COUNTERPART AGREEMENT
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

    EXHIBIT G-2 

    

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Counterpart Agreement to be duly executed and delivered by its duly authorized officer as of the
date above first written.

 

	 	[NAME OF SUBSIDIARY]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

	Address for Notices:	 
	 	 	 
	 	 	 
	 	 	 
	 	Attention:	 
	 	Telecopier	 
	 	 	 
	with a copy to:	 
	 	 	 
	 	 	 
	 	 	 
	 	Attention:	 
	 	Telecopier	 

 

ACKNOWLEDGED AND ACCEPTED,

as of the date above first written:

 

CORTLAND CAPITAL MARKET SERVICES LLC

as the Note Agent and as the Collateral Agent

 

	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page To Counterpart Agreement]

 

     

    

    

 

EXHIBIT H TO

NOTE PURCHASE AGREEMENT

 

SECURITY AGREEMENT 

 

[Separately Attached]

 

    EXHIBIT H-1

     

    

 

EXHIBIT I TO

NOTE PURCHASE AGREEMENT

 

[RESERVED]

 

    EXHIBIT I-A-1

     

    

 

EXHIBIT J TO 

NOTE PURCHASE AGREEMENT

 

LANDLORD CONSENT AND SUBORDINATION

 

This Landlord Consent
and Subordination (this “Consent”) is made and entered into this __ day of [______________], 20[__] by [___],
a [____] organized under the laws of the State of [____] (“Landlord”), for the benefit of and CORTLAND CAPITAL
MARKET SERVICES LLC (“Agent”), in its capacity as agent for the several financial institutions from time to
time party to the Note Purchase Agreement referenced below (the “Purchasers”), and the Purchasers.

 

BACKGROUND

 

A.          Landlord
is the owner of those certain premises, and improvements thereon, located at [____________________] (the “Premises”),
and [______________], a [______________] (“Tenant”) is Lessee and tenant of such Premises pursuant to a certain
lease agreement (the “Lease”).

 

B.           Tenant
and certain of Tenant’s affiliates are parties to that certain Note Purchase Agreement and Guaranty dated as of August 13,
2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”),
with Agent and the Purchasers pursuant to which the Purchasers have made and may continue to make certain financial accommodations
to or for the benefit of Tenant and under which Tenant has or will incur obligations to the Purchasers (all such obligations now
existing or hereafter arising, together with interest thereon and other fees and charges in connection therewith, being referred
to hereinafter collectively as the “Obligations”).

 

C.           Tenant
and certain of Tenant’s affiliates are parties to that certain [__________] dated as of [______], 20[__] (as amended, restated,
supplemented or otherwise modified from time to time, the “Security Agreement”), in favor of Agent on behalf
of itself and the Purchasers, pursuant to which the Obligations are secured by, inter alia, all tangible and intangible
personal property of Tenant, whether now owned or subsequently acquired (collectively, the “Personal Property”).
The Personal Property specifically excludes the land, building, and other improvements owned by Landlord which constitute the Premises.

 

D.          Agent
and the Purchasers have requested in connection with the extension of such financial accommodations to Tenant under the Note Purchase
Agreement that Landlord enter into this Consent.

 

In consideration of
the preceding background and the agreements hereinafter set forth, and intending to be legally bound, the parties hereby agree
as follows:

 

1.          Landlord
hereby acknowledges and agrees to the first and prior right and security interest of Agent, for the benefit of the Secured Parties,
in the Personal Property and to the Agent’s exclusive rights to collect, foreclose upon, sell, transfer, liquidate or otherwise
dispose of the Personal Property pursuant to the Note Purchase Agreement (collectively, the “Purchaser’s Security
Interest”). Landlord agrees that, without the prior written consent of Agent, it shall not obtain any consensual lien
or security interest that is senior in priority to the Purchaser’s Security Interest or exercise any rights in the Personal
Property adverse to the interests of Agent and the other Secured Parties. To the extent that Landlord may have or be entitled to
assert against the Personal Property any statutory, contractual or possessory security interest or lien, or any right of distraint,
levy or execution, against the Personal Property, such security interest, lien and right are hereby made subject and subordinate
to the Purchaser’s Security Interest in the Personal Property, and Landlord agrees not to take or institute any action to
enforce or realize upon any such security interest, lien or right without the prior written consent of Agent. Should Landlord receive
any cash or other property from any realization upon such security interest, lien or right in and to the Personal Property, Landlord
shall hold such cash or property in trust for the benefit of Agent and the other Secured Parties and shall promptly forward such
cash or property to Agent for application to the Obligations.

 

    EXHIBIT J-1

     

    

 

2.          Landlord
agrees that, as among Landlord, Agent and the Purchasers, the Personal Property shall remain personal property and will not become
part of the Premises.

 

3.          Agent
or any of its representatives may, in connection with any foreclosure or any other action relating to the Personal Property pursuant
to the Security Agreement and upon at least three (3) days’ prior written notice to Landlord, peaceably enter upon the Premises
at any reasonable time during normal business hours for the purpose of inventorying, securing, taking possession of, and removing
the Personal Property therefrom; provided that, in the event of termination of the Lease: (a) such period of access shall
not exceed thirty (30) days following Agent’s receipt of written notice of such termination; (b) for the actual period of
access by Agent, Agent will pay to Landlord the amount payable by the Tenant under the Lease, pro rated on a per diem basis determined
on a thirty (30) day month, and shall provide and retain liability and property insurance coverage to the extent required by the
Lease; and (c) such amounts payable by Agent to Landlord shall exclude any rent adjustments, indemnity payments or similar amounts
payable under the Lease for default, holdover status or other similar charges. Agent shall not conduct any repairs, exchange, sale,
rental, or lease of any of the Personal Property within or from the Premises. Subject to the requirements of this paragraph, Landlord:
(i) will not intentionally hinder Agent’s actions in assembling all Personal Property located on the Premises; (ii) will
permit Agent to remove the Personal Property without charge; (iii) will grant Agent access to the Premises at reasonable times;
and (iv) will not intentionally hinder Agent’s actions in enforcing its lien on the Personal Property.

 

4.          Landlord
agrees to deliver to Agent a copy of any notice of any claimed breach or default by Tenant under the Lease at the same time that
Landlord sends such notice to Tenant. Notice shall be delivered at the following address (or such other address as the Agent notifies
the Landlord of in writing) and shall be effective three (3) days after delivered by certified mail, return receipt requested,
and one (1) day after delivered by nationally recognized overnight courier service:

 

 CORTLAND CAPITAL
MARKET SERVICES LLC 

 225 W. Washington
St., 9th Floor 

 Chicago, Illinois
60606 

 

		Attention:	Legal Department and Ryan Morick

		Fax:	(312) 376-0751

		Email:	legal@cortlandglobal.com and ryan.morick@cortlandglobal.com

 

5.          Landlord
agrees that in the event of any default by Tenant under the Lease, Landlord shall allow Agent or the other Secured Parties the
opportunity to cure such default and, upon taking such cure action, the opportunity for Agent to occupy the Premises and assume
the Lease in the place of Tenant and/or identify a replacement Tenant, provided, however, that: (i) in no event shall
Agent’s or Purchasers’ opportunity to cure exceed the period under the Lease within which Tenant may cure such default
(which time period is specified in the notice of default); and (ii) this Paragraph 5 shall not impose any duty on Agent or Purchasers
to cure any default of Tenant under the Lease or adopt any obligations of Tenant under the Lease. In furtherance of the foregoing,
Landlord will not unreasonably withhold its consent to any assignment of the Lease to Agent or Agent’s designee (including
resulting from a change of control).

 

    EXHIBIT J-2

     

    

 

6.          Landlord
is the current “Landlord” under the Lease and has not assigned (or agreed to assign) any interest under the Lease,
in whole or in part. Landlord agrees that in the event that it assigns all or any portion of its interest in the Lease, it shall
cause the assignee to agree to be bound by the provisions of this Consent.

 

7.          The
Lease is in full force and effect. Landlord is not owed any past due base or additional rental payments from Tenant under the Lease.
Neither Landlord nor, to Landlord’s best knowledge, Tenant is in default under any of the terms or provisions of the Lease
(nor, to Landlord’s best knowledge, does any fact or condition exist which, with notice or lapse of time or both, would become
such a default). There exists no defense by Landlord to the enforcement of the Lease by Tenant. Landlord does not presently have
any claims, counter-claims or offsets against Tenant under the Lease. Landlord has not received any notice, and does not have any
knowledge, of any claims, counter-claims or offsets against Landlord by Tenant under the Lease.

 

8.          This
Consent shall be binding upon Landlord, Tenant, Agent and Purchasers, and their respective successors and assigns, and shall inure
to the benefit of Tenant, Purchasers and Agent and their respective successors and assigns, and may not be modified, amended or
altered, except by writing signed by Landlord, Tenant, and Agent.

 

[Signature Page Follows]

 

    EXHIBIT J-3

     

    

 

 

IN WITNESS WHEREOF,
Landlord has caused this Landlord Consent and Subordination to be made, executed and delivered the day and year first above written
for the benefit of the Agent and Purchasers.

 

	 	[LANDLORD]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

 [Signature Page to Landlord Consent and Waiver]

 

     

     

    

CONSENT

 

The undersigned Tenant hereby consents to
the terms and conditions of this Landlord’s Consent and Subordination as set forth above.

 

	 	[_____________________]
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Landlord Consent and Waiver]

 

     

     

    

 

EXHIBIT K TO 

NOTE PURCHASE AGREEMENT

 

INTERCOMPANY NOTE

 

Note Number: ______                                                                   Dated:__________, 20__

 

FOR VALUE RECEIVED,
GAMING ACQUISITIONS LIMITED, a limited liability company formed under the laws of England and Wales (the “Issuer”),
INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware (“Holdings”) and certain Subsidiaries
of Holdings (collectively, the “Group Members” and each, a “Group Member”) which are
parties to this subordinated intercompany note (this “Promissory Note”) promise to pay to the order of such
other Group Member as it makes loans to such Group Member (each Group Member which borrows money pursuant to this Promissory Note
is referred to herein as a “Payor” and each Group Member which makes loans and advances pursuant to this Promissory
Note is referred to herein as a “Payee”), on demand, in lawful money as may be agreed upon from time to time
by the relevant Payor and Payee, in immediately available funds and at the appropriate office of the Payee, the aggregate unpaid
principal amount of all loans and advances heretofore and hereafter made by such Payee to such Payor and any other Indebtedness
now or hereafter owing by such Payor to such Payee as shown either on Schedule A attached hereto (and any continuation thereof)
or in the books and records of such Payee. The failure to show any such Indebtedness or any error in showing such Indebtedness
shall not affect the obligations of any Payor hereunder. Capitalized terms used herein but not otherwise defined herein shall have
the meanings given such terms in the Note Purchase Agreement and Guaranty dated as of August 13, 2018 (as it may be amended, supplemented
or otherwise modified, the “Note Purchase Agreement”; the terms defined therein and not otherwise defined herein
being used herein as therein defined), by and among the Issuer, Holdings, HOLDINGS AND CERTAIN SUBSIDIARIES OF HOLDINGS as
Guarantors, the Purchasers party thereto from time to time and CORTLAND CAPITAL MARKET SERVICES LLC as the Note Agent and as the
Collateral Agent (the “Agent”)

 

The unpaid principal
amount hereof from time to time outstanding shall bear interest at a rate equal to the rate as may be agreed upon in writing from
time to time by the relevant Payor and Payee. Interest shall be due and payable at such times as may be agreed upon from time to
time by the relevant Payor and Payee. Upon demand for payment of any principal amount hereof, accrued but unpaid interest on such
principal amount shall also be due and payable. Interest shall be paid in any lawful currency as may be agreed upon by the relevant
Payor and Payee and in immediately available funds. Interest shall be computed as agreed between the relevant Payor and Payee.

 

Each Payor and any
endorser of this Promissory Note hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and
no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.

 

This Promissory Note
has been pledged by each Payee that is a Credit Party to the Collateral Agent, for the benefit of the Secured Parties, as security
for such Payee’s obligations, if any, under the Credit Documents to which such Payee is a party. Each Payor acknowledges
and agrees that after the occurrence of and during the continuation of an Event of Default, the Collateral Agent and the other
Secured Parties may exercise all the rights under this Promissory Note of each Payee that is a Credit Party and will not be subject
to any abatement, reduction, recoupment, defense, setoff or counterclaim available to such Payor.

 

Each Payee agrees that
any and all claims of such Payee against any Payor that is a Credit Party or any endorser of this Promissory Note, or against any
of their respective properties, shall be subordinate and subject in right of payment to the Secured Obligations (as defined in
the Security Agreement) until all of the Secured Obligations have been performed and paid in full (other than contingent indemnification
obligations not due and payable) and all commitments to extend credit under any Credit Document have been terminated; provided
that each Payor that is a Credit Party may make payments to the applicable Payee so long as no Event of Default shall have occurred
and be continuing; and provided, further, that all loans and advances made by a Payee pursuant to this Promissory
Note shall be received by the applicable Payor subject to the provisions of the Note Purchase Agreement and the other Credit Documents.
Notwithstanding any right of any Payee to ask, demand, sue for, take or receive any payment from any Payor, all rights, Liens and
security interests of such Payee, whether now or hereafter arising and howsoever existing, in any assets of any Payor (whether
constituting part of the security or collateral given to any Secured Party to secure payment of all or any part of the Secured
Obligations or otherwise) shall be and hereby are subordinated to the rights of the Secured Parties in such assets. Except as expressly
permitted by the Note Purchase Agreement and the other Credit Documents, the Payees shall have no right to possession of any such
asset or to foreclose upon, or exercise any other remedy in respect of, any such asset, whether by judicial action or otherwise,
unless and until all of the Secured Obligations shall have been performed and Paid in Full (other than contingent indemnification
obligations not due and payable) and all commitments have expired or been terminated.

 

    EXHIBIT K-1

     

    

 

After the occurrence
of and during the continuation of an Event of Default, if all or any part of the assets of any Payor, or the proceeds thereof,
are subject to any distribution, division or application to the creditors of any Payor, whether partial or complete, voluntary
or involuntary, and whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors
or any other action or proceeding, or if the business of any Payor is dissolved or if (except as expressly permitted by the Note
Purchase Agreement and the Credit Documents) all or substantially all of the assets of any Payor are sold, then, and in any such
event, any payment or distribution of any kind or character, whether in cash, securities or other investment property, or otherwise,
which shall be payable or deliverable upon or with respect to any indebtedness of such Payor to any Payee (“Payor Indebtedness”)
shall be paid or delivered directly to the Agent for application, in accordance with the Intercreditor Agreement, to any of the
Secured Obligations, due or to become due, until the date on which the Secured Obligations shall have been performed and Paid in
Full in cash (other than contingent indemnification obligations for which no claim has been made) and all commitments to extend
credit under any Credit Document shall have expired or been terminated. After the occurrence of and during the continuation of
an Event of Default, each Payee that is a Credit Party irrevocably authorizes, empowers and appoints the Agent as such Payee’s
attorney-in-fact (which appointment is coupled with an interest and is irrevocable) to demand, sue for, collect and receive every
such payment or distribution and give acquittance therefor and to make and present for and on behalf of such Payee such proofs
of claim and take such other action, in the Agent’s own names or in the name of such Payee or otherwise, as the Agent may
deem reasonably necessary for the enforcement of this Promissory Note. After the occurrence of and during the continuation of an
Event of Default, each Payee that is a Credit Party also agrees to execute, verify, deliver and file any such proofs of claim in
respect of the Payor Indebtedness reasonably requested by the Agent. After the occurrence of and during the continuation of an
Event of Default, the Agent may vote such proofs of claim in any such proceeding (and the applicable Payee shall not be entitled
to withdraw such vote), receive and collect any and all dividends or other payments or disbursements made on Payor Indebtedness
in whatever form the same may be paid or issued and apply the same on account of any of the Secured Obligations in accordance with
the Note Purchase Agreement. Upon the occurrence and during the continuation of any Event of Default, should any payment, distribution,
security or other investment property or instrument or any proceeds thereof be received by any Payee that is a Credit Party upon
or with respect to Payor Indebtedness owing to such Payee prior to such time as the Secured Obligations have been performed and
paid in full in cash (other than contingent indemnification obligations not due and payable) and all commitments to extend credit
under any Credit Document have expired or been terminated, such Payee that is a Credit Party shall receive and hold the same for
the benefit of the Secured Parties, and shall forthwith deliver the same to the Agent, for the benefit of the Secured Parties,
in precisely the form received (except for the endorsement or assignment of such Payee where necessary or advisable in the Agent’s
judgment), for application to any of the Secured Obligations in accordance with the Note Purchase Agreement, due or not due, and,
until so delivered, the same shall be segregated from the other assets of such Payee for the benefit of the Secured Parties. Upon
the occurrence and during the continuance of an Event of Default, if such Payee fails to make any such endorsement or assignment
to the Agent, the Collateral Agent or any of its officers, employees or representatives are hereby irrevocably authorized to make
the same. Each Payee that is a Credit Party agrees that until the Secured Obligations have been performed and paid in full in cash
(other than contingent indemnification obligations not due and payable) and all commitments to extend credit under any Credit Document
have expired or been terminated, such Payee will not (i) assign or transfer, or agree to assign or transfer, to any Person (other
than in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Agreement or otherwise) any
claim such Payee has or may have against any Payor, (ii) upon the occurrence and during the continuance of an Event of Default,
discount or extend the time for payment of any Payor Indebtedness, or (iii) otherwise amend, modify, supplement, waive or fail
to enforce any provision of this Promissory Note.

 

    EXHIBIT K-2

     

    

 

The Secured Parties
shall be third party beneficiaries hereof and shall be entitled to enforce the subordination and other provisions hereof.

 

Notwithstanding anything
to the contrary contained herein, in any other Credit Document or in any other promissory note or instrument, this Promissory Note
shall not be deemed replaced, superseded or in any way modified by any such other promissory note or instrument entered into on
or after the date hereof which purports to create or evidence any loan or advance by any Group Member to any other Group Member.

 

THIS PROMISSORY NOTE
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION
OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

From time to time after
the date hereof, additional Subsidiaries of the Group Members may become parties hereto by executing a counterpart signature page
to this Promissory Note (each additional Subsidiary, an “Additional Payor”). Upon delivery of such counterpart
signature page to the Payees, notice of which is hereby waived by the other Payors, each Additional Payor shall be a Payor and
shall be as fully a party hereto as if such Additional Payor were an original signatory hereof. Each Payor expressly agrees that
its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Payor hereunder.
This Promissory Note shall be fully effective as to any Payor that is or becomes a party hereto regardless of whether any other
Person becomes or fails to become or ceases to be a Payor hereunder.

 

This Promissory Note
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

[Signature Page Follows]

 

    EXHIBIT K-3

     

    

 

 

IN WITNESS WHEREOF,
each Payor and Payee has caused this Promissory Note to be executed and delivered by its proper and duly authorized officer as
of the date set forth above.

 

	 	[________________]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

  

	 	[________________]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

	 	[________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[________________]1
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1
Create more signature blocks as necessary

 

[Signature
Page to Intercompany Promissory Note] 

 

     

     

    

 

Schedule A

 

TRANSACTIONS UNDER PROMISSORY NOTE

 

	Date	Name of Payor	Name of Payee	Amount of Advance This Date	Amount of Principal Paid This Date	Outstanding Principal Balance from Payor to Payee This Date	Notation Made By
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    EXHIBIT K A-1

     

    

ENDORSEMENT

 

FOR VALUE RECEIVED,
each of the undersigned does hereby sell, assign and transfer to ________________________ all of its right, title and interest
in and to the Intercompany Note, dated August 13, 2018 (as amended, supplemented or otherwise modified from time to time, the “Promissory
Note”, the terms defined therein and not otherwise defined herein being used herein as therein defined), made by GAMING
ACQUISITIONS LIMITED, a limited liability company formed under the laws of England and Wales (the “Issuer”),
INSPIRED ENTERTAINMENT, INC., a corporation formed under the laws of Delaware (“Holdings”) and certain Subsidiaries
of Holdings or any other Person that is or becomes a party thereto, and payable to the undersigned. This endorsement is intended
to be attached to the Promissory Note and, when so attached, shall constitute an endorsement thereof.

 

The initial undersigned
shall be the Group Members party to the Note Purchase Agreement and the Credit Documents on the date of the Promissory Note. From
time to time after the date thereof, each additional Subsidiary of the Group Members that becomes party to the Note Purchase Agreement
and/or the Credit Documents shall become a signatory to this endorsement by executing a counterpart signature page to this endorsement.
Upon delivery of such counterpart signature page, notice of which is hereby waived by the undersigned, each such Subsidiary shall
be a signatory to this endorsement as if such Subsidiary were an original signatory hereof. Each Payee expressly agrees that its
obligations arising under the Promissory Note and hereunder shall not be affected or diminished by the addition or release of
any other Payee under the Promissory Note or hereunder. This endorsement shall be fully effective as to any Payee that is or becomes
a signatory hereto regardless of whether any other Person becomes or fails to become or ceases to be a Payee to the Promissory
Note or hereunder. 

 

	 	Dated: 	 

 

	 	[_____________]	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

	 	[_____________]10	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title	 

 

 

10
Add more signature blocks as necessary

 

     APPENDIX B-1Exhibit 10.2 

 

	Dated	2018

 

	 	Inspired
    Entertainment Inc.

    as Parent	 
	 	 	 
	 

                                                                                
	The
    Parties listed as Original Borrowers	 
	 	The
    Parties listed as Original Guarantors	 
	 	 	 
	 	Lloyds
Bank plc 

        as
        Arranger

         
	 
	 	-
    and -	 
	 	 	 
	 	Lloyds
Bank plc 

        acting
        as Agent

         
	 
	 	-
    and -	 
	 	 	 
	 	Cortland
Capital Market Services LLC 

        acting
as Security Agent 
	 

	 
	Revolving
        Facility Agreement

         

	This
    Agreement is entered into with the benefit of and subject to the terms of 

the Intercreditor Agreement (as defined herein)
	 

	 	 	 
	 	 	 
	Matter
                                         ref 10143L.006926

                                         F3/GIBSONSC/6160421

         

	Hogan
                                         Lovells International LLP

                                         Atlantic House, Holborn Viaduct,
                                         London EC1A 2FG 

	 

 

    

     

    

 

Contents

 

	Clause	 	Page
	1.	Definitions
    and interpretation	1
	2.	The
    Facility	33
	3.	Purpose	36
	4.	Conditions
    of Utilisation	36
	5.	Utilisation
    - Loans	38
	6.	Optional
    Currencies	39
	7.	Ancillary
    Facilities	40
	8.	Repayment	46
	9.	Illegality,
    Voluntary Prepayment and Cancellation	47
	10.	Mandatory
    Prepayment	48
	11.	Restrictions	51
	12.	Interest	53
	13.	Interest
    Periods	54
	14.	Changes
    to the Calculation of Interest	54
	15.	Fees	56
	16.	Tax
    Gross Up and Indemnities	58
	17.	Increased
    Costs	68
	18.	Other
    Indemnities	69
	19.	Mitigation
    by the Lenders	70
	20.	Costs
    and Expenses	71
	21.	Guarantee
    and Indemnity	72
	22.	Representations	76
	23.	Information
    Undertakings	83
	24.	Financial
    covenants	89
	25.	General
    undertakings	96
	26.	Events
    of Default	105
	27.	Changes
    to the Lenders	109
	28.	Restriction
    On Debt Purchase Transactions	114
	29.	Changes
    to the Obligors	114
	30.	Role
    of the Agent, the Arranger and others	119
	31.	Conduct
    of business by the Finance Parties	129
	32.	Sharing
    among the Finance Parties	129
	33.	Payment
    Mechanics	131
	34.	Set-off	135
	35.	Notices	135

 

    Hogan Lovells
 

     

    

 

- ii -

 

	36.	Calculations
    and Certificates	138
	37.	Partial
    invalidity	138
	38.	Remedies
    and waivers	139
	39.	Amendments
    and waivers	139
	40.	Confidentiality	143
	41.	Confidentiality
    of Funding Rates and Reference Bank Quotations	147
	42.	Counterparts	149
	43.	Contractual
    recognition of bail-in	149
	44.	Governing
    law	151
	45.	Enforcement	151
	 	 	 
	Schedules	 
	 	 
	1.	The
    Original Parties	153
	 	 	 
	 	Part A - The
    Original Obligors	153
	 	Part B - The
    Original Lenders	154
	 	Part C - The
    Acceding Guarantors	154
	 	 	 
	2.	Conditions
    Precedent	155
	 	Part A - Conditions
    Precedent to be satisfied on or before the First Utilisation Date	155
	 	Part B - Conditions
    precedent required to be delivered by an Additional Obligor	158
	 	 	 
	3.	Utilisation
    Request	161
	4.	Loans	161
	5.	Form
    of Transfer Certificate	162
	6.	Form
    of Assignment Agreement	168
	7.	Form
    of Accession Deed	171
	8.	Form
    of Resignation Letter	174
	9.	Form
    of Compliance Certificate	175
	10.	Timetables
    Loans	176
	11.	Agreed
    Security Principles	177
	12.	Form
    of Increase Confirmation	182
	13.	Other
    Benchmarks	185

 

     

     

    

 

	This
    agreement is made on 	2018

 

Between:

 

		(1)	Inspired
                                         Entertainment Inc. (the “Parent”);

 

		(2)	The
                                         Subsidiaries of the Parent listed in Part 1 of Schedule 1 (The Original Parties)
                                         as original borrowers (the “Original Borrowers”);

 

		(3)	The
                                         Subsidiaries of the Parent listed in Part 1 of Schedule 1 (The Original Parties)
                                         as original guarantors (together with the Parent, the “Original Guarantors”);

 

		(4)	Lloyds
                                         Bank plc as mandated lead arrangers (the “Arrangers”);

 

		(5)	The
                                         Financial Institutions listed in Part 2 of Schedule 1 (The Original Parties)
                                         as lenders (the “Original Lenders”);

 

		(6)	Lloyds
                                         Bank plc as agent of the other Finance Parties (the “Agent”);
                                         and

 

		(7)	Cortland
                                         Capital Market Services LLC as security agent for the Secured Parties (the “Security
                                         Agent”).

 

It
is agreed:

 

Section
1

 

Interpretation

 

		1.	Definitions
                                         and interpretation

 

		1.1	Definitions

 

In
this Agreement:

 

“Acceding
Guarantor” means each of the Subsidiaries of the Parent listed in Part 3 of
Schedule 1 (The Original Parties).

 

“Acceptable
Bank” means:

 

		(a)	an
                                         Original Lender;

 

		(b)	a
                                         bank or financial institution which has a rating for its long-term unsecured and non-credit-enhanced
                                         debt obligations of AA or higher by Standard & Poor’s Rating Services or Fitch
                                         Ratings Ltd or Aa2 or higher by Moody’s Investor Services Limited or a comparable
                                         rating from an internationally recognised credit rating agency; or

 

		(c)	any
                                         other bank or financial institution approved by the Agent.

 

“Accession
Deed” means a document substantially in the form set out in Schedule 7 (Form of Accession Deed).

 

“Accounting
Principles” means accounting principles, policies, standards and practices which are generally accepted in the jurisdiction
of incorporation of the relevant member of the Group (including US GAAP).

 

“Act”
means the Companies Act 2006.

 

    Hogan Lovells

     

    

 

-
2 -

 

“Additional
Borrower” means a company which becomes a Borrower in accordance with Clause 29 (Changes to the Obligors).

 

“Additional
Chargor” means any member of the Group which has granted Security in favour of the Security Agent, on and from the date
on which it enters into a Transaction Security Document.

 

“Additional
Guarantor” means a company which becomes a Guarantor in accordance with Clause 29 (Changes to the Obligors).

 

“Additional
Obligor” means an Additional Borrower, an Additional Guarantor or an Additional Chargor.

 

“Adverse
Proceeding” means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise),
governmental investigation or arbitration (whether or not purportedly on behalf of the Parent or any of its Subsidiaries) at law
or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending
or, to the knowledge of the Parent or any of its Subsidiaries, threatened in writing against or affecting the Parent or any of
its Subsidiaries or any property of the Parent or any of its Subsidiaries.

 

“Affiliate”
means, in relation to any person, a Subsidiary or a Holding Company of that person or any other Subsidiary of that Holding Company.

 

“Agent’s
Spot Rate of Exchange” means

 

		(a)	the
                                         Agent’s spot rate of exchange; or

 

		(b)	(if
                                         the Agent does not have an available spot rate of exchange) any other publicly available
                                         spot rate of exchange selected by the Agent (acting reasonably),

 

for
the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a
particular day.

 

“Agreed
Security Principles” means the principles set out in Schedule 10 (Agreed Security Principles).

 

“Ancillary
Commencement Date” means, in relation to an Ancillary Facility, the date on which that Ancillary Facility is first made
available, which date shall be a Business Day within the Availability Period for the Facility.

 

“Ancillary
Commitment” means, in relation to an Ancillary Lender and an Ancillary Facility, the maximum Base Currency Amount which
that Ancillary Lender has agreed (whether or not subject to satisfaction of conditions precedent) to make available from time
to time under an Ancillary Facility and which has been authorised as such under Clause 7 (Ancillary Facilities), to the
extent that amount is not cancelled or reduced under this Agreement or the Ancillary Documents relating to that Ancillary Facility.

 

“Ancillary
Document” means each document relating to or evidencing the terms of an Ancillary Facility.

 

“Ancillary
Facility” means any ancillary facility made available by an Ancillary Lender in accordance with Clause 7 (Ancillary
Facilities).

 

“Ancillary
Lender” means each Lender (or Affiliate of a Lender) which makes available an Ancillary Facility in accordance with
Clause 7 (Ancillary Facilities).

 

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“Ancillary
Outstandings” means, at any time, in relation to an Ancillary Lender and an Ancillary Facility the aggregate of the
equivalents (as calculated by that Ancillary Lender) in the Base Currency of the following amounts outstanding under that Ancillary
Facility then in force:

 

		(a)	the
                                         principal amount under each overdraft Facility and on-demand short term loan facility
                                         (net of any credit balances on any account of any Borrower of an Ancillary Facility with
                                         the Ancillary Lender making available that Ancillary Facility to the extent that such
                                         credit balance is freely available to be set off by that Ancillary Lender against liabilities
                                         owed to it by that Borrower under that Ancillary Facility);

 

		(b)	the
                                         face amount of each guarantee, bond and letter of credit under that Ancillary Facility;
                                         and

 

		(c)	the
                                         amount fairly representing the aggregate exposure (excluding interest and similar charges)
                                         of that Ancillary Lender under each other type of accommodation provided under that Ancillary
                                         Facility,

 

in
each case as determined by such Ancillary Lender acting reasonably in accordance with its normal banking practice and in accordance
with the relevant Ancillary Document.

 

“Anti-Corruption
Laws” means laws and regulations relating to bribery or corruption, including the FCPA, the UK Bribery Act of 2010,
and all national and international laws and regulations enacted to implement the OECD Convention on Combating Bribery of Foreign
Officials in International Business Transactions.

 

“Assignment
Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement)
or any other form agreed between the relevant assignor and assignee provided that if that other form does not contain the
undertaking set out in the form set out in Schedule 5 (Form of Assignment Agreement) it shall not be a Creditor/Creditor
Representative Accession Undertaking as defined in, and for the purposes of, the Intercreditor Agreement.

 

“Auditors”
means one of PricewaterhouseCoopers, EY, KPMG or Deloitte or such other firm approved in advance by the Majority Lenders (such
approval not to be unreasonably withheld or delayed).

 

“Authorisation”
means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

“Availability
Period” means the period from and including the date of this Agreement to and including the date falling one month prior
to the Termination Date.

 

“Available
Ancillary Commitment” means in relation to an Ancillary Facility, an Ancillary Lender’s Ancillary Commitment less
the Ancillary Outstandings in relation to that Ancillary Facility.

 

“Available
Commitment” means, in relation to the Facility, a Lender’s Commitment under the Facility minus (subject to Clause
7.8 (Affiliates of Lenders as Ancillary Lenders) and as set out below):

 

		(a)	the
                                         Base Currency Amount of its participation in any outstanding Utilisations under the Facility
                                         and the Base Currency Amount of the aggregate of its Ancillary Commitments; and

 

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		(b)	in
                                         relation to any proposed Utilisation, the Base Currency Amount of its participation in
                                         any other Utilisations that are due to be made under the Facility on or before the proposed
                                         Utilisation Date and the Base Currency Amount of its Ancillary Commitment in relation
                                         to any new Ancillary Facility that is due to be made available on or before the proposed
                                         Utilisation Date.

 

For
the purposes of calculating a Lender’s Available Commitment in relation to any proposed Utilisation, the following amounts
shall not be deducted from a Lender’s Commitment under the Facility:

 

		(i)	that
                                         Lender’s participation in any Utilisations that are due to be repaid or prepaid
                                         on or before the proposed Utilisation Date; and

 

		(ii)	that
                                         Lender’s (or its Affiliate’s) Ancillary Commitments to the extent that they
                                         are due to be reduced or cancelled on or before the proposed Utilisation Date.

 

“Available
Facility” means, in relation to the Facility, the aggregate for the time being of each Lender’s Available Commitment
in respect of the Facility.

 

“Bank
Charge” means the United Kingdom bank levy as set out in Schedule 19 to the Finance Act 2011 (as amended) and any other
levy or Tax in any jurisdiction levied on a similar basis or for a similar purpose or any financial activities Taxes (or other
Taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011
which has been enacted and which has been formally announced as proposed as at the date of this Agreement.

 

“Base
Case Model” means the agreed base case model titled “INSE INC Bank Refinance Forecast FY18-FY24.pdf” which
was circulated to the Original Lenders prior to the date of this Agreement.

 

“Base
Currency” means Sterling (£).

 

“Base
Currency Amount” means:

 

		(a)	in
                                         relation to a Utilisation, the amount specified in the Utilisation Request delivered
                                         by a Borrower for that Utilisation (or, if the amount requested is not denominated in
                                         the Base Currency, that amount converted into the Base Currency at the Agent’s
                                         Spot Rate of Exchange on the date which is three Business Days before the Utilisation
                                         Date or, if later, on the date the Agent receives the Utilisation Request in accordance
                                         with the terms of this Agreement); and

 

		(b)	in
                                         relation to an Ancillary Commitment, the amount specified as such in the notice delivered
                                         to the Agent by the Parent pursuant to Clause 7.2 (Availability) (or, if the amount
                                         specified is not denominated in the Base Currency, that amount converted into the Base
                                         Currency at the Agent’s Spot Rate of Exchange on the date which is three Business
                                         Days before the Ancillary Commencement Date for that Ancillary Facility or, if later,
                                         the date the Agent receives the notice of the Ancillary Commitment in accordance with
                                         the terms of this Agreement),

 

as
adjusted to reflect any repayment, prepayment, consolidation or division of a Utilisation, or (as the case may be) cancellation
or reduction of an Ancillary Facility.

 

“Base
Currency Equivalent” means, the amount of the relevant currency required to purchase the relevant amount of the Base
Currency at the Agent’s spot rate of exchange for such a purchase in the London foreign exchange market at or about 11.00
am on the relevant date.

 

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“Benchmark
Rate” means, in relation to any Loan in a Non-LIBOR Currency:

 

		(a)	the
                                         applicable Screen Rate as of the Specified Time for the currency of that Loan and for
                                         a period equal in length to the Interest Period of that Loan; or

 

		(b)	as
                                         otherwise determined pursuant to Clause 14.1 (Unavailability of Screen Rate),

 

and
if, in either case, that rate is less than zero, the Benchmark Rate shall be deemed to be zero.

 

“Borrower”
means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 29 (Changes
to the Obligors).

 

“Break
Costs” means the amount (if any) by which:

 

		(a)	the
                                         interest, excluding the Margin, which a Lender should have received for the period from
                                         the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to
                                         the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had
                                         the principal amount or Unpaid Sum received been paid on the last day of that Interest
                                         Period;

 

exceeds:

 

		(b)	the
                                         amount which that Lender would be able to obtain by placing an amount equal to the principal
                                         amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank
                                         Market for a period starting on the Business Day following receipt or recovery and ending
                                         on the last day of the current Interest Period.

 

“Budget”
means:

 

		(a)	in
                                         relation to the period beginning on the date of this Agreement and ending on 30 September
                                         2018, the Base Case Model to be delivered by the Parent to the Agent pursuant to Clause
                                         4.1 (Initial conditions precedent); and

 

		(b)	in
                                         relation to any other period, any budget delivered by the Parent to the Agent in respect
                                         of that period pursuant to Clause 23.4 (Budget).

 

“Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, the state
of New York and:

 

		(a)	(in
                                         relation to any date for payment or purchase of a currency other than euro or a Non-LIBOR
                                         Currency) also in the principal financial centre of the country of that currency;

 

		(b)	(in
                                         relation to any date for payment or purchase of euro) which is also a TARGET Day; or

 

		(c)	(in
                                         relation to any date for payment or purchase of (or the fixing of an interest rate in
                                         relation to) a Non-LIBOR Currency) any day specified as such in respect of that currency
                                         in ‎Schedule 12 (Other Benchmarks).

 

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“Business
Facility” means any real property now, hereafter or heretofore owned, or leased (including all buildings, fixtures or
other improvements located thereon to the extent owned, leased or operated) by the Parent or any of its Subsidiaries or any of
their respective predecessors or Affiliates.

 

“Cash”
means money, currency or a credit balance in any demand or Deposit Account..

 

“Cash
Equivalent Investments” means as at any date of determination, any of the following: (i) marketable securities (a) issued
or directly and unconditionally guaranteed as to interest and principal by the United States Government or the United Kingdom,
(b) issued by any agency of the United States or the United Kingdom, the obligations of which are backed by the full faith and
credit of such country or member state, in each case maturing within one (1) year after such date; (ii) marketable direct obligations
issued by any state of the United States or the United Kingdom or any political subdivision of any such country or member state
or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the
acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing
no more than three (3) months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of
at least A-1 from S&P or at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing
within three (3) months after such date and issued or accepted by any Purchaser (under and as defined in the Note Purchase Agreement
as at the original date thereof), any Lender or by any commercial bank organised under the laws of the United States or any state
thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of
its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000;
and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types
of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the
highest rating obtainable from either S&P or Moody’s.

 

“Casualty
Event” has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

“Change
of Control” means:

 

		(a)	any
                                         person or “group” (within the meaning of Rules 13d 3 and 13d 5 under the
                                         Exchange Act), other than a Finance Party or any Affiliate of a Finance Party, shall
                                         have acquired beneficial ownership or control of 35% (or where such person is, or such
                                         “group” is controlled by, Vitruvian Partners LLP or any of its affiliates,
                                         45%) or more on a fully diluted basis of the voting and/or economic interest in the Equity
                                         Interests of the Parent;

 

		(b)	the
                                         Parent shall cease to directly or indirectly beneficially own and control 100% on a fully
                                         diluted basis of the economic and voting interest in the Equity Interests of the Issuer
                                         and (except as permitted by Section 6.8(a)(ii) of the Note Purchase Agreement as at the
                                         original date thereof), each direct or indirect parent entity thereof which is a Subsidiary
                                         of the Parent;

 

		(c)	any
                                         “change of control” or similar event under any documentation evidencing material
                                         Financial Indebtedness shall occur; or

 

		(d)	any
                                         Security (other than Security granted in connection with the Note Purchase Agreement
                                         and those arising by operation of law which constitute Permitted Security) shall be created,
                                         incurred, assumed or suffered to exist upon any of the Equity Interests of the Issuer
                                         or any direct or indirect parent entity thereof which is a Subsidiary of the Parent.

 

    Hogan Lovells

     

    

 

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“Charged
Property” means all of the assets of the Group which from time to time are, or are expressed to be, the subject of the
Transaction Security.

 

“Chargor”
means an Original Chargor or an Additional Chargor.

 

“Chief
Financial Officer” means the finance director of the Parent from time to time or, if there is no finance director appointed
at the relevant time, the “chief operating officer finance and operations” of the Parent from time to time (or, in
each case, any director of the Parent acting as such officer’s deputy in that capacity or performing those functions).

 

“Closing
Date” means the later of:

 

		(a)	the
                                         date on which the Agent has received or waived in writing all of the documents or other
                                         evidence listed in Part A of Schedule 2 (Conditions Precedent), in each case
                                         in form and substance satisfactory to the Agent (acting reasonably);

 

		(b)	the
                                         Notes are issued; or

 

		(c)	the
                                         Refinancing Transactions occur.

 

“Code”
means the US Internal Revenue Code of 1986.

 

“Commitment”
means:

 

		(a)	in
                                         relation to an Original Lender, the amount in the Base Currency set opposite its name
                                         under the heading “Commitment” in Part B of Schedule 1 (The Original
                                         Parties) and the Base Currency Amount of any other Commitment transferred to it under
                                         this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and

 

		(b)	in
                                         relation to any other Lender, the amount in the Base Currency of any Commitment transferred
                                         to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase),

 

to
the extent not cancelled, reduced or transferred by it under this Agreement.

 

“Compliance
Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate).

 

“Confidential
Information” means all information relating to the Parent, any Obligor, the Group, the Finance Documents or the Facility
of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received
by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility
from either:

 

		(a)	any
                                         member of the Group or any of its advisers; or

 

		(b)	another
                                         Finance Party, if the information was obtained by that Finance Party directly or indirectly
                                         from any member of the Group or any of its advisers,

 

in
whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes:

 

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		(i)	information
                                         that:

 

		(1)	is
                                         or becomes public information other than as a direct or indirect result of any breach
                                         by that Finance Party of Clause 40 (Confidentiality); or

 

		(2)	is
                                         identified in writing at the time of delivery as non confidential by any member of the
                                         Group or any of its advisers; or

 

		(3)	is
                                         known by that Finance Party before the date the information is disclosed to it in accordance
                                         with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after
                                         that date, from a source which is, as far as that Finance Party is aware, unconnected
                                         with the Group and which, in either case, as far as that Finance Party is aware, has
                                         not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality;
                                         and

 

		(ii)	any
                                         Funding Rate or Reference Bank Quotation.

 

“Confidentiality
Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA for the relevant type
of proposed transaction or in any other form agreed between the Parent and the Agent.

 

“Consolidated
Maintenance Capital Expenditure” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Consolidated
Growth Capital Expenditure” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Constitutional
Documents” means the memorandum and articles of association of the Parent together with the certificate of incorporation
of the Parent and certificates of incorporation on change of name (if any) of the Parent.

 

“Contractual
Obligation” means, as applied to any person, any provision of any Equity Interest or other security issued by that person
or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that person is a party
or by which it or any of its properties is bound or to which it or any of its properties is subject.

 

“Contribution
Notice” means a contribution notice issued by the Pensions Regulator under Section 38 or Section 47 of the Pensions
Act 2004.

 

“Control”
means:

 

		(a)	the
                                         power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(i)	cast,
                                         or control the casting of, more than 50% of the maximum number of votes that might be
                                         cast at a general meeting of the company;

 

		(ii)	appoint
                                         or remove all, or the majority, of the directors or other equivalent officers of the
                                         company; or

 

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		(b)	the
                                         holding beneficially of more than 50% of the issued share capital of the company (excluding
                                         any part of that issued share capital that carries no right to participate beyond a specified
                                         amount in a distribution of either profits or capital).

 

“Copyrights”
has the meaning given to that term in the US Security Agreement.

 

“CTA”
means the Corporation Tax Act 2009.

 

“Data
Centres” means all facilities used to house computer systems and associated components relating to any Machine.

 

“Debenture”
means the debenture, in agreed form, to be executed by certain Original Chargors in favour of the Security Agent.

 

“Debt
Purchase Transaction” means, in relation to a person, a transaction where such person:

 

		(a)	purchases
                                         by way of assignment or transfer;

 

		(b)	enters
                                         into any sub-participation in respect of; or

 

		(c)	enters
                                         into any other agreement or arrangement having an economic effect substantially similar
                                         to a sub-participation in respect of,

 

any
Commitment or amount outstanding under this Agreement.

 

“Declared
Default” means an Event of Default which has resulted in the Agent exercising any of its rights under paragraphs (a)(i)
to (vi) of Clause 26.14 (Acceleration).

 

“Deed
of Accession and Charge” means a deed of accession and charge to the Debenture.

 

“Default”
means an Event of Default or any event or circumstance specified in Clause 26 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination
of any of the foregoing) be an Event of Default.

 

“Defaulting
Lender” means any Lender:

 

		(a)	which
                                         has failed to make its participation in a Loan available or has notified the Agent that
                                         it will not make its participation in a Loan available by the Utilisation Date of that
                                         Loan in accordance with Clause 5.4 (Lenders’ participation);

 

		(b)	which
                                         has otherwise rescinded or repudiated a Finance Document, unless, in the case of paragraph
                                         (a) above:

 

		(i)	its
                                         failure to pay is caused by:

 

		(1)	administrative
                                         or technical error; or

 

		(2)	a
                                         Disruption Event; and

 

payment
is made within 5 Business Days of its due date; or

 

		(ii)	the
                                         Lender is disputing in good faith whether it is contractually obliged to make the payment
                                         in question.

 

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“Delegate”
means any delegate, agent, attorney or co-trustee appointed by the Security Agent.

 

“Deposit
Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union
or like organisation, other than an account evidenced by a negotiable certificate of deposit.

 

“Designated
Gross Amount” has the meaning given to that term in Clause 7.2 (Availability).

 

“Designated
Net Amount” has the meaning given to that term in Clause 7.2 (Availability).

 

“Disposal”
has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

“Disposal
Proceeds” has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (i) matures or
is mandatorily redeemable (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), pursuant
to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity
Interests which are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments
or dividends in Cash, or (iv) is or becomes convertible into or exchangeable for Financial Indebtedness or any other Equity Interests
that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Maturity
Date (as defined in the Note Purchase Agreement as at the original date thereof).

 

“Disruption
Event” means either or both of:

 

		(a)	a
                                         material disruption to those payment or communications systems or to those financial
                                         markets which are, in each case, required to operate in order for payments to be made
                                         in connection with the Facility (or otherwise in order for the transactions contemplated
                                         by the Finance Documents to be carried out) which disruption is not caused by, and is
                                         beyond the control of, any of the Parties; or

 

		(b)	the
                                         occurrence of any other event which results in a disruption (of a technical or systems-related
                                         nature) to the treasury or payments operations of a Party preventing that, or any other
                                         Party:

 

		(i)	from
                                         performing its payment obligations under the Finance Documents; or

 

		(ii)	from
                                         communicating with other Parties in accordance with the terms of the Finance Documents,

 

and
which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

“Environmental
Claim” means any written notice, notice of violation, claim, action, suit, Governmental Authority proceeding, demand,
abatement order or other enforcement order or directive (conditional or otherwise), by any Governmental Authority or any other
person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection
with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged
damage, injury, threat or harm to health, safety, natural resources or the environment.

 

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“Environmental
Law” means any and all current or future foreign or domestic, federal or state (or any subdivision of either of them),
statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorisations, or any other requirements of Governmental
Authorities relating to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation,
use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene,
land use or the protection of human, plant or animal health or welfare, in any manner applicable to the Parent or any of its Subsidiaries
or any Business Facility.

 

“Equity
Interests” means any and all shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests in a person (other than a corporation), including partnership
interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to
acquire any of the foregoing, but excluding (a) for the purposes of Restricted Payments (as defined in the Note Purchase Agreement
as at the original date thereof), any Financial Indebtedness convertible into the foregoing unless and until so converted or (b)
for purposes of determining a Change of Control, any Financial Indebtedness convertible into the foregoing if the holder of such
Financial Indebtedness is not permitted to convert such Financial Indebtedness at such time.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto and the rules
and regulations promulgated thereunder.

 

“EURIBOR”
means, in relation to any Loan in euro:

 

		(a)	the
                                         applicable Screen Rate as of the Specified Time for euro and for a period equal in length
                                         to the Interest Period of that Loan; or

 

		(b)	as
                                         otherwise determined pursuant to clause ‎14.1 (Unavailability of Screen Rate),

 

and
if, in either case, that rate is less than zero, EURIBOR shall be deemed to be zero.

 

“Euro”,
“EUR” and “€” means the single currency unit of the Participating Member States.

 

“Event
of Default” means any event or circumstance specified as such in Clause 26 (Events of Default).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

“Excluded
Disposal Proceeds” has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

“Excluded
Insurance Proceeds” has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

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“Excluded
Subsidiary” means (i) any Subsidiary that is prohibited by applicable law, rule or regulation (including financial assistance
and/or corporate benefit regulations or prohibitions and fraudulent preference rules and “thin capitalisation” rules)
from becoming a Guarantor, (ii) any Subsidiary formed or acquired after the Closing Date for which becoming a Guarantor and granting
Transaction Security would result in material adverse tax consequences to the Parent or any of its Subsidiaries (as reasonably
agreed between the Agent and the Parent), (iii) any other Subsidiary with respect to which, the Agent and the Parent reasonably
agree that the cost or other consequences of becoming a Guarantor or granting Transaction Security are likely to be excessive
in relation to the value to be afforded thereby and (iv) Inspired Gaming Spain S.L., any Immaterial Subsidiary (as defined in
the Note Purchase Agreement as at the original date thereof), and any Subsidiary set forth in Schedule 6.8 of the Note Purchase
Agreement as at the original date thereof (subject to the provisions of Section 5.2 of the Note Purchase Agreement as at the original
date thereof); provided that no Subsidiary that is a borrower or guarantor under this Agreement shall be an Excluded Subsidiary
unless, at substantially the same time as it becomes an Excluded Subsidiary hereunder it ceases to be a guarantor or borrower,
as applicable, under such other Financial Indebtedness (and does not become a borrower or guarantor thereunder for so long as
it constitutes an Excluded Subsidiary hereunder).

 

“Existing
Facilities “ means the facilities provided under the senior term and revolving facilities agreement dated 18 March 2014
(as amended and amended and restated from time to time) between, among others, DMWSL 631 Limited (as Parent), Ares Management
Limited and Lloyds Bank plc (as Arrangers) and Ares Management Limited (as Agent and Security Agent).

 

“Facility”
means the revolving credit facility made available under this Agreement as described in Clause 2.1 (The Facility).

 

“Facility
Office” means:

 

		(a)	in
                                         respect of a Lender, the office or offices notified by that Lender to the Agent in writing
                                         on or before the date it becomes a Lender (or, following that date, by not less than
                                         five Business Days’ written notice) as the office or offices through which it will
                                         perform its obligations under this Agreement; or

 

		(b)	in
                                         respect of any other Finance Party, the office in the jurisdiction in which it is resident
                                         for tax purposes.

 

“Fair
Market Value” means, with respect to any asset (including any Equity Interests of any person), the price at which a
willing buyer, not an Affiliate of the seller, and a willing seller who does not have to sell, would agree to purchase and sell
such asset, as determined in good faith by the board of directors (or equivalent governing body) or, pursuant to a specific delegation
of authority by such board of directors or a designated senior executive officer, of the Parent, or the Subsidiary of the Parent
which is selling or owns such asset.

 

“FATCA”
means:

 

		(a)	sections
                                         1471 to 1474 of the Code or any associated regulations;

 

		(b)	any
                                         treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
                                         agreement between the US and any other jurisdiction, which (in either case) facilitates
                                         the implementation of any law or regulation referred to in paragraph (a) above; or

 

		(c)	any
                                         agreement pursuant to the implementation of any treaty, law or regulation referred to
                                         in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government
                                         or any governmental or taxation authority in any other jurisdiction.

 

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“FATCA
Application Date” means:

 

		(a)	in
                                         relation to a “withholdable payment” described in section 1473(1)(A)(i) of
                                         the Code (which relates to payments of interest and certain other payments from sources
                                         within the US), 1 July 2014;

 

		(b)	in
                                         relation to a “withholdable payment” described in section 1473(1)(A)(ii)
                                         of the Code (which relates to “gross proceeds” from the disposition of property
                                         of a type that can produce interest from sources within the US), 1 January 2019; or

 

		(c)	in
                                         relation to a “passthru payment” described in section 1471(d)(7) of the Code
                                         not falling within paragraphs (a) or (b) above, 1 January 2019,

 

or,
in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a
result of any change in FATCA after the date of this Agreement.

 

“FATCA
Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

“FATCA
Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.

 

“FCPA”
means the US Foreign Corrupt Practices Act of 1977 (15 U.S.C. ss78dd-1 et seq.).

 

“Fee
Letter” means:

 

		(a)	any
                                         letter or letters dated on or about the date of this Agreement between the Arrangers
                                         and the Parent (or the Agent and the Parent or the Security Agent and the Parent) setting
                                         out any of the fees referred to in Clause 15 (Fees); and

 

		(b)	any
                                         agreement setting out fees payable to a Finance Party referred to in paragraph (g) of
                                         Clause 2.2 (Increase) or Clause 15.5 (Interest, commission and fees on Ancillary
                                         Facilities) of this Agreement or under any other Finance Document.

 

“Finance
Document” means this Agreement, any Accession Deed, any Ancillary Document, any Compliance Certificate, any Fee Letter,
any Hedging Agreement, the Intercreditor Agreement, any Resignation Letter, any Transaction Security Document, any Utilisation
Request, and any other document designated as a “Finance Document” by the Agent and the Parent provided that where
the term “Finance Document” is used in, and construed for the purposes of, this Agreement or the Intercreditor Agreement,
a Hedging Agreement shall be a Finance Document only for the purposes of:

 

		(a)	the
                                         definition of “Material Adverse Effect”;

 

		(b)	paragraph
                                         (a) of the definition of “Permitted Transaction”;

 

		(c)	the
                                         definition of “Transaction Document”;

 

		(d)	the
                                         definition of “Transaction Security Document”;

 

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		(e)	paragraph
                                         (a)(iv) of Clause 1.2 (Construction);

 

		(f)	Clause
                                         21 (Guarantee and indemnity); and

 

		(g)	Clause
                                         26 (Events of Default) (other than Clause 26.14 (Acceleration)).

 

“Finance
Lease” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Finance
Party” means the Agent, the Arrangers, the Security Agent, a Lender, a Hedge Counterparty or any Ancillary Lender, provided
that where the term “Finance Party” is used in, and construed for the purposes of, this Agreement or the Intercreditor
Agreement, a Hedge Counterparty shall be a Finance Party only for the purposes of:

 

		(a)	the
                                         definition of “Secured Parties”;

 

		(b)	paragraph
                                         (a)(i) of Clause 1.2 (Construction);

 

		(c)	paragraph
                                         (c) of the definition of Material Adverse Effect;

 

		(d)	Clause
                                         21 (Guarantee and indemnity);

 

		(e)	Clause
                                         25.26 (Further assurance); and

 

		(f)	Clause
                                         31 (Conduct of business by the Finance Parties).

 

“Finance
Party Insolvency Event” in relation to a Finance Party means that the Finance Party:

 

		(a)	is
                                         dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(b)	becomes
                                         insolvent or is unable to pay its debts or fails or admits in writing its inability generally
                                         to pay its debts as they become due;

 

		(c)	makes
                                         a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(d)	institutes
                                         or has instituted against it, by a regulator, supervisor or any similar official with
                                         primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction
                                         of its incorporation or organisation or the jurisdiction of its head or home office,
                                         a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
                                         any bankruptcy or insolvency law or other similar law affecting creditors’ rights,
                                         or a petition is presented for its winding-up or liquidation by it or such regulator,
                                         supervisor or similar official;

 

		(e)	has
                                         instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or
                                         any other relief under any bankruptcy or insolvency law or other similar law affecting
                                         creditors’ rights, or a petition is presented for its winding-up or liquidation,
                                         and, in the case of any such proceeding or petition instituted or presented against it,
                                         such proceeding or petition is instituted or presented by a person or entity not described
                                         in paragraph (d) above and:

 

		(i)	results
                                         in a judgment of insolvency or bankruptcy or the entry of an order for relief or the
                                         making of an order for its winding-up or liquidation; or

 

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		(ii)	is
                                         not dismissed, discharged, stayed or restrained in each case within 30 days of the institution
                                         or presentation thereof;

 

		(f)	has
                                         exercised in respect of it one or more of the stabilisation powers pursuant to Part 1
                                         of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding
                                         pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant
                                         to Part 3 of the Banking Act 2009;

 

		(g)	has
                                         a resolution passed for its winding-up, official management or liquidation (other than
                                         pursuant to a consolidation, amalgamation or merger);

 

		(h)	seeks
                                         or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
                                         receiver, trustee, custodian or other similar official for it or for all or substantially
                                         all its assets;

 

		(i)	has
                                         a secured party take possession of all or substantially all its assets or has a distress,
                                         execution, attachment, sequestration or other legal process levied, enforced or sued
                                         on or against all or substantially all its assets and such secured party maintains possession,
                                         or any such process is not dismissed, discharged, stayed or restrained, in each case
                                         within 30 days thereafter;

 

		(j)	causes
                                         or is subject to any event with respect to it which, under the applicable laws of any
                                         jurisdiction, has an analogous effect to any of the events specified in paragraphs (a)
                                         to (i) above; or

 

		(k)	takes
                                         any action in furtherance of, or indicating its consent to, approval of, or acquiescence
                                         in, any of the foregoing acts.

 

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“Financial
Indebtedness” means, as applied to any person, without duplication, (i) all indebtedness for borrowed money; (ii) that
portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity
with the Accounting Principles; (iii) notes payable and drafts accepted representing extensions of credit whether or not representing
obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services,
including any earn-out obligations, purchase price adjustments and profit-sharing arrangements arising from purchase and sale
agreements (excluding (A) trade payables, accrued expenses, current accounts and similar obligations incurred in the ordinary
course of business that are not overdue by more than 90 days or, to the extent that the amounts payable thereunder are being contested
by the Parent in good faith, 180 days, (B) prepaid or deferred revenue arising in the ordinary course of business, and (C) purchase
price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy
warrants or other unperformed obligations of the seller of such asset); (v) all indebtedness of others secured by any Security
on any property or asset owned or held by that person regardless of whether the indebtedness secured thereby shall have been assumed
by that person or is nonrecourse to the credit of that person; (vi) the face amount of any letter of credit issued for the account
of that person or as to which that person is otherwise liable for reimbursement of drawings; (vii) Disqualified Equity Interests;
(viii) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such person of the obligation of another constituting Financial
Indebtedness of the type described in clauses (i) through (vii) above; (ix) any obligation of such person the primary purpose
or intent of which is to provide assurance to an obligee that the obligation constituting Financial Indebtedness of the type described
in clauses (i) (vii) above of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied
with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; (x) any liability of such
person for an obligation constituting Financial Indebtedness of the type described in clauses (i) through (vii) above of another
through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any security
therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases,
capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition
of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (x), the primary purpose or intent
thereof is as described in clause (ix) above; (xi) net obligations of such person in respect of any exchange traded or over the
counter derivative transaction, including under any Hedging Agreement, in each case, whether entered into for hedging or speculative
purposes or otherwise; and (xii) all obligations of such person in respect of the sale or factoring of receivables other than
receivables Disposed (as defined in the Note Purchase Agreement as at the original date thereof) of pursuant to Section 6.8(k)
of the Note Purchase Agreement as at the original date thereof. The Financial Indebtedness of any person shall include the Financial
Indebtedness of any other entity (including any partnership in which such person is a general partner) to the extent such person
is liable therefor as a result of such person’s ownership interest in or other relationship with such entity, except (other
than in the case of general partner liability) to the extent that terms of such Financial Indebtedness expressly provide that
such person is not liable therefor. The “amount” or “principal amount” of any guaranty or other contingent
liability referred to in clause (viii), (ix) or (x) above (I) shall be an amount equal to the stated or determinable amount of
the primary obligation in respect of which such guaranty or other contingent obligation is made or, (x) if not stated or determinable,
the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder) as determined
by such person in good faith or (y) if the amount of the guaranty or other contingent liability is less than the determinable
amount of the primary obligation (e.g., because of limited recourse to the guarantor), the maximum amount of potential liability
on account of such guaranty or other contingent obligation as reasonably determined by such person in good faith and (II) shall
not include endorsements for collection or deposit, in either case, in the ordinary course of business.

 

“Financial
Quarter” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Financial
Support Direction” means a financial support direction issued by the Pensions Regulator under Section 43 of the Pensions
Act 2004.

 

“Financial
Year” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“First
Priority” means, with respect to any Security purported to be created in any collateral pursuant to any Transaction
Security Document, that such Security is senior in priority to any other Security to which such collateral is subject, other than
Permitted Security applicable to such collateral which as a matter of law or contract have priority over the respective Transaction
Security on such collateral.

 

“First
Utilisation Date” means the date of the first Utilisation of the Facility.

 

“Foreign
Plan” means any employee benefit plan, pension plan, program, policy, arrangement or agreement maintained or contributed
to by any Obligor or any of their respective Subsidiaries with respect to employees employed outside the US.

 

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“Funding
Rate” means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of clause ‎14.4
(Cost of funds).

 

“Funds
Flow Statement” means a funds flow statement in the form agreed by the Parent and the Agent detailing the proposed movement
of funds on or to effect the Closing Date.

 

“GAAP”
means generally accepted accounting principles in the jurisdiction of incorporation of the relevant member of the Group in effect
as of the date of determination thereof.

 

“Gaming
Approval” means any and all approvals, authorisations, permits, consents, rulings, orders or directives of any Governmental
Authority (including, without limitation, any Gaming Authority) (a) necessary to enable the Parent or any of its Subsidiaries
to engage in, operate or manage any casino, gambling and/or gaming business (wheresoever or howsoever conducted) or otherwise
continue to conduct, operate or manage such business substantially as is presently conducted, operated or managed or contemplated
to be conducted, operated or managed following the Closing Date, (b) required by any Gaming Law or (c) necessary to accomplish
the transactions contemplated hereby.

 

“Gaming
Authority” means, in any jurisdiction in which the Parent or any of its Subsidiaries manages or conducts any casino,
gambling and/or gaming business or activities, the applicable gambling and/or gaming board, commission, authority or other governmental
gaming regulatory body or agency which (a) has, or may at any time after the Closing Date have, jurisdiction over the gambling
and/or gaming activities of the Parent or its Subsidiaries or their properties or any successor to such authority or (b) is, or
may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws.

 

“Gaming
Laws” means all applicable constitutions, treaties, laws, rules, agreements, regulations and orders and statutes pursuant
to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and
all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino, gaming businesses
or activities of the Parent or any of its Subsidiaries or their properties in any jurisdiction, as in effect from time to time,
including the policies, interpretations and administration thereof by the Gaming Authorities.

 

“Gaming
License” means any Gaming Approval or other casino, gambling and/or gaming license issued by any Gaming Authority.

 

“Governmental
Authority” means any federal, state, municipal, national or other government, governmental department, commission, board,
bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to any government, any court, any securities exchange
or any self-regulatory organisation, in each case whether associated with a state of the United States, the United States, England
and Wales, or a foreign entity or government (including any supra-national body exercising such powers or functions, such as the
European Union or the European Central Bank). “Governmental Authority” shall include the National Association of Insurance
Commissioners and any Gaming Authority.

 

“Governmental
Authorisation” means any permit, license, authorisation, plan, directive, consent order or consent decree of or from
any Governmental Authority.

 

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“Group”
means the Parent and each of its Subsidiaries for the time being.

 

“Group
Structure Chart” means the group structure chart delivered to the Agent in accordance with Clause 4.1 (Initial conditions
precedent).

 

“Guarantor”
means an Original Guarantor or an Additional Guarantor unless it has ceased to be a Guarantor in accordance with Clause 29 (Changes
to the Obligors).

 

“Hazardous
Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Environmental
Law or which could pose a hazard to the health and safety of the owners, occupants or any persons in the vicinity of any Business
Facility or to the indoor or outdoor environment.

 

“Hazardous
Materials Activity” means, with respect to acts or omissions of the Parent, any past, current, proposed or threatened
activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding,
presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction,
treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action
or response action with respect to any of the foregoing as applied to the Parent or its Subsidiaries.

 

“Hedge
Counterparty” means:

 

		(a)	the
                                         Original Hedge Counterparty; and

 

		(b)	any
                                         person which has become a Party as a Hedge Counterparty in accordance with Clause 27.7
                                         (Affiliates of Lenders as Hedge Counterparties),

 

which,
in each case, is or has become a party to the Intercreditor Agreement as a Hedge Counterparty in accordance with the provisions
of the Intercreditor Agreement.

 

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

 

“Holding
Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is
a Subsidiary.

 

“Impaired
Agent” means the Agent at any time when:

 

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		(a)	it
                                         has failed to make (or has notified a Party that it will not make) a payment required
                                         to be made by it under the Finance Documents by the due date for payment;

 

		(b)	the
                                         Agent otherwise rescinds or repudiates a Finance Document;

 

		(c)	(if
                                         the Agent is also a Lender) it is a Defaulting Lender under paragraph (a), (b) or (c)
                                         of the definition of “Defaulting Lender”; or

 

		(d)	a
                                         Finance Party Insolvency Event has occurred and is continuing with respect to the Agent;

 

unless,
in the case of paragraph (a) above:

 

		(i)	its
                                         failure to pay is caused by:

 

		(1)	administrative
                                         or technical error; or

 

		(2)	a
                                         Disruption Event; and

 

payment
is made within 5 Business Days of its due date; or

 

		(ii)	the
                                         Agent is disputing in good faith whether it is contractually obliged to make the payment
                                         in question.

 

“Increase
Confirmation” means a confirmation substantially in the form set out in Schedule 11 (Form of Increase Confirmation).

 

“Increase
Lender” has the meaning given to that term in Clause 2.2 (Increase).

 

“Insurance
Proceeds” has the meaning given to that term in Clause 10.2 (Disposal and Insurance Proceeds).

 

“Intellectual
Property” has the meaning given to that term in the US Security Agreement.

 

“Intercreditor
Agreement” means the intercreditor agreement dated on or around the date as this Agreement and made between, among others,
the Parent, Cortland Capital Market Services LLC (as Security Agent), Cortland Capital Market Services LLC (as Senior Note Agent)
and Lloyds Bank plc (as Senior RCF Agent).

 

“Interest
Period” means, in relation to a Loan, each period determined in accordance with Clause 13 (Interest periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 12.3 (Default interest).

 

“Interpolated
Screen Rate” means, in relation to LIBOR or EURIBOR for any Loan, the rate rounded to the same number of decimal places
as the two relevant Screen rates which results from interpolating on a linear basis between:

 

		(a)	the
                                         applicable Screen Rate for the longest period (for which that Screen Rate is available)
                                         which is less than the Interest Period of that Loan; and

 

		(b)	the
                                         applicable Screen Rate for the shortest period (for which that Screen Rate is available)
                                         which exceeds the Interest Period of that Loan,

 

each
as of the Specified Time on the Quotation Day for the currency of that Loan.

 

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“Investment”
means (i) any direct or indirect purchase or other acquisition by the Parent or any of its Subsidiaries of, or of a beneficial
interest in, any of the Securities (as defined in the Note Purchase Agreement as at the original date thereof) of any other person
(other than the Issuer or any Guarantor); (ii) any direct or indirect redemption, retirement, purchase or other acquisition for
value, by any Subsidiary of the Parent from any person (other than the Parent, the Issuer or any Guarantor), of any Equity Interests
of such person; (iii) any direct or indirect loan, advance or capital contributions by the Parent or any of its Subsidiaries to
any other person (other than the Parent, the Issuer or any Guarantor), including all indebtedness and accounts receivable from
that other person that are not current assets or did not arise from sales to that other person in the ordinary course of business;
and (iv) all investments consisting of any exchange traded or over the counter derivative transaction, including any Hedging Agreement,
whether entered into for hedging or speculative purposes or otherwise. The amount of any Investment of the type described in clauses
(i), (ii) and (iii) shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments
for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.

 

“Issuer”
means Gaming Acquisitions Limited, a limited liability company incorporated under the laws of England and Wales with registered
number 07120910 and having its registered office at 3 The Maltings, Wetmore Road, Burton-On-Trent, Staffordshire, DE14 1SE, United
Kingdom.

 

“ITA”
means the Income Tax Act 2007.

 

“Joint
Venture” means an entity in which a member of the Group holds an interest on a long-term basis and is treated as a joint
venture in the latest financial statements of that member of the Group.

 

“Legal
Opinion” means any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent) or Clause
29 (Changes to the Obligors).

 

“Legal
Reservations” means:

 

		(a)	the
                                         principle that equitable remedies may be granted or refused at the discretion of a court
                                         and the limitation of enforcement by laws relating to insolvency, reorganisation and
                                         other laws generally affecting the rights of creditors;

 

		(b)	the
                                         time barring of claims under the Limitation Acts, the possibility that an undertaking
                                         to assume liability for or indemnify a person against non-payment of UK stamp duty may
                                         be void and defences of set-off or counterclaim;

 

		(c)	similar
                                         principles, rights and defences under the laws of any Relevant Jurisdiction; and

 

		(d)	any
                                         other matters which are set out as qualifications or reservations as to matters of law
                                         of general application in the Legal Opinions.

 

“Lender”
means:

 

		(a)	any
                                         Original Lender; and

 

		(b)	any
                                         bank, financial institution, trust, fund or other entity which has become a Party as
                                         a Lender in accordance with Clause 2.2 (Increase) or Clause 27 (Changes to
                                         the Lenders),

 

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which
in each case has not ceased to be a Party in accordance with the terms of this Agreement.

 

“LIBOR”
means, in relation to any Loan:

 

		(a)	the
                                         applicable Screen Rate as of the Specified Time for the currency of that Loan and for
                                         a period equal in length to the Interest Period of that Loan or

 

		(b)	as
                                         otherwise determined pursuant to clause ‎14.1 (Unavailability of Screen Rate),

 

and
if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

 

“Licence
Revocation” means the revocation, failure to renew or suspension of, or the appointment of a receiver, supervisor or
similar official with respect to, any Gaming License or similar Gaming Approval or Governmental Authorisation held by the Parent
or any of its Subsidiaries or required for the Parent or any of its Subsidiaries in order to conduct its business.

 

“Limitation
Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

 

“LMA”
means the Loan Market Association.

 

“Loan”
means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

 

“Machine
Assets” means all Machines, Spares and Data Centres.

 

“Machines”
means all betting, gaming and entertainment machines, vending machines, self service betting terminals, ATM machines and coin
operated telephones operated by the Group (including for the avoidance of doubt, all fixed odds betting terminals, bingo hand-held
devices, video lottery terminals, amusement-with-prizes machines, skill-with-prizes machines, pool machines and the like) together
with any other revenue generating machine operated by the Group in the ordinary course of business and including all inputs and
components of such machines.

 

“Majority
Lenders” means (subject to Clause 7.2(a) (Availability)) a Lender or Lenders whose Commitments aggregate more
than 662⁄3% per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than
662⁄3% per cent of the Total Commitments immediately prior to that reduction).

 

“Margin”
means:

 

		(a)	in
                                         relation to any Loan 4.00 per cent per annum; and

 

		(b)	in
                                         relation to any Unpaid Sum, the rate per annum specified above.

 

“Material
Adverse Effect” means a material adverse effect on:

 

		(a)	the
                                         business, operations, property or financial condition of the Group (in each case) taken
                                         as a whole; or

 

		(b)	the
                                         ability of an Obligor to perform its payment obligations under the Finance Documents;
                                         or

 

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		(c)	the
                                         validity or enforceability of, or the effectiveness or ranking of any Security granted
                                         or purporting to be granted pursuant to any of, the Finance Documents or the rights or
                                         remedies of any Finance Party under any of the Finance Documents.

 

“Month”
means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month,
except that:

 

		(a)	(subject
                                         to paragraph (c) below) if the numerically corresponding day is not a Business Day, that
                                         period shall end on the next Business Day in that calendar month in which that period
                                         is to end if there is one, or if there is not, on the immediately preceding Business
                                         Day;

 

		(b)	if
                                         there is no numerically corresponding day in the calendar month in which that period
                                         is to end, that period shall end on the last Business Day in that calendar month; and

 

		(c)	if
                                         an Interest Period begins on the last Business Day of a calendar month, that Interest
                                         Period shall end on the last Business Day in the calendar month in which that Interest
                                         Period is to end.

 

The
above rules will only apply to the last Month of any period. “Monthly” shall be construed accordingly.

 

“Net
Cash Provided by Operating Activities” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Non-Acceptable
L/C Lender” means a Lender under the Facility which:

 

		(a)	is
                                         not an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable
                                         Bank”; or

 

		(b)	is
                                         a Defaulting Lender; or

 

		(c)	has
                                         failed to make (or has notified the Agent that it will not make) a payment to be made
                                         by it under Clause 30.11 (Lenders’ indemnity to the Agent) or any other
                                         payment to be made by it under the Finance Documents to or for the account of any other
                                         Finance Party in its capacity as Lender by the due date for payment unless the failure
                                         to pay falls within the description of any of those items set out at (i)-(ii) of the
                                         definition of Defaulting Lender.

 

“Non-Consenting
Lender” has the meaning given to that term in Clause 39.5 (Replacement of Lenders).

 

“Note
Purchase Agreement” means the note purchase agreement and guaranty dated on or around the date of this Agreement and
made between, amongst others, Gaming Acquisitions Limited (as Issuer), Inspired Entertainment Inc. (as Holdings) and Cortland
Capital Market Services LLC (as Note Agent and Collateral Agent).

 

“Note
Security Documents” means the Security entered into to secure the obligations of the Issuer under the Note Purchase
Agreement.

 

“Notes”
has the meaning given to that term in the Note Purchase Agreement as at the original date thereof.

 

“Obligor”
means the Parent, a Borrower, a Guarantor or a Chargor.

 

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“Obligors’
Agent” means the Parent, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to
Clause 2.4 (Obligors’ Agent).

 

“Optional
Currency” means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3 (Conditions
relating to Optional Currencies).

 

“Original
Chargor” means the Parent and each of the Subsidiaries of the Parent listed in Part 1 of Schedule 1 (The Original
Parties) as Original Chargors.

 

“Original
Financial Statements” means:

 

		(a)	in
                                         relation to the Parent, its consolidated audited financial statements for its Financial
                                         Year ended 30 September 2017; and

 

		(b)	in
                                         relation to any other Obligor, its audited financial statements delivered to the Agent
                                         as required by Clause 23.1 (Financial Statements).

 

“Original
Obligor” means an Original Borrower, an Original Guarantor or an Original Chargor.

 

“Patent”
has the meaning given to that term in the US Security Agreement.

 

“Participating
Member State” means any member state of the European Communities that adopts or has adopted the euro as its lawful currency
in accordance with legislation of the European Community relating to Economic and Monetary Union.

 

“Party”
means a party to this Agreement.

 

“Pensions
Regulator” means the body corporate called the Pensions Regulator established under Part I of the Pensions Act 2004.

 

“Permitted
Acquisition” means any acquisition of any asset which is permitted to be made under the terms of any of Sections 6.6,
6.8 and/or 6.13 of the Note Purchase Agreement as at the original date thereof.

 

“Permitted
Disposal” means any sale, lease, licence, surrender, transfer or other disposal which is permitted to be made under
the terms of any of Sections 6.8, 6.9 and/or 6.10 of the Note Purchase Agreement as at the original date thereof.

 

“Permitted
Distribution” means any dividend or other payment which is permitted to be made under the terms of Section 6.4 of the
Note Purchase Agreement as at the original date thereof.

 

“Permitted
Financial Indebtedness” means Financial Indebtedness which is permitted to be incurred or to remain outstanding under
the terms of Section 6.1 of the Note Purchase Agreement as at the original date thereof.

 

“Permitted
Guarantee” means any guarantee, bond or indemnity in respect of any obligation of any person which is permitted to be
incurred or allowed to remain outstanding under the terms of either Section 6.1 and/or Section 6.2 of the Note Purchase Agreement
as at the original date thereof.

 

“Permitted
Joint Venture” means any investment in any Joint Venture after the date of this Agreement which is permitted to be made
under the terms of either Section 6.6 and/or Section 6.8 of the Note Purchase Agreement as at the original date thereof.

 

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“Permitted
Loan” means loan or other advance of Financial Indebtedness (to the extent constituting Financial Indebtedness) which
is permitted to be made under the terms of Section 6.6 of the Note Purchase Agreement as at the original date thereof.

 

“Permitted
Security” means any Security or Quasi-Security which is permitted to be created, permitted to subsist or otherwise sold,
transferred, disposed of or entered into under the terms of Section 6.2 of the Note Purchase Agreement as at the original date
thereof.

 

“Permitted
Share Issue” means an issue of shares or other equity interests which is permitted to be made under the terms of Section
6.9 of the Note Purchase Agreement as at the original date thereof.

 

“Properties”
means each of the properties listed in the Debenture and each Deed of Accession and Charge and any other Real Property acquired
by an Obligor after the date of this Agreement.

 

“PSC
Notice” means any of:

 

		(a)	warning
                                         notice issued under paragraph 1 of Schedule 1B of the Act; or

 

		(b)	a
                                         restrictions notice issued under paragraph 1 of Schedule 1B of the Act.

 

“PSC
Register” means a register of people with significant control as required under Part 21A of the Act.

 

“Qualifying
Lender” has the meaning given to that term in Clause 16 (Tax gross-up and indemnities).

 

“Quarter
Date” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Quarterly
Financial Statement” has the meaning given to that term in Clause 23 (Information undertakings).

 

“Quasi-Security”
has the meaning given to that term in Clause 25.13 (Negative pledge).

 

“Quotation
Day” means, in relation to any period for which an interest rate is to be determined:

 

		(a)	(if
                                         the currency is sterling) the first day of that period;

 

		(b)	(if
                                         the currency is euro) two TARGET Days before the first day of that period; or

 

		(c)	(for
                                         any other currency) two Business Days before the first day of that period,

 

unless
market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will
be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally
be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

 

“Real
Property” means:

 

		(a)	any
                                         freehold, leasehold or immovable property; and

 

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25 -

 

		(b)	any
                                         buildings, fixtures, fittings, fixed plant or machinery from time to time situated on
                                         or forming part of that freehold, leasehold or immovable property.

 

“Receiver”
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

“Reference
Bank Quotation” means any quotation supplied to the Agent by a Reference Bank.

 

“Reference
Bank Rate” means:

 

		(a)	the
                                         arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to
                                         the Agent at its request by the Reference Banks:

 

		(i)	in
                                         relation to LIBOR as either:

 

		(1)	if:

 

		(A)	the
                                         Reference Bank is a contributor to the applicable Screen Rate; and

 

		(B)	it
                                         consists of a single figure,

 

the
rate (applied to the relevant Reference Bank and the relevant currency and period) which contributors to the applicable Screen
Rate are asked to submit to the relevant administrator; or

 

		(2)	in
                                         any other case, the rate at which the relevant Reference Bank could fund itself in the
                                         relevant currency for the relevant period with reference to the unsecured wholesale funding
                                         market; or

 

		(ii)	in
                                         relation to EURIBOR:

 

		(1)	(other
                                         than where paragraph (2) below applies) as the rate at which the relevant Reference Bank
                                         believes one prime bank is quoting to another prime bank for interbank term deposits
                                         in euro within the Participating Member States for the relevant period; or

 

		(2)	if
                                         different, as the rate (if any and applied to the relevant Reference Bank and the relevant
                                         period) which contributors to the applicable Screen Rate are asked to submit to the relevant
                                         administrator; or

 

		(b)	in
                                         relation to a Benchmark Rate for a Loan in a Non-LIBOR Currency, the rate specified as
                                         such in respect of that currency in Schedule 12 (Other Benchmarks)].

 

“Reference
Banks” means the principal London offices of such banks as may be appointed by the Agent in consultation with the Parent
(provided that each such bank consents to its appointment).

 

“Refinancing
Transactions” has the meaning given to that term in the Note Purchase Agreement as at the original date thereof.

 

“Related
Fund” means in relation to a fund (the “first fund”), a fund which is managed or advised by the same investment
manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser,
a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first
fund.

 

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26 - 

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal
of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous
Material through the air, soil, surface water or groundwater.

 

“Relevant
Entity” means any member of the Group which is required to keep a PSC Register and whose share capital will be the subject
of security created by an Obligor under any Transaction Security Document.

 

“Relevant
Market” means, in relation to euro, the European interbank market, in relation to a Non-LIBOR Currency, the market specified
as such in respect of that currency in ‎Schedule 12 (Other Benchmarks) and, in relation to any other currency, the
London interbank market.

 

“Relevant
Jurisdiction” means, in relation to an Obligor:

 

		(a)	its
                                         jurisdiction of incorporation;

 

		(b)	any
                                         jurisdiction where any asset subject to or intended to be subject to the Transaction
                                         Security to be created by it is situated;

 

		(c)	any
                                         jurisdiction where it conducts its business; and

 

		(d)	the
                                         jurisdiction whose laws govern the perfection of any of the Transaction Security Documents
                                         entered into by it.

 

“Relevant
Period” has the meaning given to that term in Clause 24.1 (Financial definitions).

 

“Repayment
Date” means the last day of an Interest Period for a Loan.

 

“Repeating
Representations” means each of the representations set out in Clause 22.2 (Status) to Clause 22.7 (Governing
law and enforcement), Clause 22.10 (No default), Clause 22.11 (No misleading information), paragraphs (c) and
(d) of Clause 22.12 (Original Financial Statements) and Clause 22.19 (Centre of main interests and establishments).

 

“Representative”
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

“Resignation
Letter” means a letter substantially in the form set out in Schedule 8 (Form of Resignation Letter).

 

“Rollover
Loan” means one or more Loans:

 

		(a)	made
                                         or to be made on the same day that a maturing Loan is due to be repaid; or

 

		(b)	the
                                         aggregate amount of which is equal to or less than the amount of the maturing Loan;

 

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27 -

 

		(c)	in
                                         the same currency as the maturing Loan (unless it arose as a result of the operation
                                         of Clause 6.2 (Unavailability of a currency)); and

 

		(d)	made
                                         or to be made to the same Borrower for the purpose of refinancing that maturing Loan.

 

“Sanctioned
Country” has the meaning given to it in Clause 22.22 (Sanctions)

 

“Sanctioned
Person” has the meaning given to it in Clause 22.22 (Sanctions).

 

“Sanctions”
has the meaning given to it in Clause 22.22 (Sanctions).

 

“Sanctions
Authority” has the meaning given to it in Clause 22.22 (Sanctions).

 

“Screen
Rate” means:

 

		(a)	in
                                         relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration
                                         Limited (or any other person which takes over the administration of that rate) for the
                                         relevant currency and period displayed (before any correction, recalculation or republication
                                         by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any
                                         replacement Thomson Reuters page which displays that rate); and

 

		(b)	in
                                         relation to EURIBOR, the euro interbank offered rate administered by the European Money
                                         Markets Institute (or any other person which takes over the administration of that rate)
                                         for the relevant period displayed (before any correction, recalculation or republication
                                         by the administrator) on page EURIBOR01 of the Thomson Reuters screen (or any replacement
                                         Thomson Reuters page which displays that rate),

 

or,
in each case, on the appropriate page of such other information service which publishes that rate from time to time in place of
Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the
relevant rate after consultation with the Company and the Lenders.

 

“Secured
Parties” means each Finance Party and any Receiver or Delegate.

 

“Security”
means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement
or arrangement having a similar effect.

 

“Separate
Loan” has the meaning given to that term in Clause 8.1 (Repayment of Loans).

 

“Signing
Date” means the date of this Agreement.

 

“Spares”
means replacement components, inputs and parts relating to any Machine.

 

“Specified
Time” means a time determined in accordance with Schedule 9 (Timetables).

 

“Sterling”
and “£” means the lawful currency of the UK.

 

“Subsidiary”
means, with respect to any person, any corporation, partnership, limited liability company, association, joint venture or other
business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the person or persons (whether directors, managers, trustees
or other persons performing similar functions) having the power to direct or cause the direction of the management and policies
thereof is at the time owned or controlled, directly or indirectly, by that person or one or more of the other Subsidiaries of
that person or a combination thereof; provided, in determining the percentage of ownership interests of any person controlled
by another person, no ownership interest in the nature of a “qualifying share” of the former person shall be deemed
to be outstanding.

 

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“TARGET
2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single
shared platform and which was launched on 29 November 2007.

 

“TARGET
Day” means any day on which TARGET 2 is open for the settlement of payments in euro.

 

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same).

 

“Termination
Date” means the date falling three years after the Closing Date.

 

“Total
Commitments” means the aggregate of the Commitments, being £7,500,000 as at the Signing Date.

 

“Trademark”
has the meaning given to that term in the US Security Agreement.

 

“Transaction
Costs” means all fees, costs and expenses, stamp, registration and other Taxes incurred (or required to be paid) by
the Parent or any other member of the Group in connection with the Transaction Documents.

 

“Transaction
Documents” means the Finance Documents, the Note Purchase Agreement, the Note Security Documents and the Constitutional
Documents.

 

“Transaction
Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the Transaction
Security Documents.

 

“Transaction
Security Documents” means the Debenture, the US Security Agreement and each Deed of Accession and Charge, together with
any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets
in respect of the obligations of any of the Obligors under any of the Finance Documents.

 

“Transfer
Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate)
or any other form agreed between the Agent and the Parent.

 

“Transfer
Date” means, in relation to an assignment or a transfer, the later of:

 

		(a)	the
                                         proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate;
                                         and

 

		(b)	the
                                         date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

“Treasury
Transactions” means any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price.

 

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29 -

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable
jurisdiction.

 

“UK”
means the United Kingdom of Great Britain and Northern Ireland.

 

“Unpaid
Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

“US”
means the United States of America.

 

“US$”
means the lawful currency for the time being of the US.

 

“US
Security Agreement” means the security agreement governed by the laws of New York, in agreed form, to be executed by
certain Original Chargors in favour of the Security Agent, together with: (1) the short-form patents security agreement between,
Inspired Gaming (UK) Limited as Grantor and Cortland Capital Market Services LLC as Collateral Agent; and (2) the short-form trademarks
security agreement between, Inspired Gaming (UK) Limited as Grantor and Cortland Capital Market Services LLC as Collateral Agent.

 

“US
Tax Obligor” means:

 

		(a)	a
                                         Borrower which is resident for tax purposes in the US; or

 

		(b)	an
                                         Obligor some or all of whose payments under the Finance Documents are from sources within
                                         the US for US federal income tax purposes.

 

“Utilisation”
means a Loan.

 

“Utilisation
Date” means the date on which a Utilisation is made.

 

“Utilisation
Request” means a notice substantially in the relevant form set out in Schedule 3 (Requests).

 

“VAT”
means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature.

 

		1.2	Construction

 

		(a)	Unless
                                         a contrary indication appears, a reference in this Agreement to:

 

		(i)	the
                                         “Agent”, the “Arrangers”, any “Finance
                                         Party”, any “Hedge Counterparty”, any “Lender”,
                                         any “Obligor”, any “Party”, any “Secured
                                         Party”, the “Security Agent” or any other person shall be
                                         construed so as to include its successors in title, permitted assigns and permitted transferees
                                         and, in the case of the Security Agent, any person for the time being appointed as Security
                                         Agent or Security Agents in accordance with the Finance Documents;

 

		(ii)	a
                                         document in “agreed form” is a document which is previously agreed
                                         in writing by or on behalf of the Parent and the Agent or, if not so agreed, is in the
                                         form specified by the Agent;

 

		(iii)	“assets”
                                         includes present and future properties, revenues and rights of every description;

 

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30 -

 

		(iv)	a
                                         “Finance Document” or a “Transaction Document”
                                         or any other agreement or instrument is a reference to that Finance Document or Transaction
                                         Document or other agreement or instrument as amended, novated, supplemented, extended
                                         or restated (in any case, however fundamentally) or novated;

 

		(v)	“guarantee”
                                         means (other than in Clause 21 (Guarantee and Indemnity)) any guarantee, letter
                                         of credit, bond, indemnity or similar assurance against loss, or any obligation, direct
                                         or indirect, actual or contingent, to purchase or assume any indebtedness of any person
                                         or to make an investment in or loan to any person or to purchase assets of any person
                                         where, in each case, such obligation is assumed in order to maintain or assist the ability
                                         of such person to meet its indebtedness;

 

		(vi)	“Guarantor”,
                                         “Original Guarantor”, “Additional Guarantor” and
                                         “this guarantee” shall not be construed restrictively and shall include
                                         the payment undertakings and indemnities contained in Clause 21 (Guarantee and Indemnity);

 

		(vii)	“wholly
                                         owned subsidiary” means a company or corporation that has no members except
                                         for:

 

		(1)	another
                                         company or corporation and that other company’s or corporation’s wholly-owned
                                         subsidiaries; or

 

		(2)	persons
                                         acting on behalf of that other company or corporation and that other company’s
                                         or corporation’s wholly-owned subsidiaries.

 

		(viii)	“including”
                                         and “in particular” shall not be construed restrictively but shall
                                         mean “including without prejudice to the generality of the foregoing” and
                                         “in particular, but without limitation”;

 

		(ix)	“indebtedness”
                                         includes any obligation (whether incurred as principal or as surety) for the payment
                                         or repayment of money, whether present or future, actual or contingent;

 

		(x)	a
                                         “person” includes any individual, firm, company, corporation, government,
                                         state or agency of a state or any association, joint venture, trust, consortium or partnership
                                         (whether or not having separate legal personality);

 

		(xi)	a
                                         “regulation” includes any regulation, rule, official directive, request,
                                         or guideline (whether or not having the force of law) of any governmental, intergovernmental
                                         or supranational body, agency, or department of any regulatory, self-regulatory or other
                                         authority or organisation;

 

		(xii)	a
                                         provision of law is a reference to that provision as amended or re-enacted and any subordinate
                                         legislation made under it; and

 

		(xiii)	a
                                         time of day is a reference to London time.

 

		(b)	The
                                         determination of the extent to which a rate is “for a period equal in length”
                                         to an Interest Period shall disregard any inconsistency arising from the last day of
                                         that Interest Period being determined pursuant to the terms of this Agreement.

 

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31 -

 

		(c)	Section,
                                         Clause and Schedule headings are for ease of reference only.

 

		(d)	Unless
                                         a contrary indication appears, a term used in any other Finance Document or in any notice
                                         given under or in connection with any Finance Document has the same meaning in that Finance
                                         Document or notice as in this Agreement.

 

		(e)	A
                                         Borrower providing “cash cover” for an Ancillary Facility means a
                                         Borrower paying an amount in the currency of the Ancillary Facility to an interest-bearing
                                         account in the name of the Borrower and the following conditions being met:

 

		(i)	the
                                         account is with a Lender or other financial institution approved by the Security Agent
                                         (if the cash cover is to be provided for all the Lenders) or with a Lender or Ancillary
                                         Lender (if the cash cover is to be provided for that Lender or Ancillary Lender);

 

		(ii)	until
                                         no amount is or may be outstanding under that Ancillary Facility, withdrawals from the
                                         account may only be made to pay a Finance Party amounts due and payable to it under this
                                         Agreement in respect of that Ancillary Facility; and

 

		(iii)	the
                                         Borrower has executed a security document over that account, in form and substance satisfactory
                                         to the Security Agent or the Lender or Ancillary Lender with which that account is held,
                                         creating a first ranking security interest over that account.

 

		(f)	A
                                         Default (other than an Event of Default) is “continuing” if it has
                                         not been remedied or waived and an Event of Default is “continuing”
                                         if it has not been waived.

 

		(g)	A
                                         Borrower “repaying” or “prepaying” Ancillary Outstandings
                                         means:

 

		(i)	that
                                         Borrower providing cash cover in respect of the Ancillary Outstandings;

 

		(ii)	the
                                         maximum amount payable under the Ancillary Facility being reduced or cancelled in accordance
                                         with its terms; or

 

		(iii)	the
                                         Ancillary Lender being satisfied that it has no further liability under that Ancillary
                                         Facility,

 

and
the amount by which Ancillary Outstandings are, repaid or prepaid under subparagraphs (i) and (ii) above is the amount of the
relevant cash cover or reduction.

 

		(h)	An
                                         amount borrowed includes any amount utilised under an Ancillary Facility.

 

		(i)	Any
                                         consent, waiver or approval required from a Finance Party under a Finance Document must
                                         be in writing and will be of no effect if not in writing.

 

		(j)	Reference
                                         to a monetary sum specified in the Base Currency in Clause 22 (Representation),
                                         Clause 23 (Information Undertakings), Clause 24 (Financial Covenants),
                                         Clause 25 (General Undertakings) and/or Clause 26 (Events of Default) shall
                                         be deemed to include reference to the Base Currency Equivalent of such sum.

 

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		(k)	A
                                         certificate to be delivered by a director of any company shall be deemed to be delivered
                                         on behalf of that company and without personal liability save in the case of fraud or
                                         wilful misconduct.

 

		1.3	Third
                                         party rights

 

		(a)	Unless
                                         expressly provided to the contrary in a Finance Document a person who is not a Party
                                         has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third
                                         Parties Act”) to enforce or enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding
                                         any term of any Finance Document, the consent of any person who is not a Party is not
                                         required to rescind or vary this Agreement at any time.

 

		1.4	Accounting
                                         Terms

 

Except
as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to
them in conformity with the Accounting Principles. As used in this Agreement, “Net Cash Provided by Operating Activities”,
“Cash Paid During the Period for Income Taxes” and “Cash Paid During the Period for Interest” shall refer
to “Net Cash Provided by Operating Activities”, “Cash Paid During the Period for Income Taxes” and “Cash
Paid During the Period for Interest” as each such amount is set forth in the consolidated financial statements of the Parent
for the relevant Relevant Period and delivered pursuant to Clause 23.1, which amounts shall be determined (x) in accordance with
the Accounting Principles as in effect at the time of such determination, (y) consistent with past practices and (z) applying
the same terms and methodology under which such amounts and any applicable component amounts were determined in the Historical
Financial Statements (as defined in the Note Purchase Agreement as at the original date thereof), it being understood that, subject
to the other provisions of this Clause 1.4, if any change in the Accounting Principles requires a modification in the determination
of such amounts in a manner that results in non-compliance with clauses (y) or (z), then such modification shall be permitted
hereunder solely to the extent required in order for such determinations to be in compliance with the Accounting Principles, as
in effect at the time of such determination. Notwithstanding any other provision contained herein, all terms of an accounting
or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made,
without giving effect to (i) any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or
any other Financial Accounting Standard having a similar result or effect) to value any Financial Indebtedness or other liabilities
of the Parent or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Financial Indebtedness
in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification
or Financial Accounting Standard having a similar result or effect) to value any such Financial Indebtedness in a reduced or bifurcated
manner as described therein, and such Financial Indebtedness
shall at all times be valued at the full stated principal amount thereof. Notwithstanding any other provision contained herein
or in the other Finance Documents, any operating lease shall not be treated as a Capital Lease for any purpose and shall continue
to be treated as an operating (and any future operating lease, if it was in effect on the date hereof, that would be treated as
an operating lease for purposes of the Accounting Principles as of the date hereof shall be treated as an operating lease), in
each case, for all purposes of this Agreement, notwithstanding any actual or proposed change in the Accounting Principles after
the date hereof. For purposes of determining compliance with Clause 24.2, the principal amount of the Notes (under and as defined
in the Note Purchase Agreement as at the original date thereof) outstanding at any time shall be calculated using a spot rate
of exchange for exchanging US$ into Sterling, with such spot rate of exchange being determined in accordance with the terms of
Section 1.2 of the Note Purchase Agreement (as at the original date thereof).

 

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		1.5	Exchange
                                         Rate Fluctuations

 

		(a)	When
                                         applying any monetary limits, thresholds and other exceptions to the representations
                                         and warranties, undertakings and Events of Defaults under the Finance Documents, the
                                         equivalent to an amount in the Base Currency shall be calculated at the rate for the
                                         conversion of the Base Currency into the relevant currency of the non-base currency monetary
                                         limit, threshold and other exception which the Parent (acting reasonably and in good
                                         faith) has used and has notified to the Agent, in each case, as at the date of the Group
                                         incurring or making the relevant disposal, acquisition, investment, lease, loan, debt
                                         or guarantee or taking any other relevant action.

 

		(b)	No
                                         Event of Default or breach of any representation and warranty or undertaking under the
                                         Finance Documents shall arise merely as a result of a subsequent change in the Base Currency
                                         equivalent, or any other currency specified in respect of, of any relevant amount due
                                         to fluctuations in exchange rates.

 

Section
2

 

The
Facility

 

		2.	The
                                         Facility

 

		2.1	The
                                         Facility

 

		(a)	Subject
                                         to the terms of this Agreement, the Lenders make available a multicurrency revolving
                                         credit facility in an aggregate amount the Base Currency Amount of which is equal to
                                         the Total Commitments.

 

		(b)	The
                                         Facility will be available to all Borrowers.

 

		(c)	Subject
                                         to the terms of this Agreement and the Ancillary Documents, an Ancillary Lender may make
                                         available an Ancillary Facility to any of the Borrowers in place of all or part of its
                                         Commitment under the Facility.

 

		2.2	Increase

 

		(a)	The
                                         Parent may by giving prior notice to the Agent by no later than the date falling 10 Business
                                         Days after the effective date of a cancellation of:

 

		(i)	the
                                         Available Commitments of a Defaulting Lender in accordance with Clause 9.5 (Right
                                         of cancellation in relation to a Defaulting Lender); or

 

		(ii)	the
                                         Commitments of a Lender in accordance with Clause 9.1 (Illegality),

 

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request
that the Total Commitments be increased (and the Total Commitments under the Facility shall be so increased) in an aggregate amount
in the Base Currency of up to the amount of the Available Commitments or Commitments so cancelled as follows:

 

		(iii)	the
                                         increased Commitments will be assumed by one or more Lenders or other banks, financial
                                         institutions, trusts, funds or other entities (each an “Increase Lender”)
                                         selected by the Parent (each of which shall not be a member of the Group and which is
                                         further acceptable to the Agent (acting reasonably)) and each of which confirms its willingness
                                         to assume and does assume all the obligations of a Lender corresponding to that part
                                         of the increased Commitments which it is to assume, as if it had been an Original Lender
                                         in respect of those Commitments;

 

		(iv)	each
                                         of the Obligors and any Increase Lender shall assume obligations towards one another
                                         and/or acquire rights against one another as the Obligors and the Increase Lender would
                                         have assumed and/or acquired had the Increase Lender been an Original Lender in respect
                                         of that part of the increased Commitments which it is to assume;

 

		(v)	each
                                         Increase Lender shall become a Party as a “Lender” and any Increase Lender
                                         and each of the other Finance Parties shall assume obligations towards one another and
                                         acquire rights against one another as that Increase Lender and those Finance Parties
                                         would have assumed and/or acquired had the Increase Lender been an Original Lender in
                                         respect of that part of the increased Commitments which it is to assume;

 

		(vi)	the
                                         Commitments of the other Lenders shall continue in full force and effect; and

 

		(vii)	any
                                         increase in the Total Commitments shall, subject to the conditions set out in paragraph
                                         (d) below, take effect on the date specified by the Parent in the notice referred to
                                         above or any later date on which the conditions set out in paragraph (b) below are satisfied.

 

		(b)	The
                                         Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after
                                         receipt by it of a duly completed Increase Confirmation appearing on its face to comply
                                         with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
                                         execute that Increase Confirmation.

 

		(c)	The
                                         Agent shall only be obliged to execute an Increase Confirmation delivered to it by an
                                         Increase Lender once it is satisfied it has complied with all necessary “know your
                                         customer” or other similar checks under all applicable laws and regulations in
                                         relation to the assumption of the increased Commitments by that Increase Lender.

 

		(d)	An
                                         increase in the Commitments will only be effective if the Increase Lender enters into
                                         the documentation required for it to accede as a party to the Intercreditor Agreement.

 

		(e)	Each
                                         Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance
                                         of doubt) that the Agent has authority to execute on its behalf any amendment or waiver
                                         that has been approved by or on behalf of the requisite Lender or Lenders in accordance
                                         with this Agreement on or prior to the date on which the increase becomes effective in
                                         accordance with this Agreement and that it is bound by that decision to the same extent
                                         as it would have been had it been an Original Lender.

 

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		(f)	The
                                         Parent shall promptly on demand pay the Agent and the Security Agent the amount of all
                                         costs and expenses (including legal fees) reasonably incurred by either of them and,
                                         in the case of the Security Agent, by any Receiver or Delegate in connection with any
                                         increase in Commitments under this Clause 2.2.

 

		(g)	The
                                         Parent may pay to the Increase Lender a fee in the amount and at the times agreed between
                                         the Parent and the Increase Lender in a Fee Letter.

 

		(h)	Neither
                                         the Agent nor any Lender shall have any obligation to find an Increase Lender and in
                                         no event shall any Lender whose Commitment is replaced by an Increase Lender be required
                                         to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.

 

		(i)	Clause
                                         27.3 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis
                                         in this Clause 2.2 in relation to an Increase Lender as if references in that Clause
                                         to:

 

		(i)	an
                                         “Existing Lender” were references to all the Lenders immediately prior
                                         to the relevant increase;

 

		(ii)	the
                                         “New Lender” were references to that “Increase Lender”;
                                         and

 

		(iii)	a
                                         “re-transfer” and “re-assignment” were references
                                         to respectively a “transfer” and “assignment”.

 

		2.3	Finance
                                         Parties’ rights and obligations

 

		(a)	The
                                         obligations of each Finance Party under the Finance Documents are several. Failure by
                                         a Finance Party to perform its obligations under the Finance Documents does not affect
                                         the obligations of any other Party under the Finance Documents. No Finance Party is responsible
                                         for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The
                                         rights of each Finance Party under or in connection with the Finance Documents are separate
                                         and independent rights and any debt arising under the Finance Documents to a Finance
                                         Party from an Obligor is a separate and independent debt in respect of which a Finance
                                         Party shall be entitled to enforce its rights in accordance with paragraph (c) below.
                                         The rights of each Finance Party include any debt owing to that Finance Party under the
                                         Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount
                                         owed by an Obligor which relates to a Finance Party’s participation in the Facility
                                         or its role under a Finance Document (including any such amount payable to the Agent
                                         on its behalf) is a debt owing to that Finance Party by that Obligor.

 

		(c)	A
                                         Finance Party may, except as specifically provided in the Finance Documents, separately
                                         enforce its rights under or in connection with the Finance Documents.

 

		2.4	Obligors’
                                         Agent

 

		(a)	Each
                                         Obligor (other than the Parent) by its execution of this Agreement or an Accession Deed
                                         irrevocably appoints the Parent to act on its behalf as its agent in relation to the
                                         Finance Documents and irrevocably authorises:

 

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		(i)	the
                                         Parent on its behalf to supply all information concerning itself contemplated by the
                                         Finance Documents to the Finance Parties and to give all notices and instructions (including,
                                         in the case of a Borrower, Utilisation Requests), to execute on its behalf any Accession
                                         Deed, to make any agreements and to effect any amendments, supplements and variations
                                         capable of being given, made or effected by any Obligor notwithstanding that they may
                                         affect the Obligor, without further reference to or the consent of that Obligor; and

 

		(ii)	each
                                         Finance Party to give any notice, demand or other communication to that Obligor pursuant
                                         to the Finance Documents to the Parent,

 

and
in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without
limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations,
or received the relevant notice, demand or other communication.

 

		(b)	Every
                                         act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation,
                                         notice or other communication given or made by the Obligors’ Agent or given to
                                         the Obligors’ Agent under any Finance Document on behalf of another Obligor or
                                         in connection with any Finance Document (whether or not known to any other Obligor and
                                         whether occurring before or after such other Obligor became an Obligor under any Finance
                                         Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly
                                         made, given or concurred with it. In the event of any conflict between any notices or
                                         other communications of the Obligors’ Agent and any other Obligor, those of the
                                         Obligors’ Agent shall prevail.

 

		3.	Purpose

 

		3.1	Purpose

 

Each
Borrower shall apply all amounts borrowed by it under the Facility and any utilisation of any Ancillary Facility towards the general
corporate, working capital and capex purposes of the Group (including towards the cost of Machines, Machine inputs and/or components
and labour costs of the Group, to the extent such labour costs are capitalised) (but not towards prepayment of any indebtedness
under the Notes, or, in the case of any utilisation of any Ancillary Facility, towards prepayment of any Utilisation).

 

		3.2	Monitoring

 

No
Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		4.	Conditions
                                         of Utilisation

 

		4.1	Initial
                                         conditions precedent

 

The
Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) in relation to any Utilisation if
on or before the First Utilisation Date, the Agent has received or waived in writing all of the documents and other evidence listed
in Part 1 of Schedule 2 (Conditions Precedent to be satisfied on or before First Utilisation), in each case in form and
substance satisfactory to the Agent (acting reasonably). The Agent shall notify the Obligors’ Agent and the Lenders promptly
upon being so satisfied.

 

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		4.2	Further
                                         conditions precedent

 

Subject
to Clause 4.1 (Initial conditions precedent), the Lenders will only be obliged to comply with Clause 5.4 (Lenders’
participation) if on the date of the Utilisation Request and on the proposed Utilisation Date:

 

		(a)	in
                                         the case of a Rollover Loan, no Declared Default has occurred and, in the case of any
                                         other Utilisation, no Event of Default is continuing or would result from the proposed
                                         Utilisation; and

 

		(b)	in
                                         relation to any Utilisation on the First Utilisation Date, all the representations and
                                         warranties in Clause 22 (Representations) or, in relation to any other Utilisation
                                         the Repeating Representations, to be made by each Obligor are true.

 

		4.3	Conditions
                                         relating to Optional Currencies

 

		(a)	A
                                         currency will constitute an Optional Currency in relation to a Utilisation if:

 

		(i)	it
                                         is readily available in the amount required and freely convertible into the Base Currency
                                         in the Relevant Interbank Market (at the Specified Time or, if later, on the date the
                                         Agent receives the relevant Utilisation Request) and the Utilisation Date for that Utilisation;
                                         and

 

		(ii)	it
                                         is euro or has been approved by the Agent (acting on the instructions of all the Lenders)
                                         on or prior to receipt by the Agent of the relevant Utilisation Request for that Utilisation.

 

		(b)	If
                                         the Agent has received a written request from the Parent for a currency to be approved
                                         under sub-paragraph (a)(ii) above, the Agent will confirm to the Parent by the Specified
                                         Time:

 

		(i)	whether
                                         or not the Lenders have granted their approval; and

 

		(ii)	if
                                         approval has been granted, the minimum amount for any subsequent Utilisation in that
                                         currency.

 

		4.4	Maximum
                                         number of Utilisations

 

		(a)	A
                                         Borrower (or the Obligors’ Agent) may not deliver a Utilisation Request if as a
                                         result of the proposed Utilisation 15 or more Utilisations would be outstanding.

 

		(b)	Any
                                         Loan made by a single Lender under Clause 6.2 (Unavailability of a currency) shall
                                         not be taken into account in this Clause 4.4.

 

		(c)	Any
                                         Separate Loan shall not be taken into account in this Clause 4.4.

 

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Section 3

 

Utilisation

 

		5.	Utilisation
                                         - Loans

 

		5.1	Delivery of a Utilisation Request

 

A Borrower (or the Obligors’
Agent on its behalf) may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the
Specified Time.

 

		5.2	Completion of a Utilisation Request for Loans

 

		(a)	Each Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly
completed unless:

 

		(i)	it identifies the Facility to be utilised;

 

		(ii)	the proposed Utilisation Date is a Business Day within the Availability Period;

 

		(iii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);

 

		(iv)	the proposed Interest Period complies with Clause 13 (Interest Periods);

 

		(b)	Only one Utilisation may be requested in a Utilisation Request.

 

		5.3	Currency and amount

 

		(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency.

 

		(b)	The amount of the proposed Utilisation must be:

 

		(i)	if the currency selected is the Base Currency, a minimum of £250,000 or, if less, the Available
Facility; or

 

		(ii)	if the currency selected is Euro, a minimum of €350,000 or, if less, the Available Facility;
or

 

		(iii)	if the currency selected is an Optional Currency other than Euro, the minimum amount specified
by the Agent pursuant to sub-

 

paragraph (b)(ii) of Clause
4.3 (Conditions relating to Optional Currencies) or, if less, the Available Facility.

 

		5.4	Lenders’ participation

 

		(a)	If the conditions set out in this Agreement have been met, and subject to Clause 8.1 (Repayment
of Loans) each Lender shall make its participation in each Loan available, by the Utilisation Date through its Facility Office.

 

		(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne
by its Available Commitment to the Available Facility immediately prior to making the Loan.

 

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		(c)	The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional
Currency and notify each Lender of the amount, currency and the Base Currency Amount of each Loan and the amount of its participation
in that Loan by the Specified Time.

 

		(d)	The Agent shall, as soon as reasonably practicable, provide to the Security Agent, upon the Security
Agent’s reasonable written request, a list of all Lenders, all Loans (including each Lenders’ participation in each
Loan) and each Lenders’ Available Commitment, in each case, as at the date of such request.

 

		5.5	Limitations on Utilisations

 

The Facility shall not be utilised
unless the Closing Date has occurred.

 

		5.6	Cancellation of Commitment

 

The Commitments which, at that
time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Facility.

 

		5.7	Clean down

 

The Parent shall ensure that
the aggregate of the Base Currency Amounts of:

 

		(a)	all Loans; and

 

		(b)	(to the extent not included within paragraph (a) above), any cash loans covered by a letter of
credit or guarantee issued under an Ancillary Facility as contemplated by the definition of Permitted Financial Indebtedness; LESS

 

		(c)	any amount of cash or Cash Equivalent Investments held by the Parent and any other wholly-owned
members of the Group,

 

(as confirmed in a certificate
signed by two authorised signatories of the Parent provided to the Agent within 10 Business Days after the end of each Financial
Year) shall not exceed zero for a period of not less than three successive Business Days in each of its Financial Years (commencing
with its first full Financial Year to occur after the Closing Date provided that the Closing Date occurs on or prior to 30 September
2018). Not less than three months shall elapse between two such periods.

 

		6.	Optional
                                         Currencies

 

		6.1	Selection of currency

 

A Borrower (or the Obligors’
Agent on its behalf) shall select the currency of a Utilisation in a Utilisation Request.

 

		6.2	Unavailability of a currency

 

If before the Specified Time
on any Quotation Day:

 

		(a)	a Lender notifies the Agent that the Optional Currency requested is not readily available to it
in the amount required; or

 

		(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the
proposed Optional Currency would contravene a law or regulation applicable to it,

 

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the Agent will give notice
to the relevant Borrower (or the Obligors’ Agent on its behalf) to that effect by the Specified Time on that day. In this
event, any Lender that gives notice pursuant to this Clause 6.2 will be required to participate in the Loan in the Base Currency
(in an amount equal to that Lender’s proportion of the Base Currency Amount, or in respect of a Rollover Loan, an amount
equal to that Lender’s proportion of the Base Currency Amount of the Rollover Loan that is due to be made) and its participation
will be treated as a separate Loan denominated in the Base Currency during that Interest Period.

 

		6.3	Agent’s calculations

 

Each Lender’s participation
in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (Lenders’ participation).

 

		7.	Ancillary
                                         Facilities

 

		7.1	Type of Facility

 

An Ancillary Facility may be
by way of:

 

		(a)	an overdraft facility;

 

		(b)	a guarantee, bonding, documentary or stand-by letter of credit facility;

 

		(c)	a short-term loan facility;

 

		(d)	a derivatives facility;

 

		(e)	credit card facilities;

 

		(f)	a foreign exchange facility; or

 

		(g)	any other facility or accommodation required in connection with the business of the Group and which
is agreed by the Parent with an Ancillary Lender.

 

		7.2	Availability

 

		(a)	If the Parent and a Lender agree and except as otherwise provided in this Agreement, the Lender
may provide an Ancillary Facility on a bilateral basis in place of all or part of that Lender’s unutilised Commitment (which
shall (except for the purposes of determining the Majority Lenders and of Clause 39.5 (Replacement of Lenders)) be reduced
by the amount of the Ancillary Commitment under that Ancillary Facility).

 

		(b)	An Ancillary Facility shall not be made available unless, not later than 5 Business Days prior
to the Ancillary Commencement Date for an Ancillary Facility, the Agent has received from the Parent:

 

		(i)	a notice in writing requesting the establishment of an Ancillary Facility and specifying:

 

		(1)	the proposed Borrower(s) which may use the Ancillary Facility;

 

		(2)	the proposed Ancillary Commencement Date and expiry date of the Ancillary Facility;

 

		(3)	the proposed type of Ancillary Facility to be provided;

 

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		(4)	the proposed Ancillary Lender;

 

		(5)	the proposed Ancillary Commitment, the maximum amount of the Ancillary Facility and, if the Ancillary
Facility is an overdraft facility comprising more than one account the maximum gross amount (that amount being the “Designated
Gross Amount”) and its maximum net amount (that amount being the “Designated Net Amount”); and

 

		(6)	the proposed currency of the Ancillary Facility (if not denominated in the Base Currency);

 

		(ii)	a copy of the proposed Ancillary Document; and

 

		(iii)	any other information which the Agent may reasonably request in connection with the Ancillary Facility.

 

The Agent shall promptly notify
the Parent, the Ancillary Lender and the other Lenders of the establishment of an Ancillary Facility.

 

No amendment or waiver of a
term of any Ancillary Facility shall require the consent of any Finance Party other than the relevant Ancillary Lender unless such
amendment or waiver itself relates to or gives rise to a matter which would require an amendment of or under this Agreement (including,
for the avoidance of doubt, under this Clause). In such a case, the provisions of this Agreement with regard to amendments and
waivers will apply.

 

		(c)	Subject to compliance with paragraph (b) above:

 

		(i)	the Lender concerned will become an Ancillary Lender; and

 

		(ii)	the Ancillary Facility will be available,

 

with effect from the date agreed
by the Parent and the Ancillary Lender.

 

		7.3	Terms of Ancillary Facilities

 

		(a)	Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary
Lender and the Parent.

 

		(b)	However, those terms:

 

		(i)	must be based upon normal commercial terms at that time (except as varied by this Agreement);

 

		(ii)	may allow only Borrowers to use the Ancillary Facility;

 

		(iii)	may not allow the Ancillary Outstandings to exceed the Ancillary Commitment;

 

		(iv)	may not allow the Ancillary Commitment of a Lender to exceed the Available Commitment of that Lender
with respect to the Facility; and

 

		(v)	must require that the Ancillary Commitment is reduced to nil, and that all Ancillary Outstandings
are repaid (or cash cover provided in respect of all the Ancillary Outstandings) not later than the Termination Date for the Facility
(or such earlier date as the Commitment of the relevant Lender (or its Affiliate) is reduced to zero).

 

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		(c)	If there is any inconsistency between any term of an Ancillary Facility and any term of this Agreement,
this Agreement shall prevail except for:

 

		(i)	Clause 36.3 (Day count convention) which shall not prevail for the purposes of calculating
fees, interest or commission relating to an Ancillary Facility; and

 

		(ii)	an Ancillary Facility comprising more than one account where the terms of the Ancillary Documents
shall prevail; and

 

		(iii)	where the relevant term of this Agreement would be contrary to, or inconsistent with, the law governing
the relevant Ancillary Document, in which case that term of this Agreement shall not prevail.

 

		(d)	Interest, commission and fees on Ancillary Facilities are dealt with in Clause 15.5 (Interest,
commission and fees on Ancillary Facilities).

 

		7.4	Repayment of Ancillary Facilities

 

		(a)	An Ancillary Facility shall cease to be available on the Termination Date in relation to the Facility
or such earlier date on which its expiry date occurs or on which it is cancelled in accordance with the terms of this Agreement.

 

		(b)	If an Ancillary Facility expires in accordance with its terms the Ancillary Commitment of the Ancillary
Lender shall be reduced to zero (and its Commitment shall be increased accordingly).

 

		(c)	No Ancillary Lender may demand repayment or prepayment of any amounts or demand cash cover for
any liabilities made available or incurred by it under its Ancillary Facility (except where the Ancillary Facility is provided
on a net limit basis to the extent required to bring any gross outstandings down to the net limit) unless:

 

		(i)	the Total Commitments have been cancelled in full, or all outstanding Utilisations under the Facility
have become due and payable in accordance with the terms of this Agreement, or the Agent has declared all outstanding Utilisations
under the Facility immediately due and payable or the expiry date of the Ancillary Facility occurs; or

 

		(ii)	it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any of its
obligations as contemplated by this Agreement or to fund, issue or maintain its participation in its Ancillary Facility; or

 

		(iii)	the Ancillary Outstandings (if any) under that Ancillary Facility can be refinanced by a Utilisation
and the Ancillary Lender gives sufficient notice to enable a Utilisation to be made to refinance those Ancillary Outstandings.

 

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		(d)	For the purposes of determining whether or not the Ancillary Outstandings under an Ancillary Facility
mentioned in sub-paragraph (c)(iii) above can be refinanced by a Utilisation of the Facility:

 

		(i)	the Commitment of the Ancillary Lender will be increased by the amount of its Ancillary Commitment;
and

 

		(ii)	the Utilisation may (so long as sub-paragraph (c)(i) above does not apply) be made irrespective
of whether a Default is outstanding or any other applicable condition precedent is not satisfied (but only to the extent that the
proceeds are solely applied in refinancing those Ancillary Outstandings) and irrespective of whether Clause 4.4 (Maximum number
of Utilisations) or sub-paragraph (a)(iii) of Clause 5.2 (Completion of a Utilisation Request for Loans) applies.

 

		(e)	On the making of a Utilisation to refinance Ancillary Outstandings:

 

		(i)	each Lender will participate in that Utilisation in an amount (as determined by the Agent) which
will result as nearly as possible in the aggregate amount of its participation in the Utilisations then outstanding bearing the
same proportion to the aggregate amount of the Utilisations then outstanding as its Commitment bears to the Total Commitments;
and

 

		(ii)	the relevant Ancillary Facility shall be cancelled.

 

		(f)	In relation to an Ancillary Facility which comprises an overdraft facility where a Designated Net
Amount has been established, the Ancillary Lender providing that Ancillary Facility shall only be obliged to take into account
for the purposes of calculating compliance with the Designated Net Amount those credit balances which it is permitted to take into
account by the then current law and regulations in relation to its reporting of exposures to the Financial Services Authority as
netted for capital adequacy purposes.

 

		7.5	Ancillary Outstandings

 

Each Borrower and each Ancillary
Lender agrees with and for the benefit of each Lender that:

 

		(a)	the Ancillary Outstandings under any Ancillary Facility provided by that Ancillary Lender shall
not exceed the Ancillary Commitment applicable to that Ancillary Facility and where the Ancillary Facility is an overdraft facility
comprising more than one account, Ancillary Outstandings under that Ancillary Facility shall not exceed the Designated Net Amount
in respect of that Ancillary Facility; and

 

		(b)	where all or part of the Ancillary Facility is an overdraft facility comprising more than one account,
the Ancillary Outstandings (calculated on the basis that the words in brackets in paragraph (a) of the definition of that term
were deleted) shall not exceed the Designated Gross Amount applicable to that Ancillary Facility.

 

		7.6	Adjustment for Ancillary Facilities upon acceleration

 

In this Clause 7.6:

 

“Revolving Outstandings”
means, in relation to a Lender, the aggregate of the equivalent in the Base Currency of (i) its participation in each Utilisation
then outstanding (together with the aggregate amount of all accrued interest, fees and commission owed to it as a Lender under
the Facility), and (ii) if the Lender is also an Ancillary Lender, the Ancillary Outstandings in respect of Ancillary Facilities
provided by that Ancillary Lender (together with the aggregate amount of all accrued interest, fees and commission owed to it as
an Ancillary Lender in respect of the Ancillary Facility).

 

    Hogan Lovells

     

    

 

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“Total Revolving Outstandings”
means the aggregate of all Revolving Outstandings.

 

		(a)	If the Agent exercises any of its rights under under Clause 26.14 (Acceleration) (other
than a notice declaring Utilisations to be due on demand), each Lender and each Ancillary Lender shall promptly adjust by corresponding
transfers (to the extent necessary) their claims in respect of amounts outstanding to them under the Facility and each Ancillary
Facility to ensure that after such transfers the Revolving Outstandings of each Lender bear the same proportion to the Total Revolving
Outstandings as such Lender’s Commitment bears to the Total Commitments, each as at the date the notice is served under Clause
26.14 (Acceleration).

 

		(b)	If an amount outstanding under an Ancillary Facility is a contingent liability and that contingent
liability becomes an actual liability or is reduced to zero after the original adjustment is made under paragraph (a) above, then
each Lender and Ancillary Lender will make a further adjustment by corresponding transfers (to the extent necessary) to put themselves
in the position they would have been in had the original adjustment been determined by reference to the actual liability or, as
the case may be, zero liability and not the contingent liability.

 

		(c)	Prior to the application of the provisions of paragraph (a) above, an Ancillary Lender that has
provided an overdraft comprising more than one account under an Ancillary Facility shall set-off any liabilities owing to it under
such overdraft Facility against credit balances on any account comprised in such overdraft facility.

 

		(d)	All calculations to be made pursuant to this Clause 7.6 shall be made by the Agent based upon information
provided to it by the Lenders and Ancillary Lenders.

 

		7.7	Information

 

Each Borrower and each Ancillary
Lender shall, promptly upon request by the Agent, supply the Agent with any information relating to the operation of an Ancillary
Facility (including the Ancillary Outstandings) as the Agent may reasonably request from time to time. Each Borrower consents to
all such information being released to the Agent and the other Finance Parties.

 

		7.8	Affiliates of Lenders as Ancillary Lenders

 

		(a)	Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender.
In such case, the Lender and its Affiliate shall be treated as a single Lender whose Commitment is the amount set out opposite
the relevant Lender’s name in Part 2 or Part 3 of Schedule 1 (The Original Parties) and/or the amount of any Commitment
transferred to, or assumed by, that Lender under this Agreement, to the extent (in each case) not cancelled, reduced or transferred
by it under this Agreement. For the purposes of calculating the Lender’s Available Commitment with respect to the Facility,
the Lender’s Commitment shall be reduced to the extent of the aggregate of the Ancillary Commitments of its Affiliates.

 

    Hogan Lovells

     

    

 

- 45 - 

 

		(b)	The Parent shall specify any relevant Affiliate of a Lender in any notice delivered by the Parent
to the Agent pursuant to sub-paragraph (b)(i) of Clause 7.2 (Availability).

 

		(c)	An Affiliate of a Lender which becomes an Ancillary Lender shall accede to the Intercreditor Agreement
as an Ancillary Lender and any person which so accedes to the Intercreditor Agreement shall, at the same time, become a party to
this Agreement as an Ancillary Lender in accordance with clause 19.10 (Creditor/Creditor Representative Accession Undertaking)
of the Intercreditor Agreement.

 

		(d)	If a Lender assigns all of its rights and benefits or transfers all of its rights and obligations
to a New Lender (as defined in Clause 27 (Changes to the Lenders)), its Affiliate shall cease to have any obligations under
this Agreement or any Ancillary Document.

 

		(e)	Where this Agreement or any other Finance Document imposes an obligation on an Ancillary Lender
and the relevant Ancillary Lender is an Affiliate of a Lender which is not a party to that document, the relevant Lender shall
ensure that the obligation is performed by that Affiliate.

 

		7.9	Commitment amounts

 

Notwithstanding any other term
of this Agreement, each Lender shall ensure that at all times its Commitment is not less than its Ancillary Commitment and (where
that Lender’s Affiliate is making Ancillary Facilities available) the aggregate of its own Ancillary Commitment (if any)
and the Ancillary Commitment of that Affiliate.

 

    Hogan Lovells

     

    

 

- 46 - 

 

Section 4

 

Repayment, Prepayment and Cancellation

 

		8.	Repayment

 

		8.1	Repayment of Loans

 

		(a)	Subject to paragraph (c) below, each Borrower which has drawn a Loan shall repay that Loan on the
last day of its Interest Period.

 

		(b)	Without prejudice to each Borrower’s obligation under paragraph (a) above, if one or more
Loans are to be made available to a Borrower:

 

		(i)	on the same day that a maturing Loan is due to be repaid by that Borrower;

 

		(ii)	in the same currency as the maturing Loan (unless it arose as a result of the operation of Clause
6.2 (Unavailability of a currency)); and

 

		(iii)	in whole or in part for the purpose of refinancing the maturing Loan;

 

the aggregate amount of the
new Loans shall be treated as if applied in or towards repayment of the maturing Loan so that:

 

		(1)	if the amount of the maturing Loan exceeds the aggregate amount of the new Loans:

 

		(A)	the relevant Borrower will only be required to pay an amount in cash in the relevant currency equal
to that excess; and

 

		(B)	each Lender’s participation (if any) in the new Loans shall be treated as having been made
available and applied by the Borrower in or towards repayment of that Lender’s participation (if any) in the maturing Loan
and that Lender will not be required to make its participation in the new Loans available in cash; and

 

		(2)	if the amount of the maturing Loan is equal to or less than the aggregate amount of the new Loans:

 

		(A)	the relevant Borrower will not be required to make any payment in cash; and

 

		(B)	each Lender will be required to make its participation in the new Loans available in cash only
to the extent that its participation (if any) in the new Loans exceeds that Lender’s participation (if any) in the maturing
Loan and the remainder of that Lender’s participation in the new Loans shall be treated as having been made available and
applied by the Borrower in or towards repayment of that Lender’s participation in the maturing Loan.

  

    Hogan Lovells

     

    

 

- 47 - 

 

		(c)	At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations
of that Lender in the Loans then outstanding will be automatically extended to the Termination Date in relation to the Facility
and will be treated as separate Loans (the “Separate Loans”) denominated in the currency in which the relevant
participations are outstanding.

 

		(d)	A Borrower to whom a Separate Loan is outstanding may prepay that Loan by giving not less than
10 Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance
with this paragraph (d) to the Defaulting Lender concerned as soon as practicable on receipt.

 

		(e)	Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by
the Borrower by the time and date specified by the Agent (acting reasonably) and will be payable by that Borrower to the Defaulting
Lender on the last day of each Interest Period of that Loan.

 

		(f)	The terms of this Agreement relating to Loans generally (including Clause 4 (Conditions of utilisation))
shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (c) to (e) above, in which case
those paragraphs shall prevail in respect of any Separate Loan.

 

		9.	Illegality,
                                         Voluntary Prepayment and Cancellation

 

		9.1	Illegality

 

If, in any applicable jurisdiction
it becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain
its participation in any Utilisation:

 

		(a)	that Lender, shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the Obligors’ Agent, the Commitment of that Lender will be immediately
cancelled; and

 

		(c)	each Borrower shall repay that Lender’s participation in the Utilisations made to that Borrower
on the last day of the Interest Period for each Utilisation occurring after the Agent has notified the Obligors’ Agent or,
if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable
grace period permitted by law) and shall procure that if that Lender (or its Affiliate) is also an Ancillary Lender, all Ancillary
Outstandings owed to it are also fully repaid.

 

		9.2	Voluntary cancellation

 

The Obligors’ Agent may,
if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice,
cancel the whole or any part (being a minimum amount of £100,000) of the Available Facility. Any cancellation under this
Clause 9.2 shall reduce the Commitments of the Lenders rateably under the Facility.

 

		9.3	Voluntary prepayment of Utilisations

 

A Borrower to which a Utilisation
has been made may, if it or the Obligors’ Agent gives the Agent not less than 5 Business Days’ (or such shorter period
as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Utilisation (but if in part, being an amount
that reduces the Base Currency Amount of the Utilisation by a minimum amount of £50,000).

 

    Hogan Lovells

     

    

 

- 48 - 

 

		9.4	Right of cancellation and repayment in relation to a single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of
Clause 16.2 (Tax gross-up); or

 

		(ii)	any Lender claims indemnification from the Obligors’ Agent or an Obligor under Clause 16.3
(Tax indemnity) or Clause 17.1 (Increased costs),

 

the Obligors’ Agent may,
whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of
cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in
the Utilisations.

 

		(b)	On receipt of a notice referred to in sub-paragraphs (a)(i) or (ii) above in relation to a Lender,
the Commitment of that Lender shall immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period which ends after the Obligors’ Agent has given notice
under sub-paragraphs (a)(i) or (ii) above in relation to a Lender (or, if earlier, the date specified by the Obligors’ Agent
in that notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation
together with all interest and other amounts accrued under the Finance Documents.

 

		9.5	Right of cancellation in relation to a Defaulting Lender

 

		(a)	If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues
to be a Defaulting Lender, give the Agent 5 Business Days’ notice of cancellation of each Available Commitment of that Lender.

 

		(b)	On the notice referred to in paragraph (a) above becoming effective, each Available Commitment
of the Defaulting Lender shall immediately be reduced to zero.

 

		(c)	The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,
notify all the Lenders.

 

		10.	Mandatory
                                         Prepayment

 

		10.1	Exit

 

		(a)	Upon the occurrence of:

 

		(i)	a Change of Control; or

 

		(ii)	the sale of all or substantially all of the assets of the Group whether in a single transaction
or a series of related transactions,

 

the Facility will be cancelled
and all outstanding Utilisations and Ancillary Outstandings, together with accrued interest, and all other amounts accrued under
the Finance Documents, shall become immediately due and payable.

 

    Hogan Lovells

     

    

 

- 49 - 

 

		10.2	Disposal and Insurance Proceeds

 

		(a)	For the purposes of this Clause 10.2 and Clause 10.3 (Application of mandatory prepayments):

 

“Disposal”
means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor
or sublicensor), transfer or other disposition to, or any exchange of property with, any person (other than another member of the
Group), in one transaction or a series of related transactions, of all or any part of a member of the Group’s businesses,
assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter
acquired, leased or licensed, including the Equity Interests of any of the Parent’s Subsidiaries, other than inventory sold,
leased or licensed out in the ordinary course of business (excluding any such sales, leases or licenses out by operations or divisions
discontinued or to be discontinued).

 

“Disposal Proceeds”
means, with respect to any Disposal pursuant to Section 6.8(c)(x) of the Note Purchase Agreement as at the original date thereof,
an amount equal to Cash payments (including any Cash received by way of deferred payment pursuant to, or by monetisation of, a
note receivable or otherwise, but only as and when so received) received by a member of the Group from such Disposal except Excluded
Disposal Proceeds and after deducting any bona fide direct costs incurred in connection with such Disposal, including:

 

		(i)	income or gains taxes payable or reasonably estimated to be payable by the seller (or the Parent,
on a consolidated basis) as a result of any gain recognized in connection with such Disposal;

 

		(ii)	payment of the outstanding principal amount of, premium or penalty, if any, and interest on any
Financial Indebtedness (other than the Facility) that is secured by Security on the stock or assets in question and that is required
to be repaid under the terms thereof as a result of such Disposal; and

 

		(iii)	a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s
indemnities and representations and warranties to purchaser in respect of such Disposal undertaken by any member of the Group in
connection with such Disposal, provided that upon release of any such reserve, the amount released shall be considered Disposal
Proceeds.

 

“Excluded Disposal
Proceeds” means (i) if no Default or Event of Default has occurred and is continuing and (ii) to the extent that aggregate
Disposal Proceeds from the Closing Date through the applicable date of determination do not exceed $1,000,000 (or its equivalent),
Disposal Proceeds which the Parent, directly or through one or more of its Subsidiaries, invests within one hundred eighty (180)
days of receipt thereof (or legally commits to apply such Disposal Proceeds within 180 days after receipt and actually apply them
within 365 days of receipt thereof) in long term productive assets of the general type (including capitalised software) used in
the business of the Group.

 

    Hogan Lovells

     

    

 

- 50 - 

 

“Excluded Insurance
Proceeds” means (i) if no Default or Event of Default has occurred and is continuing and (ii) to the extent that aggregate
Insurance Proceeds from the Closing Date through the applicable date of determination do not exceed $1,000,000 (or its equivalent),
Insurance Proceeds which the Parent, directly or through one or more of its Subsidiaries, invests within one hundred eighty (180)
days of receipt thereof (or legally commits to apply such Disposal Proceeds within 180 days after receipt and actually apply them
within 365 days of receipt thereof) in long term productive assets of the general type (including capitalised software) used in
the business of the Group, which investment may include the repair, restoration or replacement of the applicable assets thereof.

 

“Insurance Proceeds”
means any Cash payments or proceeds received by any member of the Group:

 

		(i)	under any casualty insurance policy in respect of a covered loss thereunder; or

 

		(ii)	as a result of the taking of any assets of member of the Group by any person pursuant to the power
of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat
of such a taking (any event of the type referenced in clauses (a) and (b) above being referred to as a “Casualty Event”),

 

except Excluded Insurance Proceeds
and after deducting: (A) any actual and reasonable costs incurred by any member of the Group in connection with the adjustment
or settlement of any claims of any member of the Group in respect thereof; and (B) any bona fide direct costs incurred in connection
with any sale of such assets as referred to in paragraph (ii) above, including income taxes payable or reasonably estimated to
be payable as a result of any gain recognised in connection therewith.

 

		(b)	Subject to Clause 12.3 (Disposal Proceeds) of the Intercreditor Agreement, the Parent shall
ensure that the Borrowers prepay Utilisations in the following amounts at the times and in the order of application contemplated
by Clause 10.3 (Application of mandatory prepayments):

 

		(i)	the amount of Disposal Proceeds; and

 

		(ii)	the amount of Insurance Proceeds.

 

		10.3	Application of mandatory prepayments

 

		(a)	A prepayment made under Clause 12.2 (Disposal and Insurance Proceeds) shall be applied in
the following order:

 

		(i)	first, in prepayment and cancellation of Utilisations and cancellation of Commitments;

 

		(ii)	secondly, in repayment and cancellation of the Ancillary Outstandings and Ancillary Commitments;
and

 

		(iii)	last, in cancellation of Available Commitments under the Facility (and the Available Commitments
of the Lenders under the Facility will be cancelled rateably).

 

		(b)	The Borrowers shall prepay Loans, in the case of any prepayment relating to the amounts of Disposal
Proceeds or Insurance Proceeds, promptly upon receipt of those proceeds (and in any event not later than the first Business Day
following the date of receipt by any member of the Group of those proceeds).

 

    Hogan Lovells

     

    

 

- 51 - 

 

		10.4	Excluded proceeds

 

Where Excluded Claims Proceeds,
Excluded Disposal Proceeds and Excluded Insurance Proceeds include amounts which are intended to be used for a specific purpose
within a specified period (as set out in the relevant definitions of Excluded Claims Proceeds, Excluded Disposal Proceeds and Excluded
Insurance Proceeds), the Obligors’ Agent shall ensure that those amounts are used for that purpose and shall promptly deliver
a certificate to the Agent at the time of such application and at the end of such period confirming the amount (if any) which has
been so applied within the requisite time periods provided for in the relevant definition.

 

		11.	Restrictions

 

		11.1	Notices of cancellation or prepayment

 

Any notice of cancellation,
prepayment, authorisation or other election given by any Party under Clause 9 (Illegality, voluntary prepayment and cancellation)
shall (subject to the terms of those clauses) be irrevocable and, unless a contrary indication appears in this Agreement, any such
notice shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that
cancellation or prepayment.

 

		11.2	Interest and other amounts

 

Any prepayment under this Agreement
shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

 

		11.3	Reborrowing of the Facility

 

Unless a contrary indication
appears in this Agreement, any part of the Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.

 

		11.4	Prepayment in accordance with Agreement

 

No Borrower shall repay or
prepay all or any part of the Utilisations or cancel all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement.

 

		11.5	No reinstatement of Commitments

 

Subject to Clause 2.2 (Increase),
no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

 

		11.6	Agent’s receipt of Notices

 

If the Agent receives a notice
under Clause 11 (Illegality, voluntary prepayment and cancellation) it shall promptly forward a copy of that notice or election
to either the Obligors’ Agent or the affected Lender, as appropriate.

 

    Hogan Lovells

     

    

 

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		11.7	Effect of Repayment and Prepayment on Commitments

 

If all or part of a Utilisation
under the Facility is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (Further conditions
precedent)), an amount of the Commitments (equal to the Base Currency Amount of the amount of the Utilisation which is repaid
or prepaid) in respect of the Facility will, to the extent not already cancelled in accordance with any other provision of this
Agreement, be deemed to be cancelled on the date of repayment or prepayment. Any cancellation under this Clause 11.7 shall reduce
the Commitments of the Lenders rateably under the Facility.

 

    Hogan Lovells

     

    

 

- 53 - 

 

Section 5

 

Costs of Utilisation

 

		12.	Interest

 

		12.1	Calculation of interest

 

Subject to the rest of this
Clause 12.1, each Loan will bear interest for each Interest Period at the percentage rate per annum which is the aggregate of:

 

		(i)	Margin; and

 

		(ii)	LIBOR or, in relation to any Loan in euro, EURIBOR.

 

		12.2	Payment of interest

 

The Borrower to which a Loan
has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer
than six Months, on the dates falling at six Monthly intervals after the first day of the Interest Period).

 

		12.3	Default interest

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate
which, subject to paragraph (b) below, is 1 per cent. per annum higher than the rate which would have been payable if the overdue
amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest
Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 12.3 shall be immediately
payable by the Obligor on demand by the Agent.

 

		(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not
the last day of an Interest Period relating to that Loan:

 

		(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired
portion of the current Interest Period relating to that Loan; and

 

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be
1 per cent higher than the rate which would have applied if the overdue amount had not become due.

 

		(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount
at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

 

		12.4	Notification of rates of interest

 

		(a)	The Agent shall promptly notify the relevant Lenders and the relevant Borrower (or the Obligors’
Agent) of the determination of a rate of interest under this Agreement.

 

		(b)	The Agent shall promptly notify the relevant Borrower (or the Parent) of each Funding Rate relating
to a Loan.

 

    Hogan Lovells

     

    

 

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		13.	Interest
                                         Periods

 

		13.1	Selection of Interest Periods and Terms

 

		(a)	A Borrower (or the Obligors’ Agent on behalf of a Borrower) may select an Interest Period
for a Loan in the Utilisation Request for that Loan.

 

		(b)	Subject to this Clause 13, a Borrower (or the Obligors’ Agent) may select an Interest Period
of one, two, three or six Months, or (i) such shorter period as may be necessary to ensure that an Interest Period ends on the
Termination Date, or (ii) any other period agreed between the Parent and the Agent (acting on the instructions of all the Lenders
in relation to the relevant Loan).

 

		(c)	An Interest Period for a Loan shall not extend beyond the Termination Date applicable to the Facility.

 

		(d)	A Loan has one Interest Period only.

 

		13.2	Non-Business Days

 

If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar
month (if there is one) or the preceding Business Day (if there is not).

 

		14.	Changes
                                         to the Calculation of Interest

 

		14.1	Unavailability of Screen Rate

 

		(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR or,
if applicable, the Benchmark Rate for the Interest Period of a Loan, the applicable LIBOR or EURIBOR or Benchmark Rate shall be
the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan.

 

		(b)	Reference Bank Rate: If no Screen Rate is available for LIBOR or, if applicable, EURIBOR or, if
applicable, the Benchmark Rate for:

 

		(i)	the currency of a Loan; or

 

		(ii)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate,

 

the applicable LIBOR or EURIBOR
or Benchmark Rate shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal
in length to the Interest Period of that Loan.

 

		(c)	Cost of funds: If paragraph (i) above applies but no Reference Bank Rate is available for the relevant
currency or Interest Period there shall be no LIBOR or EURIBOR or Benchmark Rate for that Loan and clause ‎14.4 (Cost of
funds) shall apply to that Loan for that Interest Period.

 

		14.2	Calculation of Reference Bank Rate

 

		(a)	Subject to paragraph (b) below, if LIBOR or EURIBOR or a Benchmark Rate is to be determined on
the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time the Reference Bank Rate
shall be calculated on the basis of the quotations of the remaining Reference Banks.

 

    Hogan Lovells

     

    

 

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		(b)	If at or about:

 

		(i)	noon on the Quotation Day; or

 

		(ii)	in the case of a Benchmark Rate, the time specified in respect of the relevant currency in ‎Schedule
12 (Other Benchmarks),

 

none or only one of the Reference
Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period.

 

		14.3	Market disruption

 

		(a)	If before:

 

		(i)	close of business in London on the Quotation Day for the relevant Interest Period; or

 

		(ii)	in the case of a Loan in a Non-LIBOR Currency, the time specified in respect of that currency in
‎Schedule 12 (Other Benchmarks),

 

the Agent receives notifications
from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation
in that Loan from whatever source it may reasonably select would be in excess of LIBOR or, if applicable, EURIBOR or, if applicable,
the Benchmark Rate then clause ‎14.4 (Cost of funds) shall apply to that Loan for the relevant Interest Period.

 

		14.4	Cost of funds

 

		(a)	If this clause ‎14.4 applies, the rate of interest on each Lender’s share of the relevant
Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

 

		(i)	the Margin; and

 

		(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event by close
of business on the date falling one Business Day after the Quotation Day (or, if earlier, on the date falling one Business Day
before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage
rate per annum the cost to the relevant Lender of funding its participation in that Loan from whatever source it may reasonably
select.

 

		(b)	If this clause ‎14.4 applies and the Agent or the Parent so requires, the Agent and the Parent
shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining
the rate of interest.

 

		(c)	Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all
the Lenders and the Parent, be binding on all Parties.

 

    Hogan Lovells

     

    

 

- 56 - 

 

		(d)	If this clause ‎14.4 applies pursuant to clause ‎14.3 (Market disruption) and:

 

		(i)	a Lender’s Funding Rate is less than LIBOR or, in relation to any Loan in euro, EURIBOR or,
in relation to any Loan in a Non-LIBOR Currency, the Benchmark Rate; or

 

		(ii)	a Lender does not supply a quotation by the time specified in paragraph ‎(a)‎(ii) above,

 

the cost to that Lender of funding
its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be LIBOR or,
in relation to a Loan in euro, EURIBOR or, in relation to a Loan in a Non-LIBOR Currency, the Benchmark Rate.

 

		14.5	Notification to Parent

 

If clause ‎14.4 (Cost
of funds) applies the Agent shall, as soon as is practicable, notify the Parent.

 

		14.6	Break Costs

 

		(a)	Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance
Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the
last day of an Interest Period for that Loan or Unpaid Sum.

 

		(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		15.	Fees

 

		15.1	Commitment fee

 

		(a)	The Parent shall pay to the Agent (for the account of each Lender) a fee in the Base Currency computed
at the rate of the percentage per annum equal to 35 per cent of the applicable Margin from time to time in respect of the Facility
on that Lender’s Available Commitment under the Facility for the Availability Period applicable to the Facility.

 

		(b)	The accrued commitment fee is payable on the First Utilisation Date and after the First Utilisation
Date on the last day of each successive period of three Months which ends during the relevant Availability Period on the last day
of the relevant Availability Period and on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation
is effective.

 

		(c)	No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment
of that Lender for any day on which that Lender is a Defaulting Lender.

 

		15.2	Arrangement fee

 

The Parent shall pay to the
Arrangers an arrangement fee in the amount, manner and at the times agreed in a Fee Letter.

 

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		15.3	Agency fee

 

The Parent shall pay to the
Agent (for its own account) an agency fee in the amount, manner and at the times agreed in a Fee Letter.

 

		15.4	Security Agent fee

 

The Parent shall pay to the
Security Agent (for its own account) a security agent fee in the amount, manner and at the times agreed in a Fee Letter.

 

		15.5	Interest, commission and fees on Ancillary Facilities

 

The rate, manner and time of
payment of interest, commission, fees and any other remuneration in respect of each Ancillary Facility shall be determined by agreement
between the relevant Ancillary Lender and the Borrower of that Ancillary Facility based upon normal market rates and terms.

 

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Section 6

 

Additional Payment Obligations

 

		16.	Tax
                                         Gross Up and Indemnities

 

		16.1	Definitions

 

		(a)	In this Agreement:

 

“Borrower DTTP Filing”
means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant Borrower, which:

 

		(i)	where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number
and jurisdiction of tax residence stated opposite that Lender’s name in Part 2 of Schedule 1 (The Original Parties),
and

 

		(1)	where the Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days
of the date of this Agreement; or

 

		(2)	where the Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30
days of the date on which that Borrower becomes an Additional Borrower; or

 

		(ii)	where it relates to a Treaty Lender that is not an Original Lender, contains the scheme reference
number and jurisdiction of tax residence stated in respect of that Lender in the documentation which it executes on becoming a
Party as a Lender; and

 

		(1)	where the Borrower is a Borrower as at the date on which that Treaty Lender becomes a Party as
a Lender, is filed with HM Revenue & Customs within 30 days of that date; or

 

		(2)	where the Borrower is not a Borrower as at the date on which that Treaty Lender becomes a Party
as a Lender, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional Borrower.

 

“Protected Party”
means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in
relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.

 

“Qualifying Lender”
means:

 

		(i)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance
under a Finance Document and is:

 

		(1)	a Lender:

 

		(A)	which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under
a Finance Document and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect
of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or

 

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		(B)	in respect of an advance made under a Finance Document by a person that was a bank (as defined
for the purpose of section 879 of the ITA) at the time that that advance was made,

 

and within the charge to United
Kingdom corporation tax as respects any payments of interest made in respect of that advance; or

 

		(2)	a Lender which is:

 

		(A)	a company resident in the United Kingdom for United Kingdom tax purposes;

 

		(B)	a partnership each member of which is:

 

		a.	a company so resident in the United Kingdom; or

 

		b.	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section
19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the
CTA;

 

		c.	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA) of that company; or

 

		(3)	a Treaty Lender; or

 

		(ii)	a Lender which is a building society (as defined for the purposes of section 880 of the ITA) making
an advance under a Finance Document.

 

“Tax Confirmation”
means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance
under a Finance Document is either:

 

		(i)	a company resident in the United Kingdom for United Kingdom tax purposes;

 

		(ii)	a partnership each member of which is:

 

		(1)	a company so resident in the United Kingdom; or

 

		(2)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account in computing its chargeable profits (within the meaning of section
19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the
CTA; or

 

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		(iii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the CTA) of that company.

 

“Tax Credit”
means a credit against, relief or remission for, or repayment of, any Tax.

 

“Tax Deduction”
means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

 

“Tax Payment”
means either the increase in a payment made by an Obligor to a Finance Party under Clause 16.2 (Tax gross-up) or a payment
under Clause 16.3 (Tax indemnity).

 

“Treaty Lender”
means a Lender which:

 

		(i)	is treated as a resident of a Treaty State for the purposes of the Treaty;

 

		(ii)	does not carry on a business in the United Kingdom through a permanent establishment with which
that Lender’s participation in the Loan is effectively connected; and

 

		(iii)	fulfils any other conditions which must be fulfilled under the Treaty by residents of the Treaty
State for such residents to obtain exemption from Tax imposed on interest by the United Kingdom, except that for this purpose it
shall be assumed that any necessary procedural formalities have been completed.

 

“Treaty State”
means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision
for full exemption from tax imposed by the United Kingdom on interest.

 

“UK Non-Bank Lender”
means:

 

		(i)	an Original Lender identified specifically as such in Part 2 of Schedule 1 (The Original Parties);
and

 

		(ii)	a Lender which is not an Original Lender and which gives a Tax Confirmation in the documentation
which it executes on becoming a Party as Lender.

 

		(b)	Unless a contrary indication appears, in this Clause 16 a reference to “determines”
or “determined” means a determination made in the absolute discretion of the person making the determination
acting reasonably and in good faith.

 

		16.2	Tax gross-up

 

		(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

 

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		(b)	The Parent shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify
the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender
it shall promptly notify the Parent and that Obligor.

 

		(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from
that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

		(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account
of Tax imposed by the United Kingdom, if on the date on which the payment falls due:

 

		(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had
been a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of
any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application
of) any law or Treaty, or any published practice or published concession of any relevant taxing authority; or

 

		(ii)	 

 

		(1)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(2) of the definition
of Qualifying Lender; and

 

		(2)	an officer of HM Revenue & Customs has given (and not revoked) a direction (a “Direction”)
under section 931 of the ITA which relates to the payment and that Lender has received from the Obligor making the payment or from
the Parent a certified copy of that Direction; and

 

		(3)	the payment could have been made to the Lender without any Tax Deduction if that Direction had
not been made; or

 

		(iii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(2) of the definition
of Qualifying Lender and;

 

		(1)	the relevant Lender has not given a Tax Confirmation to the Parent; and

 

		(2)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given
a Tax Confirmation to the Parent, on the basis that the Tax Confirmation would have enabled the Parent to have formed a reasonable
belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or

 

		(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate
that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under
paragraph (g) or (h) (as applicable) below.

 

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		(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and
any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

		(f)	Within 30 days of making either a Tax Deduction or any payment required in connection with that
Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a
statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has
been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

		(g)	 

 

		(i)	Subject to paragraph (ii) below, a Lender and each Obligor which makes a payment to which that
Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation
to make that payment without a Tax Deduction and maintain that authorisation where an authorisation expires or otherwise ceases
to have effect.

 

		(ii)	 

 

		(1)	A Lender which becomes a Party on the day on which this Agreement is entered into that holds a
passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme
reference number and its jurisdiction of tax residence opposite its name in Part 2 of Schedule 1 (The Original Parties); and

 

		(2)	a New Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that
scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation
which it executes on becoming a Party as a Lender,

 

and, having done so, that Lender
shall be under no obligation pursuant to paragraph (i) above.

 

		(h)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in
accordance with paragraph (g)(ii) above and:

 

		(i)	a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that
Lender; or

 

		(ii)	a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender
but:

 

		(1)	that Borrower DTTP Filing has been rejected by HM Revenue & Customs;

 

		(2)	that Lender’s passport has expired; or

 

		(3)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without
a Tax Deduction within 60 days of the date of the Borrower DTTP Filing,

 

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and in each case, the Borrower
has notified that Lender in writing, that Lender and the Borrower shall co-operate in promptly completing any additional procedural
formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.

 

		(i)	If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in
accordance with paragraph (g)(ii) above, no Obligor shall make a Borrower DTTP Filing or file any other form relating to the HMRC
DT Treaty Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise
agrees.

 

		(j)	A UK Non-Bank Lender which is an Original Lender gives a Tax Confirmation to the Parent by entering
into this Agreement.

 

		(k)	A UK Non-Bank Lender shall promptly notify the Parent and the Agent if there is any change in the
position from that set out in the Tax Confirmation.

 

		(l)	Each Lender undertakes to promptly inform the Parent if it becomes aware that, other than by reason
of a change of law, it is not a Qualifying Lender in respect of any interest payment to be made under an advance under a Finance
Document.

 

		16.3	Tax indemnity

 

		(a)	The Parent shall (within three Business Days of demand by the Agent) pay to a Protected Party an
amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		(b)	Paragraph (a) above shall not apply:

 

		(i)	with respect to any Tax assessed on a Finance Party:

 

		(1)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different,
the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

 

		(2)	under the law of the jurisdiction in which that Finance Party’s Facility Office or other
permanent establishment is located in respect of amounts received or receivable in that jurisdiction,

 

if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that
Finance Party; or

 

		(ii)	to the extent a loss, liability or cost:

 

		(1)	is compensated for by an increased payment under Clause 16.2 (Tax gross-up); or

 

		(2)	would have been compensated for by an increased payment under Clause 16.2 (Tax gross-up)
but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 16.2 (Tax gross-up) applied;
or

 

		(3)	relates to a FATCA Deduction required to be made by a Party; or

 

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		(4)	(for the avoidance of doubt) is suffered or incurred in respect of any Bank Charge (or any payment
attributable to, or liability arising as a consequence of, a Bank Charge);

 

		(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly
notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Parent.

 

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 16.3, notify
the Agent.

 

		16.4	Tax Credit

 

If an Obligor makes a Tax Payment
and the relevant Finance Party determines that:

 

		(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part
or to that Tax Payment; and

 

		(b)	that Finance Party has obtained, utilised and retained that Tax Credit,

 

the Finance Party shall pay
an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position
as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

		16.5	Lender Status Confirmation

 

Each Lender which is not an
Original Lender shall indicate, in the documentation which it executes on becoming a Party as a Lender, and for the benefit of
the Agent and without liability to any Obligor, which of the following categories it falls in:

 

		(a)	not a Qualifying Lender;

 

		(b)	a Qualifying Lender (other than a Treaty Lender); or

 

		(c)	a Treaty Lender.

 

If such a Lender fails to indicate
its status in accordance with this Clause 16.5 then such that Lender shall be treated for the purposes of this Agreement (including
by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent
upon receipt of such notification, shall inform the Parent). For the avoidance of doubt, the documentation which a Lender executes
on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 16.5.

 

		16.6	Stamp taxes

 

The Parent shall pay and, within
three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation
to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document except for any such stamp duty,
registration or other similar Taxes payable:

 

		(a)	in respect of a voluntary assignment, transfer or sub-participation of a Loan or any rights under
this Agreement (or part thereof) by a Finance Party; or

 

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		(b)	upon a voluntary registration made by any Party if such registration is not necessary to evidence,
prove, maintain, enforce, compel or otherwise assert the rights of such Party or obligations of another Party under a Finance Document.

 

		16.7	Value added tax

 

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which
(in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made
by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority
for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for
such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice
to that Party).

 

		(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”)
to any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than the Recipient
(the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration
for that supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration):

 

		(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to VAT chargeable
on that supply; and

 

		(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

 

		(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or
expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		(d)	Any reference in this Clause 16.7 to any Party shall, at any time when such Party is treated as
a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires)
a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the
grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the
European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a
reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which
that Party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity
(or fiscal unity) at the relevant time (as the case may be).

 

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		(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably
requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration
and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements
in relation to such supply.

 

		16.8	FATCA Information

 

		(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request
by another Party:

 

		(i)	confirm to that other Party whether it is:

 

		(1)	a FATCA Exempt Party; or

 

		(2)	not a FATCA Exempt Party;

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status
under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and

 

		(iii)	supply to that other Party such forms, documentation and other information relating to its status
as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation,
or exchange of information regime.

 

		(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other
Party reasonably promptly.

 

		(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where
paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them)
as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation
or other information.

 

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		(e)	If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA
or any other applicable law or regulation require it, each Lender shall, within ten Business Days of:

 

		(i)	where an Original Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the
date of this Agreement;

 

		(ii)	where a Borrower is a US Tax Obligor on a Transfer Date or date on which an increase in Commitments
takes effect pursuant to Clause 2.2 (Increase) and the relevant Lender is a New Lender or an Increase Lender, the relevant
Transfer Date or date on which an increase in Commitments takes effect pursuant to Clause 2.2 (Increase);

 

		(iii)	the date a new US Tax Obligor accedes as a Borrower; or

 

		(iv)	where a Borrower is not a US Tax Obligor, the date of a request from the Agent,

 

supply to the Agent:

 

		(1)	a withholding certificate on Form W-8, Form W-9 or any other relevant form; or

 

		(2)	any withholding statement or other document, authorisation or waiver as the Agent may require to
certify or establish the status of such Lender under FATCA or that other law or regulation.

 

		(f)	The Agent shall provide any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) above to the relevant Borrower.

 

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided
to the Agent by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly
update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent
unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide
any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.

 

		(h)	The Agent may rely on any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Agent shall not be
liable for any action taken by it under or in connection with paragraph (e), (f) or (g) above.

 

		16.9	FATCA Deduction

 

		(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such
a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

 

		(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition,
shall notify the Parent and the Agent and the Agent shall notify the other Finance Parties.

 

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		17.	Increased
                                         Costs

 

		17.1	Increased costs

 

		(a)	Subject to Clause 17.3 (Exceptions) the Parent shall, within three Business Days of a demand
by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of
its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application
of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement.

 

		(b)	In this Agreement “Increased Costs” means:

 

		(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s)
overall capital;

 

		(ii)	an additional or increased cost; or

 

		(iii)	a reduction of any amount due and payable under any Finance Document,

 

which is incurred or suffered
by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its
Commitment or an Ancillary Commitment or funding or performing its obligations under any Finance Document.

 

		17.2	Increased cost claims

 

		(a)	A Finance Party intending to make a claim pursuant to Clause 17.1 (Increased costs) shall
notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Parent.

 

		(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate
confirming the amount of its Increased Costs.

 

		17.3	Exceptions

 

		(a)	Clause 17 (Increased costs) does not apply to the extent any Increased Cost is:

 

		(i)	attributable to a Tax Deduction required by law to be made by an Obligor;

 

		(ii)	compensated for by Clause 16.3 (Tax indemnity) (or would have been compensated for under
Clause 16.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 16.3
(Tax indemnity) applied);

 

		(iii)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or
regulation;

 

		(iv)	attributable to a FATCA Deduction required to be made by a Party; or

 

		(v)	suffered or incurred in respect of any Bank Charge (or any payment attributable to, or liability
arising as a consequence of, a Bank Charge).

 

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		(b)	In this Clause 16.3 reference to a “Tax Deduction” has the same meaning given
to the term in Clause 16.1 (Definitions).

 

		18.	Other
                                         Indemnities

 

		18.1	Currency indemnity

 

		(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

 

		(i)	making or filing a claim or proof against that Obligor; or

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

that Obligor shall as an independent
obligation, within three Business Days of demand, indemnify each Arranger and each other Secured Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (1) the rate
of exchange used to convert that Sum from the First Currency into the Second Currency and (2) the rate or rates of exchange available
to that person at the time of its receipt of that Sum.

 

		(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		18.2	Other indemnities

 

The Parent shall (or shall
procure that an Obligor will), within three Business Days of demand, indemnify each Arranger and each other Secured Party against
any cost, loss or liability incurred by it as a result of:

 

		(a)	the occurrence or continuance of any Default;

 

		(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance Parties);

 

		(c)	funding, or making arrangements to fund, its participation in a Utilisation requested by the Parent
or a Borrower (or the Obligors’ Agent on its behalf) in a Utilisation Request but not made by reason of the operation of
any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone);
or

 

		(d)	a Utilisation (or part of a Utilisation) not being prepaid in accordance with a notice of prepayment
given by a Borrower or the Obligors’ Agent.

 

		18.3	Indemnity to the Agent

 

The Parent shall promptly indemnify
the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

 

		(a)	investigating any event which it reasonably believes is an Event of Default;

 

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		(b)	entering into or performing any foreign exchange contract for the purposes of paragraph (b) of
Clause 33.10 (Change of currency); or

 

		(c)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised.

 

		18.4	Indemnity to the Security Agent

 

		(a)	Each Obligor shall promptly indemnify the Security Agent and every Receiver and Delegate against
any cost, loss or liability incurred by any of them as a result of:

 

		(i)	the taking, holding, protection or enforcement of the Transaction Security;

 

		(ii)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent
and each Receiver and Delegate by the Finance Documents or by law; and

 

		(iii)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents.

 

		(b)	The Security Agent may, in priority to any payment to the Secured Parties, indemnify itself out
of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 18.4
and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys
payable to it.

 

		19.	Mitigation
                                         by the Lenders

 

		19.1	Mitigation

 

		(a)	Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate
any circumstances which arise and which would result in the Facility ceasing to be available or any amount becoming payable under
or pursuant to, or cancelled pursuant to, any of Clause 9.1 (Illegality), Clause 16 (Tax gross-up and indemnities)
or Clause 17 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance
Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance
Documents.

 

		19.2	Limitation of liability

 

		(a)	The Parent shall indemnify each Finance Party for all costs and expenses reasonably incurred by
that Finance Party as a result of steps taken by it under Clause 19.1 (Mitigation).

 

		(b)	A Finance Party is not obliged to take any steps under Clause 19.1 (Mitigation) if, in the
opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

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		20.	Costs
                                         and Expenses

 

		20.1	Transaction expenses

 

The Parent shall promptly on
demand pay the Agent, the Arrangers and the Security Agent the amount of all costs and expenses (including legal fees) reasonably
incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation,
preparation, printing, execution, completion and perfection of:

 

		(a)	this Agreement and any other documents referred to in this Agreement and the Transaction Security;
and

 

		(b)	any other Finance Documents executed after the date of this Agreement.

 

		20.2	Amendment costs

 

If (a) an Obligor requests
an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 33.10 (Change of currency), the Parent
shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Agent and the Security Agent (and, in the case of the Security Agent,
by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

 

		20.3	Security Agent’s ongoing costs

 

		(a)	In the event of an Event of Default and the Security Agent being requested by an Obligor or the
Majority Lenders to undertake duties which the Security Agent and the Parent agree to be of an exceptional nature and/or outside
the scope of the normal duties of the Security Agent under the Finance Documents, the Parent shall pay to the Security Agent any
additional remuneration that may be agreed between them.

 

		(b)	If the Security Agent and the Parent fail to agree upon the nature of the duties or upon any additional
remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by
the Security Agent and approved by the Parent or, failing approval, nominated (on the application of the Security Agent) by the
President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being
payable by the Parent) and the determination of any investment bank shall be final and binding upon the parties to this Agreement.

 

		20.4	Enforcement and preservation costs

 

The Parent shall, within three
Business Days of demand, pay to the Arrangers and each other Secured Party on a full indemnity basis the amount of all costs and
expenses (including legal, valuation, accountancy and consulting fees and commission and out of pocket expenses) and any VAT thereon
incurred by it in connection with the enforcement of or the preservation of or the release of any rights under any Finance Document
or any of the documents referred to in such documents in any jurisdiction and any proceedings instituted by or against the Security
Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

 

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Section 7

 

Guarantee and Indemnity

 

		21.	Guarantee
                                         and Indemnity

 

		21.1	Guarantee and indemnity

 

Each Guarantor irrevocably
and unconditionally jointly and severally:

 

		(a)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s
obligations under the Finance Documents;

 

		(b)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under
or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal
obligor; and

 

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal, it will as an independent and primary obligation, indemnify that Finance Party immediately on demand against
any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount
payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 21 if the amount
claimed had been recoverable on the basis of a guarantee.

 

		21.2	Continuing Guarantee

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

 

		21.3	Reinstatement

 

If any discharge, release or
arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by
a Finance Party in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored
on insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause
21 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		21.4	Waiver of defences

 

The obligations of each Guarantor
under this Clause 21 will not be affected by an act, omission, matter or thing which, but for this Clause 21, would reduce, release
or prejudice any of its obligations under this Clause 21 (without limitation and whether or not known to it or any Finance Party)
including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

		(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

 

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		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Security;

 

		(d)	any legal limitation, incapacity or lack of power, authority or legal personality of or dissolution
or change in the members or status of an Obligor or any other person;

 

		(e)	any amendment, novation, supplement, extension or restatement (however fundamental and whether
or not more onerous) or replacement of a Finance Document or any other document or Security including any change in the purpose
of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document
or Security;

 

		(f)	any unenforceability, illegality, invalidity or frustration of any obligation of any person under
any Finance Document or any other document or Security;

 

		(g)	the failure of any member of the Group to enter into or be bound by any Finance Document;

 

		(h)	any action (or decision not to act) taken by a Finance Party (or any trustee or agent on its behalf)
in accordance with Clause 21.7 (Appropriations); or

 

		(i)	any insolvency, dissolution or similar proceedings or from any law, regulation or order.

 

		21.5	Guarantor Intent

 

Without prejudice to the generality
of Clause 21.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall extend
from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents
and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of
the following: acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out
restructurings; refinancing existing Facilities; refinancing any other indebtedness; making Facilities available to new borrowers;
any other variation or extension of the purposes for which any such facility or amount might be made available from time to time;
and any fees, costs and/or expenses associated with any of the foregoing.

 

		21.6	Immediate recourse

 

Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other
rights or security or claim payment from any person before claiming from that Guarantor under this Clause 21. This waiver applies
irrespective of any law or any provision of a Finance Document to the contrary.

 

		21.7	Appropriations

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each
Finance Party (or any trustee or agent on its behalf) may:

 

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		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that
Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the
same; and

 

		(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account
of any Guarantor’s liability under this Clause 21.

 

		21.8	Deferral of Guarantors’ rights

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations
under the Finance Documents or by return of any amount being payable, or liability arising under this Clause 21.

 

		(a)	to be indemnified by an Obligor;

 

		(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the
Finance Documents;

 

		(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any
rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection
with, the Finance Documents by any Finance Party; and/or

 

		(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or
perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 21.1 (Guarantee
and Indemnity);

 

		(e)	to exercise any right of set off against any Obligor; and/or

 

		(f)	to claim or prove as a creditor of any Obligor or its estate in competition with any Finance Party;

 

and to the extent that any
Guarantor is subrogated or entitled to any contribution and/or indemnity by law, that Guarantor (to the fullest extent permitted
by law) waives such rights.

 

If a Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary
to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as
the Agent may direct for application in accordance with Clause 33 (Payment mechanics).

 

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		21.9	Release of Guarantors’ right of contribution

 

If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale
or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

 

		(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance
by any other Guarantor of its obligations under the Finance Documents; and

 

		(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations
under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or relate to the assets of the Retiring Guarantor.

 

		21.10	Additional security

 

This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

 

		21.11	Guarantee Limitations

 

With respect to any Additional
Guarantor, this guarantee is subject to any limitations set out in the Accession Deed applicable to such Additional Guarantor.

 

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Section 8

 

Representations, Undertakings and Events
of Default

 

		22.	Representations

 

		22.1	General

 

		(a)	Each Obligor makes the representations and warranties set out in this Clause 22 to each Finance
Party in accordance with Clause 22.25 (Times when representations made).

 

		(b)	For ease of reference only, the representations and warranties in this Clause 22 marked with an
asterisk are the Repeating Representations

 

		22.2	*Status

 

		(a)	It and each of its Subsidiaries (a) is duly incorporated and validly existing under the laws of
its jurisdiction of incorporation (b) has all requisite power and authority to own and operate its properties, to carry on its
business as now conducted and as proposed to be conducted, to enter into the Finance Documents to which it is a party and to carry
out the transactions contemplated thereby (including the Refinancing Transactions), and (c) is qualified to do business and in
good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations,
except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected
to have, a Material Adverse Effect.

 

		22.3	*Binding obligations

 

		(a)	Each Transaction Document has been duly executed and delivered by each Obligor that is a party
thereto and is the legally valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its
respective terms, except as may be limited by bankruptcy, insolvency, reorganisation, moratorium or similar laws relating to or
limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

		(b)	The provisions of each of the Transaction Security Documents (whether executed and delivered prior
to or on the Closing Date or thereafter) are and will be effective to create in favour of the Security Agent, for its benefit and
the benefit of the Secured Parties, a valid and enforceable Security interest upon all right, title and interest of each Obligor
in and to the collateral purported to be pledged, charged, mortgaged or assigned by it thereunder and described therein, except
as may be limited by bankruptcy, insolvency, reorganisation, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability, and upon (i) the utilisation of the Facility hereunder,
(ii) the filing of appropriately completed UCC financing statements and continuations thereof in the jurisdictions specified therein,
(iii) with respect to United States Copyright registrations, the recordation of an appropriately completed short-form Intellectual
Property Security Agreement in the United States Copyright Office, and (iv) with respect to Deposit Accounts (as defined in the
Note Purchase Agreement as at the original date thereof) maintained at financial institutions located in the US, when the Collateral
Agent has “control” within the meaning of Section 9-104 of the applicable UCC and (v) with respect to any Transaction
Security Document entered into by an Obligor incorporated in England and Wales, the registration of such Transaction Security Document
with Companies House in England and Wales and to the extent relevant, the Trade Marks Registry at the Patent Office in England
and Wales and HM Land Registry in England and Wales, such Security interest shall constitute a fully perfected and First Priority
Security interest in such right, title and interest of such Obligor, in and to such collateral, to the extent that such Security
interest can be perfected by such actions.

 

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		22.4	*Non-conflict with other obligations

 

The execution, delivery and
performance by Obligors of the Transaction Documents to which they are parties and the consummation of the transactions contemplated
by the Transaction Documents (including the Refinancing Transactions) do not and will not (a) violate (i) any provision of any
law or any governmental rule or regulation applicable to the Parent or any of its Subsidiaries, (ii) any of the Constitutional
Documents of the Parent or the equivalent documents of any of its Subsidiaries, or (iii) any order, judgment or decree of any court
or other agency of government binding on the Parent or any of its Subsidiaries; (b) conflict with, result in a breach of or constitute
(with due notice or lapse of time or both) a default under any Contractual Obligation of the Parent or any of its Subsidiaries;
(c) result in or require the creation or imposition of any Security upon any of the properties or assets of the Parent or any of
its Subsidiaries (other than any Transaction Security); or (d) require any approval of stockholders, members or partners or any
approval or consent of any person under any Contractual Obligation of the Parent or any of its Subsidiaries, except in the case
of clauses (a)(i), (a)(iii), (b) and (c) as would not reasonably be expected to have a Material Adverse Effect.

 

		22.5	*Power and authority

 

The execution, delivery and
performance of the Transaction Documents have been duly authorised by all necessary action on the part of each Obligor that is
a party thereto.

 

		22.6	*Validity and admissibility in evidence

 

The execution, delivery and
performance by the Obligors of the Transaction Documents to which they are parties and the consummation of the transactions contemplated
by the Transaction Documents (including the Refinancing Transactions) do not and will not require any registration with, consent
or approval (including Gaming Approval) of, or notice to, or other action to, with or by, any Governmental Authority (including
any foreign exchange approval), except for filings and recordings with respect to the Transaction Security to be made, or otherwise
delivered to the Security Agent for filing and/or recordation, as of the Closing Date.

 

		22.7	*Governing law and enforcement

 

		(a)	The law expressed to be the governing law in each Finance Document will be recognised and enforced
in the Relevant Jurisdictions of each Obligor executing that Finance Document.

 

		(b)	Any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law
of that Finance Document will be recognised and enforced in its Relevant Jurisdictions.

 

		22.8	Insolvency

 

No:

 

		(a)	corporate action, legal proceeding or other procedure or step each as described in paragraph (a)
of Clause 26.7 (Insolvency Proceedings); or

 

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		(b)	creditors’ process described in Clause 26.8 (Creditors’ process),

 

has been taken or, to the knowledge
of the Parent, threatened in writing in relation to a member of the Group; and none of the circumstances described in Clause 26.6
(Insolvency) applies to any member of the Group.

 

		22.9	Payment of Taxes

 

		(a)	Except as otherwise permitted under the Note Purchase Agreement as
at the original date thereof, all Tax returns and reports of the Parent and its Subsidiaries required to be filed by any of them
have been timely filed, and all Taxes shown on such tax returns to be due and payable, and all other taxes, assessments, fees and
other governmental charges upon the Parent and its Subsidiaries and upon their respective properties, assets, income, businesses
and franchises which are due and payable have been paid when due and payable.

 

		(b)	There is no Tax assessment against the Parent or any of its Subsidiaries
which is not being actively contested by the Parent or such Subsidiary in good faith and by appropriate proceedings; provided,
such reserves or other appropriate provisions, if any, as shall be required in conformity with the Accounting Principles shall
have been made or provided therefor.

 

		(c)	There are no stamp, registration, notarial or similar Taxes
or fees imposed by the jurisdiction of organization of the Parent and its Subsidiaries (or any municipality
or other political subdivision or taxing authority thereof or therein that exercises de facto or de jure power to impose such Tax
or fee) on or by virtue of the execution or delivery of the Credit Documents.

 

		(d)	It is not required to make any deduction for or on account of Tax from any payment it may make
under any Finance Document to a Lender which is a Qualifying Lender.

 

		22.10	*No default

 

Neither the Parent nor any
of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time
or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any,
could not reasonably be expected to have a Material Adverse Effect.

 

		22.11	No misleading information

 

No representation or warranty
of any Obligor contained in any Transaction Document or in any other documents, certificates or written statements furnished to
the Finance Parties by or on behalf of the Parent or any of its Subsidiaries for use in connection with the transactions contemplated
hereby (other than projections and other forward looking statements or information of a general economic or industry specific nature)
contains any untrue statement of a material fact or omits to state a material fact (known to the Parent or the Issuer, in the case
of any document not furnished by either of them) necessary in order to make the statements contained herein or therein (when taken
as a whole) not materially misleading in light of the circumstances in which the same were made. Any projections, budgets and forward
looking information and pro forma financial information contained in such materials are based upon good faith estimates and assumptions
believed by the Parent or the Issuer to be reasonable at the time made, it being recognized by Finance Parties that such projections
as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections
may differ from the projected results. There are no facts known to the Parent or the Issuer (other than matters of a general economic
or industry specific nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Effect and that have not been disclosed herein or in such other documents, certificates and statements furnished to the Finance
Parties for use in connection with the transactions contemplated hereby.

 

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		22.12	*Original Financial Statements

 

		(a)	Its Original Financial Statements were prepared in conformity with the Accounting Principles and
fairly present, in all material respects, the financial position, on a consolidated basis, of the persons described in such financial
statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities
described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes
resulting from audit and normal year-end adjustments.

 

		(b)	On and as of the Closing Date, the projections of the Parent and its Subsidiaries for the Financial
Year ending on September 30, 2018 through and including the Financial Year ending September 30, 2024 (the “Projections”)
are based on good faith estimates and assumptions made by the management of the Parent (which as of delivery thereof, management
of the Parent believed were reasonable and attainable); provided, the Projections are not to be viewed as facts and that
actual results during the period or periods covered by the Projections may differ from such Projections and that the differences
may be material.

 

		(c)	Its most recent financial statements delivered pursuant to Clause 23.1 (Financial statements):

 

		(i)	have been prepared in accordance with the Accounting Principles as applied to the Original Financial
Statements and the Base Case Model; and

 

		(ii)	give a true and fair view of (if audited) or fairly present in the context of management accounts
(if unaudited) its consolidated financial condition as at the end of, and consolidated results of operations for, the period to
which they relate.

 

		(d)	The budgets and forecasts supplied under this Agreement were arrived at after careful consideration
and have been prepared in good faith on the basis of recent historical information and on the basis of assumptions which were reasonable
as at the date they were prepared.

 

		22.13	No Material Adverse Effect

 

Since September 30, 2017, no
event, circumstance or change has occurred that has caused or evidences, or could reasonably be expected to result in, either in
any case or in the aggregate, a Material Adverse Effect.

 

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		22.14	No proceedings pending or threatened

 

There are no Adverse Proceedings,
individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect. Neither the Parent nor any
of its Subsidiaries (a) is in violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final judgments,
writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

		22.15	No breach of laws

 

		(a)	Each of the Parent and its Subsidiaries is in compliance with all applicable statutes, regulations
and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business
and the ownership of its property (including compliance with all applicable Environmental Laws with respect to any interest (fee,
leasehold or otherwise) owned by any Obligor in any real property (a “Real Estate Asset”) or governing its business
and the requirements of any permits issued under such Environmental Laws with respect to any such Real Estate Asset or the operations
of the Parent or any of its Subsidiaries), except such non-compliance that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

		22.16	Environmental laws

 

		(a)	Neither the Parent nor any of its Subsidiaries nor any of their respective Business Facilities
or operations are subject to any outstanding written order, consent decree or settlement agreement with any person relating to
any Environmental Law, any Environmental Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. Neither the Parent nor any of its Subsidiaries has received any written
request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C.
§ 9604) or any comparable state law. There are and, to each of the Parent and its Subsidiaries’ knowledge, have been,
no conditions, occurrences, or Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental
Claim against the Parent or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have
a Material Adverse Effect. Neither the Parent nor any of its Subsidiaries nor, to any Obligor’s knowledge, any predecessor
of the Parent or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment
of Hazardous Materials at any Business Facility, and none of the Parent’s or any of its Subsidiaries’ operations involves
the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or
any state equivalent (excepting in both circumstances, recycling or recovery of Hazardous Materials used in office equipment or
applications in the ordinary course of business). Compliance with all current or reasonably foreseeable future requirements pursuant
to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.
No event or condition has occurred or is occurring with respect to the Parent or any of its Subsidiaries relating to any Environmental
Law, any Release of Hazardous Materials, or any Hazardous Materials Activity which individually or in the aggregate has had, or
could reasonably be expected to have, a Material Adverse Effect.

 

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		22.17	Shares

 

The Equity Interests of each
of the Parent and its Subsidiaries has been duly authorised and validly issued and is fully paid and non-assessable. Except as
set forth in Schedule 4.2 of the Note Purchase Agreement, as of the date hereof, there is no existing option, warrant, call, right,
commitment or other agreement to which the Parent or any of its Subsidiaries is a party requiring, and there is no membership interest
or other Equity Interests of the Parent or any of its Subsidiaries outstanding which upon conversion or exchange would require,
the issuance by the Parent or any of its Subsidiaries of any additional membership interests or other Equity Interests of the Parent
or any of its Subsidiaries or other securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase,
a membership interest or other Equity Interests of the Parent or any of its Subsidiaries.

 

		22.18	Intellectual Property

 

Except as set forth in Schedule
4.28 of the Note Purchase Agreement, each of the Parent and its Subsidiaries owns or licenses or otherwise has the right to use
all Patents, Patent applications, Trademarks, Trademark applications, service marks, trade names, Copyrights, Copyright applications
and other Intellectual Property rights that are necessary in all material respects for the operation of its business, without infringement
upon or conflict with the rights of any other person with respect thereto, and all such Intellectual Property owned by an Obligor
is subsisting and, to the knowledge of such party, valid and enforceable, has not been abandoned, and is not subject to any outstanding
order, judgment or decree restricting its use or adversely affecting such party’s rights thereto, except, in each case, for
such failure to possess such rights, infringements, conflicts, nonsubsistence, invalidity, unenforceability, abandonment or outstanding
orders, judgments or decrees, which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect. Except as set forth in Schedule 4.28 of the Note Purchase Agreement, no such Intellectual Property is the subject of any
material licensing agreement as to which any of the Parent or its Subsidiaries is a party. To the knowledge of any of the Parent
or its Subsidiaries, no slogan or other advertising device, product, process, method, substance or other Intellectual Property
or goods bearing or using any Intellectual Property presently contemplated to be sold by or employed by any of the Parent or its
Subsidiaries infringes any Patent, Trademark, service mark, trade name, Copyright, license or other Intellectual Property owned
by any other person in any material respect, and no claim or litigation regarding any of the foregoing is pending or, to the knowledge
of any Obligor, threatened in writing, except for such infringements and conflicts which could not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

		22.19	*Centre of main interests and establishments

 

For the purposes of Regulation
(EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”), its ‘centre of main
interest’ (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation and it
has no ‘establishment’ (as that term is used in Article 2(h) of the Regulations) in any other jurisdiction.

 

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		22.20	Insurance

 

The Parent and its Subsidiaries
maintains the insurance required by Clause 25.21 (Insurance). All insurance maintained by the Parent and its Subsidiaries
on the Closing Date has been disclosed to the Security Agent in writing prior to the Closing Date.

 

		22.21	Pensions

 

Except for the Leisure Link
Group Pension Scheme:

 

		(a)	neither it nor any of its Subsidiaries is or has at any time been an employer (for the purposes
of Sections 38 to 51 of the Pensions Act 2004) of an occupational pension scheme which is not a money purchase scheme (both terms
as defined in the Pensions Schemes Act 1993); and

 

		(b)	neither it nor any of its Subsidiaries is or has at any time been “connected”
with or an “associate” of (as those terms are used in Sections 39 and 43 of the Pensions Act 2004) such an employer.

 

		22.22	Sanctions

 

Neither it, nor any of its
Subsidiaries (nor any director, nor, to the best of its knowledge (after due and careful inquiry), any officer, employee, affiliate,
agent or representative of it or any of its Subsidiaries) is a person that is, or is owned or controlled by a person that is:

 

		(a)	the subject of any economic or financial sanctions or trade embargoes implemented, administered
or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the US Departments of State or Commerce
or any other US government authority, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the
Department for Business, Innovation and Skills or any other UK government authority each a “Sanctions Authority”
(collectively, “Sanctions”); or

 

		(b)	located, organised or resident in a country or territory that is the subject of Sanctions (currently
Crimea, Cuba, Iran, North Korea, Sudan, Syria and Burma/Myanmar) (“Sanctioned Countries”).

 

		22.23	Properties

 

Each of the Parent and its
Subsidiaries has (i) good, sufficient and legal title to (in the case of fee interests in real property), (ii) valid leasehold
interests in (in the case of leasehold interests in real or personal property), (iii) valid licensed rights in (in the case of
licensed interests in intellectual property) and (iv) good title to (in the case of all other personal property), all of their
respective properties and assets reflected in their respective Original Financial Statements and in the most recent financial statements
delivered pursuant to Clause 23.1, in each case except for assets disposed of since the date of such financial statements in the
ordinary course of business or as otherwise permitted under the Note Purchase Agreement as at the original date thereof. Except
as permitted by this Agreement and the Note Purchase Agreement as at the original date thereof, all such properties and assets
are free and clear of Security.

 

		22.24	Gaming Approvals

 

The Parent and its Subsidiaries
have (a) all applicable Gaming Licenses necessary for the operation of their business as currently conducted and all such Gaming
Licenses are valid and in full force and effect and (b) all other applicable governmental approvals necessary for the operation
of their business as currently conducted and all such other governmental approvals are valid and in full force and effect.

 

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		22.25	Times when representations made

 

		(a)	All the representations and warranties in this Clause 22 are made by each Original Obligor on the
date of this Agreement and the Closing Date.

 

		(b)	The Repeating Representations are deemed to be made by each Obligor on the date of each Utilisation
Request.

 

		(c)	All the representations and warranties in this Clause 22 (except Clause 22.11 (No misleading information)
are deemed to be made by each Additional Obligor on the day on which it becomes (or it is proposed that it becomes) an Additional
Obligor.

 

		(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed
to be made by reference to the facts and circumstances existing at the date the representation or warranty is deemed to be made.

 

		23.	Information Undertakings

 

The undertakings in this Clause
23 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

 

In this Clause 23:

 

“Annual Financial
Statements” means the financial statements for a Financial Year delivered pursuant to paragraph (a) of Clause 23.1 (Financial
statements).

 

“Quarterly Financial
Statements” means the financial statements for a Financial Quarter delivered pursuant to paragraph (b) of Clause 23.1
(Financial Statements).

 

		23.1	Financial statements

 

The Parent shall supply to
the Agent in sufficient copies for all the Lenders:

 

		(a)	as soon as they are available, but in any event within 90 days after the end of each of its Financial
Years its audited consolidated financial statements for that Financial Year;

 

		(b)	as soon as they are available, but in any event within 45 days after the end of each Financial
Quarter of each of its Financial Years its Quarterly Financial Statements in respect of that Financial Quarter, provided that the
Quarterly Financial Statements may be delivered along with the monthly board report referred to in paragraph (c)(ii) below (provided
that the relevant monthly board pack is delivered within 45 days after the end of the relevant Financial Quarter); and

 

		(c)	as soon as they are available, but in any event:

 

		(i)	within 30 days after the end of each month, financial information for that month in substantially
the form of the financial information contained in the monthly board report most recently distributed to the Original Lender prior
to the date of this Agreement; and

 

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		(ii)	promptly following its distribution to the board of directors of the Parent its monthly board report
for that month (in substantially the form of the monthly board report most recently distributed to the Original Lender prior to
the date of this Agreement), provided that the Parent shall not be required to disclose any information that would reasonably be
expected (as determined by the Parent in good faith) to create a conflict of interest for any Finance Party to the extent made
available to them; provided, further, that the Parent shall not be required to disclose or provide any information in respect of
which disclosure to the Agent or any Lender (or any of their respective representatives) is prohibited by any applicable law or
regulation, (ii) that is subject to attorney-client or similar privilege or constitutes attorney work product, or (iii) in respect
of which any member of the Group is a party to an agreement with a third party that imposes confidentiality obligations on such
member of the Group and would violate the applicable confidentiality provisions of such agreement.

 

		23.2	Provision and contents of Compliance Certificate

 

		(a)	The Parent shall supply a Compliance Certificate to the Agent with each set of its audited consolidated
Annual Financial Statements and each set of its consolidated Quarterly Financial Statements.

 

		(b)	The Compliance Certificate shall, amongst other things set out (in reasonable detail) computations
as to compliance with Clause 24 (Financial covenants).

 

		(c)	Each Compliance Certificate shall be signed by two directors one of whom must be the Chief Financial
Officer of the Group and, if required to be delivered with the consolidated Annual Financial Statements of the Parent, shall be
reported on by the Parent’s Auditors in the form agreed by the Parent and the Majority Lenders but only if at least five
Business Days before the last date for the delivery of such Compliance Certificate the Lenders have agreed an engagement letter
with the Auditors for the provision of such report.

 

		23.3	Requirements as to financial statements

 

		(a)	The Parent shall procure that each set of Annual Financial Statements, Quarterly Financial Statements
includes a balance sheet, profit and loss account and cashflow statement. In addition the Parent shall procure that:

 

		(i)	each set of Annual Financial Statements shall be audited by the Auditors; and

 

		(ii)	each set of Quarterly Financial Statements shall include:

 

		(1)	a balance sheet, profit and loss account and cashflow statement for the period from the beginning
of the current Financial Year to the end of the relevant month or Financial Quarter; and

 

		(2)	a balance sheet, profit and loss account and cashflow statement for the relevant month or Financial
Quarter,

 

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and is accompanied
by a statement by the directors of the Parent commenting on:

 

		(A)	the performance of the Group for the month to which the financial statements relate and the Financial
Year to date;

 

		(B)	a comparison of actual performance to date against the prior Financial Year and the most recently
delivered Budget; and

 

		(C)	any material developments or material proposals affecting the Group or its business

 

		(b)	Each set of financial statements delivered pursuant to Clause 23.1 (Financial statements):

 

		(i)	shall be certified by the Chief Financial Officer as giving a true and fair view of (in the case
of Annual Financial Statements for any Financial Year), or fairly representing (in other cases), its financial condition and operations
as at the date as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall
be accompanied by any letter addressed to the management of the relevant company by the Auditors and accompanying those Annual
Financial Statements;

 

		(ii)	in the case of consolidated financial statements of the Group, shall be accompanied by a statement
by the Chief Financial Officer comparing actual performance for the period to which the financial statements relate to:

 

		(1)	the projected performance for that period set out in the Budget; and

 

		(2)	the actual performance for the corresponding period in the preceding Financial Year of the Group;
and

 

		(iii)	shall be prepared using the Accounting Principles, accounting practices and financial reference
periods consistent with those applied in the preparation of the Base Case Model, unless, in relation to any set of financial statements,
the Parent notifies the Agent that there has been a change in the Accounting Principles or the accounting practices and its Auditors
(or, if appropriate, the Auditors of the Obligor) deliver to the Agent:

 

		(1)	a description of any change necessary for those financial statements to reflect the Accounting
Principles or accounting practices upon which the Base Case Model were prepared; and

 

		(2)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable
the Lenders to determine whether Clause 24 (Financial covenants) has been complied with; to determine the Margin as set
out in Clause 12.1 (Calculation of interest); .

 

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Any reference in this Agreement
to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon
which the Base Case Model or, as the case may be, the Original Financial Statements were prepared.

 

		(c)	If the Agent receives a report from the Parent’s Auditors pursuant to sub-paragraph (b)(iii)
above, the Majority Lenders (in consultation with the Parent and the Auditors) may require such changes to the covenants set out
in Clause 24 (Financial covenants) as are necessary solely to reflect the changes notified to them.

 

		(d)	If at any time when the Majority Lenders have reasonable grounds to believe a Default is continuing
and the Majority Lenders wish the Agent to discuss the financial position of any member of the Group with the Auditors, the Agent
may notify the Parent, stating the questions or issues which the Majority Lenders wish to discuss with the Auditors. In this event,
the Parent must ensure that the Auditors are authorised (at the expense of the Parent):

 

		(i)	to discuss the financial position of each member of the Group with the Agent on request from the
Agent;

 

		(ii)	to verify any financial information required by the Finance Documents to be provided to the Agent;

 

		(iii)	to disclose to the Agent for the Finance Parties any information which the Agent may reasonably
request; and

 

		(iv)	to verify any figures required to calculate the financial covenants in Clause 24 (Financial
covenants) or the Margin.

 

		(e)	If following discussions with the Parent’s Auditors pursuant to paragraph (d) above, the
Majority Lenders (acting reasonably) have grounds to believe that there has been a breach of Clause 24 (Financial Covenants)
which has not been disclosed in the Quarterly Financial Statements or by discussions with the Auditors pursuant to paragraph (d)
above, they may require (at the Parent’s expense) an independent firm of accountants acceptable to the Majority Lenders to
carry out an appropriate investigation and give a certificate satisfactory to the Majority Lenders concerning any matter referred
to in sub-paragraph (d)(i) above or the calculation of any term defined in Clause 24.1 (Financial definitions).

 

		23.4	Budget

 

		(a)	The Parent shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same
become available but in any event within 60 days after the start of each of its Financial Years, an annual Budget for that Financial
Year.

 

		(b)	The Parent shall ensure that each Budget:

 

		(i)	is in a format reasonably acceptable to the Agent and includes a projected consolidated profit
and loss, balance sheet and cashflow statement for the Group;

 

		(ii)	is prepared in accordance with the Accounting Principles and the accounting practices and financial
reference periods applied to financial statements under Clause 23.1 (Financial Statements); and

 

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		(iii)	has been approved by the board of directors of the Parent.

 

		(c)	If the Parent updates or changes the Budget, it shall promptly deliver to the Agent, in sufficient
copies for each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that
Budget.

 

		23.5	Presentations

 

Once in every Financial Year
(or twice in a Financial Year if requested by the Agent if the Agent reasonably suspects that an Event of Default is continuing)
at least two directors of the Parent (one of whom shall be the Chief Financial Officer) must give a presentation to the Finance
Parties in London about the on-going business and financial performance of the Group.

 

		23.6	Year-end

 

		(a)	The Parent shall procure that the end of each Financial Year of each member of the Group falls
on 30 September, provided that each member of the Group shall be permitted to change the date of the end of its Financial Year
to 31 December by delivery by the Parent to the Agent of written notice to that effect.

 

		(b)	The Parent shall procure that each quarterly accounting period and each Financial Quarter of each
member of the Group ends on a Quarter Date.

 

		23.7	Information: miscellaneous

 

The Parent shall supply to
the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

 

		(a)	at the same time as they are dispatched, copies of all documents dispatched by the Parent to its
shareholders generally (or any class of them) or dispatched by the Parent or any Obligors to its creditors generally (or any class
of them);

 

		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings which have been commenced or are current, threatened or pending against any member of the Group, and which, if adversely
determined would involve a liability, or a potential or alleged liability, exceeding £1,000,000 (or its equivalent in other
currencies);

 

		(c)	promptly upon becoming aware of the relevant claim, the details of any disposal or insurance claim
which will require a prepayment under Clause 10.2 (Disposal and Insurance Proceeds);

 

		(d)	promptly, such information as the Security Agent may reasonably require about the Charged Property
and compliance of the Obligors with the terms of any Transaction Security Documents; and

 

		(e)	promptly on request, such further information regarding the financial condition, assets and operations
of the Group and/or any member of the Group (including any requested amplification or explanation of any item in the financial
statements, budgets or other material provided by any Obligor under this Agreement, any changes to Senior Management and an up
to date copy of its Shareholders’ register (or equivalent in its jurisdiction of incorporation)) as any Finance Party through
the Agent may reasonably request.

 

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		23.8	Notification of default

 

		(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy
it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided
by another Obligor).

 

		(b)	Promptly upon a request by the Agent, the Parent shall supply to the Agent a certificate signed
by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it).

 

		23.9	“Know your customer” checks

 

		(a)	If:

 

		(i)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation made after the date of this Agreement;

 

		(ii)	any change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition
of the shareholders of an Obligor (or of a Holding Company of an Obligor) after the date of this Agreement; or

 

		(iii)	a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this
Agreement to a party that is not a Lender prior to such assignment or transfer,

 

obliges the Agent, the Security
Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your customer”
or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor
shall promptly upon the request of the Agent, the Security Agent or any Lender supply, or procure the supply of, such documentation
and other evidence as is reasonably requested by the Agent (for itself or on behalf of the Security Agent or any Lender), the Security
Agent or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new
Lender) in order for the Agent, the Security Agent, such Lender or, in the case of the event described in paragraph (iii) above,
any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

		(b)	Each Lender shall promptly upon the request of the Agent or the Security Agent supply, or procure
the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (in each case,
for itself) in order for the Agent or the Security Agent to carry out and be satisfied it has complied with all necessary “know
your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated
in the Finance Documents.

 

		(c)	The Parent shall, by not less than 10 Business Days’ prior written notice to the Agent, notify
the Agent (which shall promptly notify the Security Agent and the Lenders) of its intention to request that one of its Subsidiaries
becomes an Additional Obligor pursuant to Clause 29 (Changes to the Obligors).

 

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		(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional
Obligor obliges the Agent, the Security Agent or any Lender to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not already available to it, the Parent shall promptly upon the
request of the Agent, the Security Agent or any Lender supply, or procure the supply of, such documentation and other evidence
as is reasonably requested by the Agent (for itself or on behalf of the Security Agent or any Lender) or the Security Agent or
any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent, the Security Agent or such Lender or
any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as
an Additional Obligor.

 

		24.	Financial covenants

 

		24.1	Financial definitions

 

In this Clause 24:

 

“Capital Lease”
means, as applied to any person, any lease of any property (whether real, personal or mixed) by that person as lessee that, in
conformity with the Accounting Principles in effect on the date hereof, is or should be accounted for as a capital lease on the
balance sheet of that person.

 

“Consolidated Adjusted
EBITDA” means, for any period, an amount determined for the Parent and its Subsidiaries, on a consolidated basis and
without duplication equal to:

 

(i)            Consolidated
Net Income, plus, to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for

 

(a) Consolidated
Interest Expense,

 

(b) provisions
for taxes based on income,

 

(c) total depreciation
expense,

 

(d) total amortization
expense,

 

(e) other non-Cash
charges reducing Consolidated Net Income (excluding any such non-Cash charge to the extent that it represents an accrual or reserve
for potential Cash charge in any future period but including an amount not to exceed $2,000,000 in the relevant Relevant Period
for any amortization of a prepaid Cash charge that was paid in a prior period),

 

(f) (1) any
non-cash charges or expenses incurred pursuant to any management equity plan or stock option plan or other management or employee
benefit plan or agreement, pension plan, any stock subscription or shareholder agreement or any distributor equity plan or agreement,
(2) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of equity interests
held by management, in each case under this clause (2), to the extent such charges, costs, expenses, accruals or reserves are funded
with net cash proceeds contributed to the Parent as a capital contribution or as a result of the sale or issuance of Equity Interests
(other than Disqualified Equity Interests) of the Parent utilized for purposes of funding such item and (3) any cash income taxes
paid by the Parent in respect of the management equity transactions described in clause (2),

 

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(g) (1) the
fees, premiums, expenses and other transaction costs incurred in connection with this Agreement, the Note Purchase Agreement as
at the original date thereof and the transactions contemplated hereby and thereby (including to fund any OID and upfront fees),
(2) transaction fees, costs and expenses incurred in connection with incurrence (or modification) of Financial Indebtedness or
Permitted Acquisitions (or any such transaction proposed and not consummated), (3) transaction fees, costs and expenses incurred
in connection with any other acquisitions in an amount not to exceed $500,000 in the aggregate for the relevant Relevant Period,
(4) transaction fees, costs and expenses incurred in connection with the consummation of any Investment (other than Investments
in Cash Equivalent Investments or Permitted Acquisitions), Disposals, Permitted Distributions, Permitted Share Issues or capital
contributions in an amount not to exceed $500,000 in the aggregate for the relevant Relevant Period and (5) fees, costs and expenses
to the extent reimbursable by third parties pursuant to indemnification provisions or similar agreements or insurance; provided,
in respect of any fees, costs and expenses added back pursuant to this clause (5), the Parent in good faith expects to receive
reimbursement for such fees, costs and expenses within the next four (4) Financial Quarters (it being understood that to the extent
not actually received within such Financial Quarters, such reimbursement amounts shall be deducted in calculating EBITDA for such
Financial Quarters,(h) any non-cash charges, expenses or negative adjustments (or minus non-cash gains or positive adjustments)
relating to any adjustments arising by reason of the application of certain accounting principles with respect to ASC 805 (relating
to changes in accounting for earn-out obligations),

 

(i) any extraordinary,
unusual, one-time or non-recurring items, or any costs, charges, accruals, reserves or expenses attributable to the undertaking
and/or implementation of cost savings initiatives, operating expense reductions, transition, business optimization and other restructuring
and integration costs, charges, accruals, reserves and expenses, including inventory optimization programs, software development
costs, costs related to the closure or consolidation of facilities and curtailments (including the cessation of the Mexican server-based
gaming division), costs related to the entry into new markets, consulting fees, signing costs, retention or completion bonuses,
relocation expenses and modifications to pension and post-retirement employee benefit plans, new systems design and implementation
costs and project startup costs) but excluding the costs, expenses and charges of any implemented severance program; provided that
the amounts added to the calculation of Consolidated Adjusted EBITDA pursuant to this clause (i) for the relevant Relevant Period
shall not exceed $2,000,000 in the aggregate,

 

(j) costs,
expenses and charges of any implemented severance program incurred in such Relevant Period,

 

(k) costs and
expenses associated with maintaining and administering Pension Plans in an amount not to exceed $250,000 in the relevant Relevant
Period plus or minus amortisation of pension scheme net loss, and

 

(l) proceeds
of business interruption insurance in an amount representing the earnings for the applicable period that such proceeds are intended
to replace (whether or not then received, so long as the Issuer in good faith expects to receive the same within the next two (2)
Financial Quarters (it being understood that to the extent not actually received within such Financial Quarters, such reimbursement
amounts shall be deducted in calculating Consolidated Adjusted EBITDA for such Financial Quarters), and

 

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(m) one-time
gaming related taxes (other than on profits) or duties, or VAT (as defined in the Note Purchase Agreement as at the original date
thereof) payable in connection with a change in law, minus

 

(ii)           non-Cash
gains increasing Consolidated Net Income for such period (excluding any such non-Cash gain to the extent it represents the reversal
of an accrual or reserve for potential Cash item in any prior period), plus (to the extent deducted in calculating Consolidated
Net Income) or minus (to the extent included in calculating Consolidated Net Income), as applicable the sum of

 

(a) any non-cash
impairment charge or asset write-off (other than accounts receivable or inventory and the amortization of intangibles),

 

(b) the amount
of any expense or deduction (or any gain or income) associated with any Subsidiary attributable to non-controlling interests or
minority interests of third parties,

 

(c) extraordinary,
unusual, one-time or non-recurring costs and payments, outside of the ordinary course of business, in respect of actual or prospective
legal settlements, fines, judgments or orders,

 

(d) net gains
or losses in the fair market value of any Hedging Agreements, and

 

(e) unrealised
or realised net foreign currency translation or transaction gains or losses impacting net income (including, without limitation,
currency remeasurements of indebtedness and any net gains or losses from Hedging Agreements for currency exchange risk associated
with the above or any other currency related risk).

 

“Consolidated Fixed
Charges” means, for any period, the sum, without duplication, of the amounts determined for the Parent and its Subsidiaries
on a consolidated basis equal to (i) “Cash Paid During the Period for Interest” plus (ii) “Cash Paid During the
Period for Income Taxes” in accordance with the Accounting Principles plus (iii) cash payments made by the Parent and its
Subsidiaries during such period into a Foreign Plan in an amount not to exceed the mandatory contributions with respect to such
Foreign Plan as are required to be paid during such Relevant Period.

 

“Consolidated Growth
Capital Expenditure” means, for any period, the amounts for the Group on a consolidated basis equal to the aggregate
of:

 

		(a)	any expenditure during such period which constitute a Permitted Acquisition; and

 

		(b)	any expenditure during such period for Machines and Spares in connection with new customers of
the Group or expansion into new customer or geographical markets.

 

“Consolidated Interest
Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance
with the Accounting Principles and capitalised interest) of the Parent and its Subsidiaries on a consolidated basis with respect
to all outstanding Financial Indebtedness of the Parent and its Subsidiaries, including all commissions, discounts and other fees
and charges owed with respect to letters of credit and net costs under Interest Rate Agreements.

 

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“Consolidated Maintenance
Capital Expenditure” means, for any period, the aggregate amount of all expenditure of the Group during such period determined
on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment”
or similar items, or which should otherwise be capitalised, reflected in the consolidated statement of cash flows of the Group,
provided that Consolidated Maintenance Capital Expenditure shall not include:

 

		(a)	any expenditure for replacements and substitutions for fixed assets, capital assets or equipment
to the extent made with Excluded Insurance Proceeds or Excluded Disposal Proceeds; or

 

		(b)	any expenditure which constitute Consolidated Growth Capital Expenditure.

 

“Consolidated Net
Income” means, for any period, (i) the net income (or loss) of the Parent and its Subsidiaries on a consolidated basis
for such period taken as a single accounting period determined in conformity with the Accounting Principles, minus (ii) (a) the
income (or loss) of any person (other than a Subsidiary of the Parent) in which any other person (other than the Parent or any
of its Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid
to the Parent or any of its Subsidiaries by such person during such period, (b) except to the extent permitted to be included pursuant
to Section 1.4 of the Note Purchase Agreement as at the original date thereof, the income (or loss) of any person accrued prior
to the date it becomes a Subsidiary of the Parent or is merged into or consolidated with the Parent or any of its Subsidiaries
or that person’s assets are acquired by the Parent or any of its Subsidiaries, (c) the income of any Subsidiary of the Parent
that is not an Obligor to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of
that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains or losses attributable to
Disposals or returned surplus assets of any Pension Plan (as defined in the Note Purchase Agreement as at the original date thereof),
(e) the income (or loss) attributable to the early extinguishment of Financial Indebtedness, and (f) other income/expenses representing
the expected return on Pension Plan assets less interest cost, shown within “All Other Income/Expense” in the Parent’s
publicly filed financial statements.

 

“Consolidated Total
Debt” means, at any time, the aggregate amount of all (i) indebtedness for borrowed money, (ii) that portion of obligations
with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with the Accounting
Principles and (iii) all purchase money Financial Indebtedness, at such time of the Parent and its Subsidiaries (determined on
a consolidated basis).

 

“Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Year”
means the annual accounting period of the Group ending on or about 30 September in each year, provided that at the written election
of the Parent delivered to the Agent, such date may be changed to 31 December.

 

“Fixed Charge Coverage
Ratio” means, as of any date of determination, the ratio of:

 

(i) the sum,
without duplication, of the amounts determined for the Parent and its Subsidiaries on a consolidated basis for the relevant Relevant
Period equal to (a) “Net Cash Provided by Operating Activities” in accordance with the Accounting Principles plus
(b) in each case, to the extent reducing “Net Cash Provided by Operating Activities”, (1) cash expenditures in respect
of any extraordinary, exceptional or unusual items in an amount not to exceed $2,000,000 in any Relevant Period, (2) the cash expenditures
made with respect to the early extinguishment or conversion of Financial Indebtedness, obligations under Hedging Agreements or
other derivative instruments, in each case, to the extent approved by the Requisite Purchasers (under and as defined in the Note
Purchase Agreement as at the original date thereof), (3) reasonable fees, expenses or charges incurred in connection with any Permitted
Acquisition, (4) cash payments made by the Parent and its Subsidiaries during the relevant Relevant Period into a Foreign Plan
in an amount not to exceed the mandatory contributions with respect to such Foreign Plan as are required to be paid during such
relevant Relevant Period, (5) “Cash Paid During the Period for Income Taxes” in accordance with the Accounting Principles
and (6) “Cash Paid During the Period for Interest” in accordance with the Accounting Principles; minus (c) (1) Consolidated
Maintenance Capital Expenditures and (2) any upfront cash receipts received in respect of the expenditures described in paragraph
(b) of the definition of Consolidated Growth Capital Expenditures; to

 

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(ii) Consolidated
Fixed Charges for such Relevant Period.

 

“Interest Rate Agreement”
means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement
or other similar agreement or arrangement, each of which is for the purpose of hedging the interest rate exposure associated with
the Parent’s and its Subsidiaries’ operations and not for speculative purposes.

 

“Quarter Date”
means each of 31 March, 30 June, 30 September and 31 December or such other dates which correspond to the quarter end dates of
the Group within each Financial Year.

 

“Quarter Period”
means the period commencing on the day immediately following a Quarter Date and ending on the next occurring Quarter Date.

 

“Relevant Period”
means each period of four consecutive Quarter Periods ending on a Quarter Date (which for the avoidance of doubt may include periods
prior to the Closing Date).

 

“Subject Transaction”
means any Investment that results in a person becoming a Subsidiary, any Permitted Acquisition, any Disposal that results in a
Subsidiary of the Parent ceasing to be a Subsidiary of the Parent, any Disposal of a business unit, line of business or division
of the Parent or any of its Subsidiaries or any incurrence or repayment of Financial Indebtedness (other than Financial Indebtedness
incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes) or Permitted
Distribution that by the terms of this Agreement or the Note Purchase Agreement as at the original date thereof requires such test
to be calculated on a “Pro Forma Basis” or subject to “Pro Forma Compliance” (each as defined in the Note
Purchase Agreement as at the original date thereof).

 

“Total Leverage Ratio”
means, as of any date of determination, the ratio of (i) the sum of (A) Consolidated Total Debt as of such date to (ii) Consolidated
Adjusted EBITDA for the Relevant Period.

 

		24.2	Financial condition

 

The Parent shall ensure that:

 

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		(a)	Total Leverage Ratio

 

The Total Leverage Ratio in
respect of any Relevant Period specified in column 1 below shall not exceed the ratio set out in column 2 below opposite that Relevant
Period.

 

	Column 1	Column 2
	Relevant Period expiring	Ratio
	30 September 2018	3.50:1.00
	31 December 2018	3.50:1.00
	31 March 2019	3.50:1.00
	30 June 2019	3.50:1.00
	30 September 2019	3.25:1.00
	31 December 2019	3.25:1.00
	31 March 2020	3.25:1.00
	30 June 2020	3.25:1.00
	30 September 2020	3.00:1.00
	31 December 2020	3.00:1.00
	31 March 2021	3.00:1.00
	30 June 2021	3.00:1.00
	30 September 2021 and each Relevant Period thereafter	2.75:1.00

 

		(b)	Fixed Charge Coverage Ratio

 

The Fixed Charge Coverage Ratio
as at the last day of any Relevant Period specified in column 1 below shall not be less than the ratio set out in column 2 below
opposite that Relevant Period.

 

	Column 1	Column 2
	Relevant Period expiring	Ratio
	30 September 2019	1.15:1.00
	31 December 2019	1.15:1.00
	31 March 2020	1.15:1.00
	30 June 2020	1.15:1.00
	30 September 2020	1.25:1.00
	31 December 2020	1.25:1.00
	31 March 2021	1.25:1.00
	30 June 2021	1.25:1.00
	30 September 2021	1.30:1.00
	31 December 2021	1.30:1.00
	31 March 2022	1.30:1.00
	30 June 2022	1.30:1.00
	30 September 2022 and each Relevant Period thereafter	1.35:1.00

 

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		(c)	Minimum Liquidity

 

The Parent
shall not permit, as of the last day of any Relevant Period (commencing with the Relevant Period ending 30 September 2018), the
aggregate amount of unrestricted Cash and Cash Equivalent Investments included in the consolidated balance sheet of the Parent
and its Subsidiaries as of such date that, in each case, are free and clear of all Security other than Permitted Security to be
less than $5,000,000.

 

		24.3	Financial testing

 

		(a)	The financial covenants set out in Clause 24.2 (Financial condition) shall be calculated
in accordance with the Accounting Principles and tested by reference to each of the financial statements delivered pursuant to
paragraphs (a) and (b) of Clause 23.1 (Financial Statements) and/or each Compliance Certificate delivered pursuant to Clause
23.2 (Provision and contents of Compliance Certificate).

 

		(b)	Notwithstanding anything to the contrary herein, the Total Leverage Ratio shall be calculated in
the manner prescribed by this Clause 24.3. When calculating the Total Leverage Ratio, any events described in this Clause 24.3
that occurred subsequent to the end of the applicable Relevant Period shall not be given pro forma effect.

 

		(c)	For purposes of calculating the Total Leverage Ratio, Subject Transactions (other than any incurrence
or repayment of any Financial Indebtedness) that have been made during the applicable Relevant Period shall be calculated on a
pro forma basis assuming that all such Subject Transactions (and any increase or decrease in Consolidated Adjusted EBITDA and the
component financial definitions used therein attributable to any Subject Transaction) had occurred on the first day of the applicable
Relevant Period. If since the beginning of any applicable Relevant Period any person that subsequently became a Subsidiary of the
Parent or was merged, amalgamated or consolidated with or into any Subsidiary of the Parent since the beginning of such Relevant
Period shall have made any Subject Transaction that would have required adjustment pursuant to this Clause 24.3, then the Total
Leverage Ratio shall be calculated to give pro forma effect thereto in accordance with this Clause 24.3.

 

		(d)	In the event that the Parent or any Subsidiary incurs (including by assumption or guarantees) or
repays (including by redemption, repayment, retirement or extinguishment) any Financial Indebtedness (including in a connection
with any Subject Transaction) included in the calculations of the Total Leverage Ratio (in each case, other than Financial Indebtedness
incurred or repaid under any revolving credit facility in the ordinary course of business for working capital purposes), during
the applicable Relevant Period, then the Total Leverage Ratio shall be calculated giving pro forma effect to such incurrence or
repayment of Financial Indebtedness, to the extent required, as if the same had occurred on the last day of the applicable Relevant
Period.

 

		(e)	Pro forma calculations made pursuant to this Clause 24.3 shall be made in good faith by a director
of the Parent or (if different) the chief executive officer, chief financial officer or treasurer of the Group.

 

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		(f)	No item shall be deducted or credited more than once in any calculation.

 

		(g)	The financial covenants in Clause 24.2 (Financial condition) shall be tested as of the end
of each applicable Relevant Period.

 

		(h)	The first test date in respect of paragraph (a) (Total Leverage Ratio) of Clause 24.2 (Financial
condition) shall be 30 September 2018 and the first test date in respect of paragraph (b) (Fixed Charge Cover Ratio)
of Clause 24.2 (Financial condition) shall be 30 September 2019.

 

		25.	General undertakings

 

The undertakings in this Clause
25 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

 

Authorisations and compliance with
laws

 

		25.1	Authorisations

 

Except as otherwise permitted
under this Agreement, each Obligor will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force
and effect its existence and all rights and franchises, licenses and permits material to its business (including, without limitation
all Gaming Approvals); provided, no Obligor (other than the Issuer with respect to existence) or any of its Subsidiaries
shall be required to preserve any such existence, right or franchise, licenses and permits if such person’s board of directors
(or similar governing body) shall determine that the preservation thereof is no longer desirable in the
conduct of the business of such person, and that the loss thereof is not disadvantageous in any material respect to such person
or to the Lenders (taken as a whole). Each Obligor will, and will cause each of its Subsidiaries to, ensure that none of the Subsidiaries
set forth in Schedule 6.8 of the Note Purchase Agreement as at the original date thereof individually, owns or maintains assets
which have Fair Market Value, or as determined in accordance with GAAP, whichever is greater, in excess of $250,000 at any time
(other than intercompany assets consisting of obligations payable to such Subsidiaries as of the Closing Date), unless such Subsidiary
becomes a Guarantor hereunder and grants Transaction Security over its assets in accordance with this Agreement.

 

		25.2	Compliance with laws

 

		(a)	Each Obligor will comply, and shall cause each of its Subsidiaries and all other persons, if any,
on or occupying any Business Facility to comply (i) with the requirements of all applicable laws, rules, regulations and orders
of any Governmental Authority (including all applicable ERISA and all Environmental Laws, Gaming Laws, the Office of Foreign Assets
Control of the U.S. Department of the Treasury (“OFAC”), the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the “PATRIOT Act”), the U.S. Foreign Corrupt
Practices Act of 1977 (the “FCPA”), and/or any anti-terrorism law and Anti-Corruption Law) and (ii) Contractual
Obligations, in each case, noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

		(b)	Each Obligor shall (and shall ensure that each of its Subsidiaries shall) comply in all respects
with sections 678 and 679 of the Companies Act 2006 and any equivalent legislation in other jurisdictions including in relation
to the execution of the Transaction Security Documents and payments of amounts due under this Agreement.

 

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		25.3	Environmental compliance

 

Each Obligor shall promptly
take, and shall cause each of its Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable
Environmental Laws by such Obligor or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, and (ii) make an appropriate response to any Environmental Claim against such Obligor or any of its
Subsidiaries and discharge any obligations it may have to any person thereunder where failure to do so could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

		25.4	Environmental claims

 

Each Obligor shall (through
the Parent) inform the Agent in writing:

 

		(a)	as soon as practicable following receipt thereof, copies of all environmental audits, investigations,
analyses and reports of any kind or character, whether prepared by personnel of the Parent or any of its Subsidiaries or by independent
consultants, Governmental Authorities or any other persons, with respect to material environmental matters at any Business Facility
or with respect to any Environmental Claims;

 

		(b)	promptly upon the occurrence thereof, written notice describing in reasonable detail (1) any Release
required to be reported by the Parent or any of its Subsidiaries to any Governmental Authority under any applicable Environmental
Laws, (2) any remedial action taken by the Parent or any other person in response to (A) any Hazardous Materials Activities the
existence of which has a reasonable possibility of resulting in one or more Environmental Claims having, individually or in the
aggregate, a Material Adverse Effect, or (B) any Environmental Claims that, individually or in the aggregate, have a reasonable
possibility of resulting in a Material Adverse Effect, and (3) the Parent or the Issuer’s discovery of any occurrence or
condition on any real property adjoining or in the vicinity of any Business Facility that could cause such Business Facility or
any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any
Environmental Laws;

 

		(c)	as soon as practicable following the sending or receipt thereof by the Parent or any of its Subsidiaries,
a copy of any and all written communications with respect to (1) any Environmental Claims that, individually or in the aggregate,
have a reasonable possibility of giving rise to a Material Adverse Effect, (2) any Release required to be reported by the Parent
or any of its Subsidiaries to any Governmental Authority, and (3) any written request for information from any Governmental Authority
that suggests such Governmental Authority is investigating whether the Parent or any of its Subsidiaries may be potentially responsible
for any Hazardous Materials Activity;

 

		(d)	prompt written notice describing in reasonable detail (1) any proposed acquisition of stock, assets,
or property by the Parent or any of its Subsidiaries that could reasonably be expected to (A) expose the Parent or any of its Subsidiaries
to, or result in, Environmental Claims that could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect or (B) affect the ability of the Parent or any of its Subsidiaries to maintain in full force and effect all material
Governmental Authorisations required under any Environmental Laws for their respective operations and (2) any proposed action to
be taken by the Parent or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to
subject the Parent or any of its Subsidiaries to any additional material obligations or requirements under any Environmental Laws;
and

 

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		(e)	with reasonable promptness, such other documents and information as from time to time may be reasonably
requested by the Agent in relation to any matters disclosed pursuant to this Clause.

 

		25.5	Taxation

 

Each Obligor will, and will
cause each of its Subsidiaries to, pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its
income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services,
materials and supplies) for sums that have become due and payable and that by law have or may become a Security interest upon any
of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, no such
Tax or claim need be paid if (a) it is being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted, so long as (i) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have
been made therefor, and (ii) in the case of a Tax or claim which has or may become a Security interest against any of the assets
subject to Transaction Security, such contest proceedings conclusively operate to stay the sale of any portion of the assets subject
to Transaction Security to satisfy such Tax or claim or (b) the failure to so pay any such Tax or claim would not reasonably be
expected to have a Material Adverse Effect. No Obligor will, nor will it permit any of its Subsidiaries to, (x) file or consent
to the filing of any consolidated income tax return with any person (other than the Parent or any of its Subsidiaries) or (y) change
its residence for Tax purposes.

 

Restrictions on business focus

 

		25.6	Merger

 

No Obligor shall (and the Parent
shall ensure that no other member of the Group will) enter into (or agree to enter into) any amalgamation, demerger, merger, consolidation
or corporate reconstruction other than any solvent liquidation or reorganisation which is permitted under the terms of Section
6.8 of the Note Purchase Agreement as at the original date thereof.

 

		25.7	Change of business

 

No Obligor shall (and the Parent
shall ensure that no other member of the Group will) engage in any business other than (i) the businesses engaged in by such member
of the Group on the Closing Date and similar or reasonably related or ancillary businesses and (ii) such other lines of business
as may be consented to by Majority Lenders.

 

		25.8	Acquisitions

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no other member of the Group will):

 

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		(i)	acquire a company or any shares or securities or a business or undertaking (or, in each case, any
interest in any of them); or

 

		(ii)	incorporate a company.

 

		(b)	Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or a business
or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is a Permitted Acquisition.

 

		25.9	Joint Ventures

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no member of the Group will):

 

		(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other
interest in any Joint Venture; or

 

		(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations
of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

 

		(b)	Paragraph (a) above does not apply to a Permitted Joint Venture.

 

		25.10	Holding Companies

 

The Parent shall not trade,
carry on any business, own any assets or incur any liabilities in each case other than permitted activities under Section 6.13
of the Note Purchase Agreement as at the original date thereof.

 

Restrictions on dealing with assets
and Security

 

		25.11	Preservation of assets

 

Each Obligor will, and will
cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition (ordinary wear
and tear and casualty and condemnation excepted) all material properties used in the business of the Parent and its Subsidiaries
and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof.

 

		25.12	Pari passu ranking

 

Each Obligor shall ensure that
at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily
preferred by laws of general application to companies.

 

		25.13	Negative pledge

 

		(a)	Except as permitted under paragraph (iv) below:

 

		(i)	No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or
permit to subsist any Security over any of its assets.

 

		(ii)	No Obligor shall (and the Parent shall ensure that no other member of the Group will) sell, transfer
or otherwise dispose of any of its receivables.

 

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		(iii)	No Obligor shall (and the Parent shall ensure that no other member of the Group will):

 

		(1)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by any other member of the Group;

 

		(2)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(3)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the
arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition
of an asset. A transaction referred to in this paragraph (iii) is termed “Quasi Security”.

 

		(iv)	Paragraphs (i), (ii) and (iii) above do not apply to any Security or (as the case may be) Quasi-Security,
which is:

 

		(1)	Permitted Security, or otherwise permitted under the terms of either Section 6.8 or Section 6.10
of the Note Purchase Agreement as at the original date thereof ; or

 

		(2)	given under the Finance Documents.

 

		(b)	No Obligor nor any of its Subsidiaries shall enter into any agreement prohibiting the creation
or assumption of any Security upon any of its properties or assets, whether now owned or hereafter acquired, to secure the Senior
RCF Liabilities (as defined in the Intercreditor Agreement), except as permitted by clause 6.3 of the Note Purchase Agreement as
at the original date thereof.

 

		25.14	Disposals

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary
or involuntary to sell, lease, transfer, licence, surrender, set-off or otherwise dispose of any asset.

 

		(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is:

 

		(i)	a Permitted Disposal; or

 

		(ii)	a Permitted Transaction.

 

		25.15	Arm’s length basis

 

Except as permitted in Section
6.11 of the Note Purchase Agreement as at the original date thereof, no Obligor shall (and the Parent shall ensure no member of
the Group will) enter into any transaction with any Affiliate of the Parent except on arm’s length terms and for full market
value.

 

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Restrictions on movement of cash
- cash out 

 

		25.16	Loans or credit

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no member of the Group will) be a creditor in respect of any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to a Permitted Loan (and, in the case of Permitted Loans by
the Parent, which is consistent with Clause 25.10 (Holding Companies).

 

		25.17	No guarantees or indemnities

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no member of the Group will) incur or allow to remain outstanding any guarantee, bond or indemnity in respect of any obligation
of any person.

 

		(b)	Paragraph (a) above does not apply to a guarantee which is a Permitted Guarantee.

 

		25.18	Dividends and share redemption

 

		(a)	Except as permitted under paragraph (b) below, the Parent shall not (and will ensure that no other
member of the Group will):

 

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid
dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of
its share capital);

 

		(ii)	repay or distribute any dividend or share premium reserve;

 

		(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the
order of any of the direct or indirect shareholders of the Parent; or

 

		(iv)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.

 

		(b)	Paragraph (a) above does not apply to a Permitted Distribution.

 

Restrictions on movement of cash
- cash in 

 

		25.19	Financial Indebtedness

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Parent shall ensure that
no member of the Group will) incur or allow to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to Financial Indebtedness which is Permitted Financial Indebtedness.

 

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		25.20	Share capital

 

No Obligor shall (and the Parent
shall ensure no member of the Group will) issue any shares except pursuant to a Permitted Share Issue.

 

Miscellaneous 

 

		25.21	Insurance

 

The Parent will maintain or
cause to be maintained, with financially sound and reputable insurers, such liability insurance, business interruption insurance
and property insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the
Parent and its Subsidiaries as may customarily be carried or maintained under similar circumstances by persons of established reputation
engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering
such risks and otherwise on such terms and conditions as shall be customary for such persons. Without limiting the generality of
the foregoing, the Parent will maintain or cause to be maintained (a) flood insurance in compliance with any applicable regulations
with respect to each Real Estate Asset which is subject to a mortgage in favour of the Security Agent, for the benefit of Secured
Parties, and located in an area designated by any Governmental Authority as having special flood or mud slide hazards, and (b)
replacement value casualty insurance (or reasonably equivalent policy) on the assets subject to Transaction Security under such
policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at
all times carried or maintained under similar circumstances by persons of established reputation engaged in similar businesses.

 

		25.22	Pensions

 

		(a)	Except for Leisure Link Group Pension Scheme the Parent shall ensure that no member of the Group
is or has been at any time an employer (for the purposes of Sections 38 to 51 of the Pensions Act 2004) of an occupational pension
scheme which is not a money purchase scheme (both terms as defined in the Pension Schemes Act 1993) or “connected”
with or an “associate” of (as those terms are used in Sections 39 or 43 of the Pensions Act 2004) such an employer.

 

		(b)	Each Obligor shall immediately notify the Agent of any investigation or proposed investigation
by the Pensions Regulator which is reasonably likely to lead to the issue of a Financial Support Direction or a Contribution Notice
to any member of the Group.

 

		(c)	Each Obligor shall immediately notify the Agent if it receives a Financial Support Direction or
a Contribution Notice from the Pensions Regulator.

 

		25.23	Access

 

Each Obligor shall, and the
Parent shall ensure that each member of the Group will, permit any authorised representatives designated by any Finance Party (including
the right to appoint third party agents) to visit and inspect any of the properties of any Obligor and any of its respective Subsidiaries,
to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances
and accounts with its and their officers and independent public accountants (but only to the extent a member of Senior Management
has been provided a bona fide opportunity to attend such meeting), all upon reasonable notice and at such reasonable times during
normal business hours and as often as may reasonably be requested; provided, that so long as no Event of Default has occurred
and is continuing, the Obligors shall not be required to permit or reimburse the Finance Parties, taken as a whole, for more than
one such visit or inspection in any calendar year.

 

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		25.24	Amendments

 

		(a)	Subject to the Intercreditor Agreement, no Obligor shall (and the Parent shall ensure that no member
of the Group will) amend, vary, novate, supplement, supersede, waive or terminate any term of its constitutional or organisational
or similar documents delivered to the Agent pursuant to Clause 4.1 (Initial conditions precedent), or Clause 29 (Changes
to the Obligors) except in writing after the Closing Date, in a way which could not reasonably be expected to be materially
adverse to the Lenders.

 

		(b)	Subject to the Intercreditor Agreement, no Obligor shall, nor shall it permit any of its Subsidiaries
to, amend or otherwise change the terms of any Subordinated Indebtedness (as defined in the Note Purchase Agreement as at the original
date thereof), or make any payment consistent with an amendment thereof or change thereto, if the effect of such amendment or change
is to increase the interest rate on such Subordinated Indebtedness, change (to earlier dates) any dates upon which payments of
principal or interest are due thereon, change any event of default or condition to an event of default with respect thereto (other
than to eliminate any such event of default or increase any grace period related thereto), change the redemption, prepayment or
defeasance provisions thereof, change the subordination provisions of such Subordinated Indebtedness (or of any guaranty thereof).

 

		25.25	Guarantors

 

In the event that any person
becomes a Subsidiary (other than an Excluded Subsidiary) of the Parent, the Parent shall (a) promptly cause such Subsidiary to
become a Guarantor hereunder and grant Security in favour of the Security Agent, (subject to the Agreed Security Principles, and
provided that if the relevant Subsidiary will also become a Guarantor under and as defined in the Note Purchase Agreement, the
Security to be granted in favour of the Security Agent hereunder shall be no more extensive than, and no more onerous or restrictive
on the relevant Subsidiary than, the corresponding Security to be granted in favour of the Collateral Agent (under and as defined
in the Note Purchase Agreement)), and (b) take all such actions and execute and deliver, or cause to be executed and delivered,
all such documents, instruments, agreements, legal opinions and certificates reasonably requested by the Security Agent.

 

		25.26	Further assurance

 

At any time or from time to
time upon the reasonable request of the Agent or the Security Agent, each Obligor will, at its expense, promptly execute, acknowledge
and deliver such further documents and do such other acts and things as the Agent or the Security Agent may reasonably request
in order to effect fully the purposes of the Finance Documents. In furtherance and not in limitation of the foregoing, each Obligor
shall take such actions as the Agent or the Security Agent may reasonably request from time to time to ensure that the Senior RCF
Liabilities (as defined in the Intercreditor Agreement) are guaranteed by the Guarantors and are secured by substantially all of
the assets of the Obligors.

 

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		25.27	Sanctions

 

		(a)	No Obligor shall (and the Parent shall ensure that no other member of the Group will), to the best
of its knowledge and belief (having made due and careful enquiry) directly or indirectly engage in any business activity or transaction
with either:

 

		(i)	any person or entity that is the subject of Sanctions (a “Sanctioned Person”),
or is owned or controlled, directly or indirectly, by any Sanctioned Person;

 

		(ii)	any person that the Obligor or the applicable Affiliate knows or has reasonable cause to suspect
is acting on behalf of any of the above; or

 

		(iii)	any person located, organised or resident in a Sanctioned Country.

 

		(b)	No Obligor shall (and the Parent shall ensure that no other member of the Group will) directly
or indirectly use the proceeds of the Facility, or lend, contribute or otherwise make available such proceeds, to any subsidiary,
joint venture partner or other person:

 

		(i)	to fund any activities or business of or with any Sanctioned Person; or

 

		(ii)	in any other manner that would result in a violation of Sanctions by any person (including any
person participating in the Facility, whether as a Lender, advisor, investor or otherwise), in a manner or to an extent which is,
or is reasonably likely to be, materially prejudicial to the interests of any Finance Party or any member of the Group.

 

		(c)	Each Obligor shall ensure that no Sanctioned Person will have any direct property interest in any
funds repaid or remitted by any Obligor in connection with the Facility.

 

		(d)	No Obligor shall (and the Parent shall ensure that no other member of the Group will) engage in
any activity which might reasonably be expected to cause it to become the subject of Sanctions or knowingly violate applicable
Sanctions.

 

		25.28	People with Significant Control regime

 

		(a)	Each Obligor incorporated in England and Wales (a “UK Obligor”) agrees that:
(i) it shall not issue a PSC Notice to any person unless required to do so by law; and (ii) it shall send a copy of any PSC Notice
issued to any person to the Agent within two Business Days of sending it to that person.

 

		(b)	If at any time any Obligor receives a PSC Notice from a UK Obligor it shall (i) within 2 Business
Days send a copy of that PSC Notice to the Agent; (ii) where applicable, promptly respond with the information which it is required
by that PSC Notice to give to that UK Obligor (and in any event, such UK Obligor shall respond not later than five Business Days
prior to the end of the period prescribed by law for so doing); and (iii) send a copy of such response to the Agent at the same
time as it sends such response to the applicable UK Obligor.

 

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		25.29	Conditions Subsequent

 

Within thirty
(30) days of the Closing Date (or such later date as the Agent shall approve), the Parent shall ensure that the Acceding Obligors
accede to this Agreement as Additional Guarantors in accordance with the terms of this Agreement.

 

		26.	Events of Default

 

Each of the events or circumstances
set out in this Clause 26 is an Event of Default (save for Clause 26.14 (Acceleration).

 

		26.1	Non-payment

 

An Obligor does not pay on
the due date any amount payable pursuant to a Finance Document in the manner in which it is expressed to be payable unless (other
than in the case of a payment of principal) payment is made within 3 Business Days of its due date.

 

		26.2	Financial covenants and other obligations

 

		(a)	Any requirement of Clause 24 (Financial covenants) is not satisfied or an Obligor does not
comply with the provisions of (i) Clause 3.1 (Purpose), Clause 25.1 (Authorisations) (solely as to a Borrower), Clause
25.30 (Conditions Subsequent), Clause 25.19 (Financial Indebtedness), Clause 25.13 (Negative pledge), Clause
25.18 (Dividends and share redemption), Clause 25.9 (Joint Ventures), Clause 25.7 (Change of business), Clause
25.8 (Acquisitions), Clause 25.14 (Disposals), Clause 25.15 (Arm’s length basis), Clause 25.10 (Holding
Companies), Clause 25.24 (Amendments), or (ii) Clause 23.1 (Financial statements), Clause 23.2 (Provision
and contents of Compliance Certificate), Clause 23.3 (Requirements as to financial statements), paragraph (a) of Clause
23.8 (Notification of default) or Clause 25.23 (Access).

 

		(b)	No Event of Default under paragraph (a)(ii) shall occur if the failure to comply is remedied or
waived within 10 Business Days.

 

		26.3	Other obligations

 

		(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred
to in Clause 26.1 (Non-payment) and Clause 26.2 (Financial covenants and other obligations)).

 

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of
remedy and is remedied within 30 days after the earlier of:

 

		(i)	the Agent giving notice to the Parent or relevant Obligor; or

 

		(ii)	the Parent or an Obligor becoming aware of the failure to comply.

 

		26.4	Misrepresentation

 

		(a)	Any representation, warranty or statement made or deemed to be made by an Obligor in the Finance
Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect in any material respect when made or deemed to be made.

 

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		26.5	Cross default

 

		(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally
applicable grace period.

 

		(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due
and payable prior to its specified maturity as a result of an event of default (however described).

 

		(c)	Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended
by a creditor of any member of the Group as a result of an event of default (however described).

 

		(d)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness
of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		(e)	No Event of Default will occur under this Clause 26.5 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than $2,000,000 (or its equivalent
in other currencies).

 

		26.6	Insolvency

 

		(a)	A member of the Group is unable or admits inability to pay its debts as they fall due or is deemed
to or declared to be unable to pay its debts under applicable law, suspends or threatens to suspend making payments on any of its
debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with
a view to rescheduling any of its indebtedness.

 

		(b)	A moratorium is declared in respect of any indebtedness of any member of the Group. If a moratorium
occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		26.7	Insolvency proceedings

 

		(a)	Any corporate action, legal proceedings or other formal procedure or step is taken in relation
to:

 

		(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group (other than
any member of the Group listed on Schedule 6.8 of the Note Purchase Agreement as at the original date thereof);

 

		(ii)	a composition, compromise, assignment or arrangement with any creditor of any member of the Group;

 

		(iii)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager
or other similar officer in respect of any member of the Group(other than any member of the Group listed on Schedule 6.8 of the
Note Purchase Agreement as at the original date thereof); or

 

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		(iv)	enforcement of any Security over any assets of any member of the Group, or any analogous procedure
or step is taken in any jurisdiction.

 

		(b)	Paragraph (a) above shall not apply to any action, proceeding, procedure or other step or similar
circumstance described therein which is discharged, stayed or dismissed within 60 days of commencement.

 

		26.8	Creditors’ process

 

Any expropriation, attachment,
sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of a member of the
Group (A) in any individual case an amount in excess of $2,000,000 (or its equivalent in other currencies) or (B) in the aggregate
at any time an amount in excess of $2,000,000 (or its equivalent in other currencies) (in either case to the extent not adequately
covered by insurance as to which the Issuer’s insurance company has not denied coverage) and is not discharged, vacated,
bonded or stayed within 60 days (or in any event later than 5 days prior to the date of any proposed sale thereunder).

 

		26.9	Unlawfulness and invalidity

 

		(a)	It is or becomes unlawful for an Obligor or, any other member of the Group that is party to the
Intercreditor Agreement, to perform any of its material obligations under the Finance Documents or any Transaction Security created
or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective or any subordination created
under the Intercreditor Agreement is or becomes unlawful.

 

		(b)	Any obligation or obligations of any Obligor under any Finance Document or any member of the Group
under the Intercreditor Agreement are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable
and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance
Documents.

 

		(c)	Any Finance Document ceases to be in full force and effect or any Transaction Security or any subordination
created under the Intercreditor Agreement ceases to be legal, valid, binding, enforceable or effective or is alleged by a party
to it (other than a Finance Party) to be ineffective.

 

		26.10	Intercreditor Agreement

 

		(a)	Any party to the Intercreditor Agreement (other than a Finance Party or an Obligor) fails to comply
with the provisions of, or does not perform its obligations under, the Intercreditor Agreement; or

 

		(b)	a representation or warranty given by that party in the Intercreditor Agreement is incorrect in
any material respect,

 

and, if the non-compliance
or circumstances giving rise to the misrepresentation are capable of remedy, it is not remedied within 20 days of the earlier of
the Agent giving notice to that party or that party becoming aware of the non-compliance or misrepresentation.

 

		26.11	Change of ownership

 

A Change of Control occurs.

 

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		26.12	Repudiation and rescission of agreements

 

An Obligor (or any other relevant
party other than a Finance Party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or
any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security.

 

		26.13	Gaming Licence Revocation

 

A License Revocation by any
Gaming Authority occurs in one or more jurisdictions in which the Parent or any of its Subsidiaries operates or provides gaming
services (whether online or otherwise), which License Revocation (in the aggregate with any other License Revocations then in existence)
relates to operations of the Parent and/or the Subsidiaries that in the most recent Relevant Period accounted for five percent
(5%) or more of the gross revenues of the Parent and its Subsidiaries on a consolidated basis and such License Revocation continues
for a period of fifteen (15) consecutive days

 

		26.14	Acceleration

 

		(a)	On and at any time after the occurrence of an Event of Default which is continuing the Agent may,
and shall if so directed by the Majority Lenders, by notice to the Parent:

 

		(i)	cancel the Total Commitments and/or Ancillary Commitments at which time they shall immediately
be cancelled;

 

		(ii)	declare that all or part of the Utilisations, together with accrued interest, and all other amounts
accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable;

 

		(iii)	declare that all or part of the Utilisations be payable on demand, at which time they shall immediately
become payable on demand by the Agent on the instructions of the Majority Lenders;

 

		(iv)	declare all or any part of the amounts (or cash cover in relation to those amounts) outstanding
under the Ancillary Facilities to be immediately due and payable, at which time they shall become immediately due and payable;

 

		(v)	declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding
under the Ancillary Facilities be payable on demand, at which time they shall immediately become payable on demand by the Agent
on the instructions of the Majority Lenders; and/or

 

		(vi)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or
discretions under the Finance Documents.

 

		(b)	If the Majority Lenders make a declaration in accordance with paragraph (a) above which relates
to only part of the Utilisations under the Facility or which does not include any Utilisation under the Facility, Lenders with
at least 662/3 of the Commitments in respect of the Facility must give their consent prior to any such acceleration.

 

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Section 9

 

Changes to Parties

 

		27.	Changes
                                         to the Lenders

 

		27.1	Assignments and transfers by the Lenders

 

		(a)	Subject to this Clause 27 and to Clause 28 (Restrictions on debt purchase Transactions),
a Lender (the “Existing Lender”) may:

 

		(i)	assign any of its rights; or

 

		(ii)	transfer by novation any of its rights and obligations,

 

under any Finance Document to
another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the
purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”)
subject to a minimum transfer amount of £1,000,000 (other than any transfer from a Lender to an Affiliate or a Related Fund
of such Lender).

 

		(b)	Notwithstanding paragraph (a) above, no Lender may assign or transfer or sub-participate any of
its rights and/or obligations under this Agreement to any member of the Group without the prior consent of all the Lenders.

 

		27.2	Conditions of assignment or transfer

 

		(a)	An Existing Lender must consult with the Parent for no more than 5 days before it may make an assignment
or transfer in accordance with Clause 27.1 (Assignments and transfers by the Lenders) unless the assignment or transfer
is:

 

		(i)	to another Lender or an Affiliate of a Lender; or

 

		(ii)	if the Existing Lender is a fund, to a fund which is a Related Fund of the Existing Lender; or

 

		(iii)	made at a time when an Event of Default is continuing.

 

		(b)	An assignment will only be effective on:

 

		(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the
other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender;

 

		(ii)	the New Lender entering into the documentation required for it to accede as a party to the Intercreditor
Agreement; and

 

		(iii)	the performance by the Agent of all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which
the Agent shall promptly notify to the Existing Lender and the New Lender.

 

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		(c)	A transfer will only be effective if the New Lender enters into the documentation required for
it to accede as a party to the Intercreditor Agreement and if the procedure set out in Clause 27.4 (Procedure for transfer)
is complied with.

 

		(d)	If:

 

		(i)	a Lender sub-participates, assigns, transfers, novates, creates a trust over or otherwise disposes
of any of its rights or obligations under the Finance Documents or changes its Facility Office; and

 

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an
Obligor would be or becomes obliged to make a payment to the New Lender or Lender acting through its new Facility Office under
Clause 16 (Tax gross-up and indemnities) or Clause 17 (Increased costs),

 

then the New Lender or Lender
acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing
Lender or Lender acting through its previous Facility Office would have been if the sub-participation, assignment, transfer novation,
settlement or other change had not occurred.

 

		(e)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved
by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer
or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the
Existing Lender would have been had it remained a Lender.

 

		27.3	Limitation of responsibility of Existing Lenders

 

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents,
the Transaction Security or any other documents;

 

		(ii)	the financial condition of any Obligor;

 

		(iii)	the performance and observance by any Obligor or any other member of the Group of its obligations
under the Transaction Documents or any other documents; or

 

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

		(b)	Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties
that it:

 

		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Transaction
Document or the Transaction Security; and

 

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		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

 

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 27; or

 

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Transaction Documents or otherwise.

 

		27.4	Procedure for transfer

 

		(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer)
a transfer is effected in accordance with paragraph (b) below when the Agent executes an otherwise duly completed Transfer Certificate
delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably
practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender upon its completion of all “know your customer” or other checks relating to any person that
it is required to carry out in relation to the transfer to such New Lender.

 

		(c)	Subject to Clause 27.9 (Pro rata Interest Settlement) on the Transfer Date:

 

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation
its rights, benefits and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors
and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect
of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction
Security shall be cancelled (being the “Discharged Rights and Obligations”);

 

		(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire
rights and benefits against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or
other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;

 

		(iii)	the Agent, the Arrangers, the Security Agent, the New Lender, the other Lenders and any relevant
Ancillary Lender shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction
Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations
acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arrangers, the Security Agent and any relevant
Ancillary Lender and the Existing Lender shall each be released from further obligations to each other under the Finance Documents;
and

 

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		(iv)	the New Lender shall become a Party as a “Lender”.

 

		27.5	Procedure for assignment

 

		(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer)
an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment
Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as
reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms
of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

 

		(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing
Lender and the New Lender upon its completion of all “know your customer” or other checks relating to any person that
it is required to carry out in relation to the assignment to such New Lender.

 

		(c)	Subject to Clause 27.9 (Pro rata interest settlement) on the Transfer Date:

 

		(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents
and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”)
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound
in respect of the Transaction Security); and

 

		(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations
equivalent to the Relevant Obligations.

 

		(d)	Lenders may utilise procedures other than those set out in this Clause 27.5 to assign their rights
under the Finance Documents provided that they comply with the conditions set out in Clause 27.2 (Conditions of assignment or
transfer).

 

		27.6	Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Parent

 

The Agent shall, as soon as
reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement, or Increase Confirmation, send to
the Parent a

 

copy of that Transfer Certificate,
Assignment Agreement or Increase Confirmation.

 

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		27.7	Affiliates of Lenders as Hedge Counterparties

 

		(a)	Any person which becomes a party to the Intercreditor Agreement as a Hedge Counterparty shall,
at the same time, become a Party to this Agreement as a Hedge Counterparty in accordance with clause 19.10 (Creditor/Creditor
Representative Accession Undertaking) of the Intercreditor Agreement.

 

		(b)	Where this Agreement or any other Finance Document imposes an obligation on a Hedge Counterparty
and the relevant Hedge Counterparty is an Affiliate of a Lender and is not a party to that document, the relevant Lender shall
ensure that the obligation is performed by its Affiliate.

 

		27.8	Security Interests over Lenders’ rights

 

In addition to the other rights
provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any
time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central
bank; and

 

		(b)	any charge, assignment or other Security granted to any holders (or trustee or representatives
of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,

 

except that no such charge,
assignment or Security shall:

 

		(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

 

		(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person
any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

 

		27.9	Pro Rata Interest Settlement

 

		(a)	If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro
rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.4 (Procedure for
transfer) or any assignment pursuant to Clause 27.5 (Procedure for assignment) the Transfer Date of which, in each case,
is after the date of such notification and is not on the last day of an Interest Period):

 

		(i)	any interest or fees in respect of the relevant participation which are expressed to accrue by
reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but including the Transfer Date
(“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing
on them) until the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of
the dates which falls at six Monthly intervals after the first day of that Interest Period); and

 

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		(ii)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued
Amounts so that, for the avoidance of doubt:

 

		(1)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account
of the Existing Lender, and

 

		(2)	the amount payable to the New Lender on that date will be the amount which would, but for the application
of this Clause 27.9 have been payable to it on that date, but after deduction of the Accrued Amounts.

 

		(b)	In this clause 27.9 references to “Interest Period” shall be construed to include
a reference to any other period for accrual of fees.

 

		(c)	An Existing Lender which retains the right to the Accrued Amounts pursuant to this clause 27.9
but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement
of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
under the Finance Documents.

 

		28.	Restriction on Debt Purchase Transactions

 

		28.1	Prohibition on Debt Purchase Transactions by the Group

 

The Parent shall not, and shall
procure that each other member of the Group shall not, enter into any Debt Purchase Transaction or beneficially own all or any
part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs
(b) or (c) of the definition of Debt Purchase Transaction.

 

		29.	Changes to the Obligors

 

		29.1	Assignment and transfers by Obligors

 

No Obligor or any other member
of the Group may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

 

		29.2	Additional Borrowers

 

		(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 23.9 (“Know
your customer” checks), the Parent may request that any of its wholly owned subsidiaries becomes a Borrower after the Signing
Date. That Subsidiary shall become a Borrower if:

 

		(i)	it is incorporated in the same jurisdiction as an existing Borrower and the Majority Lenders approve
the addition of that Subsidiary or otherwise if all the Lenders approve the addition of that Subsidiary, and provided always that
if, following receipt of “know your customer” information, any Finance Party concludes that the relevant Subsidiary
constitutes a ‘relevant financial institution’ for the purposes of Article 2 of The Financial Services and Markets
Act 2000 (Excluded Activities and Prohibitions) Order 2014, all the Finance Parties approve the addition of that Subsidiary;

 

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		(ii)	the Parent and that Subsidiary deliver to the Agent a duly completed and executed Accession Deed;

 

		(iii)	the Subsidiary is (or becomes) a Guarantor prior to becoming a Borrower;

 

		(iv)	the Parent confirms that no Default is continuing or would occur as a result of that Subsidiary
becoming an Additional Borrower; and

 

		(v)	the Agent has received all of the documents and other evidence listed in Part 2 (Conditions
precedent required to be delivered by an Additional Obligor) of Schedule 2 in relation to that Additional Borrower, each in
form and substance satisfactory to the Agent.

 

		(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received
(in form and substance satisfactory to it) all the documents and other evidence referred to in sub-paragraph (a)(v) above.

 

		29.3	Resignation of a Borrower

 

		(a)	In this Clause 29.3, Clause 29.5 (Resignation of a Guarantor) and Clause 29.7 (Resignation
and release of security on disposal), “Third Party Disposal” means the disposal of an Obligor to a person
which is not a member of the Group where that disposal is permitted under Clause 25.14 (Disposals) or made with the approval
of the Majority Lenders (and the Parent has confirmed this is the case).

 

		(b)	If a Borrower is the subject of a Third Party Disposal, the Parent may request that such Borrower
(other than the Parent) ceases to be a Borrower by delivering to the Agent a Resignation Letter.

 

		(c)	The Agent shall accept a Resignation Letter and notify the Parent and the other Finance Parties
of its acceptance if:

 

		(i)	the Parent has confirmed that no Default is continuing or would result from the acceptance of the
Resignation Letter;

 

		(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents;

 

		(iii)	where the Borrower is also a Guarantor (unless its resignation has been accepted in accordance
with Clause 29.5 (Resignation of a Guarantor)), its obligations in its capacity as Guarantor continue to be legal, valid,
binding and enforceable and in full force and effect (subject to the Legal Reservations) and the amount guaranteed by it as a Guarantor
is not decreased (and the Parent has confirmed this is the case); and

 

		(iv)	the Parent has confirmed that it shall ensure that any relevant Disposal Proceeds will be applied
in accordance with Clause 10.2 (Disposal and Insurance Proceeds).

 

		(d)	Upon notification by the Agent to the Parent of its acceptance of the resignation of a Borrower,
that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents as a Borrower
except that the resignation shall not take effect (and the Borrower will continue to have rights and obligations under the Finance
Documents) until the date on which the Third Party Disposal takes effect.

 

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		(e)	The Agent may, at the cost and expense of the Parent, require a legal opinion from counsel to the
Agent confirming the matters set out in paragraph (c)(iii) above and the Agent shall be under no obligation to accept a Resignation
Letter until it has obtained such opinion in form and substance satisfactory to it.

 

		29.4	Additional Guarantors

 

		(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 23.9 (“Know
your customer” checks), the Parent may request that any of its wholly owned subsidiaries become a Guarantor after the
Signing Date. That Subsidiary shall become a Guarantor if:

 

		(i)	the Majority Lenders approve the addition of that Subsidiary unless it is incorporated in the same
jurisdiction as an existing Guarantor;

 

		(ii)	the Parent and the proposed Obligor deliver to the Agent a duly completed and executed Accession
Deed; and

 

		(iii)	the Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (Conditions
precedent) in relation to that Additional Obligor, each in form and substance satisfactory to the Agent.

 

		(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received
(in form and substance satisfactory to it) all the documents and other evidence listed in Part 2 of Schedule 2 (Conditions Precedent).

 

		(c)	If any legal prohibition would prevent or limit a Subsidiary’s ability to become an Additional
Guarantor and/or to enter into Transaction Security, the Obligors shall use their reasonable endeavours lawfully to overcome the
prohibition.

 

		29.5	Resignation of a Guarantor

 

		(a)	The Parent may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering
to the Agent a Resignation Letter if:

 

		(i)	that Guarantor is being disposed of by way of a Third Party Disposal (as defined in Clause 29.3
(Resignation of a Borrower)) and the Parent has confirmed this is the case; or

 

		(ii)	all the Lenders have consented to the resignation of that Guarantor.

 

		(b)	subject to paragraph (a) of Clause 19.13 (Resignation of a Debtor) of the Intercreditor
Agreement the Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if:

 

		(i)	the Parent has confirmed that no Default is continuing or would result from the acceptance of the
Resignation Letter;

 

		(ii)	no payment is due from the Guarantor under Clause 23.1 (Guarantee and indemnity);

 

		(iii)	the Parent has provided evidence confirming that the provisions of Clause 25.25 (Guarantors)
will continue to be complied with following the resignation of that Guarantor;

 

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		(iv)	where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower
and has resigned and ceased to be a Borrower under Clause 29.3 (Resignation of a Borrower); and

 

		(v)	the Parent has confirmed that it shall ensure that the Disposal Proceeds will be applied, in accordance
with Clause 10.2 (Disposal and Insurance Proceeds).

 

		(c)	The resignation of that Guarantor shall not be effective until the date of the relevant Third Party
Disposal at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance
Documents as a Guarantor.

 

		29.6	Repetition of representations

 

Delivery of an Accession Deed
constitutes confirmation by the relevant Subsidiary that the representations and warranties referred to in paragraph (c) of Clause
0 (Times when representations made) are true and correct in relation to it as at the date of delivery as if made by reference
to the facts and circumstances then existing.

 

		29.7	Resignation and release of security on disposal

 

If a Borrower or Guarantor
is or is proposed to be the subject of a Third Party Disposal then:

 

		(a)	where that Borrower or Guarantor created Transaction Security over any of its assets or business
in favour of the Security Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent)
of that Borrower or Guarantor, the Security Agent may, at the cost and request of the Parent, release those assets, business or
shares (or equivalent) and issue certificates of non-crystallisation;

 

		(b)	the resignation of that Borrower or Guarantor and related release of Transaction Security referred
to in paragraph (a) above shall not become effective until all Disposal Proceeds resulting from that Third Party Disposal have
been irrevocably paid to the Agent in accordance with Clause 10 (Mandatory Prepayment); and

 

		(c)	if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower
or Guarantor and the related release of Transaction Security referred to in paragraph (a) above shall have no effect and the obligations
of the Borrower or Guarantor and the Transaction Security created or intended to be created by or over that Borrower or Guarantor
shall continue in full force and effect.

 

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		29.8	Additional Security from existing Obligors

 

The Obligors shall procure
that on acquiring any asset which is of material value, or material to the operation of the business of any Obligor, the Obligor
acquiring such asset shall (if such asset is not, in the opinion of the Security Agent, acting reasonably subject to a charge under
any existing Security Document) execute and deliver to the Security Agent such further or additional Transaction Security Documents
in relation to such assets as the Majority Lenders may reasonably require in substantially the same terms as the Transaction Security
Documents (if any) charging similar assets and in any event in compliance with the Agreed Security Principles.

 

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119 -

 

Section
10

 

The
Finance Parties

 

		30.	Role
                                         of the Agent, the Arranger and others

 

		30.1	Appointment
                                         of the Agent

 

		(a)	Each
                                         of the Arrangers and the Lenders appoints the Agent to act as its agent under and in
                                         connection with the Finance Documents (other than the Hedging Agreements).

 

		(b)	Each
                                         of the Arrangers and the Lenders authorises the Agent to exercise the rights, powers,
                                         authorities and discretions specifically given to the Agent under or in connection with
                                         the Finance Documents together with any other incidental rights, powers, authorities
                                         and discretions.

 

		30.2	Instructions

 

		(a)	The
                                         Agent shall:

 

		(i)	unless
                                         a contrary indication appears in a Finance Document, exercise or refrain from exercising
                                         any right, power, authority or discretion vested in it as Agent in accordance with any
                                         instructions given to it by:

 

		(1)	all
                                         Lenders if the relevant Finance Document stipulates the matter is an all Lender decision;

 

		(2)	in
                                         all other cases, the Majority Lenders; and

 

		(ii)	not
                                         be liable for any act (or omission) if it acts (or refrains from acting) in accordance
                                         with paragraph (i) above.

 

		(b)	The
                                         Agent shall be entitled to request instructions, or clarification of any instruction,
                                         from the Majority Lenders (or, if the relevant Finance Document stipulates the matter
                                         is a decision for any other Lender or group of Lenders, from that Lender or group of
                                         Lenders) as to whether, and in what manner, it should exercise or refrain from exercising
                                         any right, power, authority or discretion and the Agent may refrain from acting unless
                                         and until it receives any such instructions or clarification that it has requested.

 

		(c)	Save
                                         in the case of decisions stipulated to be a matter for any other Lender or group of Lenders
                                         under the relevant Finance Document and unless a contrary indication appears in a Finance
                                         Document, any instructions given to the Agent by the Majority Lenders shall override
                                         any conflicting instructions given by any other Parties and will be binding on all Finance
                                         Parties save for the Security Agent.

 

		(d)	The
                                         Agent may refrain from acting in accordance with any instructions of any Lender or group
                                         of Lenders until it has received any indemnification and/or security that it may in its
                                         discretion require (which may be greater in extent than that contained in the Finance
                                         Documents and which may include payment in advance) for any cost, loss or liability which
                                         it may incur in complying with those instructions.

 

		(e)	In
                                         the absence of instructions, the Agent may act (or refrain from acting) as it considers
                                         to be in the best interest of the Lenders.

 

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120 -

 

		(f)	The
                                         Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
                                         consent) in any legal or arbitration proceedings relating to any Finance Document. This
                                         paragraph (f) shall not apply to any legal or arbitration proceeding relating to the
                                         perfection, preservation or protection of rights under the Transaction Security Documents
                                         or enforcement of the Transaction Security or Transaction Security Documents.

 

		30.3	Duties
                                         of the Agent

 

		(a)	The
                                         Agent’s duties under the Finance Documents are solely mechanical and administrative
                                         in nature.

 

		(b)	Subject
                                         to paragraph (c) below, the Agent shall promptly forward to a Party the original or a
                                         copy of any document which is delivered to the Agent for that Party by any other Party
                                         excluding, for the avoidance of doubt, any Fee Letter.

 

		(c)	Without
                                         prejudice to Clause 27.6 (Copy of Transfer Certificate, Assignment Agreement or Increase
                                         Confirmation to Parent), paragraph (a) above shall not apply to any Transfer Certificate,
                                         any Assignment Agreement or any Increase Confirmation.

 

		(d)	Except
                                         where a Finance Document specifically provides otherwise, the Agent is not obliged to
                                         review or check the adequacy, accuracy or completeness of any document it forwards to
                                         another Party.

 

		(e)	If
                                         the Agent receives notice from a Party referring to this Agreement, describing a Default
                                         and stating that the circumstance described is a Default, it shall promptly notify the
                                         other Finance Parties. The Agent is not obliged to monitor or enquire whether a Default
                                         has occurred.

 

		(f)	If
                                         the Agent is aware of the non-payment of any principal, interest, commitment fee or other
                                         fee payable to a Finance Party (other than the Agent, the Arrangers or the Security Agent)
                                         under this Agreement it shall promptly notify the other Finance Parties.

 

		(g)	The
                                         Agent shall have only those duties, obligations and responsibilities expressly specified
                                         in the Finance Documents to which it is expressed to be a party (and no others shall
                                         be implied).

 

		30.4	Role
                                         of the Arranger

 

Except
as specifically provided in the Finance Documents, each Arranger has no obligations of any kind to any other Party under or in
connection with any Finance Document.

 

		30.5	No
                                         fiduciary duties

 

		(a)	Nothing
                                         in this Agreement constitutes the Agent and/or the Arrangers as a trustee or fiduciary
                                         of any other person.

 

		(b)	None
                                         of the Agent, the Security Agent, the Arrangers or any Ancillary Lender shall be bound
                                         to account to any Lender for any sum or the profit element of any sum received by it
                                         for its own account.

 

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		30.6	Business
                                         with the Group

 

The
Agent, the Security Agent, the Arrangers and each Ancillary Lender may accept deposits from, lend money to and generally engage
in any kind of banking or other business with any member of the Group.

 

		30.7	Rights
                                         and discretions

 

		(a)	The
                                         Agent may rely on:

 

		(i)	any
                                         representation, notice or document believed by it to be genuine, correct and appropriately
                                         authorised; and

 

		(ii)	any
                                         statement made by a director, authorised signatory or employee of any person regarding
                                         any matters which may reasonably be assumed to be within his knowledge or within his
                                         power to verify.

 

		(b)	The
                                         Agent may assume (unless it has received notice to the contrary in its capacity as agent
                                         for the Lenders) that:

 

		(i)	no
                                         Default has occurred (unless it has actual knowledge of a Default arising under Clause
                                         26.1 (Non-payment));

 

		(ii)	any
                                         right, power, authority or discretion vested in any Party or the Majority Lenders has
                                         not been exercised;

 

		(iii)	any
                                         notice or request made by the Parent (other than a Utilisation Request) is made on behalf
                                         of and with the consent and knowledge of all the Obligors; and

 

		(c)	The
                                         Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
                                         surveyors or other experts.

 

		(d)	Without
                                         prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent
                                         may at any time engage and pay for the services of any lawyers to act as independent
                                         counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if
                                         the Agent in its reasonable opinion deems this to be desirable.

 

		(e)	The
                                         Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
                                         or other professional advisers or experts (whether obtained by the Agent or by any other
                                         Party) and shall not be liable for any damages, costs or losses to any person, any diminution
                                         in value or any liability whatsoever arising as a result of its so relying.

 

		(f)	The
                                         Agent may act in relation to the Finance Documents through its officers, employees and
                                         agents and the Agent shall not:

 

		(i)	be
                                         liable for any error of judgment made by any such person; or

 

		(ii)	be
                                         bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
                                         omission or default on the part, of any such person,

 

unless
such error or such loss was directly caused by the Agent’s gross negligence or wilful misconduct.

 

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		(g)	Unless
                                         a Finance Document expressly provides otherwise the Agent may disclose to any other Party
                                         any information it reasonably believes it has received as agent under this Agreement.

 

		(h)	Without
                                         prejudice to the generality of paragraph (g) above, the Agent:

 

		(i)	may
                                         disclose; and

 

		(ii)	on
                                         the written request of the Parent or the Majority Lenders shall, as soon as reasonably
                                         practicable, disclose,

 

the
identity of a Defaulting Lender to the Parent and to the other Finance Parties.

 

		(i)	Notwithstanding
                                         any other provision of any Finance Document to the contrary, none of the Agent or the
                                         Arranger is obliged to do or omit to do anything if it would, or might in its reasonable
                                         opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty
                                         or duty of confidentiality.

 

		(j)	Notwithstanding
                                         any provision of any Finance Document to the contrary, the Agent is not obliged to expend
                                         or risk its own funds or otherwise incur any financial liability in the performance of
                                         its duties, obligations or responsibilities or the exercise of any right, power, authority
                                         or discretion if it has grounds for believing the repayment of such funds or adequate
                                         indemnity against, or security for, such risk or liability is not reasonably assured
                                         to it.

 

		30.8	Responsibility
                                         for documentation

 

None
of the Agent, the Arrangers or any Ancillary Lender is responsible or liable for:

 

		(a)	the
                                         adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
                                         by the Agent, the Arrangers, an Ancillary Lender, an Obligor or any other person given
                                         in or in connection with any Finance Document or the transactions contemplated in the
                                         Finance Documents;

 

		(b)	the
                                         legality, validity, effectiveness, adequacy or enforceability of any Finance Document
                                         or the Transaction Security or any other agreement, arrangement or document entered into,
                                         made or executed in anticipation of or in connection with any Finance Document or the
                                         Transaction Security; or

 

		(c)	any
                                         determination as to whether any information provided or to be provided to any Finance
                                         Party is non public information the use of which may be regulated or prohibited by applicable
                                         law or regulation relating to insider dealing or otherwise.

 

		30.9	No
                                         duty to monitor

 

The
Agent shall not be bound to enquire:

 

		(a)	whether
                                         or not any Default has occurred;

 

		(b)	as
                                         to the performance, default or any breach by any Party of its obligations under any Finance
                                         Document; or

 

		(c)	whether
                                         any other event specified in any Finance Document has occurred.

 

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		30.10	Exclusion
                                         of liability

 

		(a)	Without
                                         limiting paragraph ‎(b) below (and without prejudice to any other provision of any
                                         Finance Document excluding or limiting the liability of the Agent or any Ancillary Lender),
                                         none of the Agent nor any Ancillary Lender will be liable (including, without limitation,
                                         for negligence or any other category of liability whatsoever) for:

 

		(i)	any
                                         damages, costs or losses to any person, any diminution in value, or any liability whatsoever
                                         arising as a result of taking or not taking any action under or in connection with any
                                         Finance Document or the Transaction Security, unless directly caused by its gross negligence
                                         or wilful misconduct;

 

		(ii)	exercising,
                                         or not exercising, any right, power, authority or discretion given to it by, or in connection
                                         with, any Finance Document, the Transaction Security or any other agreement, arrangement
                                         or document entered into, made or executed in anticipation of, under or in connection
                                         with, any Finance Document or the Transaction Security; or

 

		(iii)	without
                                         prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses
                                         to any person, any diminution in value or any liability whatsoever arising as a result
                                         of:

 

		(1)	any
                                         act, event or circumstance not reasonably within its control; or

 

		(2)	the
                                         general risks of investment in, or the holding of assets in, any jurisdiction,

 

including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation,
expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions
affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure
or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God;
war, terrorism, insurrection or revolution; or strikes or industrial action.

 

		(b)	No
                                         Party (other than the Agent or an Ancillary Lender (as applicable)) may take any proceedings
                                         against any officer, employee or agent of the Agent or any Ancillary Lender, in respect
                                         of any claim it might have against the Agentor an Ancillary Lender or in respect of any
                                         act or omission of any kind by that officer, employee or agent in relation to any Finance
                                         Document or any Transaction Document and any officer, employee or agent of the Agent
                                         or any Ancillary Lender may rely on this clause subject to Clause 1.3 (Third party
                                         rights) and the provisions of the Third Parties Act.

 

		(c)	The
                                         Agent will not be liable for any delay (or any related consequences) in crediting an
                                         account with an amount required under the Finance Documents to be paid by the Agent if
                                         the Agent has taken all necessary steps as soon as reasonably practicable to comply with
                                         the regulations or operating procedures of any recognised clearing or settlement system
                                         used by the Agent for that purpose.

 

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		(d)	Nothing
                                         in this Agreement shall oblige the Agent or the Arranger to carry out:

 

		(i)	any
                                         “know your customer” or other checks in relation to any person; or

 

		(ii)	any
                                         check on the extent to which any transaction contemplated by this Agreement might be
                                         unlawful for any Lender or for any Affiliate of any Lender,

 

on
behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks
it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

 

		(e)	Without
                                         prejudice to any provision of any Finance Document excluding or limiting the Agent’s
                                         liability, any liability of the Agent arising under or in connection with any Finance
                                         Document or the Transaction Security shall be limited to the amount of actual loss which
                                         has been finally judicially determined to have been suffered (as determined by reference
                                         to the date of default of the Agent or, if later, the date on which the loss arises as
                                         a result of such default) but without reference to any special conditions or circumstances
                                         known to the Agent at any time which increase the amount of that loss. In no event shall
                                         the Agent be liable for any loss of profits, goodwill, reputation, business opportunity
                                         or anticipated saving, or for special, punitive, indirect or consequential damages, whether
                                         or not the Agent has been advised of the possibility of such loss or damages.

 

		30.11	Lenders’
                                         indemnity to the Agent

 

		(a)	Each
                                         Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
                                         are then zero, to its share of the Total Commitments immediately prior to their reduction
                                         to zero) indemnify the Agent, within three Business Days of demand, against any cost,
                                         loss or liability (including, without limitation, for negligence or any other category
                                         of liability whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s
                                         gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability
                                         pursuant to clause 33.11 (Disruption to payment systems etc.), notwithstanding
                                         the Agent’s negligence, gross negligence or any other category of liability whatsoever
                                         but not including any claim based on the fraud of the Agent) in acting as Agent under
                                         the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to
                                         a Finance Document).

 

		(b)	Subject
                                         to paragraph (c) below, the Parent shall immediately on demand reimburse any Lender for
                                         any payment that Lender makes to the Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph
                                         (b) above shall not apply to the extent that the indemnity payment in respect of which
                                         the Lender claims reimbursement relates to a liability of the Agent to an Obligor.

 

		30.12	Resignation
                                         of the Agent

 

		(a)	The
                                         Agent may resign and appoint one of its Affiliates acting through an office in the United
                                         Kingdom as successor by giving notice to the Lenders and the Parent.

 

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		(b)	Alternatively
                                         the Agent may resign by giving 30 days’ notice to the Lenders and the Parent, in
                                         which case the Majority Lenders (after consultation with the Parent) may appoint a successor
                                         Agent.

 

		(c)	If
                                         the Majority Lenders have not appointed a successor Agent in accordance with paragraph
                                         (b) above within 20 days after notice of resignation was given, the retiring Agent (after
                                         consultation with the Parent) may appoint a successor Agent (acting through an office
                                         in the United Kingdom).

 

		(d)	If
                                         the Agent wishes to resign because (acting reasonably) it has concluded that it is no
                                         longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor
                                         Agent under paragraph (c) above, the Agent may (if it concludes (acting reasonably) that
                                         it is necessary to do so in order to persuade the proposed successor Agent to become
                                         a party to this Agreement as Agent) agree with the proposed successor Agent amendments
                                         to this clause 30 and any other term of this Agreement dealing with the rights or obligations
                                         of the Agent consistent with then current market practice for the appointment and protection
                                         of corporate trustees together with any reasonable amendments to the agency fee payable
                                         under this Agreement which are consistent with the successor Agent’s normal fee
                                         rates and those amendments will bind the Parties.

 

		(e)	The
                                         retiring Agent shall, at its own cost, make available to the successor Agent such documents
                                         and records and provide such assistance as the successor Agent may reasonably request
                                         for the purposes of performing its functions as Agent under the Finance Documents.

 

		(f)	The
                                         Agent’s resignation notice shall only take effect upon the appointment of a successor.

 

		(g)	Upon
                                         the appointment of a successor, the retiring Agent shall be discharged from any further
                                         obligation in respect of the Finance Documents (other than its obligations under paragraph
                                         (e) above) but shall remain entitled to the benefit of clause ‎18.3 (Indemnity
                                         to the Agent) and this clause 33 (and any agency fees for the account of the retiring
                                         Agent shall cease to accrue from (and shall be payable on) that date). Any successor
                                         and each of the other Parties shall have the same rights and obligations amongst themselves
                                         as they would have had if such successor had been an original Party.

 

		(h)	The
                                         Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
                                         shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c)
                                         above) if on or after the date which is three months before the earliest FATCA Application
                                         Date relating to any payment to the Agent under the Finance Documents, either:

 

		(i)	the
                                         Agent fails to respond to a request under clause 19.8 (FATCA information) and
                                         the Parent or a Lender reasonably believes that the Agent will not be (or will have ceased
                                         to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the
                                         information supplied by the Agent pursuant to clause 19.8 (FATCA information)
                                         indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party
                                         on or after that FATCA Application Date; or

 

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		(iii)	the
                                         Agent notifies the Parent and the Lenders that the Agent will not be (or will have ceased
                                         to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

and
(in each case) the Parent or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not
be required if the Agent were a FATCA Exempt Party, and the Parent or that Lender, by notice to the Agent, requires it to resign.

 

		30.13	Replacement
                                         of the Agent

 

		(a)	After
                                         consultation with the Parent, the Majority Lenders may, by giving 30 days’ notice
                                         to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice
                                         determined by the Majority Lenders) replace the Agent by appointing a successor Agent
                                         (acting through an office in the United Kingdom).

 

		(b)	The
                                         retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the
                                         expense of the Lenders) make available to the successor Agent such documents and records
                                         and provide such assistance as the successor Agent may reasonably request for the purposes
                                         of performing its functions as Agent under the Finance Documents.

 

		(c)	The
                                         appointment of the successor Agent shall take effect on the date specified in the notice
                                         from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent
                                         shall be discharged from any further obligation in respect of the Finance Documents (other
                                         than its obligations under paragraph (b) above) but shall remain entitled to the benefit
                                         of Clause ‎18.3 (Indemnity to the Agent) and this clause 30 (and any agency
                                         fees for the account of the retiring Agent shall cease to accrue from (and shall be payable
                                         on) that date).

 

		(d)	Any
                                         successor Agent and each of the other Parties shall have the same rights and obligations
                                         amongst themselves as they would have had if such successor had been an original Party.

 

		30.14	Confidentiality

 

		(a)	In
                                         acting as agent for the Finance Parties, the Agent shall be regarded as acting through
                                         its agency division which shall be treated as a separate entity from any other of its
                                         divisions or departments.

 

		(b)	If
                                         information is received by another division or department of the Agent, it may be treated
                                         as confidential to that division or department and the Agent shall not be deemed to have
                                         notice of it.

 

		30.15	Relationship
                                         with the Lenders

 

		(a)	Subject
                                         to clause ‎27.9 (Pro rata interest settlement), the Agent may treat the person
                                         shown in its records as Lender at the opening of business (in the place of the Agent’s
                                         principal office as notified to the Finance Parties from time to time) as the Lender
                                         acting through its Facility Office:

 

		(i)	entitled
                                         to or liable for any payment due under any Finance Document on that day; and

 

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		(ii)	entitled
                                         to receive and act upon any notice, request, document or communication or make any decision
                                         or determination under any Finance Document made or delivered on that day,

 

unless
it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms
of this Agreement.

 

		(b)	Any
                                         Lender may by notice to the Agent appoint a person to receive on its behalf all notices,
                                         communications, information and documents to be made or despatched to that Lender under
                                         the Finance Documents. Such notice shall contain the address, fax number and (where communication
                                         by electronic mail or other electronic means is permitted under clause ‎35.6 (Electronic
                                         communication)) electronic mail address and/or any other information required to
                                         enable the transmission of information by that means (and, in each case, the department
                                         or officer, if any, for whose attention communication is to be made) and be treated as
                                         a notification of a substitute address, fax number, electronic mail address (or such
                                         other information) department and officer by that Lender for the purposes of clause ‎35.2
                                         (Addresses) and paragraph (a)(ii) of clause 35.6 (Electronic communication)
                                         and the Agent shall be entitled to treat such person as the person entitled to receive
                                         all such notices, communications, information and documents as though that person were
                                         that Lender.

 

		30.16	Credit
                                         appraisal by the Lenders and Ancillary Lenders

 

Without
affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender and Ancillary Lender confirms to the Agent, the Arranger and each Ancillary Lender that it has been, and will continue
to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection
with any Finance Document including but not limited to:

 

		(a)	the
                                         financial condition, status and nature of each member of the Group;

 

		(b)	the
                                         legality, validity, effectiveness, adequacy or enforceability of any Finance Document,
                                         the Transaction Security and any other agreement, arrangement or document entered into,
                                         made or executed in anticipation of, under or in connection with any Finance Document
                                         or the Transaction Security;

 

		(c)	whether
                                         that Lender or Ancillary Lender has recourse, and the nature and extent of that recourse,
                                         against any Party or any of its respective assets under or in connection with any Finance
                                         Document, the Transaction Security, the transactions contemplated by the Finance Documents
                                         or any other agreement, arrangement or document entered into, made or executed in anticipation
                                         of, under or in connection with any Finance Document or the Transaction Security;

 

		(d)	the
                                         adequacy, accuracy or completeness of the Information Memorandum and any other information
                                         provided by the Agent, any Party or by any other person under or in connection with any
                                         Finance Document, the transactions contemplated by any Finance Document or any other
                                         agreement, arrangement or document entered into, made or executed in anticipation of,
                                         under or in connection with any Finance Document; and

 

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		(e)	the
                                         right or title of any person in or to, or the value or sufficiency of any part of the
                                         Charged Property, the priority of any of the Transaction Security or the existence of
                                         any Security affecting the Charged Property.

 

		30.17	Agent’s
                                         management time

 

		(a)	After
                                         the occurrence of an Event of Default, any amount payable to the Agent under clause 18.3
                                         (Indemnity to the Agent), clause 20 (Costs and expenses) and clause 30.11
                                         (Lenders’ indemnity to the Agent) shall include the cost of utilising the
                                         Agent’s management time or other resources and will be calculated on the basis
                                         of such reasonable daily or hourly rates as the Agent may notify to the Parent and the
                                         Lenders, and is in addition to any fee paid or payable to the Agent under clause 18 (Fees).

 

		30.18	Deduction
                                         from amounts payable by the Agent

 

If
any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance
Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

		30.19	Reliance
                                         and engagement letters

 

Each
Finance Party and Secured Party confirms that each of the Arranger and the Agent has authority to accept on its behalf (and ratifies
the acceptance on its behalf of any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter
or engagement letters relating to any reports or letters provided by accountants in connection with the Finance Documents or the
transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters
on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		30.20	Role
                                         of Reference Banks

 

		(a)	No
                                         Reference Bank is under any obligation to provide a quotation or any other information
                                         to the Agent.

 

		(b)	No
                                         Reference Bank will be liable for any action taken by it under or in connection with
                                         any Finance Document, or for any Reference Bank Quotation, unless directly caused by
                                         its gross negligence or wilful misconduct.

 

		(c)	No
                                         Party (other than the relevant Reference Bank) may take any proceedings against any officer,
                                         employee or agent of any Reference Bank in respect of any claim it might have against
                                         that Reference Bank or in respect of any act or omission of any kind by that officer,
                                         employee or agent in relation to any Finance Document, or to any Reference Bank Quotation,
                                         and any officer, employee or agent of each Reference Bank may rely on this clause 30.20
                                         subject to clause ‎1.3 (Third party rights) and the provisions of the Third
                                         Parties Act.

 

		30.21	Third
                                         party Reference Banks

 

A
Reference Bank which is not a Party may rely on clause 30.20 (Role of Reference Banks), paragraph (c) ‎of clause 39.3
(Other exceptions) and clause ‎41 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to
clause ‎1.3 (Third party rights) and the provisions of the Third Parties Act.

 

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		31.	Conduct
                                         of business by the Finance Parties

 

No
provision of any Finance Document will:

 

		(a)	interfere
                                         with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
                                         manner it thinks fit;

 

		(b)	oblige
                                         any Finance Party to investigate or claim any credit, relief, remission or repayment
                                         available to it or the extent, order and manner of any claim; or

 

		(c)	oblige
                                         any Finance Party to disclose any information relating to its affairs (tax or otherwise)
                                         or any computations in respect of Tax.

 

		32.	Sharing
                                         among the Finance Parties

 

		32.1	Payments
                                         to Finance Parties

 

		(a)	Subject
                                         to paragraph (b) below, if a Finance Party (a “Recovering Finance Party”)
                                         receives or recovers any amount from an Obligor other than in accordance with Clause
                                         33 (Payment mechanics) (a “Recovered Amount”) and applies that
                                         amount to a payment due under the Finance Documents then:

 

		(i)	the
                                         Recovering Finance Party shall, within three Business Days, notify details of the receipt
                                         or recovery, to the Agent;

 

		(ii)	the
                                         Agent shall determine whether the receipt or recovery is in excess of the amount the
                                         Recovering Finance Party would have been paid had the receipt or recovery been received
                                         or made by the Agent and distributed in accordance with Clause 33 (Payment mechanics),
                                         without taking account of any Tax which would be imposed on the Agent in relation to
                                         the receipt, recovery or distribution; and

 

		(iii)	the
                                         Recovering Finance Party shall, within three Business Days of demand by the Agent, pay
                                         to the Agent an amount (the “Sharing Payment”) equal to such receipt
                                         or recovery less any amount which the Agent determines may be retained by the Recovering
                                         Finance Party as its share of any payment to be made, in accordance with Clause 33.6
                                         (Partial payments).

 

		(b)	Paragraph
                                         (a) above shall not apply to any amount received or recovered by an Ancillary Lender
                                         in respect of any cash cover provided for the benefit of that Ancillary Lender.

 

		32.2	Redistribution
                                         of payments

 

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties
(other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.6 (Partial
payments) towards the obligations of that Obligor to the Sharing Finance Parties.

 

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		32.3	Recovering
                                         Finance Party’s rights

 

On
a distribution by the Agent under Clause 32.2 (Redistribution of payments), of a payment received by a Recovering Finance
Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal
to the Sharing Payment will be treated as not having been paid by that Obligor.

 

		32.4	Reversal
                                         of redistribution

 

If
any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then:

 

		(a)	each
                                         Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account
                                         of that Recovering Finance Party an amount equal to the appropriate part of its share
                                         of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering
                                         Finance Party for its proportion of any interest on the Sharing Payment which that Recovering
                                         Finance Party is required to pay) (the “Redistributed Amount”); and

 

		(b)	as
                                         between the relevant Obligor and each relevant Sharing Finance Party, an amount equal
                                         to the relevant Redistributed Amount will be treated as not having been paid by that
                                         Obligor.

 

		32.5	Exceptions

 

		(a)	This
                                         Clause 32 shall not apply to the extent that the Recovering Finance Party would not,
                                         after making any payment pursuant to this Clause, have a valid and enforceable claim
                                         against the relevant Obligor except where that would be inconsistent with the terms of
                                         the Intercreditor Agreement.

 

		(b)	A
                                         Recovering Finance Party is not obliged to share with any other Finance Party any amount
                                         which the Recovering Finance Party has received or recovered as a result of taking legal
                                         or arbitration proceedings, if:

 

		(i)	it
                                         notified the other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	the
                                         other Finance Party had an opportunity to participate in those legal or arbitration proceedings
                                         but did not do so as soon as reasonably practicable having received notice and did not
                                         take separate legal or arbitration proceedings.

 

		32.6	Ancillary
                                         Lenders

 

		(a)	This
                                         Clause 32 shall not apply to any receipt or recovery by a Lender in its capacity as an
                                         Ancillary Lender at any time prior to the Agent exercising any of its rights under Clause
                                         26.14 (Acceleration).

 

		(b)	Following
                                         the exercise by the Agent of any of its rights under Clause 26.14 (Acceleration),
                                         this Clause 32 shall apply to all receipts or recoveries by Ancillary Lenders except
                                         to the extent that the receipt or recovery represents a reduction from the Designated
                                         Gross Amount for an Ancillary Facility to the Designated Net Amount.

 

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Section
11

 

Administration

 

		33.	Payment
                                         Mechanics

 

		33.1	Payments
                                         to the Agent

 

		(a)	On
                                         each date on which an Obligor or a Lender is required to make a payment under a Finance
                                         Document excluding a payment under the terms of an Ancillary Document, that Obligor or
                                         Lender shall make the same available to the Agent (unless a contrary indication appears
                                         in a Finance Document) for value on the due date at the time and in such funds specified
                                         by the Agent as being customary at the time for settlement of transactions in the relevant
                                         currency in the place of payment.

 

		(b)	Payment
                                         shall be made to such account in the principal financial centre of the country of that
                                         currency (or, in relation to euro, in a principal financial centre in a Participating
                                         Member State or London) with such bank as the Agent specifies.

 

		33.2	Distributions
                                         by the Agent

 

Each
payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 33.3 (Distributions to
an Obligor) and Clause 33.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party
entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office),
to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank in the principal
financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating
Member State or London).

 

		33.3	Distributions
                                         to an Obligor

 

The
Agent may (with the consent of the Obligor or in accordance with Clause 34 (Set-off)) apply any amount received by it for
that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor
under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

 

		33.4	Clawback

 

		(a)	Where
                                         a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
                                         is not obliged to pay that sum to that other Party (or to enter into or perform any related
                                         exchange contract) until it has been able to establish to its satisfaction that it has
                                         actually received that sum.

 

		(b)	If
                                         the Agent pays an amount to another Party and it proves to be the case that the Agent
                                         had not actually received that amount, then the Party to whom that amount (or the proceeds
                                         of any related exchange contract) was paid by the Agent shall on demand refund the same
                                         to the Agent together with interest on that amount from the date of payment to the date
                                         of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

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		33.5	Impaired
                                         Agent

 

		(a)	If,
                                         at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required
                                         to make a payment under the Finance Documents to the Agent in accordance with Clause
                                         33.1 (Payments to the Agent) may instead either:

 

		(i)	pay
                                         that amount direct to the required recipient(s); or

 

		(ii)	if
                                         in its absolute discretion it considers that it is not reasonably practicable to pay
                                         that amount direct to the required receipient(s), pay that amount or the relevant part
                                         of that amount to an interest-bearing account held with an Acceptable Bank within the
                                         meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation
                                         to which no Finance Party Insolvency Event has occurred and is continuing, in the name
                                         of the Obligor or the Lender making the payment (the “Paying Party”)
                                         and designated as a trust account for the benefit of the Party or Parties beneficially
                                         entitled to that payment under the Finance Documents (the “Recipient Party”
                                         or “Recipient Parties”).

 

In
each case such payments must be made on the due date for payment under the Finance Documents.

 

		(b)	All
                                         interest accrued on the amount standing to the credit of the trust account shall be for
                                         the benefit of the Recipient Party or Recipient Parties pro rata to their respective
                                         entitlements.

 

		(c)	A
                                         Party which has made a payment in accordance with this Clause 33.5 shall be discharged
                                         of the relevant payment obligation under the Finance Documents and shall not take any
                                         credit risk with respect to the amounts standing to the credit of the trust account.

 

		(d)	Promptly
                                         upon the appointment of a successor Agent in accordance with Clause 30.13 (Replacement
                                         of the Agent), each Paying Party shall (other than to the extent that that Party
                                         has given an instruction pursuant to paragraph (e) below) give all requisite instructions
                                         to the bank with whom the trust account is held to transfer the amount (together with
                                         any accrued interest) to the successor Agent for distribution to the relevant Recipient
                                         Party or Recipient Parties in accordance with Clause 33.2 (Distributions by the Agent).

 

		(e)	A
                                         Paying Party shall, promptly upon request by a Recipient Party and to the extent:

 

		(i)	that
                                         it has not given an instruction pursuant to paragraph (d) above; and

 

		(ii)	that
                                         it has been provided with the necessary information by the Recipient Party,

 

give
all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any
accrued interest) to that Recipient Party).

 

		33.6	Partial
                                         payments

 

		(a)	If
                                         the Agent receives a payment for application against amounts due in respect of any Finance
                                         Documents that is insufficient to discharge all the amounts then due and payable by an
                                         Obligor under those Finance Documents, the Agent shall apply that payment towards the
                                         obligations of that Obligor under those Finance Documents in the following order:

 

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- 133 -

 

		(i)	first,
                                         in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and
                                         the Security Agent under those Finance Documents;

 

		(ii)	secondly,
                                         in or towards payment pro rata of any accrued interest, fee or commission due but unpaid
                                         under the Facility;

 

		(iii)	thirdly,
                                         in or towards payment pro rata of any principal due but unpaid under the Facility; and

 

		(iv)	fourthly,
                                         in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

 

		(b)	The
                                         Agent shall, if so directed by the Lenders vary the order set out in subparagraphs (a)(ii)
                                         to (iv) above.

 

		(c)	Paragraphs
                                         (a) and (b) above will override any appropriation made by an Obligor.

 

		33.7	No
                                         set-off by Obligors

 

All
payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim.

 

		33.8	Business
                                         Days

 

		(a)	Any
                                         payment which is due to be made on a day that is not a Business Day shall be made on
                                         the next Business Day in the same calendar month (if there is one) or the preceding Business
                                         Day (if there is not).

 

		(b)	During
                                         any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
                                         interest is payable on the principal or Unpaid Sum at the rate payable on the original
                                         due date.

 

		33.9	Currency
                                         of account

 

		(a)	Subject
                                         to paragraphs (b) to (f) below, the Base Currency is the currency of account and payment
                                         for any sum due from an Obligor under any Finance Document.

 

		(b)	A
                                         repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall
                                         be made in the currency in which that Utilisation or Unpaid Sum is denominated on its
                                         due date.

 

		(c)	Each
                                         payment of interest shall be made in the currency in which the sum in respect of which
                                         the interest is payable was denominated when that interest accrued.

 

		(d)	Each
                                         payment in respect of costs, expenses or Taxes shall be made in the currency in which
                                         the costs, expenses or Taxes are incurred.

 

		(e)	Any
                                         amount expressed to be payable in a currency other than the Base Currency shall be paid
                                         in that other currency.

 

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- 134 -

 

		(f)	Unless
                                         otherwise stated and whether payment is due from an Obligor or Lender, any payment in
                                         respect of drawings under Ancillary Facilities shall be made in the currency in which
                                         such drawing is denominated.

 

		33.10	Change
                                         of currency

 

		(a)	Unless
                                         otherwise prohibited by law, if more than one currency or currency unit are at the same
                                         time recognised by the central bank of any country as the lawful currency of that country,
                                         then:

 

		(i)	any
                                         reference in the Finance Documents to, and any obligations arising under the Finance
                                         Documents in, the currency of that country shall be translated into, or paid in, the
                                         currency or currency unit of that country designated by the Agent (after consultation
                                         with the Parent); and

 

		(ii)	any
                                         translation from one currency or currency unit to another shall be at the official rate
                                         of exchange recognised by the central bank for the conversion of that currency or currency
                                         unit into the other, rounded up or down by the Agent (acting reasonably).

 

		(b)	If
                                         a change in any currency of a country occurs, this Agreement will, to the extent the
                                         Agent (acting reasonably and after consultation with the Parent) specifies to be necessary,
                                         be amended to comply with any generally accepted conventions and market practice in the
                                         Relevant Interbank Market and otherwise to reflect the change in currency.

 

		33.11	Disruption
                                         to Payment Systems etc

 

If
either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that
a Disruption Event has occurred:

 

		(a)	the
                                         Agent may, and shall if requested to do so by the Parent, consult with the Parent with
                                         a view to agreeing with the Parent such changes to the operation or administration of
                                         the Facility as the Agent may deem necessary in the circumstances;

 

		(b)	the
                                         Agent shall not be obliged to consult with the Parent in relation to any changes mentioned
                                         in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances
                                         and, in any event, shall have no obligation to agree to such changes;

 

		(c)	the
                                         Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph
                                         (a) above but shall not be obliged to do so if, in its opinion, it is not practicable
                                         to do so in the circumstances;

 

		(d)	any
                                         such changes agreed upon by the Agent and the Parent shall (whether or not it is finally
                                         determined that a Disruption Event has occurred) be binding upon the Parties as an amendment
                                         to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding
                                         the provisions of Clause 39 (Amendments and waivers);

 

		(e)	the
                                         Agent shall not be liable for any damages, costs or losses whatsoever (including, without
                                         limitation for negligence, gross negligence or any other category of liability whatsoever
                                         but not including any claim based on the fraud of the Agent) arising as a result of its
                                         taking, or failing to take, any actions pursuant to or in connection with this Clause
                                         33.11; and

 

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		(f)	the
                                         Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d)
                                         above.

 

		34.	Set-off

 

		(a)	A
                                         Finance Party may set off any matured obligation due from an Obligor under the Finance
                                         Documents (to the extent beneficially owned by that Finance Party) against any matured
                                         obligation owed by that Finance Party to that Obligor, regardless of the place of payment,
                                         booking branch or currency of either obligation. If the obligations are in different
                                         currencies, the Finance Party may convert either obligation at a market rate of exchange
                                         in its usual course of business for the purpose of the set-off. No security interest
                                         is created by this Clause 34.

 

		(b)	Any
                                         credit balances taken into account by an Ancillary Lender when operating a net limit
                                         in respect of any overdraft under an Ancillary Facility shall on enforcement of the Finance
                                         Documents be applied first in reduction of the overdraft provided under that Ancillary
                                         Facility in accordance with its terms.

 

		35.	Notices

 

		35.1	Communications
                                         in writing

 

Any
communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated,
may be made by fax or letter.

 

		35.2	Addresses

 

The
address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party
for any communication or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in
                                         the case of the Parent, that identified with its name below;

 

		(b)	in
                                         the case of each Lender, each Ancillary Lender or any other Obligor, that notified in
                                         writing to the Agent on or prior to the date on which it becomes a Party; and

 

		(c)	in
                                         the case of the Agent or the Security Agent, that identified with its name below,

 

or
any substitute address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the
other Parties, if a change is made by the Agent) by not less than five Business Days’ notice.

 

		35.3	Delivery

 

		(a)	Any
                                         communication or document made or delivered by one person to another under or in connection
                                         with the Finance Documents will only be effective:

 

		(i)	if
                                         by way of fax, when received in legible form; or

 

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- 136 -

 

		(ii)	if
                                         by way of letter, when it has been left at the relevant address or five Business Days
                                         after being deposited in the post postage prepaid in an envelope addressed to it at that
                                         address,

 

and,
if a particular department or officer is specified as part of its address details provided under Clause 35.2 (Addresses),
if addressed to that department or officer.

 

		(b)	Any
                                         communication or document to be made or delivered to the Agent or the Security Agent
                                         will be effective only when actually received by the Agent or Security Agent and then
                                         only if it is expressly marked for the attention of the department or officer identified
                                         with the Agent’s or Security Agent’s signature below (or any substitute department
                                         or officer as the Agent or Security Agent shall specify for this purpose).

 

		(c)	All
                                         notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any
                                         communication or document made or delivered to the Parent in accordance with this Clause
                                         35.3 will be deemed to have been made or delivered to each of the Obligors or any other
                                         member of the Group party to a Finance Document.

 

		35.4	Notification
                                         of address and fax number

 

Promptly
upon receipt of notification of an address and fax number or change of address or fax number, pursuant to Clause 35.2 (Addresses)
or changing its own address or fax number, the Agent shall notify the other Parties.

 

		35.5	Communication
                                         when Agent is Impaired Agent

 

If
the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each
other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications
to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or
by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.

 

		35.6	Electronic
                                         communication

 

		(a)	Any
                                         communication to be made between any two Parties under or in connection with the Finance
                                         Documents may be made by electronic mail or other electronic means (including, without
                                         limitation, by way of posting to a secure website) if those two Parties:

 

		(i)	notify
                                         each other in writing of their electronic mail address and/or any other information required
                                         to enable the transmission of information by that means; and

 

		(ii)	notify
                                         each other of any change to their address or any other such information supplied by them
                                         by not less than five Business Days’ notice.

 

		(b)	Any
                                         such electronic communication as specified in paragraph (a) above to be made between
                                         an Obligor and a Finance Party may only be made in that way to the extent that those
                                         two Parties agree that, unless and until notified to the contrary, this is to be an accepted
                                         form of communication.

 

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- 137 -

 

		(c)	Any
                                         such electronic communication as specified in paragraph (a) above made between any two
                                         Parties will be effective only when actually received (or made available) in readable
                                         form and in the case of any electronic communication made by a Party to the Agent or
                                         the Security Agent only if it is addressed in such a manner as the Agent or Security
                                         Agent shall specify for this purpose.

 

		(d)	Any
                                         electronic communication which becomes effective, in accordance with paragraph ‎(c)
                                         above, after 5:00 p.m. in the place in which the Party to whom the relevant communication
                                         is sent or made available has its address for the purpose of this Agreement shall be
                                         deemed only to become effective on the following day.

 

		(e)	Any
                                         reference in a Finance Document to a communication being sent or received shall be construed
                                         to include that communication being made available in accordance with this clause ‎35.2.

 

		35.7	Use
                                         of websites

 

		(a)	The
                                         Parent may satisfy its obligation under this Agreement to deliver any information in
                                         relation to those Lenders (the “Website Lenders”) who accept this
                                         method of communication by posting this information onto an electronic website designated
                                         by the Parent and the Agent (the “Designated Website”) if:

 

		(i)	the
                                         Agent expressly agrees (after consultation with each of the Lenders) that it will accept
                                         communication of the information by this method;

 

		(ii)	both
                                         the Parent and the Agent are aware of the address of and any relevant password specifications
                                         for the Designated Website; and

 

		(iii)	the
                                         information is in a printable format or otherwise capable of being downloaded by the
                                         relevant Website Lender and is in a format previously agreed between the Parent and the
                                         Agent.

 

If
any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent
shall notify the Parent accordingly and the Parent shall at its own cost supply the information to the Agent (in sufficient copies
for each Paper Form Lender) in paper form. In any event the Parent shall at its own cost supply the Agent with at least one copy
in paper form of any information required to be provided by it.

 

		(b)	The
                                         Agent shall supply each Website Lender with the address of and any relevant password
                                         specifications for the Designated Website following designation of that website by the
                                         Parent and the Agent.

 

		(c)	The
                                         Parent shall promptly upon becoming aware of its occurrence notify the Agent if:

 

		(i)	the
                                         Designated Website cannot be accessed due to technical failure;

 

		(ii)	the
                                         password specifications for the Designated Website change;

 

		(iii)	any
                                         new information which is required to be provided under this Agreement is posted onto
                                         the Designated Website;

 

		(iv)	any
                                         existing information which has been provided under this Agreement and posted onto the
                                         Designated Website is amended; or

 

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- 138 -

 

		(v)	the
                                         Parent becomes aware that the Designated Website or any information posted onto the Designated
                                         Website is or has been infected by any electronic virus or similar software.

 

If
the Parent notifies the Agent under sub-paragraph (c)(i) or sub-paragraph (c)(v) above, all information to be provided by the
Parent under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each
Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any
                                         Website Lender may request, through the Agent, one paper copy of any information required
                                         to be provided under this Agreement which is posted onto the Designated Website. The
                                         Parent shall at its own cost comply with any such request within ten Business Days.

 

		35.8	English
                                         language

 

		(a)	Any
                                         notice given under or in connection with any Finance Document must be in English.

 

		(b)	All
                                         other documents provided under or in connection with any Finance Document must be:

 

		(i)	in
                                         English; or

 

		(ii)	if
                                         not in English, and if so required by the Agent, accompanied by a certified English translation
                                         and, in this case, the English translation will prevail unless the document is a constitutional,
                                         statutory or other official document.

 

		36.	Calculations
                                         and Certificates

 

		36.1	Accounts

 

In
any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate.

 

		36.2	Certificates
                                         and determinations

 

Any
certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest
error, conclusive evidence of the matters to which it relates.

 

		36.3	Day
                                         count convention

 

Any
interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the
actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs,
in accordance with that market practice.

 

		37.	Partial
                                         invalidity

 

If,
at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law
of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

 

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- 139 -

 

		38.	Remedies
                                         and waivers

 

No
failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under
a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.
No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it is in
writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any
other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights
or remedies provided by law.

 

		39.	Amendments
                                         and waivers

 

		39.1	Intercreditor
                                         Agreement

 

This
Clause 39 is subject to the terms of the Intercreditor Agreement.

 

		39.2	Required
                                         consents

 

		(a)	Subject
                                         to Clause 39.3 (Exceptions) any term of the Finance Documents may be amended or
                                         waived only with the consent of the Majority Lenders and the Obligors’ Agent and
                                         any such amendment or waiver will be binding on all Parties.

 

		(b)	The
                                         Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by
                                         this Clause 39.

 

		(c)	Without
                                         prejudice to the generality of paragraphs (c), (d) and (e) of clause ‎30.7 (Rights
                                         and discretions), the Agent may engage, pay for and rely on the services of lawyers
                                         in determining the consent level required for and effecting any amendment, waiver or
                                         consent under this Agreement.

 

		(d)	Each
                                         Obligor agrees to any such amendment or waiver permitted by this clause 39 which is agreed
                                         to by the Parent. This includes any amendment or waiver which would, but for this paragraph
                                         (d), require the consent of all of the Guarantors.

 

		(e)	Paragraph
                                         (c) of Clause 27.9 (Pro rata interest settlement) shall apply to this Clause 39.

 

		39.3	Exceptions

 

		(a)	An
                                         amendment or waiver that has the effect of changing or which relates to:

 

		(i)	the
                                         definition of “Majority Lenders” in Clause 1.1 (Definitions);

 

		(ii)	an
                                         extension to the date of payment of any amount under the Finance Documents, but not an
                                         extension which results from an amendment to or waiver of the provisions of Clause 10
                                         (Mandatory Prepayment) provided that the amendment or waiver does not involve
                                         a change to the application of proceeds;

 

		(iii)	a
                                         reduction in the Margin or a reduction in the amount of any payment of principal, interest,
                                         fees or commission payable;

 

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- 140 -

 

		(iv)	a
                                         change in currency of payment of any amount under the Finance Documents;

 

		(v)	an
                                         increase in or an extension of any Commitment or the Total Commitments;

 

		(vi)	a
                                         change to the Borrowers or Guarantors other than in accordance with Clause 29 (Changes
                                         to the Obligors);

 

		(vii)	any
                                         provision which expressly requires the consent of all the Lenders;

 

		(viii)	Clause
                                         2.3 (Finance Parties’ rights and obligations), Clause 27 (Changes to
                                         the Lenders) or this Clause 39;

 

		(ix)	(other
                                         than as expressly permitted by the provisions of any Finance Document) the nature or
                                         scope of:

 

		(1)	the
                                         guarantee and indemnity granted under Clause 21 (Guarantee and Indemnity);

 

		(2)	the
                                         Charged Property; or

 

		(3)	the
                                         manner in which the proceeds of enforcement of the Transaction Security are distributed,

 

(except
in the case of paragraph (2) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction
Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document);

 

		(x)	any
                                         amendment to the order of priority or subordination under the Intercreditor Agreement;
                                         or

 

		(xi)	any
                                         extension of an Availability Period;

 

shall
not be made without the prior consent of all the Lenders.

 

		(b)	The
                                         Security Agent shall be authorised to release any guarantees or Security constituted
                                         by the Transaction Security Documents in the event that such release is required to effect
                                         a Permitted Disposal or a disposal to which the Majority Lenders have consented in accordance
                                         with the Finance Documents. Otherwise the release of any of the guarantees or Security
                                         constituted by the Security Documents shall require the consent of Lenders whose Commitments
                                         exceed 90% of the Total Commitments.

 

		(c)	An
                                         amendment or waiver which relates to the rights or obligations of the Agent, the Arrangers,
                                         the Security Agent, any Ancillary Lender, a Hedge Counterparty or a Reference Bank may
                                         not be effected without the consent of the Agent, the Arrangers, the Security Agent,
                                         that Ancillary Lender, that Hedge Counterparty or that Reference Bank.

 

		(d)	If
                                         a Lender does not accept or reject a request for an amendment or waiver within 15 Business
                                         Days (unless the Parent and the Agent agree to a longer time period in relation to any
                                         request) of it being made, or abstains from accepting or rejecting a request, and Lenders
                                         whose Commitments exceed 50.1% of the Total Commitments have agreed to such request,
                                         its Commitment shall not be included for the purpose of calculating the Total Commitments
                                         under the relevant Facility when ascertaining whether a certain percentage (including,
                                         for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve
                                         that request.

 

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- 141 -

 

		(e)	Any
                                         term of the Finance Documents may be amended or waived by the Parent and the Agent without
                                         the consent of any other Party if the Agent (acting reasonably, which may include taking
                                         advice requested and received from external counsel to the Agent at the cost of the Parent)
                                         is satisfied that the amendment or waiver is to cure defects or omissions, resolve ambiguities
                                         or inconsistencies or reflect changes of a minor, technical or administrative nature.

 

		39.4	Replacement
                                         of Screen Rate

 

Subject
to paragraph (a) ‎of clause ‎42.4 (Other exceptions) if any Screen Rate is not available for a currency which can
be selected for a Loan, any amendment or waiver which relates to providing for another benchmark rate to apply in relation to
that currency in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that
other benchmark rate) may be made with the consent of the Majority Lenders and the Parent.

 

		39.5	Replacement
                                         of Lenders

 

		(a)	If
                                         at any time:

 

		(i)	any
                                         Lender becomes a Non-Consenting Lender (as defined in paragraph (c) below); or

 

		(ii)	an
                                         Obligor becomes obliged to repay any amount in accordance with Clause 9.1 (Illegality)
                                         or to pay additional amounts pursuant to Clause 17.1 (Increased costs) or Clause
                                         16.2 (Tax gross-up) to any Lender in excess of amounts payable to the other Lenders
                                         generally,

 

then
the Parent may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring
such Lender to (and such Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only)
of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity
(a “Replacement Lender”) selected by the Parent, and which is acceptable to the Agent (acting reasonably) and
which confirms its willingness to assume and does assume all the obligations of the transferring Lender (including the assumption
of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable
at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations
and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

 

		(b)	The
                                         replacement of a Lender pursuant to this Clause shall be subject to the following conditions:

 

		(i)	the
                                         Parent shall have no right to replace the Agent or Security Agent;

 

		(ii)	neither
                                         the Agent nor the Lender shall have any obligation to the Parent to find a Replacement
                                         Lender;

 

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- 142 -

 

		(iii)	in
                                         the event of a replacement of a Non-Consenting Lender such replacement must take place
                                         no later than 20 Business Days after the date the Non-Consenting Lender notifies the
                                         Parent and the Agent of its failure or refusal to give consent to, or agree to any waiver
                                         or amendment to the Finance Documents requested by the Parent; and

 

		(iv)	in
                                         no event shall the Lender replaced under this paragraph (b) be required to pay or surrender
                                         to such Replacement Lender any of the fees received by such Lender pursuant to the Finance
                                         Documents.

 

		(c)	In
                                         the event that:

 

		(i)	the
                                         Parent or the Agent (at the request of the Parent) has requested the Lenders to give
                                         a consent in relation to, or to agree to a waiver or amendment of any provisions of the
                                         Finance Documents;

 

		(ii)	the
                                         Lenders have been given at least 15 Business Days to respond to the request;

 

		(iii)	the
                                         consent, waiver or amendment in question requires the approval of all the Lenders; and

 

		(iv)	Lenders
                                         whose Commitments aggregate more than 85 per cent of the Total Commitments (or, if the
                                         Total Commitments have been reduced to zero, aggregated more than 85 per cent of the
                                         Total Commitments prior to that reduction) have consented or agreed to such waiver or
                                         amendment,

 

then
any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting
Lender”.

 

		39.6	Disenfranchisement
                                         of Defaulting Lenders

 

		(a)	For
                                         so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority
                                         Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity)
                                         of the Total Commitments or Total Revolving Commitments has been obtained to approve
                                         any request for a consent, waiver, amendment or other vote under the Finance Documents,
                                         that Defaulting Lender’s Commitments will be reduced by the amount of its Available
                                         Commitments.

 

		(b)	For
                                         the purposes of this Clause 39.6, the Agent may assume that the following Lenders are
                                         Defaulting Lenders:

 

		(i)	any
                                         Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(ii)	any
                                         Lender in relation to which it is aware that any of the events or circumstances referred
                                         to in paragraphs (a), (b) or (c) of the definition of “Defaulting Lender”
                                         has occurred,

 

unless
it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by
the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

 

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- 143 -

 

		39.7	Replacement
                                         of a Defaulting Lender

 

		(a)	The
                                         Parent may, at any time a Lender has become and continues to be a Defaulting Lender,
                                         by giving 5 Business Days’ prior written notice to the Agent and such Lender:

 

		(i)	replace
                                         such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to
                                         Clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations
                                         under this Agreement;

 

		(ii)	require
                                         such Lender to (and such Lender shall) transfer pursuant to Clause 27 (Changes to
                                         the Lenders) all (and not part only) of the undrawn Commitment of the Lender; or

 

		(iii)	require
                                         such Lender to (and such Lender shall) transfer pursuant to Clause 27 (Changes to
                                         the Lenders) all (and not part only) of its rights and obligations in respect of
                                         the Facility,

 

to
a Lender or other bank, financial institution, trust, fund or other entity (a “Replacement Lender”) selected
by the Parent, and which is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume
all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s
participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price
in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the
outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance
Documents.

 

		(b)	Any
                                         transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall
                                         be subject to the following conditions:

 

		(i)	the
                                         Parent shall have no right to replace the Agent or Security Agent;

 

		(ii)	neither
                                         the Agent nor the Defaulting Lender shall have any obligation to the Parent to find a
                                         Replacement Lender;

 

		(iii)	the
                                         transfer must take place no later than 30 days after the notice referred to in paragraph
                                         (a) above; and

 

		(iv)	in
                                         no event shall the Defaulting Lender be required to pay or surrender to the Replacement
                                         Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents.

 

		40.	Confidentiality

 

		40.1	Confidential
                                         Information

 

Each
Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 40.2 (Disclosure of Confidential Information) and Clause 40.3 (Disclosure to numbering service providers),
and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its
own confidential information.

 

    Hogan Lovells

     

    

 

- 144 -

 

		40.2	Disclosure
                                         of Confidential Information

 

Any
Finance Party may disclose:

 

		(a)	to
                                         any of its Affiliates and Related Funds and any of its or their officers, directors,
                                         employees, professional advisers, auditors, partners and Representatives such Confidential
                                         Information as that Finance Party shall consider appropriate if any person to whom the
                                         Confidential Information is to be given pursuant to this paragraph (a) is informed in
                                         writing of its confidential nature and that some or all of such Confidential Information
                                         may be price-sensitive information except that there shall be no such requirement to
                                         so inform if the recipient is subject to professional obligations to maintain the confidentiality
                                         of the information or is otherwise bound by requirements of confidentiality in relation
                                         to the Confidential Information;

 

		(b)	to
                                         any person:

 

		(i)	to
                                         (or through) whom it assigns or transfers (or may potentially assign or transfer) all
                                         or any of its rights and/or obligations under one or more Finance Documents and to any
                                         of that person’s Affiliates, Related Funds, Representatives and professional advisers;

 

		(ii)	with
                                         (or through) whom it enters into (or may potentially enter into), whether directly or
                                         indirectly, any sub-participation in relation to, or any other transaction under which
                                         payments are to be made or may be made by reference to, one or more Finance Documents
                                         and/or one or more Obligors and to any of that person’s Affiliates, Related Funds,
                                         Representatives and professional advisers;

 

		(iii)	appointed
                                         by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to
                                         receive communications, notices, information or documents delivered pursuant to the Finance
                                         Documents on its behalf (including, without limitation, any person appointed under paragraph
                                         (b) of Clause 30.15 (Relationship with the Lenders));

 

		(iv)	who
                                         invests in or otherwise finances (or may potentially invest in or otherwise finance),
                                         directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above;

 

		(v)	to
                                         whom information is required or requested to be disclosed by any court of competent jurisdiction,
                                         any governmental, banking, taxation or other regulatory authority or similar body, the
                                         rules of any relevant stock exchange or pursuant to any applicable law or regulation;

 

		(vi)	to
                                         whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security
                                         (or may do so) pursuant to Clause 27.8 (Security Interests over Lenders’ rights);

 

		(vii)	to
                                         whom information is required to be disclosed in connection with, and for the purposes
                                         of, any litigation, arbitration, administrative or other investigations, proceedings
                                         or disputes;

 

		(viii)	who
                                         is a Party; or

 

		(ix)	with
                                         the consent of the Parent;

 

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- 145 -

 

in
each case, such Confidential Information as that Finance Party shall consider appropriate if:

 

		(1)	in
                                         relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
                                         Information is to be given has entered into a Confidentiality Undertaking except that
                                         there shall be no requirement for a Confidentiality Undertaking if the recipient is a
                                         professional adviser and is subject to professional obligations to maintain the confidentiality
                                         of the Confidential Information;

 

		(2)	in
                                         relation to paragraph (b)(iv) above, the person to whom the Confidential Information
                                         is to be given has entered into a Confidentiality Undertaking or is otherwise bound by
                                         requirements of confidentiality in relation to the Confidential Information they receive
                                         and is informed that some or all of such Confidential Information may be price-sensitive
                                         information;

 

		(3)	in
                                         relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential
                                         Information is to be given is informed of its confidential nature and that some or all
                                         of such Confidential Information may be price-sensitive information except that there
                                         shall be no requirement to so inform if, in the opinion of that Finance Party, it is
                                         not practicable so to do in the circumstances;

 

		(c)	to
                                         any person appointed by that Finance Party or by a person to whom sub paragraph (b)(i)
                                         or (b)(ii) above applies to provide administration or settlement services in respect
                                         of one or more of the Finance Documents including without limitation, in relation to
                                         the trading of participations in respect of the Finance Documents, such Confidential
                                         Information as may be required to be disclosed to enable such service provider to provide
                                         any of the services referred to in this paragraph (c) if the service provider to whom
                                         the Confidential Information is to be given has entered into a confidentiality agreement
                                         substantially in the form of the LMA Master Confidentiality Undertaking for Use With
                                         Administration/Settlement Service Providers or such other form of confidentiality undertaking
                                         agreed between the Parent and the relevant Finance Party;

 

		(d)	to
                                         any rating agency (including its professional advisers) such Confidential Information
                                         as may be required to be disclosed to enable such rating agency to carry out its normal
                                         rating activities in relation to the Finance Documents and/or the Obligors if the rating
                                         agency to whom the Confidential Information is to be given is informed of its confidential
                                         nature and that some or all of such Confidential Information may be price-sensitive information.

 

		40.3	Disclosure
                                         to numbering service providers

 

		(a)	The
                                         Agent may disclose to any national or international numbering service provider appointed
                                         by the Agent to provide identification numbering services in respect of this Agreement,
                                         the Facility and/or one or more Obligors the following information:

 

		(i)	names
                                         of Obligors;

 

		(ii)	country
                                         of domicile of Obligors;

 

    Hogan Lovells

     

    

 

- 146 -

 

		(iii)	place
                                         of incorporation of Obligors;

 

		(iv)	date
                                         of this Agreement;

 

		(v)	the
                                         names of the Agent and the Arrangers;

 

		(vi)	date
                                         of each amendment and restatement of this Agreement;

 

		(vii)	amount
                                         of Total Commitments;

 

		(viii)	currencies
                                         of the Facility;

 

		(ix)	type
                                         of Facility;

 

		(x)	ranking
                                         of Facility;

 

		(xi)	Termination
                                         Date for Facility;

 

		(xii)	changes
                                         to any of the information previously supplied pursuant to sub paragraphs (i) to (xi)
                                         above; and

 

		(xiii)	such
                                         other information agreed between the Agent and the Parent,

 

to
enable such numbering service provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The
                                         Parties acknowledge and agree that each identification number assigned to this Agreement,
                                         the Facility and/or one or more Obligors by a numbering service provider and the information
                                         associated with each such number may be disclosed to users of its services in accordance
                                         with the standard terms and conditions of that numbering service provider.

 

		(c)	Each
                                         Obligor represents that none of the information set out in sub-paragraphs (i) to (xiii)
                                         of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

 

		(d)	The
                                         Agent shall notify the Parent and the other Finance Parties of:

 

		(i)	the
                                         name of any numbering service provider appointed by the Agent in respect of this Agreement,
                                         the Facility and/or one or more Obligors; and

 

		(ii)	the
                                         number or, as the case may be, numbers assigned to this Agreement, the Facility and/or
                                         one or more Obligors by such numbering service provider.

 

		40.4	Entire
                                         agreement

 

This
Clause 40 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the
Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding
Confidential Information.

 

		40.5	Inside
                                         information

 

Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information
and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating
to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose.

 

    Hogan Lovells

     

    

 

- 147 -

 

		40.6	Notification
                                         of disclosure

 

Each
of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Parent of the circumstances of any
disclosure by it of Confidential Information made pursuant to sub paragraph (b)(v) of Clause 40.2 (Disclosure of Confidential
Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary
course of its supervisory or regulatory function.

 

		40.7	Continuing
                                         obligations

 

The
obligations in this Clause 40 (Confidentiality) are continuing and, in particular, shall survive and remain binding on
each Finance Party for a period of twelve months from the earlier of:

 

		(a)	the
                                         date on which all amounts payable by the Obligors under or in connection with the Finance
                                         Documents have been paid in full and all Commitments have been cancelled or otherwise
                                         cease to be available; and

 

		(b)	the
                                         date on which such Finance Party otherwise ceases to be a Finance Party.

 

		41.	Confidentiality
                                         of Funding Rates and Reference Bank Quotations

 

		41.1	Confidentiality
                                         and disclosure

 

		(a)	The
                                         Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent,
                                         each Reference Bank Quotation) confidential and not to disclose it to anyone, save to
                                         the extent permitted by paragraphs (b), ‎(c) and ‎(d) below.

 

		(b)	The
                                         Agent may disclose:

 

		(i)	any
                                         Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the
                                         relevant Borrower pursuant to clause 12.4 (Notification of rates of interest);
                                         and

 

		(ii)	any
                                         Funding Rate or any Reference Bank Quotation to any person appointed by it to provide
                                         administration services in respect of one or more of the Finance Documents to the extent
                                         necessary to enable such service provider to provide those services if the service provider
                                         to whom that information is to be given has entered into a confidentiality agreement
                                         substantially in the form of the LMA Master Confidentiality Undertaking for Use With
                                         Administration/Settlement Service Providers or such other form of confidentiality undertaking
                                         agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The
                                         Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor
                                         may disclose any Funding Rate, to:

 

		(i)	any
                                         of its Affiliates and any of its or their officers, directors, employees, professional
                                         advisers, auditors, partners and Representatives if any person to whom that Funding Rate
                                         or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed
                                         in writing of its confidential nature and that it may be price-sensitive information
                                         except that there shall be no such requirement to so inform if the recipient is subject
                                         to professional obligations to maintain the confidentiality of that Funding Rate or Reference
                                         Bank Quotation or is otherwise bound by requirements of confidentiality in relation to
                                         it;

 

    Hogan Lovells

     

    

 

- 148 -

 

		(ii)	any
                                         person to whom information is required or requested to be disclosed by any court of competent
                                         jurisdiction or any governmental, banking, taxation or other regulatory authority or
                                         similar body, the rules of any relevant stock exchange or pursuant to any applicable
                                         law or regulation if the person to whom that Funding Rate or Reference Bank Quotation
                                         is to be given is informed in writing of its confidential nature and that it may be price-sensitive
                                         information except that there shall be no requirement to so inform if, in the opinion
                                         of the Agent or the relevant Obligor, as the case may be, it is not practicable to do
                                         so in the circumstances;

 

		(iii)	any
                                         person to whom information is required to be disclosed in connection with, and for the
                                         purposes of, any litigation, arbitration, administrative or other investigations, proceedings
                                         or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to
                                         be given is informed in writing of its confidential nature and that it may be price-sensitive
                                         information except that there shall be no requirement to so inform if, in the opinion
                                         of the Agent or the relevant Obligor, as the case may be, it is not practicable to do
                                         so in the circumstances; and

 

		(iv)	any
                                         person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

		(d)	The
                                         Agent’s obligations in this clause 41 relating to Reference Bank Quotations are
                                         without prejudice to its obligations to make notifications under clause ‎12.4 (Notification
                                         of rates of interest) provided that (other than pursuant to paragraph (b)(i) above)
                                         the Agent shall not include the details of any individual Reference Bank Quotation as
                                         part of any such notification.

 

		41.2	Related
                                         obligations

 

		(a)	The
                                         Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent,
                                         each Reference Bank Quotation) is or may be price-sensitive information and that its
                                         use may be regulated or prohibited by applicable legislation including securities law
                                         relating to insider dealing and market abuse and the Agent and each Obligor undertake
                                         not to use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation
                                         for any unlawful purpose.

 

		(b)	The
                                         Agent and each Obligor agree (to the extent permitted by law and regulation) to inform
                                         the relevant Lender or Reference Bank) as the case may be:

 

		(i)	of
                                         the circumstances of any disclosure made pursuant to paragraph (c)(ii) of clause ‎41.1
                                         (Confidentiality and disclosure) except where such disclosure is made to any of
                                         the persons referred to in that paragraph during the ordinary course of its supervisory
                                         or regulatory function; and

 

		(ii)	upon
                                         becoming aware that any information has been disclosed in breach of this clause 41.

 

    Hogan Lovells

     

    

 

- 149 -

 

		41.3	No
                                         Event of Default

 

No
Event of Default will occur under clause ‎26.3 (Other obligations) by reason only of an Obligor’s failure to
comply with this clause 41.

 

		42.	Counterparts

 

Each
Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts
were on a single copy of the Finance Document.

 

		43.	Contractual
                                         recognition of bail-in

 

		43.1	Bail-In
                                         definitions

 

“Bail-In
Action” means the exercise of any Write-down and Conversion Powers.

 

“Bail-In
Legislation” means:

 

		(a)	in
                                         relation to an EEA Member Country which has implemented, or which at any time implements,
                                         Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution
                                         of credit institutions and investment firms, the relevant implementing law or regulation
                                         as described in the EU Bail-In Legislation Schedule from time to time; and

 

		(b)	in
                                         relation to any other state, any analogous law or regulation from time to time which
                                         requires contractual recognition of any Write-down and Conversion Powers contained in
                                         that law or regulation.

 

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

 

“EU
Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or
any successor person) from time to time.

 

“Resolution
Authority” means any body which has authority to exercise any Write-down and Conversion Powers.

 

“Write-down
and Conversion Powers” means:

 

		(a)	in
                                         relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule
                                         from time to time, the powers described as such in relation to that Bail-In Legislation
                                         in the EU Bail-In Legislation Schedule; and

 

		(b)	in
                                         relation to any other applicable Bail-In Legislation:

 

		(i)	any
                                         powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by
                                         a person that is a bank or investment firm or other financial institution or affiliate
                                         of a bank, investment firm or other financial institution, to cancel, reduce, modify
                                         or change the form of a liability of such a person or any contract or instrument under
                                         which that liability arises, to convert all or part of that liability into shares, securities
                                         or obligations of that person or any other person, to provide that any such contract
                                         or instrument is to have effect as if a right had been exercised under it or to suspend
                                         any obligation in respect of that liability or any of the powers under that Bail-In Legislation
                                         that are related to or ancillary to any of those powers; and

 

    Hogan Lovells

     

    

 

- 150 -

 

		(ii)	any
                                         similar or analogous powers under that Bail-In Legislation.

 

		43.2	Bail-In

 

Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges
and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject
to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any
                                         Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a
                                         reduction, in full or in part, in the principal amount, or outstanding amount due (including
                                         any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a
                                         conversion of all, or part of, any such liability into shares or other instruments of
                                         ownership that may be issued to, or conferred on, it; and

 

		(iii)	a
                                         cancellation of any such liability; and

 

		(b)	a
                                         variation of any term of any Finance Document to the extent necessary to give effect
                                         to any Bail-In Action in relation to any such liability.

 

    Hogan Lovells

     

    

 

- 151 -

 

Section
12

 

Governing
law and enforcement

 

		44.	Governing
                                         law

 

This
Agreement and all non-contractual obligations arising in any way whatsoever out of or in connection with this Agreement shall
be governed by, construed and take effect in accordance with English law

 

		45.	Enforcement

 

		45.1	Jurisdiction
                                         of English courts

 

		(a)	The
                                         courts of England shall have exclusive jurisdiction to settle any claim, dispute or matter
                                         of difference which may arise in any way whatsoever out of or in connection with the
                                         Finance Documents expressed to be governed by English law (including a dispute regarding
                                         the existence, validity or termination of any Finance Document or any claim for set-off)
                                         or the legal relationships established by any Finance Document (a “Dispute”),
                                         only where such Dispute is the subject of proceedings commenced by an Obligor.

 

		(b)	Where
                                         a Dispute is the subject of proceedings commenced by one or more Finance Parties, the
                                         Finance Parties are entitled to bring such proceedings in any court or courts of competent
                                         jurisdiction (including but not limited to the courts of England). If any Obligor raises
                                         a counter-claim in the context of proceedings commenced by one or more Finance Parties,
                                         that Obligor shall bring such counter-claim before the court seized of the Finance Party’s
                                         claim and no other court. The commencement of legal proceedings in one or more jurisdictions
                                         shall not, to the extent allowed by law, preclude the Finance Parties from commencing
                                         legal actions or proceedings in any other jurisdiction, whether concurrently or not.

 

		(c)	To
                                         the extent allowed by law, each Obligor irrevocably waives any objection it may now or
                                         hereafter have on any grounds whatsoever to the laying of venue of any legal proceeding,
                                         and any claim it may now or hereafter have that any such legal proceeding has been brought
                                         in an inappropriate or inconvenient forum.

 

		45.2	Service
                                         of process

 

Without
prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England
and Wales):

 

		(a)	irrevocably
                                         appoints Gaming Acquisitions Limited at its registered office at the date of this Agreement
                                         (or such other address in England and Wales as the Parent may notify to the Agent in
                                         writing) as its agent for service of process in relation to any proceedings before the
                                         English courts in connection with any Finance Document (and Gaming Acquisitions Limited
                                         by its execution of this Agreement, accepts that appointment); and

 

		(b)	agrees
                                         that failure by an agent for service of process to notify the relevant Obligor of the
                                         process will not invalidate the proceedings concerned; and

 

		(c)	if
                                         any person appointed as an agent for service of process is unable for any reason to act
                                         as agent for service of process, the Parent (on behalf of all the Obligors) must immediately
                                         (and in any event within five days of such event taking place) appoint another agent
                                         on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for
                                         this purpose.

 

    Hogan Lovells

     

    

 

- 152 -

 

The
Parent expressly agrees and consents to the provisions of Clause 44 (Governing law) and of Clause 45 (Enforcement).

 

This
Agreement has been entered into on the date
stated at the beginning of this Agreement.

 

    Hogan Lovells

     

    

 

Signatures

 

The
Parent

 

Inspired Entertainment Inc.

 

By: /s/ Stewart Baker

 

Address: 250 West 57th Street,
Suite 2223 New York, New York 10107 USA

 

Fax: +44 (0) 207 438 5803

 

Attention: Stewart Baker

 

    Hogan Lovells

    

    

 

The
Borrowers

 

Gaming Acquisitions Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming Group Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (International) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (UK) Limited

 

By: /s/ Carys Damon

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (Holdings) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (Colombia) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

The
Guarantors

 

Inspired Entertainment Inc.

 

By: /s/ Stewart Baker

 

Address: 250 West 57th Street,
Suite 2223 New York, New York 10107 USA

 

Fax: +44 (0) 207 438 5803

 

Attention: Stewart Baker

 

    Hogan Lovells

    

    

 

DMWSL 631 Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Gaming Acquisitions Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming Group Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (International) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (UK) Limited

 

By: /s/ Carys Damon

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (Holdings) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

Inspired Gaming (Colombia) Limited

 

By: /s/ Stewart Baker

 

Address: Ground Floor, 3 The Maltings,
Wetmore Road, Burton-on-Trent, Staffordshire, UK, DE14 1SE

 

Fax: +44 (0) 207 438 5803

 

Attention: Carys Damon

 

    Hogan Lovells

    

    

 

The
Arranger

 

Lloyds
Bank plc

 

By: /s/ Amber Kandraw

 

Address: 10 Gresham Street, London, EC2V
7AE

 

Fax: +44 (0) 207 158 3235

 

Attention: Amber Kundraw

 

The
Agent

 

Lloyds
Bank plc

 

By: /s/ Amber Kandraw

 

Address: 10 Gresham Street, London, EC2V
7AE

 

Fax: +44 (0) 207 158 3235

 

Attention: Amber Kundraw

 

    Hogan Lovells

    

    

 

The
Security Agent

 

Cortland
Capital Market Services LLC

 

By: /s/ Emily Ergang Pappas

 

Address: 225 West Washington St, 9th
Floor

 

Chicago, IL 60606

 

Fax: (312) 376-0751

 

Attention: Legal Department and Ryan Morick

 

Email: legal@cortlandglobal.com and ryan.morick@cortlandglobal.com

 

With a copy to:

 

Holland & Knight LLP

 

131 S. Dearborn St., 30th Floor

 

Chicago, IL 60603

 

Attention: Joshua Spencer

 

Email: joshua.spencer@hklaw.com

 

    Hogan Lovells

    

    

 

The
Original Lender

 

Lloyds
Bank plc

 

By: /s/ Amber Kandraw

 

Address      10 Gresham Street, London, EC2V
7AE

 

Fax:            +44 (0) 207 158 3235

 

Attention:   Amber Kundraw

 

    Hogan Lovells

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